According to a new report from UK-based Research and Markets, the digital signage market globally is expected to grow in value by just over 61 percent by 2022, compared with 2015 numbers.

According to the firm, which crunches data and makes forecasts for a wide variety of industries, the digital signage market was valued at $16.9 billion in 2015, and that total is expected to grow to more than $27 billion by 2022, with a compound annual growth rate of nearly 7 percent.

The report says the growth is being driven primarily by commercial digital signage, which is itself driven mainly by the increase in digital advertising. Cost effectiveness and assured return on investment also factor in as reasons for digital signage’s continued growth, the report says.

The report also cites the increased demand for OLED-based displays. An organic light-emitting diode is one that works without a backlight, so it can display deep black levels and be thinner and lighter than a liquid crystal display. Other technological innovations mentioned in the report include touchscreen technology and near-field communication, which allows for communication between signs and consumers’ personal electronic devices.

The report says that while North America holds the largest share of the digital signage market currently, the Asia-Pacific region is expected to register the most year-over-year growth in the coming years.