According to the latest report by IMARC Group, titled "Digital OOH Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global digital OOH advertising market size reached US$ 14.8 Billion in 2021. Digital out of home (OOH) advertising uses digital media formats for marketing purposes. These advertisements are positioned in public places, such as airports, subways, bus stations, shopping malls, retail stores, movie theatres and waiting rooms, which are easily accessible to a large number of individuals. The placement of digital billboards and outdoor signage in an area with heavy traffic aids in targeting the attention of the audience, which increases brand recognition among the masses. The utilization of projectors, motion graphics, video content and virtual screens in OOH advertising offers unparalleled viewability, which has contributed to its widespread popularity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital OOH Advertising Market Trends:
The global market is primarily driven by the increasing digitization across industries, along with the need for efficient advertising solutions. In line with this, technological advancements, such as the integration of advanced technologies, including near field communication (NFC) and artificial intelligence (AI), with OOH advertising, is also contributing to the market growth. Advertisers are employing these technologies to generate real-time viewership analytics. Equipped with facial recognition software, these advertisements offer in-depth information about the demographics of the onlookers and passers-by, which assist the advertisers in understanding and further engaging with their audience in an efficient manner. The advent of interactive billboards is acting as another major growth-inducing factor. For instance, MISEREOR, a Germany-based aid organization, launched a campaign called ‘The Social Swipe,’ dedicated to ending world hunger. It utilized interactive digital posters to grab the attention of the passers-by and encourage them to donate a small amount of money for the greater cause. These posters also offered credit/debit card swiping facilities across numerous international airports. Apart from this, numerous public places are now replacing traditional forms of marketing with OOH advertising solutions to target a wider audience. The impressive visibility and the customization offered by these signages, unlike static displays, along with the reduced costs of digital advertisements, have contributed to their rising demand. On account of the aforementioned factors, the market is expected to grow at a CAGR of 13.41% during 2022-2027.
- On the basis of the format, the market has been divided into digital billboards, video advertising, ambient advertising and others.
- Based on the application, the market has been bifurcated into the outdoor and indoor segments.
- On the basis of the end user, the market has been classified into retail, recreation, banking, transportation, education and others.
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of these players include APG|SGA, Clear Channel Outdoor Holdings Inc., Global Media, JCDecaux, Lamar Advertising Company, oOh!media Limited, Outfront Media Inc., Stroer, etc..
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