According to the latest report by IMARC Group, titled “Outdoor Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global outdoor advertising market reached a value of US$ 33.5 Billion in 2021. Outdoor advertising, also known as out-of-home (OOH) advertising, is one of the oldest forms of promotions that advertises products and services in the public domain. This type of advertising focuses on consumers across public places and in-transit while placing their ads around parks, metros, malls, highways, shopping complexes, and bus and train stations. This serves as an ideal marketing platform for businesses trying to reach a broader audience. These ads are often placed on billboards, hoardings, banners, buses, trains and kiosks. Billboards and transit advertising are one of the most preferred modes of promotion amongst growing businesses. Bright, attractive and informative advertisements usually attract the attention of a wide audience which urges the potential consumers to prefer the products or services being publicized.
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 Outdoor Advertising Market Trends:
The global market is majorly driven by significant growth in the construction sector. There has been an increase in the construction of public places, including malls, subways, train stations and shopping complexes, across the globe. Consistent development of infrastructures, especially across developing countries, is expected to drive the demand for outdoor advertising on the global level. Apart from this, since the majority of the working population uses public transports for commuting to their offices and workplaces, businesses are continually adopting in-transit advertising methods to promote their services. In line with this, the modernization of public transports acts as another major growth-inducing factor. Furthermore, continual technological advancements in the market are improving the experience of promotions amongst consumers. For instance, the advent of digital billboards is positively influencing the market growth as they are an extremely flexible form of outdoor advertising which targets specific demographic audiences close to the point of sale. On account of the aforementioned factors, the market is expected to grow at a CAGR of 7.5% during the forecast period (2022-2027).
- Based on the type, the market has been bifurcated into traditional and digital outdoor advertising.
- On the basis of segment, the market has been categorized into billboard, transport and street furniture advertising, wherein billboard advertising accounts for the majority of the total market share.
- On the geographical front, Asia exhibits a clear dominance in the market.
- The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market.
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