According to the latest report by IMARC Group, titled "Outdoor Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global outdoor advertising market size reached US$ 38.4 Billion in 2019. Outdoor advertising refers to one of the oldest forms of promotions that involve the advertisement of certain products and services in the public domain. Also known as out-of-home (OOH) advertising, these advertisements are commonly placed around public spaces, such as parks, metros, malls, highways, shopping complexes, and bus and train stations, to catch the attention of people and create a long-lasting impact on the passers-by. Often placed on billboards, hoardings, banners, buses, trains and kiosks, they involve the usage of large prints and vivid colors with adequate information about the promoted service to impress potential consumers. It is a cost-efficient form of advertisement with a broad coverage due to which it is considered to be one of the most preferred modes of promotions amongst growing businesses.
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 market is primarily driven by a considerable increase in infrastructural development across the globe, especially in developing economies. With rapid urbanization and increasing per capita income levels, the majority of the population frequently visits malls and shopping complexes, resulting in significant growth in the retail sector. This has, therefore, impelled the renovation of old public establishments and the construction of new infrastructures. Consistent developments in retail infrastructures are consequently facilitating the adoption of OOH advertising. Furthermore, the growing utilization of digital billboards by various businesses is also anticipated to provide a thrust to the market growth. Apart from this, in-transit advertising is gaining widespread preference among end users as it is a profitable mode of promotion. A large section of the population depends upon public transports for their daily commutation. This, along with the modernization of public transports, is acting as a major growth-inducing factor. However, the mandatory lockdowns imposed by the governments of different countries on account of the rapid outbreak of the coronavirus disease (COVID-19) has currently limited the reach of OOH advertising. With the masses preferring to stay indoors in an attempt to maintain social distancing, transport hubs and retail outlets are now witnessing less traffic, thereby impeding the market growth. The market is expected to revive once the normalcy is regained and witness moderate growth during 2020-2025.
- Based on the type, the market has been bifurcated into the traditional and digital outdoor advertising. Amongst these, traditional outdoor advertising exhibits a clear dominance in the market.
- On the basis of segments, the market has been categorized into billboard, transport, street furniture and other forms of advertising, wherein billboard advertising accounts for the majority of the total market share.
- On the geographical front, the market has been segmented into Asia (China, Japan, India, South Korea and others), Australasia (Australia, New Zealand and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and Middle East and Africa (Saudi Arabia, the UAE, Egypt, South Africa and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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