The global digital out of home market is accounted to US$ 6,084.1 Mn in 2018 and is expected to grow at a CAGR of 11.3% during the forecast period 2019 - 2027, to account to US$ 15,905.7 Mn by 2027. Out-of-home (OOH) is one of the media of the advertisement but, due to increasing adoption of digitalization, consumers are more inclined towards digital out of home advertising. It can efficiently target customers by location, behavior, day-part, and demographics. These factors are driving use across the globe and driving the market for digital out of home advertisements. The global digital out of home market is witnessing significant growth with regards to the wide adoption of digital out of home platform across various industries and region. The companies in this digital out of home market are continuously investing in an advertisement in order to attract consumer through innovative ads. Digital out of home is very effective in targeting customers by demographics, location, and behavior.
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The global digital out of home market by type has been segmented into billboards, transits, street furniture, and place-based. The transits segment included the ad spaces in railways, airways, and other transportation, whereas the street furniture consists of the infrastructure in close proximities with pedestrians such as phone booths, bus stops, and others. The place-based digital out of home includes the screens placed in shopping malls, stadiums, and other facades with high traffic. Major cities across the globe are rapidly venturing into digital out of home market. However, billboards have the highest market share as it is the most common form of advertising, and most companies prefer advertising through billboards.
A large share of marketers is anticipating the advertisement budgets to rise, where the financial services, automobile, and technology sectors were foreseen to be the most promising ones. The retail sector holds of largest market share in the year 2019. During the recent past, the industry has been witnessed, making significant investments in digital advertisements to increase its online traffic. Furthermore, as the competitive landscape in the retail sector continues to become fierce, the marketers in the advertisement agencies are expected to broaden the offering for these retail brands. Besides, the retailers aren't just leveraging their investments on programmatic campaigns, but also filtering their practices to enhance targeted shoppers and direct them through a distributed buying process. For instance, the brands have begun to shift a part/all of their programmatic buying functions in-house not only to attain better RoI on campaigns but also to provide retailers with enhanced control over the first - party data providers. These factors enable the retailers to receive front of the germane audiences with improvised personalized messaging and offerings. This emphasis coupled with the emerging trend of combining search with social channels and making the displays more targeted imitates a burgeoning focus on the usage of innovative and new practices to involve suitable consumers at the desired time on the respective platform.
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A key trend which will mainly affect the digital out of home market in the coming year is the future potential of programmatic advertisement. Programmatic is the essential digital out of home market trend. It provides innovative automation that is changing the OOH industry. Digital out of home advertising is overtaking traditional OOH due to the rise of programmatic digital OOH, and outdoor ads are transforming from static messaging towards automated, which gives dynamic experience to the customers. Digital out of home market is dominated by North America region. The regional market growth is influenced by numerous factors such as it is technologically developed and advanced region and has a high standard of living of customers. These factors are expected to gain traction in the coming times having a significant impact of the digital out of home market.
Some of the players present in digital out of home market are Clear Channel Outdoor, Inc., Lamar Advertising Company, JcDecaux, Outfront Media Inc., Fairway Outdoor Advertising, Lightbox OOH Video Network, Bell Media, Ayuda Media Systems, Signagelive, and Real Digital Media among others.
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The overall digital out of home market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the digital out of home market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the digital out of home market.
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