Billboard And Outdoor Advertising Global Market Report 2020-30: COVID-19 Growth And Change
Reportlinker.com announces the release of the report “Billboard And Outdoor Advertising Global Market Report 2020-30: COVID-19 Growth And Change” – https://www.reportlinker.com/p06001456/?utm_source=GNW
The global billboard and outdoor advertising market is expected to grow from $65.24 billion in 2019 to $65.71 billion in 2020 at a compound annual growth rate (CAGR) of 0.72%. The slowed growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $81.35 billion in 2023 at a CAGR of 7.37%.
The billboard and outdoor advertising market consists of the sales of billboard and outdoor advertising services and related goods by entities (organizations, sole traders and partnerships) that create and design public display advertising campaign materials, such as printed, painted, or electronic displays and/or place such displays on indoor or outdoor billboards and panels, or on or within transit vehicles or facilities, shopping malls, retail (in-store) displays, and other display structures or sites. Only goods and services traded between entities or sold to end consumers are included.
North America was the largest region in the billboard and outdoor advertising market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
In December 2018, Lamar Advertising, an outdoor advertising company in the US and Canada, acquired Fairway Outdoor Advertisings billboard operations for $419 million in a few US states including North Carolina, South Carolina, Georgia and Wisconsin. The acquisition will add 8,500 billboards along with 135 digital displays in Lamar’s account. This deal was expected to add $70 million in total revenue to Lamar Advertising in 2019. Moreover, the acquisition is expected to help Lamar set its foot strong in the market with 5% anticipated sales growth. Fairway Outdoor Advertising is an American outdoor advertising firm engaged in providing billboards, digital displays, and posters.
The billboard and outdoor advertising market covered in this report is segmented by type into painted billboards; digital billboards; multi-purpose billboards; mobile billboards; others and by application into highways; railway stations; buildings; automobiles; others.
Several regulatory standards employed by governments across the globe for advertising at particular locations or spaces are a key factor hampering the growth of the global billboard and outdoor advertising market. In the UK, advertisement of alcohol, e-cigarettes, sweets and fast food is prohibited within 200 meters of a school. It is also not allowed to do any political advertising on bus shelters. The Committee of Advertising Practice (CAP) looks after non-broadcast advertising in the UK and has extensive regulations covering areas such as environmental claims, gambling and lotteries, alcohol sales and selling of e-cigarettes to mention a few. Many states of the US are adopting lighting standards to prevent glare from digital billboards to ensure it does not affect the vision of people passing by it. Puerto Rico and the other 12 states have made it mandatory for digital billboards to adjust the brightness to the surrounding environment and light. The digital billboards come up with light sensors that adjust brightness at different times of the day. These regulatory standards are for the betterment of society but are proving to be hindrances for the advertising business.
The expansion of programmatic media buying is a growing trend in the field of digital out of home (DOOH) advertising. Programmatic advertising refers to the use of automated technology for buying advertising space in contrast to traditional methods of digital advertising. This approach uses data insights and algorithms to display the right advertisements to the right person at the right place and price. About 82% of viewers were able to recall a DOOH advertisement that they saw over a month ago. The brands have now expanded their in-house programmatic media buying capabilities. For instance, Vodafone, a global telecom brand, entered in digital media buying in 2018 and estimated a budget of almost $500 million for global media planning and buying. Mobile location data and visual sensors are expected to trigger programmatic DOOH. Historical and real-time audience demographics and movements around DOOH displays are obtained from mobile data service providers. Platforms like Quividi and Admobilize use camera sensors to detect audience demographics and their engagement. Both of these data are combined to target the appropriate audience for the right advertising.
The increase in digital out of home (DOOH) advertising is expected to contribute to the growth of the billboard and outdoor advertising market. Out of home (OOH) advertising refers to advertising outside of the home and includes billboards, bus shelters, wallscapes, and posters. DOOH is an extension of the OOH and includes outdoor signage, digital billboards and television screens. In contrast to traditional billboards that show static images all the time, digital boards display more live images and can run multiple advertisements and, hence, attract more consumers. DOOH witnessed a 10% rise in OOH advertising worldwide, which was close to $16.75 billion in the year 2019. According to Vistar Media, global digital advertisements have grown from 160,000 units to 300,000 units in less than five years. DOOH in recent times have seen lucrative growth and is expected to grow more in the coming years because of its engaging and interactive nature.
Source: Global Newswire