Digital Out of Home Market Size Forecast to Reach $27.2 Billion by 2026
The Market for Digital Out of Home is forecast to reach $27.2 billion by 2026, growing at a CAGR of 10.2% from 2021 to 2026. Digital out of home advertising is simply the integration of offline out-of-home advertising with digital elements. The Digital out of home market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for digital out of home systems in commercial applications, digital signage, advancements in technology and development of infrastructure. Digital out of home is shortly called as DOOH media, which is a digital media which usually appears in environments where public is more accessible. Digital out of home media includes billboards, outdoor advertising, digital signage and television screens and networks of screens that are found in businesses like malls and healthcare providers, movie theatres and arenas, medical waiting rooms, airports, train stations, bus shelters and major highways.
Digital Out Of Home Market Segment Analysis – By Type
Outdoor Digitial out of home segment is projected to grow at 13.5% through 2026. There are many types of outdoor digital out of home advertisements they are billboards, street furniture, transit, and place based. Digital out of home accounted for 28.3% of all out of home ads in 2019 and is predicted to rise to 38.3% by 2023. Digital out of home advertisements are 2.5 times more impactful than static out of home advertisements. By DOOH data feeding, video and developing programmatic advertisements are possible.Programmatic DooH involves the use of software to buy digital advertising in Out of Home Advetising applications.
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Digital Out Of Home Market Segment Analysis – By End User
Industries like Automotive, Retail, Healthcare, Entertainment and Telecom use digital out of home to advertise their products and services to the public. The Automotive sector is set to grow at 11.2% through 2026 driven by rising outdoor advertising demand. The prime importance of any advertising is what customers are attracted to and engage with. Based on public insights, display locations, demographics, tastes and preferences the digital advertisements are made. Any company using user-generated content helps in driving higher engagement and as consumers feel more rewarded, gratified and authentic towards message then they tend to take some action towards that.
Digital Out Of Home Market Segment Analysis – By Geography
Global digital out of home market is dominated by Asia-Pacific which is growing at a CAGR of 14.14% through 2026. It is estimated that it will increase more in coming years due to largest urban population in this region and is directly proportional to purchasing power. Due to rapid increase in developments and infrastructure the growth in digital out of home is higher. Asia-Pacific is considered one of the largest markets for Digital-Out-Of-Home. This region has major players like JCDecaux and local players like Times Internet, Shanghai Media Group has significant market share. The significant rise of digital signage in recent years will drive the market in this reigon
Digital Out Of Home Market Drivers
Technological Improvements Driving Market Growth
Technology has a huge impact on digital out of home market. When digital media became popular, advertisements for TV and radio became viable options to reach a wider audience. Because of latest cutting edge technology these advertisements won’t just capture attention but also allow their audience to interact with them. Earlier outdoor advertising billboards only show information and advertisers hope for the best but today Bluetooth low-energy beacons can be equipped in OOH ads to send information based on demographics. This increases the chance that OOH ad would actually be noticed and viewed by targeted audience.
Cost Effective in Promoting and Branding
When compared to out of home, Digital out of home advertising is pretty cost effective due to in one banner area or digital signage and display screen multiple ads can rotate according to the time allocated to the advertisement and it doesn’t require man labor to change to next advertisement as in case of old method. Advertising on digital billboards is more cost effective in terms of promoting as there is no printing required if one want to advertise otherwise printing of banners costs a lot. Since companies are adapting to digital advertising it is driving the market growth.
Digital Out Of Home Market Challenges
Grabbing People’s Attention
Grabbing people’s attention is one of the biggest challenges in advertising industry. While many big brand companies are now embracing Digital Out-Of-Home (DOOH) advertisements. But there are still some companies who contend an investment owing to the same problems that of static ads on billboards, bus stands, in waiting rooms and more. There are some common questions to companies that will it convert? Will the audience care about it? Will people even look at it? These are the challenges that are keeping many advertisers at bay.
Digital Out Of Home Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Digital out of home market. The Digital out of home market is dominated by major companies such as OUTFRONT Media Inc., JCDecaux Group, CIVIQ Smartscapes, Exterion Media Limited, Clear Channel Outdoor Holdings Inc., Lamar Advertising Company, Changing Environments Inc., Prismview LLC, oOh! Media Ltd, Daktronics.
In Sep 2019, OUTFRONT Media Inc., has acquired 22 large-format static billboards and 16 digital displays in the city of Chicago. The acquisition strengthens the leading position in Chicago and third largest DMA in U.S.
In May 2019, JCDecaux has partnered with Southern Cross Austereo in an Out Of Home first digital billboard campaign for the radio network that delivers a live music prompt of songs. Currently playing on SCA’s Hit network in key commuter locations. The campaign uses powerful technology combined with SCA’s broadcast data to deliver live music prompt for drivers who may not already be listening, to switch stations to SCA.
Digital out of home market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for digital out of home systems in commercial applications, advancements in technology and development of infrastructure.
Digital out of home is cost-effective when compared to out of home media. It is more accurate in metrics and measurements.
Digital out of home includes Billboards, Outdoor advertising, digital Signage which are found in Bus shelters, Train stations, Shopping malls, Doctor waiting rooms and other places.
Asia-Pacific Digital out of home market is expected to grow at a CAGR of 18.15% in the forecast period 2021-2026. Asia-Pacific is highest due to large urban population in this region and rapid development of infrastructure. It is considered as one of the largest markets in digital out of home markets.