New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Digital Out of Home Market' for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Market Scope of Global Digital Out-of-Home Market:
| Market Size Value in 2022 (Base Year) | ~ USD 21 Billion |
| Market Forecast Value in 2033 | ~ USD 59 Billion |
| Growth Rate (CAGR) of Digital Out of Home Market (Global) | ~12% |
| Forecast Period of Digital Out of Home Market (Global) | 2023 - 2033 |
Global Digital Out-of-Home Market Size:
The global digital out-of-home market is estimated to grow at a CAGR of ~12% over the forecast period, i.e., 2023-2033. The growth of the market can be attributed to growing demand for digital signage. By 2022, more and more businesses are expected to have adopted digital signage, with more than 59% of those who do not currently have it planning to do so in the next two years. The capabilities of digital signage are changing from a passive system that delivers content to a more sophisticated system that connects, interacts, and draws content from various sources in real-time as it has a greater impact on our lives and offers chances for the corporate world. Hence their demand is expected to grow in near future.
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Digital out-of-home or DOOH also merges traditional outdoor advertisement with digital elements in order to make it look more interactive, and hence expected to drive more customers. An approximate 20% increase in advertising spending is anticipated for digital out-of-home media. In addition, about 40% of US OOH advertising revenue is anticipated to come from DOOH.
Global Digital Out-of-Home Market: Key Takeaways
- North America to hold the largest market share
- Billboards segment to propel the highest market revenue
- Asia Pacific to have a significant growth
Increasing Use of Internet of Things (IoT) to Boost the Market Growth
There has been growing use of internet of things (IoT) all across the world. It is estimated that, around the world, there are well over 6 Billion connected IoT devices. And it is expected that by 2030 there would be approximate 24 Billion IoT devices. Innovative ways to run advertisements are being offered by digital out-of-home (DOOH) advertising, with IoT and AI enabling more deep degrees of personalization that were previously only possible in science fiction.
Additionally, many organizations are availing benefits of AI in their DOOH advertising. For instance, the biggest fast-food company in the world, McDonald's, has started utilising AI to tailor its OOH ads. Digital billboards near bus stops and tube stations all around London have started customising ad content based on the current weather and time of day. For addition, the boards may show specific messages in the middle of the morning to inform potential customers of how long the chain restaurant will continue to serve breakfast items before switching to ice cream sundaes if the temperature rises later in the day.
Global Digital Out-of-Home Market: Regional Overview
The global digital-out-of-home market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Growing Investment in DOOH to Drive Market Growth in North America Region
The digital out-of-home market is anticipated to garner the highest revenue by the end of 2033. The growth of the market in this region can be attributed to growing investment in DOH. Spending on digital out-of-home advertising in the United States was projected to reach approximately 3 billion in 2020. And is expected to increase even more, reaching about 4 billion by the end of 2023. The another important factors expected to boost the market growth in North America region is high economic progress and developments in digital technologies.
Rising Infrastructural Development to Favor Growth of the Market in Asia Pacific Region
The market in the Asia Pacific region is expected to hold a significant place by the end of 203, owing to growing infrastructural development in this region. Private global infrastructure investments reached to about USD 580 billion by the end of 2020, according to a report from January 2021. In addition, the study reveals that respondents claim Asia-Pacific accounts for approximate 55% of their overall infrastructure spending compared to the rest of the world.
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The study further incorporates Y-O-Y growth, demand & supply, and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, the Rest of the Middle East and Africa).
Global Digital Out of Home Market, Segmentation by Format
- Billboards
- Transit & Transportation
- Street Furniture
- Place-Based Media
The billboards segment is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to increase in number of DOOH billboards. There are approximately 60,000 digital billboards nationwide. Also, about 70% of viewers stated that digital billboards stand out as compared to online ads. Hence they have a great influence on people which is further expected to boost market growth.
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Global Digital Out-of-Home Market, Segmentation by Vertical
- Real Estate
- Financial Services
- Government
- Restaurants
- Media & Entertainment
- Automotive & Transportation
- Retail
- Others
The media & entertainment industry is expected to hold the largest share by the end of 2033, backed by growing demand for digital advertising solutions. For instance, as late as 2018, traditional channels accounted for approximately 60% of sponsorships for top NBA teams. Social media and digital marketing only made up about 40% of sponsorships. However, the ratio has changed to 50:50, and it is only expected to go up in favour of digital sponsorships going forward.
Global Digital Out-of-Home Market, Segmentation by Application
- Outdoor
- Indoor
A few of the well-known market leaders in the global digital out-of-home market that are profiled by Kenneth Research are Lamar Advertising Company, JCDecaux, Broadsign, Mvix(USA), Inc., OUTFRONT Media Inc., oOh!media Limited, Samsung Electronics Co., Ltd., Sharp NEC Display Solutions, Daktronics, Clear Channel Outdoor, LLC, and other key market players.
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Recent Development in the Global Digital Out-of-Home Market
- In March 3, 2018, Samsung Electronics Co., Ltd. pushes the limits of conventional marketing initiatives and advertising campaigns with a magnificent presentation at Dubai's renowned Burj Khalifa. The new Galaxy S9 and S9+, which were unveiled on February 25, 2018, at Samsung Unpacked in Barcelona with a sophisticated, redesigned camera, was expected to be highlighted in a display of LED lights and multi-sensory experiences to grab consumers' attention globally and show its commitment to meaningful innovation that defies barriers. The first technological company to have a presence on the Burj Khalifa's LED Façade is Samsung Electronics.
- In June 16, 2022, the top outdoor advertising business in the world, JCDecaux SA, revealed that its UK affiliate, JCDecaux UK, has expanded its programmatic buying options for its advertising spots at London's Heathrow airport. Via VIOOH, the top premium worldwide digital out-of-home supply-side platform, the offering will link advertisers and media buyers to advertising inventory. At Heathrow, the busiest airport in the UK and a major hub for international travel, advertisers will be able to combine the precise targeting and flexibility of programmatic buying with the efficiency of high-impact digital Out-of-Home (DOOH), the media with the second highest growth after mobile advertising.
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About Kenneth Research
Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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