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[ 170 + Pages Research Report ] Out-of-Home Advertising Market to surpass USD 49.6 billion by 2031 from USD 25.1 billion in 2021 at a CAGR of 7% in the coming years, i.e., 2021-2031.
Product Overview
OOH advertising, also known as outdoor advertising, outdoor media, and out-of-home media, is a type of advertising that is seen outside of the customer's home. Some examples of this type of advertising are Billboards, benches, bus shelters, etc. Also, there are other OOH advertising models. One of the models is known as "on the go" where location plays an important role. Examples are Billboards, posters, and wallscapes were placed which can be seen while walking/changing in position. It also includes other location-based media such as at convenience stores, medical centers, hairdressers, and other physical locations. In total, Billboards, street furniture, transit, and alternative are the four basic types of out-of-home advertising.
Market Highlights
Out-of-Home Advertising Market is expected to project a notable CAGR of 7% by 2031
The global OOH industry is likely to be driven by factors such as the rise in NFC and GPS technologies, as well as the growth of digital advertising and networks. Increased spending on programmatic advertising, smart city deployment, and advancements in display technology is also likely to propel the industry forward. Additionally, to extend their product portfolio globally, multinational companies in this industry are working on mergers and acquisitions with other key companies.
Global Out-of-Home Advertising Market: Segments
The digital Billboards segment is expected to grow with the highest CAGR during 2021-31
Based on Product, the global Out-of-Home Advertising Market is fragmented into Digital Billboards, Transit, and Street Furniture. A billboard is a large outdoor advertising structure (also known as a billboard) that is typically located in high-traffic areas such as along main roads. The food and beverage industry, automotive industry, health and medical industry, business and personal services, consumer goods, and others employ various platforms, both static and digital.
E-Commerce segment is expected to grow with the highest CAGR during 2021-31
Global Out-of-Home Advertising Market is classified based on Industry Vertical into Telecom, Transport, BFSI, Retail, FMC&G, E-commerce, and M&E (Mechanical & Electrical). Owing to the increased usage of OOH advertising and the adoption of creative and compelling brand stories to engage with customers, the E-Commerce segment dominates the industry. To entice a big audience, firms come up with new and appealing marketing strategies.
Market Dynamics
Drivers
The Growing Urbanization and Infrastructure Developments
The number of people who spend time outside has increased as infrastructure has improved and the number of shopping complexes and malls has increased. As a result, businesses are focusing on using digital OOH advertising as a platform for reaching a larger audience. Furthermore, the popularity of digital billboards has risen as a result of their capacity to effectively engage audiences. Additionally, the cost of digital marketing has decreased in recent years, making them more accessible to businesses of all sizes.
The Increasing Urban Population in Developed and Developing Economies
The rise of the out-of-home (OOH) advertising business was aided by the growing urban population. As the population of cities grows, traffic congestion and waiting times increase. The OOH advertising business is being driven by the growing urban population in developed and developing countries, which is contributing to increased traffic congestion.
Restraint
The volatile costs associated with the Out-of-Home Advertising
The out-of-home advertising (OOH) market's growth is likely to be limited by the unpredictable cost of advertising. Billboard advertising expenses fluctuate depending on a variety of criteria including circulation (the total volume of vehicles passing by the billboard), demographics, and impressions.
Global Out-of-Home Advertising Market: Key Players
JCDecaux Group
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Clear Channel Outdoor Holdings Inc.
OUTFRONT Media
Daktronics Dr.
Prismview LLC
NEC Display Solutions Ltd.
OOH advertising! Media Ltd.
Broadsign International LLC.
Stroer SE & Co. KGaA
Mvix, Inc.
Christie Digital Systems Inc.
Other Prominent Players
Global Out-of-Home Advertising Market: Regions
Global Out-of-Home Advertising Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2021, Asia Pacific was the largest ooh (out-of-home advertising) market. The rise of the out-of-home (OOH) advertising business was aided by the growing urban population. As the population of cities grows, traffic congestion and waiting times increase. The ooh (out-of-home advertising) market in North America was the second largest. Asia-Pacific, Eastern Europe, Western Europe, South America, North America, the Middle East, and Africa are the regions covered in this research.
Impact of COVID-19 on Out-of-Home Advertising Market
Covid-19 has had an impact on nearly every aspect of our life. While many of the changes brought about may be transient, others will be permanent. Due to the pandemic, people spent less time traveling to work or walking around the streets, resulting in a significant reduction in both automotive and pedestrian traffic in the city. While this may have been a welcome relief for city dwellers, it is not a happy situation for Out-of-Home (OOH) advertisers that rely on these high-traffic areas.
Global Out-of-Home Advertising Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Russia, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, New Zealand, Australia, and Rest of Asia Pacific
the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - UAE, Egypt, Saudi Arabia, South Africa, and Rest of the Middle East and Africa
The global Out-of-Home Advertising Market report also contains an analysis on:
Out-of-Home Advertising Market Segments:
By Product
Digital Billboards
Transit
Street Furniture
By Industry Vertical
Telecom
Transport
BFSI
Retail
FMC&G
E-commerce
M&E (Mechanical & Electrical)
Out-of-Home Advertising Market Dynamics
Out-of-Home Advertising Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Out-of-Home Advertising Market Report Scope and Segmentation
Report Attribute Details
The market size value in 2021 USD 25.1 billThe revenue
The revenue forecast in 2031 USD 49.6 billion
Growth Rate CAGR of 7% from 2021 to 2031
The base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Product, Industry Vertical and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled JCDecaux Group, Clear Channel Outdoor Holdings Inc., OUTFRONT Media, Daktronics Dr., Prismview LLC, NEC Display Solutions Ltd., OOH advertising! Media Ltd., Broadsign International LLC., Stroer SE & Co. KGaA, Mvix, Inc., Christie Digital Systems Inc., and Other Prominent Players.