Digital Out-of-Home Advertising Market to Reach $84.24 Billion by 2033 – Growing Demand for DOOH Advertising

 

The digital out-of-home advertising market is booming, transforming urban landscapes into dynamic canvases for brand storytelling. North America emerged as the largest market for the global Digital Out-of-Home Advertising market, with a 34.89% share of the market revenue in 2023. 

Newark, Aug. 07, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights the global Digital Out-of-Home Advertising market is expected to grow from USD 15.35 Billion in 2023 to USD 84.24 Billion by 2033, at a CAGR of 18.56% during the forecast period 2024-2033.

Digital Out-of-Home advertising is growing substantially as it is a very attractive form of advertising. It has the advantage of technology in online display advertisements, like enhanced traffic data and target audience. Also, it is immune to ad blockers, so the user cannot skip these ads. DOOH advertising also plugs in several holes, making conventional outdoor advertising obsolete based on post-digitalization standards. In DOOH, several ads can be shown in rotation within the physical confinement of a banner of a single space.

Competitive Strategy

To enhance their market position in the global Digital Out-of-Home Advertising market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In June 2023: JCDecaux SE informed that it had won 6-year exclusive along with a 2-year extension option of an advertising agreement with Sporveien Media AS, which governs the advertising concessions for public transport in the greater Oslo region. This contract includes advertising rights for all trams, buses, Oslo metro stations, and trains. In this Oslo metro, the maximum number of digitized OOH contracts in the Norwegian market is around 345 digital panels and 100 million passengers annually. This strategy is helping the organization expand its market share in the Digital Out-of-Home Advertising market.

Market Growth & Trends

Based on one of the articles of April 2024, the demand for DOOH advertising is growing significantly worldwide as it has a tremendous 82% ad recall. Moreover, it is becoming the fastest-growing advertising channel, with a substantial growth of around 24% in 2023. Also, it is estimated that by 2027, it will hold around 45% of the total OOH advertising consumption. DOOH helps hit the bull’s eye all the time because of its tailored content, which depends on time, weather, and location. DOOH advertising can be used much better by using interactive screens, which can lead to direct interaction with the audience. This can give the players a competitive edge over others. These interactive screens can be more than just attention grabbers as they can help in gathering real-time data. It will be like interacting with the audience and thus a step forward in making people buy and connect with the brands. These factors are eventually driving the Digital Out-of-Home Advertising market. DOOH advertising consists of digital billboards and a network of digital displays in malls, healthcare providers and other locations like retail stores, movie theatres, major roadways, etc. There is a surge in internet penetration along with the growing use of visual displays by marketers to target particular audiences; video material and motion graphics are some of the factors driving the market. It has been observed that leading manufacturers are slowly adopting these commercials to sell their goods in the market. DOOH advertising is broadly driven by a broad shift in the media towards digital technology and the adoption of advanced technologies and devices. Also, technological advancements, like mobile-based digital networks, are anticipated to propel the market’s growth. Also, there is much focus on personalized DOOH advertising, which will increase the demand for the DOOH advertising market in the forecasting period.

Key Findings

• In 2023, the Billboard segment dominated the market with the largest market share of 65.76% and market revenue of USD 10.09 Billion.

The format segment is divided into billboards, place based media, transit & transportation and others. In 2023, the Billboard segment dominated the market with the largest market share of 65.76% and market revenue of USD 10.09 Billion. This market share is attributed to increased investment in smart advertisements, which led to the growing use of digital outdoor billboards to interact with the target audience.

• In 2023, the Outdoor segment dominated the market with the largest market share of 70.34% and market revenue of USD 10.80 Billion.

The application segment is divided into Outdoor and Indoor. In 2023, the Outdoor segment dominated the market with the largest market share of 70.34% and market revenue of USD 10.80 Billion. The use of data-driven advertising solutions is leading to a significant share of the outdoor segment.

Regional Segment Analysis of the Digital Out-of-Home Advertising Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region occurred as the largest market for the global Digital Out-of-Home Advertising industry, with a market share of 34.89% and a market value of around USD 5.36 Billion in 2023. This market share is attributed to the surge in the adoption of Digital Out-of-Home (DOOH) advertising in airports and commercial verticals, etc. Also, rapid urbanization is happening in countries like the US and Canada, along with technological advancements in advertisement.

Key players operating in the global Digital Out-of-Home Advertising market are:

• JCDecaux
• Daktronics Dr.
• Clear Channel Outdoor Holdings, Inc.
• Focus Media
• Stroer SE & Co. KGaA
• oOh!media Limited
• Lamar Advertising Company
• Broadsign International LLC.
• Global Outdoor Media Limited
• Outfront Media Inc.

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Digital Out-of-Home Advertising market based on below mentioned segments:

Global Digital Out-of-Home Advertising Market by Format:

• Billboards
• Place Based Media
• Transit & Transportation
• Others

Global Digital Out-of-Home Advertising Market by Application:

• Outdoor
• Indoor

About the report:

The global Digital Out-of-Home Advertising market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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