The global outdoor advertising market is driven by growth in urbanization and technological advancements.
PORTLAND, Ore., Oct. 19, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Outdoor Advertising Market By Type (Traditional Outdoor Advertising, Digital Outdoor Advertising), By Service (Billboard Advertising, Transport Advertising, Street Furniture Advertising, Placed Based Advertising, Others), By End User (BFSI, Retail And Consumer Goods, Healthcare, Transportation And Mobility, Media And Entertainment, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, The global outdoor advertising market was valued at $23.9 billion in 2022, and is projected to reach $38.9 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
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The rise of location-based technologies and contextual advertising presents an opportunity for outdoor advertisers to deliver more relevant and targeted messages. By leveraging geolocation data and contextual cues, such as weather conditions or nearby events, advertisers can tailor their outdoor ads to the specific context of the audience. This enhances engagement and increases the chances of conversion by providing timely and localized information.
Prime determinants of growth
The shift from traditional static billboards to digital out-of-home advertising has driven market growth. Digital displays offer flexibility, allowing advertisers to easily change and update content in real-time. This dynamic nature of DOOH advertising attracts more advertisers and increases the overall demand in the market. Outdoor advertising has embraced innovative formats such as 3D displays, holographic projections, and experiential installations. These creative formats capture attention, generate buzz, and create memorable experiences for viewers. Advertisers are increasingly investing in unique and captivating campaigns to stand out in a crowded advertising landscape.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2021 | $23.8 billion |
Market Size in 2031 | $38.9 billion |
CAGR | 5.1 % |
No. of Pages in Report | 300 |
Segments Covered | type, service, end users and region |
Drivers | Growth in Urbanization Technological Advancements |
Opportunities | Creativity and Brand Impact Contextual and Localized Targeting |
Restraints | Limited Inventory and High Competition Regulatory Restrictions and Zoning Regulations |
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The Traditional Outdoor Advertising segment to maintain its leadership status throughout the forecast period
Based on type, the traditional outdoor advertising segment held the highest market share in 2022, accounting for more than three-fifths of the global outdoor advertising market revenue and is estimated to maintain its leadership status throughout the forecast period. Despite the increasing prevalence of digital advertising, traditional outdoor advertising remains valuable as it can effectively reach a large audience and leave a lasting impact. It offers a tangible and visually striking way to promote products, services, or brands. However, the digital outdoor advertising segment is projected to manifest the highest CAGR of 5.5% from 2023 to 2032, The digital nature of these displays allows for real-time updates of content, empowering advertisers to deliver targeted and contextually relevant messages based on factors like time of day, weather conditions, or audience demographics.
The billboard advertising segment to maintain its leadership status throughout the forecast period
Based on service, the billboard advertising segment held the highest market share in 2022, accounting for more than three-fifths of the global outdoor advertising market revenue and is estimated to maintain its leadership status throughout the forecast period. Traditional static billboards are being replaced by digital billboards that offer dynamic content and the ability to display multiple advertisements in rotation. Digital billboards allow for real-time updates and provide advertisers with greater flexibility and creativity in delivering their messages. However, the place-based advertising segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032. Place-based advertising uses data and technology to send personalized messages to the audience based on their age, interests, and according to their location.
The BFSI segment to maintain its leadership status throughout the forecast period
Based on end users, the BFSI segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period. In the BFSI sector, there is a growing trend of personalized and localized outdoor advertising campaigns that target specific demographics and geographic areas. However, the transportation and mobility segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, There is an increasing use of digital billboards and dynamic displays at transportation hubs, airports, and train stations.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global outdoor advertising market revenue, increasing adoption of digital out-of-home (DOOH) advertising, where digital screens and interactive displays provide dynamic and engaging content to capture audience attention surge the market demand for the outdoor advertising market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.3% from 2023 to 2032. A notable trend in this region is the rapid growth of transit advertising, particularly on public transportation vehicles, as well as the increasing use of mobile advertising and location-based targeting.
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Leading Market Players: -
- AdVision
- Creative Outdoor
- Primedia Outdoor
- OUTFRONT Media Inc.
- Tyler Outdoor
- Clear Channel Outdoor, LLC
- Ocean Outdoor
- Vector Media
- Ohmedia Limited
- Stroer CORE GmbH & Co. KG
- JCDecaux.
The report provides a detailed analysis of these key players in the global outdoor advertising market. These players have adopted different strategies such as collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
- U.S. Outdoor Advertising Market Opportunity Analysis and Industry Forecast, 2022-2032
- Canada Outdoor Advertising Market Opportunity Analysis and Industry Forecast, 2022-2032
- Mexico Outdoor Advertising Market Opportunity Analysis and Industry Forecast, 2022-2032
- Europe Outdoor Advertising Market Opportunity Analysis and Industry Forecast, 2022-2032
- UK Outdoor Advertising Market Opportunity Analysis and Industry Forecast, 2022-2032
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