Global digital OOH advertising industry to reach $33 billion by 2027, report

The global digital-out-of-home advertising market reached a value of $ 14.8 billion in 2021. Looking forward, the publisher expects the market to reach $ 33 billion by 2027, exhibiting a CAGR, compound annual growth rate, of 13.41% during 2022-2027. This is according to a recent report by Research and Markets.

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Digital out-of-home (OOH) advertisement refers to a dynamic communication medium displayed on digital signage. These advertisements are generally installed at airports, railway stations, bus shelters, medical waiting rooms, shopping malls, retail stores, movie theatres, and on major roadways. With the growing internet penetration, advertisers are using virtual screens, projectors, motion graphics and video content for targeting specific demographics. This has led to the expansion of digital and internet-based advertising platforms across the globe. As a result, these ads are increasingly being adopted by manufacturers to promote their products in the market.

In recent years, advancements in technology, such as improved IoT connectivity, near field communication, artificial intelligence (AI), and beacons, have encouraged creativity in the DOOH industry. Advertisers can now focus on developing screens that deliver contextually relevant, intelligent and real-time content. With the development of infrastructure and a growing number of shopping complexes and malls, there has been a rise in the number of people who spend time outdoors. As a result, companies are focusing on adopting digital OOH advertising as an advertising platform to help them reach a wider audience. Moreover, the popularity of digital billboards has also been on the rise catalysed by their ability to engage audience effectively. Additionally, the cost of digital advertisements has also declined over the past few years, increasing their affordability across organisations of all sizes.

The report has also analysed the competitive landscape of the market with some of the key players being APG - SGA, Clear Channel Outdoor Holdings Inc., Global Media, JCDecaux, Lamar Advertising Company, oOh!media Limited, Outfront Media Inc., Stroer, etc.

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