Sales of outdoor advertising to cross a market valuation of $ 51.4 billion by 2032, report
Fact.MR, a market research and competitive intelligence provider, says that the global outdoor advertising market is valued at $ 27.7 billion in 2022 and is expected to expand at an impressive CAGR of 6.4% during the forecast years of 2022-2032.
The market is projected to grow rapidly due to the rising popularity of digital-out-of-home advertising and the integration of advanced technologies such as Artificial Intelligence (AI) and Near Field Communication (NFC).
Rapid digitalization and a growing focus on targeted marketing are key factors driving the demand for outdoor advertising. Enterprises investing more than 15% in outdoor advertisement observed higher returns than from other modes of advertisement.
Companies utilize outdoor advertising to market their goods and services and enlighten the public about their business. It can be displayed both inside and outside of trains and cabs, as well as on billboards, posters, and at bus shelters, mall kiosks, airports, and sporting venues. Compared to other forms of advertising, outdoor ads offer a solution that is both affordable and long lasting with widespread coverage.
With so much to offer at an affordable price, businesses all over the world are using outdoor advertising in conjunction with other media channels to increase their audience reach, boost brand value, and increase brand memory. Around 50% of outdoor advertising revenue is expected to be digital and would cover approx. 50% of the population across the world. It helped advertisers combat digital device fatigue and cope with various security concerns associated with mobile advertising services.
Prominent out-of-home advertising service providers are JCDecaux, Clear Channel Outdoor, Ströer, Lamar, Focus Media, Outfront Media, oOh! Media, Asiaray, APG | SGA, Global Media, Al-Arabia, Ocean, Intersection, Metrobus, Clear media, Anchour, Insite Street Media, Advision Outdoor, Lind Outdoor, Tyler Outdoor, and Young Electric Sign Company.
The global outdoor advertising market is expected to be highly competitive with the adoption of various strategic initiatives such as partnerships and acquisitions by the market players.
For instance:
In 2018, Single Outdoor Advertising, which is a transit & street furniture company, merged with Martin Outdoor Media to offer transit bench, bus advertising coverage and coast-to-coast transit shelter in partnership with municipalities and transit authorities in metropolitan markets such as Atlanta, New York, and others.
In 2018, Europe-based Global Media & Entertainment Limited acquired Primesight Media and Outdoor Plus. This acquisition is focused on the enhancement of its footprint in the European region.
The outdoor advertising market is highly competitive with the presence of several established and new market players. Companies are focusing on the introduction of various new functions to meet customer expectations by providing trending out-of-home advertising services.
Market players are undertaking various strategic initiatives such as mergers & acquisitions, agreements, and partnerships for global expansion.
