The digital out of home market to reach $55 billion by 2030, report
The digital out of home market size was valued at $18.8 billion in 2020, and is projected to reach at $54.83 billion by 2030, growing at a Compound annual growth rate, CAGR, of 11.6% from 2021 to 2030. This is according to a recent report by Research and Markets.
Digital-out-of-home advertising is described as a marketing channel in which promotional media is dynamically and digitally presented in public outdoor places such as airports, subways, bus stops, commercial buildings, and so on. Digital OOH advertising boosts brand recognition by engaging a broad audience in real-time.
Further, this form of message delivery is supported by dynamic digital technology maximized with real-time capabilities of user engagement to target consumers. DOOH encompasses variety of screen shapes, sizes, and levels of interactivity.
Features of DOOH such as flexibility, cost-effectiveness, and relevancy to each unique environment make it suitable for different industry verticals such as commercial, infrastructural, and institutional. In addition, rise in investment in digital ads in various public locations across developing and developed economies is anticipated to drive the digital out-of-home market share.
The growth of the global digital out of home market is majorly driven by decline in demand for traditional billboards paired with reduced cost of digital screens across the globe. Further, rapid digitization & decline in demand for traditional billboards is anticipated to drive the growth of digital out of home market.
However, complex and expensive digital signage coupled with rise in trend of online/broadcast advertisement acts as a prime restraint of the global market. On the contrary, rise in urbanization across emerging economies globally is anticipated to provide lucrative opportunities for the digital out of home industry during the forecast period.
According to digital out of home market analysis, the billboard segment was the highest contributor to the market in 2020. The billboard and transit segments collectively accounted for around 85.5% market share in 2020. Surge in adoption of digital signage solution has led to the growth of the billboard and transit segments; thereby, enhancing the digital out of home market growth.
The outbreak of the COVID-19 has significantly impacted the growth of the digital out of home market. Decline in demand for digital signage solution across prime sectors has significantly impacted the demand for digital out of home solutions during the pandemic.
Further, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe restrained the growth of the digital out of home market during a pandemic. Moreover, the healthcare sector globally started to deploy digital signage solutions, which is expected to drive the growth of the digital out of home market post pandemic.
Region-wise, North America holds a significant share in the global digital out of home market, owing to the presence of prime players in this region. The adoption of two-way voice system and medical alert alarm system at the hospitals sector is expected to propel the growth of the digital out of home industry in this region.
Moreover, surge in demand for personal health monitoring system for senior citizens in North America is anticipated to drive the digital out of home market trends in this region.
