The new report by Expert Market Research titled, ‘Global Digital OOH Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global digital OOH market, assessing the market based on its segments like format type, application sectors, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
• Forecast CAGR (2023-2028): 12%
Due to the rising creation of different tools and applications for user interaction, the usage of sophisticated in-transit marketing systems is crucial in the current business context. The global digital OOH market is growing because digital OOH is a cost-effective platform for any product or service marketing and advertising. To serve the public interest, digital OOH employs real-time displays and live data sources.
Variations in digital OOH marketing rules, such as content and volume, across different jurisdictions, high advertising prices, and a lack of real-time and precise information on consumption are all stumbling blocks for this sector. Because the internet has become more ubiquitous, digital OOH makes it easier to raise awareness and achieve outstanding results, accelerating the industry’s growth.
Industry Definition and Major Segments
Digital Out of Home, or DOOH, refers to digital media that is utilized for marketing reasons outside of the home. It includes advertisements on television and radio, as well as digital signage.
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The industry can be broadly categorised based on format type into:
• Digital Billboards
• Video Advertising
• Ambient Advertising
The industry can be divided on the basis of its application sectors as:
The industry can be divided based on end-use as:
• Food and Beverages
• Personal Care and Households
Based on region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
DOOH (digital out-of-home) advertising is a dynamically-served visual manner of advertising that targets clients when they are outside, in transit, waiting, or at commercial places. It intercepts clients with highly targeted messages while they go about their daily activities and successfully amplifies a brand’s message, resulting in a high level of engagement with customers on the go. Such marketing tactics consider the customer’s thinking as well as their geography.
Billboards are the most common kind of out-of-home advertising. Digital billboards and location-based networks have exploded in popularity in recent years. Digital OOH is a type of dynamic media that is broadcast over place-based networks in places like colleges, gas stations, pubs, health clubs, and restaurants. Stand-alone screens and kiosks are available on DOOH networks. Because of the rising use of mobile beacons and dynamic data streams in recent years, these advertising networks have evolved into real-time marketing platforms.
DOOH includes a wide range of screen designs, sizes, and levels of interactivity. It serves as a link between context and location, with a high level of impact and adaptability. Each DOOH advertising campaign is tailored to the specific outdoor area. Customers’ increasing mobility is enhancing the visibility of outdoor media. This has a big impact on the expansion of the digital OOH business. The price erosion of digital screens has also aided this market’s expansion. Public transportation can also be used for DOOH advertising. It is constantly reaching a wide number of target audiences, thanks to extended travel times and a surge in leisure travel. Real-time campaigns have resulted from this type of advertising innovation.
Advertisers may target the correct people by changing the content of their adverts according to their location, time of day, and weather. The relevance gained as a result of DOOH’s versatility and ability to reach the masses is allowing marketers to design campaigns that will be remembered by their customers. Customers find text, photos, and real-time content more appealing, and it has a big impact on their purchasing decisions. The high initial cost of installing digital signage, on the other hand, is a stumbling block to the DOOH market’s growth.
Key Market Players
The major players in the market are JCDecaux SA, Clear Channel Outdoor Holdings Inc. (NYSE: CCO), Lama Advertising Company, Outfront Media Inc, Daktronics Inc., Prismview LLC NEC Display Solutions Ltd., oOhmedia! Ltd., Ströer SE & Co. KGaA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.