February 19, 2021
According to the research report titled ‘Global Outdoor Advertising Market Size study, by Type (Billboards, Street Furniture, Transit Displays), by Application (Food & Beverage Industry, Vehicles Industry, Health and Medical Industry, Commercial and Personal Services, Consumer Goods) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global outdoor advertising market was worth USD 43.1 billion in 2019 and is projected to expand at 5% CAGR during 2020-2027.
Growing popularity digital billboards in developing and developed economies is propelling global outdoor advertising market growth. Moreover, increasing expenditure & development of outdoor advertisements will continue to stimulate business environment.
Citing an instance, in November 2019, EPAMEDIA, an Austrian advertising & marketing firm, deployed billboards with solar-powered LED lighting at more than 100 locations across Austria, thus significantly increasing visibility. Similarly, JCDecaux SA, in 2018, announced that its JCDecaux Portugal subsidiary had two lots of viable tenders in the city of Lisbon for the deployment and advertising of street furniture. Such initiatives are expected to enhance the overall outdoor advertising industry outlook.
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For those unversed, out-of-home (OOH) or outdoor advertising is a kind of advertising that appeals customers travelling outside from their homes. It generally focusses on advertising & marketing of goods & services where customers are found, such as in commercial locations (retail venues), in transit, public places, waiting areas ( like bus shelters).
Notably, there are six main categories of this form of advertising, namely, alternative, highways, roads, transit displays, street furniture, and billboards. This type of advertising is beneficial in increasing brand awareness and broadcasting business (or campaign or product) to a large group of people. It also offers flexibility to marketers and advertisers in their campaign.
Despite the promising growth trajectory of global outdoor advertising market, strict government rules & regulations about outdoor advertising installation is anticipated to hamper the industry remuneration over the forecast timespan.
Speaking of the recent developments, several regional governments have been f to implement lockdowns to avoid the spread of coronavirus, thus, individuals are likely to stay at home and businesses take precautionary measures to keep employees safe. This is predicted to further constrain the market growth.
Citing the regional outlook, Asia Pacific currently holds major portion of worldwide outdoor advertising industry share and is expected to expand substantially in the coming years, attributable rising adoption of digital outdoor advertising services and ongoing smart cities projects in the region.
Major players in global outdoor advertising market sphere are Global Advertisers Pvt. Ltd., Bell Media, Inc., Adams Outdoor Advertising LP, QMS Media Limited, Clear Channel Outdoor Holdings, Inc., Daktronics Inc., EPAMEDIA, Outfront Media Inc., Lamar Advertising Company, and JCDecaux Group.