Out-Of-Home Market Size, Share, Growth, Global Industry Analysis, By Type (Traditional OOH, and DOOH) By Application (BFSI, Hotels, Streets, Public Places, Corporations, and Others) and Covid-19 Impact, Latest Trends, Regional Insights, and Forecast From 2024 To 2032

Updated On: 08 July 2024

OUT-OF-HOME MARKET REPORT OVERVIEW

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The global out-of-home market size was USD 6986.6 million in 2019 and is expected to touch USD 11002.08 million in 2032, exhibiting a CAGR of 5.2% during the forecast period. In the market study, our analysts have considered out-of-home players such as JCDecaux, Clear Channel Outdoor Holdings, Inc., Lamar Advertising Company, OUTFRONT Media, Daktronics, Prismview LLC, NEC Display Solutions, Ltd., OOh!media Ltd., Broadsign International LLC., Stroer SE & Co. KGaA, Mvix, Inc., Christie Digital Systems USA, Inc., Ayuda Media Systems, Deepsky Corporation Ltd., and Aoto Electronics Co., Ltd.

Out-of-home (OOH) advertising is a type of advertising that displays outside of consumers’ homes in the form of billboards. It consists of sales of services and consumer goods by brands that manage promotional campaigns by the out-of-home platform. It allows brands to connect with their potential consumers and increase engagements. It helps brands advertise outdoors, saving time, being cost-effective, and creating a high consumer response. World’s major advertisers such as Coca-Cola, McDonald’s, and Apple use out-of-home advertising regularly in their marketing campaigns. 

The growing urbanization is becoming a prominent medium as people spend more time outdoors, allowing brands to reach mass audiences rapidly. OOH will enable brands to target audiences more effectively and increase awareness to get a higher interest rate. Creative campaigns enable the audience to observe and interact with brands which helps achieve customer relationship management.

COVID-19 Impact: Halt on Manufacturing and Stringent Lockdown Regulations to Hinder Industry Growth

The COVID-19 pandemic has negatively affected several markets worldwide. The sudden spike in COVID-19 cases has provoked governments to deploy restrictions on travel and operations as people were not traveling and were restricted to go out of their homes which affected the outdoor advertising. Marketing agencies are likely to see a decline in growth in the coming years.  Brands adopt digital platforms for advertising as return on investment is declining on outdoor platforms. Agencies are reducing their footprint on OOH and going digital to reach the target audience.

LATEST TRENDS

"Technological Advancements to Propel Market Development"

Advancements in technology such as the Internet-of-Things (IoT) and Artificial Intelligence (AI) have encouraged brands to advertise their product with the help of new technologies. The popularity of digital billboards is rising as they can engage with the audience effectively. Brands can develop screen billboards, engage content and provide relevant information to their target audiences. AI can be used in various applications on a digital platform that can work on data-driven campaigns. It can optimize and update it according to the data provided. For instance, McDonald’s uses data like weather, time to remind consumers about its product offerings. 

OUT-OF-HOME MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into traditional OOH and DOOH.

DOOH is expected to be the leading segment because of digitization. It is cost-effective compared to traditional billboards and can reach a mass audience. Its adoption in transit and commercial buildings is expected to boost its demand rapidly. These factors may propel industry growth. 

• By Application Analysis

Based on application, it is categorized into BFSI, Hotels, Streets, Public Places, Corporations, and Others.

The infrastructural segment may lead the market growth because of the rising demand for real-time information. The increasing demand for displays in public places is expected to bolster market progress. Incorporating the screen on railway stations, airports, and bus stops are expected to fuel product demand in the transportation sector. These factors may fuel the out-of-home market development. 

DRIVING FACTORS

"Increasing Adoption of Digital Out-of-Home (DOOH) to Bolster Market Progress"

DOOH is unlocking various opportunities for brands to reach target audiences. It plays an essential role in innovative city projects in developed and developing countries. The rising demand from digital OOH by the retail segment is expected to drive the market forward. It refers to digital media that is accessible to the audience in malls and public areas. Digital modes are more effective as it provides real-time content and easier to interact with the target audience. The government depends on the digital platform to deliver important messages. Advertising media has proven to be the primary source of awareness, developing brand equity, retail store visits, and increasing advertising effectiveness.

"Increasing Adoption of Mobile-Based Networks to Bolster Market Progress"

Advertisers can use digital out-of-home advertising to reach their target demographic more successfully in a variety of ways. In smart city projects, digital-out-of-home also plays an important role. The full-motion digital locations coupled with Wi-Fi technology are integrated with facial recognition technology to connect mobile audiences. Digital-out-of-home advertisers extend location-based adverts to engage customers from everywhere due to the expansion of mobile-based digital networks and increased internet penetration. These factors are likely to drive the out-of-home market growth. 

RESTRAINING FACTORS

"Adoption of DOOH to Impede Market Progress"

The emergence of the pandemic has led to the adoption of digital platforms, which, in turn, is expected to hinder the market progress of the traditional out-of-home market. Various regulations related to DOOH include volatile cost, content across multiple regions, lack of real-time data. These factors are likely to impede market progress.

OUT-OF-HOME MARKET REGIONAL INSIGHTS

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"Infrastructure Development to Fuel Industry Development in Asia-Pacific"

Asia-Pacific is expected to dominate the out-of-home market share because of increasing developments in transportation, public infrastructure, and construction sectors. These developments are likely to expand digital screens and spending capacity at a quicker rate. Some areas are simple as more affordable, higher-quality screens are available, while advertisers seek better audience engagement and effect from their creative messaging and new technology. Another critical factor is that most video advertisements are increasingly shorter, even 3-5 seconds long, allowing them to be used efficiently on digital screens to extend the mass media campaign's reach. In China, digital outdoor advertising is predicted to rise dramatically in the following years, whereas static outdoor advertising, except for large-scale billboard ads, is expected to drop.

North America is the second-largest shareholder globally in the out-of-home market. Being the most technologically advanced continent, North America is a market leader in supplying cutting-edge technology for the advertising industry. The region is a pioneer in developing new display technology, and there is a constant awareness of the advantages of commercial displays in the region.

KEY INDUSTRY PLAYERS

"Implementation of Strategies and Product Innovation to Help Major Players Grow"

The market is highly fragmented, with various advertising companies in multiple markets. Companies are adopting different strategies such as mergers and acquisitions, partnerships, product launches, and expansions. Due to technology improvement and product innovation, small businesses expand their market presence by gaining new contracts and entering new markets. It is expected that small vendors in the global out-of-home market will stick to marketing basics to improve their growth prospects.

List of Market Players Profiled

• JCDecaux (France)
• Clear Channel Outdoor Holdings, Inc. (US)
• Lamar Advertising Company (US)
• OUTFRONT Media (US)
• Daktronics (US)
• Prismview LLC (US)
• NEC Display Solutions, Ltd. (Japan)
• OOh!media Ltd. (Australia)
• Broadsign International LLC. (Canada)
• Stroer SE & Co. KGaA (Germany)
• Mvix, Inc. (US)
• Christie Digital Systems USA, Inc. (US)
• Ayuda Media Systems (US)
• Deepsky Corporation Ltd. (Hong Kong)
• Aoto Electronics Co., Ltd (China)

INDUSTRY DEVELOPMENT

• April 2019: Posterscope, digital OOH, and location marketing specialist, partnered with Wickes. The partnership is to roll out Wickes’s first digital OOH campaign.

REPORT COVERAGE

This report offers an analysis regarding the leading segments and latest market trends. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. The report's market estimations are based on extensive secondary research, primary interviews, and in-house expert reviews. The study examines the most recent developments and the most profitable categories. It keeps track of the essential players' strategies and regional trends. It allows readers to learn about the critical methods that promote market growth.