The Projected Growth of The Billboard And Outdoor Advertising Market

A recent Billboard and the Outdoor Advertising market report by Absolute provides insightful details on the state of its global development, as well as possibilities and difficulties that may arise in the near future, based on data that has been analyzed by specialists in the field.

The global market for digital out-of-home advertising, which was estimated to be worth USD 6.8 million in 2021, is anticipated to grow at a 13.8% CAGR from 2022 to 2028. Because of new venues, market development, innovation, and improved outdoor advertising features, which are significant factors in the market’s rapid growth, it is one of the advertising channels with the fastest growth rate. Additionally, the demand for innovative interactive display, full-motion video, is rising, and the addition of animation is anticipated to fuel further market expansion.

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Can Billboard and Outdoor Advertising help in driving brand sales?

According to a research, 37% of drivers who are in cars say they frequently scan outdoor advertisements while 71% of them say they frequently look at billboards along the side of the road. This crucial figure has significant implications for neighborhood businesses.

In order to promote a business, brand, item, service, or campaign, outdoor billboard advertising makes use of large-scale print or digital format advertisements. One of the forms of advertising that is most frequently used: Billboards are positioned strategically so that more number of vehicles, riders, and pedestrians can see them, such as along highways and on major city roads.

How is Digital OOH gaining popularity?

The demand for digital out-of-home (DOOH) advertising has been rising since it is one of the most appealing forms of advertising currently available. It is immune to some of the common problems that affect web advertising.

When it comes to targeting and better traffic data, DOOH has some of the benefits of the technology used in online display advertising.

This type of advertising is very crucial for a business, it boosts brand awareness and when strategically placed in high traffic areas, allows people to view it easily. The pedestrians, people in vehicles, local commuters etc, can look at it and if it is attractive, it will stay in the mind of the user for a long time leading it to being an effective and popular form of advertising today.

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It is vital to understand the advantages of this segment in identifying the importance of different factors that are responsible for the growth of the industry.

Segmentation by DOOH Types: –

• Digital OOH
• Traditional OOH

Segmentation by Applications: –

• Street Public Facilities
• Large Billboard
• Public Transport Advertising
• Others

Geographic Segmentation: –

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa

Major players in the global market include: –

• JCDecaux
• Clear Channel Outdoor
• Lamar Advertising
• CBS
• Stroer Media
• Adams Outdoor Advertising
• AdSpace Networks
• AirMedia
• APN Outdoor
• APG|SGA
• Burkhart Advertising
• OUTFRONT Media
• Daktronics
• Prismview
• NEC Display Solutions
• OOh!media

The effects of COVID-19 are also a concern to this segment. The COVID-19 virus, which first appeared in December 2019, has since spread to every country in the world, costing a significant number of lives and severely harming the economy. At the same time, the online market and industry have seen growth. Fortunately, the adverse effects of COVID-19 are anticipated to diminish and the world economy to recover as a result of the development of a vaccine and other efforts by international governments and organizations.