LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global digital out-of-home (OOH) advertising market is expected to grow at a CAGR of close to 12% during the forecast period.
This research report titled ‘Global Digital OOH Advertising Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes three major types of global digital OOH advertising market. They are:
- Digital billboards
- Video advertising
- Ambient advertising
Global digital OOH advertising by digital billboards
The digital billboards segment accounted for a market share of more than 51% in the global digital OOH advertising market in 2015 and is expected to maintain its dominant position in the market during the forecast period. The rapid decline in the use of static billboards has propelled the growth of digital billboards globally as they are more interactive. Smart billboards that are compatible with near-field communication and quick response code enable data transfer to mobile devices. Advertisements in terms of apps, videos, audio, and graphics can be transferred from these billboards to the user’s smartphone directly. Larger brands consider this as an effective method as these billboards engage customers in real time.
According to Ujjwal Doshi, a lead publishing and advertising analyst from Technavio, “Digital OOH advertising is more effective in increasing product awareness and is gaining popularity with the need to enhance customer experience. Increasing brand awareness is another prominent factor influencing the changing landscape of outdoor advertising.”
Global digital OOH video advertising
The video advertising segment was the second largest segment in the market in 2015 and is expected to reach USD 5.76 billion by 2020, growing at a CAGR of over 8%. The segment's growth is in line with the increasing popularity of internet-based services. Advertising companies are integrating internet-based services with digital billboards due to the growing demand from the advertisers for interactive platforms to innovate with their ad campaigns. This helps narrowcast dynamic video, editorial, and graphic content on billboards.
“Shopping malls are gaining prominence, and these provide effective platforms for advertisers to reach their target audience. Video advertising inside the store is one of the oldest and most prevalent forms of advertising globally. Although the market for digital OOH advertising is growing rapidly in APAC, the technique has less penetration in the region as video advertising is the most expensive OOH advertising technique. Video advertising is still the principal mode of OOH advertising in developed countries,” says Ujjwal.
Global digital OOH ambient advertising
The ambient advertising segment is one of the fastest growing segments in the market, growing at a CAGR of nearly 10% and is expected to reach USD 2.94 billion by 2020. Ambient advertising is a relatively new approach in the digital OOH advertising market. This form of advertising is extremely popular and efficient as it helps smaller companies advertise on a large scale.
However, digital OOH advertising reduces the opportunity for companies working on a relatively lower advertising budget. Digital OOH advertising is still costlier than traditional OOH advertising despite the rapid reduction in the cost of LCD and plasma screens over the last decade. Spots such as transits and street furniture in public places are usually used for digital OOH advertising.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Clear Channel Outdoor
- Lamar Advertising
- OUTFRONT Media
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