LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global outdoor advertising services market is expected to grow at a CAGR of 4.5% over the next five years due to a high level of urbanization that is leading to customer mobility.
The research report titled ‘Global Outdoor Advertising Services Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices, and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the outdoor advertising services market will be driven by growth in innovative billboard shapes and sizes that provide creative avenues for advertising,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, increase in popularity of digital out-of-home that offers flexibility in executing campaigns, will also drive the market,” adds Angad.
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Cost saving opportunities in the global outdoor advertising services market
The adoption of various cost-optimization levers helps buyers of outdoor advertising services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the outdoor advertising services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as AR, NFC, and beacon advertising can help brands to provide highly relevant and personalized content to customers, resulting in cost savings to the extent of 7% of the total category spend.
Buyers prefer to engage with suppliers that offer them agile and quick printing technology, which provides speedy output and high-quality images at low costs. Buyers also look for advances in technology such as the use of large screens to enhance service life and reduce maintenance costs, and the use of sensors to monitor the performance and use of billboards.
Supplier competition saving aspects
Optimization of supply pool segregation is critical in the global outdoor advertising services market. Technavio analysts suggest procurement of the right mix of experience, expertise, value-adds, and transparency in pricing.
An effective outdoor advertising strategy is important to help buyers estimate budgets and reduce expenses on the continual update of content on billboards or public transit mediums. Buyers require service providers to help them formulate concepts for designing advertisements that can effectively be placed and displayed (in the case of digital billboards) to ensure maximum ROI.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global outdoor advertising services market is the need for consolidation and unification advertising activities. Buyers prefer to engage with suppliers that offer them support for compelling and curated creative campaigns, including services such as media planning, buying, and printing and availability of latest technologies such as interactive billboards and AR billboards.
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