LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global digital OOH market to grow at a CAGR of above 10% during the period 2018-2022, according to their latest report.
This market research report segments the global digital OOH market into the following applications (retail, recreation, banking, transportation, and education), types (in-store advertising and outdoor advertising), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the rapidly declining print advertising as a key factor contributing to the growth of the global digital OOH market:
Rapidly declining print advertising
Print advertising is declining rapidly because of the increasing adoption of the digital medium. Digital media advertising has developed and is taking up the share of print advertising. Due to intense competition, print advertising is facing difficulties in competing with digital media advertising. For instance, billboards, which are one of the major segments for revenue in outdoor advertising, faced intense competition with Craigslist, a classified advertising website.
According to a senior analyst at Technavio for media and entertainment services, “The growing replacement of physical billboards with interactive billboards is another factor driving the growth of the market. The digital OOH market is expected to grow at a much higher rate compared to the global ad spending market during the forecast period. This points out that the digital OOH advertising has a promising future.”
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Global digital OOH market segmentation
Of the five major applications, the retail segment held the largest market share in 2017, accounting for nearly 41% of the market. The market share for this application is expected to decrease nearly 2% by 2022.
APAC was the leading region for the global digital OOH market in 2017, accounting for a market share of 56%. By 2022, APAC is expected to witness a significant growth of nearly 6% in market share. On the contrary, both EMEA and the Americas are expected to see a decline in their market share. The decline in the Americas is attributed to the market being at the saturation point.
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