LONDON--(BUSINESS WIRE)--The global digital OOH market size is expected to grow by USD 3.78 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
OOH advertising is gaining popularity among businesses due to its advantages over traditional advertisements. Digital signage displays can be integrated with dynamic content to engage more consumers than print media. It also offers the flexibility to make constant changes in advertisements or messages, thereby eliminating the need for multiple boards. Moreover, digital displays are a cost-effective and eco-friendly way of advertisement as they eliminate the need for paper. Owing to many such advantages, the adoption of digital displays is expected to increase during the forecast period.
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As per Technavio, the use of AI in OOH advertising will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Digital OOH Market: Use of AI in OOH Advertising
Businesses are making significant investments to implement data analytics to analyze and remotely track audience engagement with OOH advertisements. The integration of AI helps businesses understand various factors such as customer time, likes, dislikes, and social purchase history. Companies leverage such information to create customized advertisements to effectively target potential customers. This is helping them increase the efficiency of their advertisements, thereby fueling the growth of the global digital OOH market.
“The growing market consolidation and the increasing integration of technologies for digital signage will have a significant impact on the growth of the digital OOH market value during the forecast period,” says a senior analyst at Technavio.
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Digital OOH Market: Segmentation Analysis
This market research report segments the digital OOH market by application (retail, recreation, banking, transportation, and others) and geography (APAC, North America, Europe, MEA, and South America).
The APAC region led the digital OOH market share in 2019, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growth of the retail industry in countries such as China, Hong Kong, India, Malaysia, and Singapore.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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