DUBLIN--(BUSINESS WIRE)--The "Global Outdoor Advertising Market: Analysis By Medium Type (Traditional Outdoor Advertising, and Digital Outdoor Advertising), By Segment (Billboards, Transit, Street Furniture, and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global outdoor advertising market in 2021 stood at US$37.03 billion, and is likely to reach US$75.01 billion by 2027.
In recent years, outdoor advertising has helped the advertiser to reach that audience who do not have access to traditional advertisements such as young generation, corporate guys and the middle-class population, thus allowing the advertiser to target particular demographics, ages, income, and ethnic groups.
Outdoor advertising is a type of advertising, which includes any type of advertisement which is done outdoors in order to publicize products and services.
Outdoor advertising has several advantages, including the capacity to make a strong impression on viewers, boosting brand awareness, reach a large audience, and be available around-the-clock, 365 days a year. Last but not least, outdoor advertising improves the visual environment. The global outdoor advertising market is projected to grow at a CAGR of 12.3% during the forecast period of 2022-2027.
Impact Analysis of COVID-19 and Way Forward:
COVID-19 brought many changes to the world, including a lack of consumer visibility, lack of cross-border mobility, labor shortage, and halted economic activities across the world, caused by the COVID-19 pandemic, resulting in the downfall in demand for outdoor advertising in various end-use industries which eventually had a negative impact on its market growth globally.
However, the post-pandemic market is anticipated to gain momentum as more people get vaccinated, there has been an increase in mobility at many touch-points, such as airports and shopping malls, and brands are gradually launching their campaigns. As people started returning to work, outdoor advertising exposure is also anticipated to increase.
Competitive Landscape and Recent Developments:
The market for outdoor advertising has typically been fragmented. Businesses are concentrating on introducing new features to satisfy customer expectations by providing a popular outdoor advertisement style. Additionally, vendors are extending their global reach thanks to a cutting-edge business strategy.
Major business activities are being undertaken by market participants, including mergers and acquisitions, collaborations, agreements, the launch of new products, international expansion, and others.
Market Dynamics
Growth Drivers
- Booming Tourism Industry
- Growing Programmatic Digital Display Ad Spending
- Increasing Urban Populace
- Accelerating Economic Growth
- Improving Consumer Confidence
Challenges
- Growing Outbound Telemarketing Market in Developing Economies
- Intense Competition
- Stringent Regulations
Market Trends
- Involvement of Artificial Intelligence
- Increase in Mobile 5G Subscriptions
- Embracing the Power of Storytelling
- Creativity-Driven Ads
- Rising Applications of Anamorphic & 3D Billboards
- Software Advancement
- Developing Beacon Technology Fondness
Companies Mentioned
- JCDecaux SA
- Clear Channel Outdoor Holdings
- Stroer SE & Co. KGaA
- Lamar Media Corp.
- Outfront Media Inc.
- APG|SGA SA
- Focus Media Information Technology Co Ltd
- oOh!Media Ltd
- Asiaray Media Group
- Global Media & Entertainment Ltd.
- Al Arabia Outdoor Advertising
- Atairos (Ocean Outdoor Ltd.)
- Intersection Media, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/72150b
