Outdoor Advertising Market Size to Grow $8.55 Billion Despite Recession | Business Continuity Plan for the New Normal | Technavio
LONDON--(BUSINESS WIRE)--Nov 23, 2020--
The outdoor advertising market is expected to grow by USD 8.55 billion during 2020-2024, according to Technavio. According to the report, the market will not be majorly affected by the impact of COVID-19. Outdoor advertising such as billboards is still considered an effective medium for ad campaigns due to their widespread distribution. They are easily visible to motorists, pedestrians, and the general public. In addition, the decline of print and TV ads is driving vendors to invest in various technologies to gain an edge in the market.
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Technavio has announced its latest market research report titled Global Outdoor Advertising Market 2020-2024. (Graphic: Business Wire)
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The outdoor advertising market will witness a neutral impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2020 as compared to 2019.
The outdoor advertising market is driven by the use of LED mobile billboards. LED mobile billboards can be moved to physical locations to get maximum viewers. They help reach a large audience through display ad campaigns. Also, mobile billboards are more likely to engage the audience due to their good visibility during day and night. Moreover, LED billboards provide enterprises with control over their ad campaigns. These factors are increasing the demand for LED mobile billboards. In addition, other factors such as the use of analytics to increase the effectiveness of ads are expected to trigger the outdoor advertising market toward witnessing a CAGR of almost 4% during the forecast period.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
- Adjust their strategic planning to move ahead once business stability kicks in.
- Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
- Conceptualize scenario-based planning to mitigate future crisis situations.
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Key Considerations for Market Forecast:
- Impact of lockdowns, supply chain disruptions, demand destruction, and change in customer behavior
- Optimistic, probable, and pessimistic scenarios for all markets as the impact of pandemic unfolds
- Pre- as well as post-COVID-19 market estimates
- Quarterly impact analysis and updates on market estimates
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Major Three Outdoor Advertising Market Participants:
APG|SGA SA operates its business through segments such as Streets and locations, Public transport, and Railway Stations. The company offers mega posters and mobile advertisements.
Burkhart Advertising Inc.
Burkhart Advertising Inc. operates its business through segments such as Bulletins, Posters, Digital, and Outdoor outlets. The company offers poster wraps and digital static messages on LED screens for advertisements.
Clear Channel Outdoor Holdings Inc.
Clear Channel Outdoor Holdings Inc. operates its business through segments such as America's outdoor advertising and International outdoor advertising. The company offers advertisements on bulletins, digital billboards, posters, junior posters, premiere panels, premiere squares, spectaculars, and wallscapes.
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Outdoor Advertising Market 2020-2024: Segmentation
Outdoor advertising market is segmented as below:
- Transit Displays
- Street Furniture
- Physical Outdoor Advertising
- Digital Outdoor Advertising
- North America
- South America
Based on the type, the market saw maximum growth in the billboards segment in 2019. Billboards support enterprises in reaching a variety of customers with a single advertisement, which is driving their adoption.
Similarly, APAC offered maximum growth opportunities for vendors in 2019 with a market share of 76%. The market growth in the region is driven by the expansion of business operations by global companies in APAC countries.
Get more insights about the global trends impacting the future of the outdoor advertising market
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SOURCE: Technavio Research
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PUB: 11/23/2020 12:00 AM/DISC: 11/23/2020 12:01 AM