Digital OOH Market Size to Show a Decremental Growth of $ 4 Billion Despite Ongoing Pandemic | APAC to Present Several Opportunities Through 2020-2024 | Technavio
LONDON--(BUSINESS WIRE)--Jan 18, 2021--
The new digital OOH market research from Technavio indicates Positive growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Digital OOH Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Use of AI in OOH Advertising,” says a senior analyst for the Communication Services industry at Technavio.
Advertising agencies and marketing companies are focusing on enhancing the effectiveness of DOOH by implementing data analytics and AI. The incorporation of AI will allow them to obtain information about customer time, place, preferences, and social and purchase history. The vendors use these data to customize advertisements, allowing them to increase their audience. These benefits are encouraging vendors to invest in the development of analytical tools. For instance, JCDecaux launched VIOOH, a planning platform, for making targeted advertisements. The platform collects data from various sources and helps advertisement campaigns in reaching out to the right audience. This factor will drive the growth of the global digital out of home market during the forecast period.
As the markets recover, Technavio expects the digital OOH market size to grow by USD 3.78 billion during the period 2020-2024.
Digital OOH Market Segment Highlights for 2020
- The digital OOH market is expected to post a year-over-year growth rate of 5.41%.
- Digital OOH in the retail segment has grown rapidly over the past five years and has contributed to enhancing the in-store experience.
- This growth of digital OOH is attributed to the presence of a highly developed retail industry in developed countries such as the US and the UK.
- 71% of the growth will originate from the APAC region.
- The high urbanization, increase in spending by advertisers on digital OOH advertising, and the retail boom in major countries such as China, Hong Kong, India, Malaysia, and Singapore will significantly drive digital OOH market growth in this region over the forecast period.
- 71% of the market’s growth will originate from APAC during the forecast period. Japan and China are the key markets for digital OOH in APAC.
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- The digital OOH market size is expected to decelerate at a CAGR of over 4% during the forecast period.
- The digital OOH market is segmented by Application (Retail, recreation, banking, transportation, and others), Geography (APAC, North America, Europe, MEA, and South America), Type (in-store advertising and outdoor advertising), and Market Landscape (billboards, shelter, transit, and street furniture).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including APG SGA SA, Clear Channel Outdoor Holdings Inc., Focus Media Information Technology Co. Ltd., Global Radio Services Ltd., JCDecaux SA, Lamar Advertising Co., OOH!media Ltd., OUTFRONT Media Inc., Stroer SE & Co. KGaA, and VGI Public Co. Ltd.
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SOURCE: Technavio Research
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