According to the latest report by IMARC Group, titled “Outdoor Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 41.8 Billion in 2018. Outdoor advertising, also known as out-of-home (OOH) advertising, is one of the oldest forms of promotions, which advertises products and services in the public domain. This kind of advertising focusses on consumers present in public places and in-transit while placing their ads around parks, metros, malls, highways, shopping complexes, and bus and train stations. This serves as an ideal marketing platform for businesses trying to reach a broader audience. These advertisements are often placed on billboards, hoardings, banners, buses, trains and kiosks. Billboards and transit advertising are one of the most preferred modes of promotion amongst growing businesses. Bright, attractive and informative advertisements usually attract the attention of a wide audience which urges the potential consumers to opt for the products or services being publicized.
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Global Outdoor Advertising Market Trends:
Owing to significant growth in the global economy, an increase in the construction of public establishments such as malls, subways, train stations and shopping complexes has been witnessed across the globe. Consistent development of infrastructures, especially across developing countries, is expected to drive the demand for outdoor advertising. Apart from this, since the majority of the working population uses public transports for commuting to their workplaces, businesses are continually adopting in-transit advertising methods to promote their services. In line with this, the modernization of public transports acts as another major growth-inducing factor. Furthermore, technological advancements such as the advent of digital billboards is also significantly contributing to the market growth. Other factors creating a positive outlook for the market include modernization of public transports and rising urban population. On account of the aforementioned factors, the market is expected to reach US$ 55.9 Billion by 2024, expanding at a CAGR of 4.9% during 2019-2024.
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- Based on the type, the market has been bifurcated into traditional and digital outdoor advertising market. Amongst these, traditional outdoor advertising market is the most preferred segment.
- On the basis of segments, the market has been categorized into billboard, transport and street furniture advertising, wherein billboard advertising accounts for the majority of the total market share.
- On the geographical front, Asia Pacific exhibits a clear dominance in the market. Other major regions include Europe, Middle East and Africa (EMEA), North America and Latin America.
- The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market.
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