The global outdoor advertising market is expected to witness steady growth in the coming years owing to associated advantages, such as immediate brand awareness and wider reach. In addition, rapid urbanization and infrastructure development is expected to support market growth. Increasing number of public places, such as bus stops, malls, subways, and high-rise buildings, has widened the scope of out-of-home (OOH) advertising. Additionally, growth of public transport systems has increased these promotions, which is likely to offer boost market growth in coming years. For instance, commuter advertising helps to engage people at targeted locations through digital transit media.
Declining use of print ads is also expected to boost the adoption of digital media advertising. For instance, billboards are used as promotional mediums to target audience by covering sport events and places, such as schools. High adoption of LED mobile billboards is one of the key driving factors in the market. Billboards can also be placed on the side of a truck or trailer for promotional activities. Mobility is the main benefit of these devices as they can be moved to different locations to engage more people. Additionally, mobile billboards offer better visibility at day as well as night, which can attract more audience. By tracking mobile billboards, organizations can have a better control over their ad campaign.
Use of analytics is one of the crucial trends in the market. Marketers are increasingly implementing data analytics for analyzing and tracking the engagement of outdoor ads. Analytics also help advertisers to manage campaign remotely from home or office. Moreover, they are modifying ads as per demography of the audiences. This is compelling the companies to make investments in the development of software and analytics that can increase the efficiency of promotional activities.
Different types of outdoor advertising include billboards, transit displays, shelters, and street furniture. Billboard holds a prominent share in the market in terms of revenue. This can be credited to rising digital advertising investments in the developed as well as developing countries.
North America is a leading region in the market. The U.S. is a key contributor to regional growth due to rising installation of new digital shelters in New York and transformation of traditional printed ads into digital screens. Europe is considered to be one of the prominent regional markets on account of increasing demand for digital signage across many industries, including financial services, healthcare, and government. Asia Pacific is projected to expand rapidly in the coming years owing to rapid infrastructure development and growth of the fast-moving consumer goods industry.
Some of the leading players operating in the outdoor advertising market are Clear Channel Outdoor Holdings Inc.; JCDecaux; Oohmedia! Ltd.; Aoto Electronics Co.; and Prismview LLC NEC Display Solutions Ltd. The market is extremely competitive due to presence of numerous regional as well as international players. Continuous technological advancements has also increased the competition among the players. Product and service differentiation is the one of the key strategies adopted by the manufacturers to sustain in the market. For instance, Outdoor Network introduced its new rotating digital billboard site next to one of Johannesburg’s busiest malls called Cresta Shopping Centre. This 3x6m rotating LED billboard is likely to reach a massive audience.
Clear Channel Outdoor Americas, a subsidiary of iHeartMedia Inc., introduced RADARView, a prominent development of its Clear Channel Outdoor RADAR suite of Out-of-Home (OOH) advertising solutions. It is a visualization platform that allows advertisers to optimize their OOH campaigns by entering campaign specific information like locations, demographics, and audience segments to reach consumers along the pathways most traveled. The platform also supports the company’s suite of solutions based on aggregated and anonymized data through consent from persistent apps running on one in four mobile devices.
For instance, Digikore launched two LED products in India, including Digiwalker and Digikore foldable LED screens. These screens can be used for advertising purpose at malls and other public places. Digikore Foldable LED Screen is flexible and foldable on 360-degree angle front and back.
Research Support Specialist, USA