Drivers, restraints, and opportunities-
Decline in demand for traditional billboards, abridged cost of digital screens, and rapid digitization drive the growth of the global digital out of home market. On the other hand, expensive digital signage and growth in trend of online/broadcast advertisement impede the growth to some extent. However, rise in urbanization across emerging economies is expected to create lucrative opportunities in the industry.
Allied Market Research published a report, titled, “Digital Out of Home Market By Format Type (Billboard, Transit, Street Furniture, and Others), Application (Indoor and Outdoor), and End User (Automotive, Personal Care & Households, Entertainment, Retail, Food & Beverages, Telecom, BFSI, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global digital out of home industry was estimated at $18.8 billion in 2020, and is anticipated to hit $54.83 billion by 2030, registering a CAGR of 11.6% from 2021 to 2030.
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Covid-19 Scenario-
- The outbreak of the pandemic gave way to a steep decrease in demand for Digital-Out-Of-Home (DOOH) solutions from several industry verticals, thereby impacting the global Digital-Out-Of-Home (DOOH) market negatively, especially during the initial phase of the pandemic.
- However, the market is projected to recoup soon.
The outdoor segment to dominate by 2030-
By application, the outdoor segment contributed to the major share in 2020, holding nearly two-thirds of the global digital out of home market. The same segment would also cite the fastest CAGR of 11.7% during the forecast period. This is due to increase in demand for smart infrastructure solutions across emerging economies.
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The automotive segment to maintain the dominant share-
By end user, the automotive segment accounted for the major share in 2020, holding around one-fifths of the global digital out of home market. The entertainment segment, however, is expected to grow at the fastest CAGR of 13.0% from 2021 to 2030. Rise in demand for digital advertisement solution across sports and entertainment sectors is driving the segment growth.
North America garnered the major share in 2020-
By region, the market across North America had the lion’s share in 2020, generating around two-fifths of the global digital out of home market, owing to increase in investments by the major players in digital advertisement in the region. The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 12.6% by 2030. This is attributed to rise in awareness about artificial intelligence and IoT technology in the region.
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Key players in the industry-
- Clear Channel Outdoor Holdings, Inc.
- Broadsign International, Inc.
- JCDecaux SA
- Lamar Advertising Company
- NEC Corporation, Daktronics, Inc.
- MvixInc.
- Ooh!mediaLtd, Outfront Media Inc.
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