Global outdoor advertising market to reach $38.9 billion by 2032
The market for outdoor advertising was estimated to be worth $23.9 billion globally in 2022, and by 2032, it is anticipated to have grown to $38.9 billion, with a CAGR of 5.1%. According to a report by Allied Market Research, this is the case.
Contextual advertising and location-based technologies are growing in popularity, which gives outdoor advertisers the chance to send more relevant and targeted messages.
Advertisers can specifically target their outdoor ads to the context of the audience by utilizing geolocation data and contextual cues like weather or nearby events. By offering pertinent and localized information, this improves engagement and raises conversion prospects.
The market has grown as a result of the substitution of static, traditional billboards with digital out-of-home advertising. Digital displays are adaptable, making it simple for advertisers to update material in real time.
Because of its dynamic character, DOOH advertising draws more advertisers and raises market demand as a whole. Innovative formats for outdoor advertising have been adopted, including 3D displays, holographic projections, and interactive installations.
These innovative forms draw viewers in, build excitement, and give them unforgettable experiences. To stand out in a congested advertising landscape, advertisers are investing more and more in intriguing and distinctive campaigns.
The traditional outdoor advertising sector had the largest market share by type in 2022, accounting for more than three-fifths of the market’s revenue. It is anticipated that this segment will continue to hold the top spot during the forecast period.
Traditional outdoor advertising is still valuable because it can efficiently reach a big audience and have an impact that lasts despite the growing popularity of digital advertising. It provides a practical and eye-catching approach to advertise goods, services, or brands.
The digital nature of these displays allows for real-time updates of content, empowering advertisers to deliver targeted and contextually relevant messages based on factors like time of day, weather conditions, or audience demographics. However, the digital outdoor advertising segment is projected to manifest the highest CAGR of 5.5% from 2023 to 2032.
According to service, the billboard advertising category had the most market share in 2022 and was responsible for more than three-fifths of the revenue generated by outdoor advertising worldwide. It is anticipated that this segment will continue to hold the top spot during the projection period.
Digital billboards, which offer dynamic content and the capacity to display many advertisements in cycle, are replacing conventional static billboards. Real-time updates and more creative and flexible message delivery are made possible by digital billboards, which give advertisers.
However, the market for location-based advertising is anticipated to experience the greatest CAGR of 7.1% between 2023 and 2032. Place-based advertising employs data and technology to deliver customers tailored messages based on their location, age, and interests.
The BFSI category had the most market share in 2022 when it came to end users, and it is anticipated that it will continue to hold this position throughout the forecast period.
Personalized and targeted outdoor advertising strategies that target particular demographics and geographic regions are becoming more popular in the BFSI sector. However, the transportation and mobility sector is anticipated to experience the greatest CAGR of 6.2% between 2023 and 2032. Digital billboards and dynamic displays are being used in transportation hubs, such as airports and train stations.
According to region, North America held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the revenue from the global outdoor advertising market. This was due to the growing popularity of digital out-of-home (DOOH) advertising, in which interactive displays and digital screens use dynamic content to draw in viewers.
The fastest CAGR is anticipated to occur in the Asia-Pacific area from 2023 to 2032, at 6.3%. The fast expansion of transit advertising, notably on public transportation vehicles, as well as the rising usage of mobile advertising and location-based targeting, are important trends in this area. Source: www.alliedmarketresearch.com
