[July 26, 2016] |
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Growing Adoption of Digital Billboards Driving the Global Digital Out-of-Home Advertising Market Until 2020, Says Technavio
According to the latest market study released by Technavio,
the global
digital out-of-home (OOH) advertising market is expected
to grow at a CAGR of close to 12% during the forecast period.
This research report titled 'Global
Digital OOH Advertising Market 2016-2020' provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This market research report also includes up to date analysis and
forecasts for various market segments and all geographical regions.
Request sample report: http://goo.gl/T4IyeO
The report categorizes three major types of global digital OOH
advertising market. They are:
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Digital billboards
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Video advertising
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Ambient (News - Alert) advertising
Global digital OOH advertising by digital billboards
The digital billboards segment accounted for a market share of more than
51% in the global digital OOH advertising market in 2015 and is expected
to maintain its dominant position in the market during the forecast
period. The rapid decline in the use of static billboards has propelled
the growth of digital billboards globally as they are more interactive.
Smart billboards that are compatible with near-field communication and
quick response code enable data transfer to mobile devices.
Advertisements in terms of apps, videos, audio, and graphics can be
transferred from these billboards to the user's smartphone directly.
Larger brands consider this as an effective method as these billboards
engage customers in real time.
According to Ujjwal Doshi, a lead publishing
and advertising analyst from Technavio, "Digital OOH advertising
is more effective in increasing product awareness and is gaining
popularity with the need to enhance customer experience. Incrasing
brand awareness is another prominent factor influencing the changing
landscape of outdoor advertising."
Global digital OOH video advertising
The video advertising segment was the second largest segment in the
market in 2015 and is expected to reach USD 5.76 billion by 2020,
growing at a CAGR of over 8%. The segment's growth is in line with the
increasing popularity of internet-based services. Advertising companies
are integrating internet-based services with digital billboards due to
the growing demand from the advertisers for interactive platforms to
innovate with their ad campaigns. This helps narrowcast dynamic video,
editorial, and graphic content on billboards.
"Shopping malls are gaining prominence, and these provide effective
platforms for advertisers to reach their target audience. Video
advertising inside the store is one of the oldest and most prevalent
forms of advertising globally. Although the market for digital OOH
advertising is growing rapidly in APAC, the technique has less
penetration in the region as video advertising is the most expensive OOH
advertising technique. Video advertising is still the principal mode of
OOH advertising in developed countries," says Ujjwal.
Global digital OOH ambient advertising
The ambient advertising segment is one of the fastest growing segments
in the market, growing at a CAGR of nearly 10% and is expected to reach
USD 2.94 billion by 2020. Ambient advertising is a relatively new
approach in the digital OOH advertising market. This form of advertising
is extremely popular and efficient as it helps smaller companies
advertise on a large scale.
However, digital OOH advertising reduces the opportunity for companies
working on a relatively lower advertising budget. Digital OOH
advertising is still costlier than traditional OOH advertising despite
the rapid reduction in the cost of LCD and plasma screens over the last
decade. Spots such as transits and street furniture in public places are
usually used for digital OOH advertising.
The top vendors highlighted by Technavio's research analysts in this
report are:
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Clear Channel Outdoor
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JCDecaux
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Lamar Advertising (News - Alert)
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OUTFRONT Media
Browse Related Reports:
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160726005096/en/
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