Digital Out of Home (OOH) market to grow at a CAGR of 11%

The “Digital Out of Home (OOH) Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering. According to the report, the digital out of home (OOH) advertising market is expected to register a CAGR of 11%, over the forecast period 2019-2024.

Developed countries continue to have a major share in the market with the highest penetration of screens, while the demand is increasing in developing countries. The increased demand is caused in part by the rise in urban population and by economic development.

• Owing to the rise in urban population, there has been an increase in spending power due to which companies are targeting those regions extensively to improve their penetration in those regions. Aisa-Pacific accounted for the highest population in the middle class, and the economic growth is poised to fuel the spending in advertisements spendings.
• Moreover, there has been steady growth in the amount spent on Advertising. The USA, for instance, topped this list followed by China and Japan. The USA has been rated highest when it comes to the ROI per screen.
• Advertisers are also coming up with more innovative and interactive street furniture due to which the advertisers can engage their audience and can collect data about their audiences.

Scope of the Report

The Digital OOH market typically comprises of digital signage providers who have digital screens across various locations. They partner with different service providers to utilize their real estate to screen digital advertisements of their clients. The integration of real-time data to the digital screens is helping the advertisers create more creative and interactive content due to this there has been an increase in the visibility of the digital screens.

Key Market Trends

Transit Accounts for a Significant Share of Digital OOH Market

• Transit is the most dominant segment, as public transport has been the preferred option by a significant population in Europe, Asia-Pacific due to their advanced and high-density public transport infrastructure.
• The North America region is less dependent on public transport but the region has the most extensive network of airports and accounts for the most number of registered flights in any sector. Due to which, there is a high influx of people at their airports and attracts demand.
• Moreover, with the advent and emergence of smart cities, there has been increased spending on public transport infrastructure owing to which more population is said to use the public transit systems to combat pollution and congestion.

Asia-Pacific is Set to Dominate the Market

• Asia-Pacific has the largest population of all the region. With an increase in the urban population and increased purchasing power, Asia-Pacific is considered to be one of the largest markets for Digital and OOH market.
• The region’s developed infrastructure is playing a major role in the development of the Digital OOH market.
• Moreover, the region is dominated by local players like Times Internet, Shanghai Media Group, while major players like JCDecaux also have considerable market share in this region.

Competitive Landscape

The market is highly fragmented, The industry is comprised of several large outdoor advertising and media companies with operations in multiple markets, as well as smaller, local companies operating a limited number of structures in one or a few local markets. For example,

• April 2019 – JCDecaux partnered with Zompagnie franaise des expositions (COFREX) for the French Pavilion at the World Expo to be held from 20 October 2020 to 10 April 2021.
• April 2019 – Digital out-of-home (OOH) and location marketing specialist Posterscope partnered with Wickes to rolls out wicks first digital OOH campaign.
• April 2019 – Broadsign International Inc., entered in an agreement to acquire the industry’s out-of-home enterprise business solution, Ayuda Media Systems.