Digital Out of Home (DOOH) Market: Key Insights
The latest market study on “Digital Out of Home Market to 2027 – Global Analysis and Forecasts by Type (Billboards, Transit, Street Furniture, Place-Based); and End User (Automotive, Retail, Consumer Products, BFSI, Telecom, and Others)”, The global Digital Out of Home market is accounted to US$ 6,084.1 Mn in 2018 and is expected to grow at a CAGR of 11.3% during the forecast period 2019 – 2027, to account to US$ 15,905.7 Mn by 2027. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Digital Out of Home or Digital OOH refers to various digital displays/panels used in billboards, transit, street furniture, and place-based advertising. Digital OOH solutions are extremely effective and affordable communication mediums used by businesses worldwide to attract and engage a wider audience. These solutions are typically divided into two categories, namely large-format displays and digital place-based media. As an advertising medium, digital OOH solutions allow advertisers to reach a broader audience with high-impact campaigns in comparison to traditional out-of-home advertising mediums. The use of digital-out-of-home advertising is growing exponentially over the past few years, and it has created a new set of diversified lifestyle touchpoints. The advent of mobile-driven audience data is allowing companies to track their audience in real-time accurately and this is further helping in the growth of the digital OOH market worldwide.
Digital Out of Home (OOH) is one of the mediums of outdoor advertisement in digital form. Digital OOH is very effective in targeting customers by demographics, location, and behavior. All these factors are boosting their use across the world and driving the market for digital OOH (out of home). The market is swiftly progressing as traditional advertisers gradually realize the value of trading static billboards for digital. Digital OOH can deliver content that responds to the audience directly.
With the rising digital targeting tools such as Google trends, Facebook Audience Insights, etc. advertisers can get an idea of their target audience and the overall effectiveness of their campaign. Like online media, one can leverage a range of digital OOH targeting options, from demographics to location.
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Replacement of Traditional Billboards with Digital Billboards
With rising internet penetration and surge in smartphone usage, the pattern of information retention and consumption has changed radically. Today, consumers have access to numerous modes, but they are more attracted to digital channels as they provide information on a real-time basis and they are more engaging. Whereas traditional modes are struggling to provide and adopt similar offerings to the consumer, digital modes are more accessible in generating a larger scope for highly developed conversations with consumers.
A digital billboard is an effective form of advertisement which reaches people in an interactive way. For instance, digital billboards that actuate based on weather changes can optimize in real-time. Many companies are investing in digital billboards. For instance, in the year 2018, Reddit Inc. invests in a digital billboard company called AdQuick, Inc. In the same year, Netflix had purchased assets from a leading billboard company in Los Angeles. Digital billboards can enable data transfer to mobile devices with near-field communication technology. Advertisements in terms of videos, apps, and audio can be transferred from these billboards to the consumer’s smartphone directly. All these above factors and a swift decline in the use of static billboards have driven the growth of digital billboards globally as they are more innovative.
Digital Out of Home (DOOH) Market: Competitive Landscape and Key Developments
The market for digital out-of-home is concentrated with some very well-established players across the globe. Some of the key players in the digital OOH market include JCDecaux, Clear Channel Holdings, Inc., Outfront Media, Inc., Lamar Advertising Company, Fairway Outdoor Advertising, LLC, Lightbox OOH Video Network, Bell Media, Inc., Ayuda Media Systems, Signagelive, and Real Digital Media.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
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Broadsign International, Inc., a prominent provider of digital out-of-home marketing platforms, agreed to acquire Ayuda, and the transaction is anticipated to close in the second quarter of 2019.
Lamar Advertising Company announced the acquisition of Fairway Outdoor Advertising’s billboard operations in five U.S. markets from GTCR, LLC for a purchase price of $418.5 million. This all-cash acquisition added more than 8,500 billboard faces, including more than 135 digital displays, in North Carolina, South Carolina, Georgia, and Wisconsin.
JCDecaux SA announced the acquisition of APN Outdoor as the scheme of arrangement between APN Outdoor and its shareholders was approved by APN Outdoor shareholders.
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