The global digital OOH market is expected to post a CAGR of close to 10% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
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Technavio has announced its latest market research report titled global digital OOH market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global digital OOH market size is the benefits of OOH advertising over traditional advertisements. OOH advertising is one of the most effective platforms used to advertise products and services with the aim to enhance the reach of a business. Although OOH advertisement focuses on target customers, they can gain indiscriminate attention of all kinds of customers. Digital signage display is the most preferred choice as it can integrate dynamic content, and has proved to be a quicker and more effective way of garnering consumer attention than print media. Such advantages of OOH advertising are expected to fuel market growth during the forecast period.
As per Technavio, the use of AI in OOH advertising will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global digital OOH market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Digital Out of Home Market: Use of AI in OOH Advertising
Marketing companies are increasingly implementing data analytics to analyze and track the engagement of the audience with OOH advertisements. The integration of AI in OOH advertisements provides detailed information about the customer in terms of time, place, likes and dislikes, as well as social and purchase history, which can be used to customize advertisements as per the demography of the audience. Thus, the use of AI is expected to be one of the key digital OOH market trends that will drive market growth during the forecast period.
“Apart from the use of AI in OOH advertising, other factors such as market consolidation, and the integration of technologies for digital signage will have a significant impact on the growth of the digital OOH market value during the forecast period,” says a senior analyst at Technavio.
Global Digital OOH Market: Segmentation Analysis
This market research report segments the global digital OOH market worth by application (retail, recreational, banking, transportation, education, and others), type (in-store advertising, and outdoor advertising) and geographic regions (Europe, North America, APAC, South America, and MEA).
The APAC region led the digital out of home market in 2018, followed by North America, Europe, South America, and MEA respectively. The digital OOH market analysis report identifies factors such as the adoption of new technologies such as AR and VR, high urbanization, and the retail boom in the region to fuel the growth of the digital OOH market in APAC during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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