(DOOH) Digital Out of Home Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2422
(DOOH) Digital Out of Home Market size is anticipated to witness growth over the forecast timespan owing to enhanced technological revolutions in display technologies. Interactive and intuitive nature of touch screen displays is improving the customer buying experience and reducing the time consumption. Technologically advanced displays also provide improved viewing experience, thereby increasing the customer engagement. Digital out of home displays grabbing more attention than traditional printed media, is a major factor propelling the digital out of home market growth.
Growing utilization of commercial displays in the advertising sector is projected to fuel the digital out of home market growth. The growth can be accredited to the availability of relatively low cost of digital displays. Increasing adoption of VR and AR, cloud-based platform coupled with the growing demand for IoT is anticipated to provide significant opportunities to the industry. Furthermore, the integration of DOOH with VR and AR is helping companies to enhance the interactivity and reach of their campaigns. Advantages such as flexibility, connectivity and enhanced content management offered by cloud-based platforms is providing impetus to the industry demand.
Emerging trend of online advertising is a major factor restricting the digital out of home market growth. Online advertising attracts consumer’ attention through customized advertisements as per the viewer’s choice and helps companies target specific audience. Moreover, involvement of large number of devices in the system requires smooth operability for enhanced functioning. Lack of interoperability standards between devices with the requirement of these displays to withstand robust conditions is anticipated to negatively impact the industry.
The digital out of home market based on product can be segmented into billboards, street furniture, and transit. The billboards segment is projected to dominate the market owing to big advertising companies with huge marketing budgets investing in billboards to attract consumer attention. With the technological advancements followed by gradually declining prices of digital screens, digital billboards are gaining popularity across the globe. Billboards installed on roads, bridges, bus stops, and the sides of buildings ensure enhanced customer engagement, which is anticipated to fuel the digital out of home market growth.
Based on application, the digital out of home market is classified into indoor and outdoor. The indoor segment is projected to witness growth over the forecast timespan. With rising consumer demand for enhanced displays and viewing experience in areas such as healthcare, hospitality and retail, a sharp increase in the demand for these displays in indoor environments is witnessed. The low ambient light in indoor environments and the increasing usage of media players and projectors further enhances the high resolution of these displays.
By vertical, the digital out of home market is segmented into commercial, infrastructural and institutional. The commercial vertical is anticipated to hold a major share in the digital out of home market owing to rapid infrastructure expansions and technological innovations in displays. Interactive billboards and kiosks play a major role in the healthcare, hospitality and retail sectors where high priority is given to customer engagement. Moreover, surge in utilization of DOOH for displaying visually appealing content focused on marketing to specific audiences, is a major factor driving the digital out of home market growth.
North America holds the largest share in the digital out of home market due to its highly stable economy and fast adoption of latest advanced technologies. Rising demand for efficiency and accuracy in the retail domain coupled with the changing lifestyle of individuals in urban areas is driving the regional demand. Moreover, Asia Pacific is anticipated to witness the fastest growth in the digital out of home market over the forecast timespan. It can be attributed to its increased adoption in the financial services & insurance, banking, transport, entertainment, and retail sectors.
Key players in the digital out of home market include NEC Display Solutions Ltd, Christie Digital Systems USA Inc., Scala, Broadsign International LLC, Aoto Electronics Co. Ltd, Mvix Inc., Deepsky Corporation Ltd., Daktronics, Clear Channel Outdoor Holdings Inc and Lamar Advertising Company. The industry is currently witnessing intensive competition due to the presence of large number of players. The players are heavily investing on R&D and increasingly focusing on offering technologically advanced solutions to gain eminence. For instance, in January 2016, Broadsign International LLC partnered with Viadirect to digitize public places and enhancing the overall customer experience.
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