Digital Out of Home (DOOH) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2422
Digital Out Of Home Market size is anticipated to grow rapidly from 2021 to 2027 on account of the increasing demand for enhanced customer engagement as well as the marketing of unique product implementations and services. The depleting LED & LCD technology costs and the emergence of IoT solutions have made way for the incorporation of various cloud-based platforms.
The surging adoption of digital screens, mainly at the airports will further act as a promising contributor to the overall industry share. Higher advancements in VR and AR technologies along with the limitations of traditional outdoor advertising will further drive the market expansion.
On the basis of products, the DOOH market is classified into billboards, street furniture, and transit. Out of these, the billboards segment is poised to register significant gains through 2027 owing to the growing need for interactive campaigns as well as regular promotions. The rise in investments for digital billboards and the higher budgets of large advertising companies will substantially contribute to the market trends.
Indoor applications are predicted to contribute a significant revenue share in the industry due to the increasing presence in retail and healthcare sectors. Digital indoor advertising is easily targetable to men as well as women and it can be strategically placed in distraction-free areas across bars, restaurants, and restrooms to deliver the message directly to consumers. It has also been estimated that over 98% of consumers show a positive response to restroom advertisements.
In terms of regional segmentation, the North America digital out of home market is expected to gain traction led by the changing consumer lifestyles and the influx of several cutting-edge technologies in the region. The rising demand for commercial displays will further add to the regional growth.
The Asia Pacific DOOH market will gain a commendable pace between the period 2021 and 2027 impelled to rising advancements in the transport, entertainment, and financial sectors. These digital solutions are increasingly adopted by media owners and buyers in the region to offer higher audience engagement. Furthermore, the increasing focus towards consistent and reliable measures by leading digital out of home pioneers in Southeast Asia is another impact rendering driver for the industry expansion.
Major players operating in the industry include Daktronics, NEC Display Solutions Ltd (Sharp Corporation), Broadsign International LLC, Lamar Advertising Company, Aoto Electronics Co. Ltd, Mvix Inc., Scala, Christie Digital Systems USA Inc. (Ushio, Inc.), Clear Channel Outdoor Holdings Inc., and Deepsky Corporation Ltd.
These digital entities are actively incorporating inorganic marketing moves, including acquisitions, partnerships, capacity expansions, investments and novel product developments to consolidate their geographical presence and attain competitive advantages.
For instance, in June 2021, JCDecaux SA, collaborated with VIOOH to roll out its DOOH programmatic offering in France. This partnership is likely to connect the outdoor advertising sector with the programmatic digital ecosystem.
Similarly, in October 2020, Mexico-based company, Cattri, acquired Lightbox OOH Video Network, a prominent digital out-of-home media firm. The acquisition helped the former company to penetrate the U.S. market through the latter’s video network offerings.
Impact of COVID-19 pandemic on the digital out of home (DOOH) market trends
The current COVID-19 outbreak took a toll on the global economy whilst substantially impacting millions of business and industrial operations across the world. Enforcement of nationwide lockdowns and the shuttering of manufacturing and public facilities negatively impacted the digital advertising sector.
The digital out-of-home screens turned dark in office buildings and indoor malls and suffered terrifying impacts across the entertainment and travel verticals. But the market witnessed a consistent demand from the grocery arena for grocery TVs, which became an essential business during the crisis.
With the gradual easing of restrictions and reopening of cities, screen activities and foot traffic will pick up steam, with day-to-day DOOH interactions and priorities in the post pandemic era.
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