Fact.MR, a market research and competitive intelligence provider, says that the global outdoor advertising market is valued at US$ 27.7 billion in 2022 and is expected to expand at an impressive CAGR of 6.4% during the forecast years of 2022-2032. The market is projected to grow rapidly due to the rising popularity of digital-out-of-home advertising and the integration of advanced technologies such as Artificial Intelligence (AI) and Near Field Communication (NFC).
Companies utilize outdoor advertising to market their goods and services and enlighten the public about their business. It can be displayed both inside and outside of trains and cabs, as well as on billboards, posters, and at bus shelters, mall kiosks, airports, and sporting venues. Compared to other forms of advertising, outdoor ads offer a solution that is both affordable and long-lasting with widespread coverage.
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With so much to offer at an affordable price, businesses all over the world are using outdoor advertising in conjunction with other media channels to increase their audience reach, boost brand value, and increase brand memory. Around 50% of outdoor advertising revenue is expected to be digital and would cover approx. 50% of the population across the world.
Key Takeaways from Market Study
- The global outdoor advertising market is projected to expand at 6.4% CAGR and be valued at US$ 51.4 billion by 2032.
- The market exhibited 5.6% CAGR between 2017 and 2021.
- Under the service segment, billboards dominate the market with a share of 68%.
- North America leads the global market with 34% market share in 2021.
- Revenue from outdoor advertising services is expected to increase at CAGRs of 6.4% and 6.8%, respectively, in Europe and East Asia.
“Increasing corporate spending on advertisements will drive the outdoor advertising market over the coming years,” says a Fact.MR analyst.
The outdoor advertising market is highly competitive with the presence of several established and new market players. Companies are focusing on the introduction of various new functions to meet customer expectations by providing trending out-of-home advertising services.
Market players are undertaking various strategic initiatives such as mergers & acquisitions, agreements, and partnerships for global expansion.
- In 2018, Single Outdoor Advertising merged with Martin Outdoor Media
- Global Media & Entertainment Limited acquired Primesight Media and Outdoor Plus.
Strict Government Regulations on Out-of-Home Advertising
The presence of strict government regulations on out-of-home outdoor advertising is another factor hampering market growth. Since these services are vulnerable to various threats regarding data security and privacy, they may impact both consumers and enterprises.
Guidelines are in place by the General Data Protection Regulation (GDPR) in Europe regarding restrictions on the violation of data privacy associated with outdoor advertisement.
The U.S. also implemented the Highway Beautification Act (HBA) for the efficient placement and sizing of billboards on controlled roads, which is expected to restrict the smooth implementation of outdoor advertising.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global advertising market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (traditional outdoor advertising, digital outdoor advertising), service (billboards, transit advertising, street furniture advertising, placed-based advertising), and end-use industry (BFSI, retail & consumer goods, business & consumer services, healthcare, manufacturing, transportation & mobility, energy & utility, trading & warehousing, media & entertainment, hospitality, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).