Global Outdoor Advertising Market to Reach $33.1 Billion by 2026
New York, Feb. 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Outdoor Advertising Industry” – https://www.reportlinker.com/p05151466/?utm_source=GNW
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Global Outdoor Advertising Market to Reach $33.1 Billion by 2026
Outdoor advertising refers to all displays/signs installed outside. Growth in the global market is currently driven by increased interest among businesses to recover from the pandemic impact and rearrange their operations to become profitable once again. Restrictive measures on people movement, including mandates for remote working and social distancing and closure of all commercial activities adversely impacted the market for outdoor advertising all through the year 2020. Outdoor advertising is among the many sectors that is expected to post recovery signs all through 2021. With adoption of outdoor advertising formats moving beyond the conventional boundaries of the retail sector, emerging end-user industries include the financial services industry (i.e. banks, financial institutions), hospitals, schools, and organizations for employee communications, among others. Several major advertisers have started expanding their capabilities for in-house programmatic media buying. Visual sensors and mobile location data are anticipated to take forward programmatic DOOH.
Amid the COVID-19 crisis, the global market for Outdoor Advertising estimated at US$27 Billion in the year 2020, is projected to reach a revised size of US$33.1 Billion by 2026, growing at a CAGR of 3.6% over the analysis period. Traditional, one of the segments analyzed in the report, is projected to grow at a 3.4% CAGR to reach US$25 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Digital segment is readjusted to a revised 4% CAGR for the next 7-year period. This segment currently accounts for a 26.7% share of the global Outdoor Advertising market. Bulletins, posters and spectacular displays are various forms of billboards, which fall under traditional outdoor category. Traditional billboards provide static displays and can be used by only one advertiser at any given point of time. Digital billboards invariably consist of plasma TV screens and offers full motion audio/visual advertisements. Digital billboards offer a far more effective display than traditional billboards. Digital billboards also offer several other advantages and enhance the effectiveness of outdoor advertising.
The U.S. Market is Estimated at $6.4 Billion in 2021, While China is Forecast to Reach $5.8 Billion by 2026
The Outdoor Advertising market in the U.S. is estimated at US$6.4 Billion in the year 2021. The country currently accounts for a 23.44% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$5.8 Billion in the year 2026 trailing a CAGR of 4.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR while Rest of European market (as defined in the study) will reach US$6.1 Billion by the end of the analysis period. Opportunities for advertising are on the rise in developing Asian countries such as India, China and Singapore largely as a result of a growing base of urban population and a resultant wider audience base of target corporate workers, commuters and shoppers. The retail boom in developing countries such as China, Singapore, Malaysia, Thailand, Dubai, UAE, Hong Kong, and India, among others provides a strong business case for new installations of both traditional billboards as well as digital signage systems. Major application areas in these regions include public notices and real-time weather forecasts among others.
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Source: ReportLinker
