Outdoor Advertising Market Size to Grow USD 38.9 Billion by 2032 at a CAGR of 5.1% | Valuates Reports
BANGALORE, India, Jan. 31, 2024 /PRNewswire/ — Outdoor Advertising Market Is Segmented By Type (Traditional Outdoor Advertising, Digital Outdoor Advertising), By Service (Billboard Advertising, Transport Advertising, Street Furniture Advertising, Placed Based Advertising, Others), By End User (BFSI, Retail and Consumer Goods, Healthcare, Transportation and Mobility, Media and Entertainment, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Outdoor Advertising Market was valued at USD 23.9 Billion in 2022 and is estimated to reach USD 38.9 Billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
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Major Factors Driving the Growth of Outdoor Advertising Market:
The continuous digital revolution, which is transforming static, conventional displays into dynamic, tech-infused platforms, is a major trigger. Technological advancements like geotargeting and augmented reality allow marketers to offer relevant, interesting information to customers. The market is growing as a result of urbanization and population density in metropolitan regions, as busy places are more desirable for transport displays and billboards.
The importance of outdoor advertising as a powerful instrument for creating awareness is highlighted by the growing emphasis on brand exposure in the face of increased competition. Digital platform integration produces a smooth, multi-channel marketing strategy that increases the effect of campaigns in both online and offline media.
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TRENDS INFLUENCING THE GROWTH OF THE OUTDOOR ADVERTISING MARKET:
The increasing population density in urban areas and the global trend toward urbanization are major factors driving the outdoor advertising industry. There is an increase in foot and vehicle traffic as cities get denser. Outdoor advertising takes advantage of these high-traffic locations by providing businesses with unmatched visibility and exposure through billboards, transit displays, and street furniture. Urban centers’ dense population provides outdoor advertising efforts with a captive audience. Companies are focusing more on creating and preserving brand exposure as competition heats up in a number of areas. Reaching a broad and varied audience, outdoor advertising is a potent strategy for improving brand recognition.
The smooth transition between digital and outdoor advertising is encouraging multi-channel marketing. To have a consistent brand presence in both the physical and digital spheres, advertisers are aligning their outdoor campaigns with their online initiatives. Because of this synergy, marketing initiatives are more effective overall and may engage customers across channels while strengthening their brand messaging. More specialized and tailored advertising campaigns are being demanded by advertisers. This need is met by outdoor advertising since it may target particular regions and populations. Advertisers may target certain consumer categories with their outdoor ads by using data analytics and audience profiling, which guarantees that the messages will be understood and result in increased interaction.
With outdoor advertising, there’s a visible and unmistakable communication route in an era of digital clutter and information overload. Outdoor advertising forms such as billboards and transit ads enable firms to stand out from the digital clutter and convey powerful messages in a tangible setting. This subtle yet effective communication method is still a great tool for marketers trying to leave a lasting impression.
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OUTDOOR ADVERTISING MARKET SHARE ANALYSIS
Over the course of the projection period, Asia-Pacific is anticipated to increase at the fastest rate. The swift expansion of transit advertising, especially on buses and trains, together with the rising usage of mobile and location-based targeting, is a prominent trend in this area.
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Key Players:
- Outfront Media Inc.
- Ocean Outdoor
- Primedia Outdoor
- Oohmedia Ltd.
- JCDecaux
- Creative Outdoor
- Vector Media
- Stroer CORE GmbH & Co. KG
- AdVision
- Tyler Outdoor
- Clear Channel Outdoor, LLC
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SOURCE: Valuates Reports
