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I AgreeAnalysis of Outdoor Advertising market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global outdoor advertising market has reached a valuation of US$ 27.7 billion in 2022 and is predicted to accelerate at a CAGR of 6.4% to top a market size of US$ 51.4 billion by 2032.
Outdoor advertising accounted for 4.2% share of the global enterprise advertising market at the end of 2021.
Report Attributes |
Details |
---|---|
Outdoor advertising Market Size (2021A) |
US$ 26 Billion |
Estimated Market Value (2022E) |
US$ 27.7 Billion |
Forecasted Market Value (2032F) |
US$ 51.4 Billion |
Global Market Growth Rate (2022-2032) |
~6.4% CAGR |
North America Market Share (2021) |
~34% |
East Asia Market Growth Rate (2022-2032) |
~6.8%% CAGR |
United States Market Growth Rate (2022-2032) |
~6.5% CAGR |
Market Share of Top 5 Companies |
~7% |
Key Companies Profiled |
|
Know thy Competitors
Competitive landscape highlights only certain players
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Outdoor advertising is a cost-effective and perpetual solution for many small- and medium-sized organizations to reach mass audiences. Organizations are widely dependent on outdoor advertising with other media platforms to increase their customer base, brand value, and recall rate, as outdoor advertising accounts for around 20% of customers’ daily media consumption.
Moreover, rapid digitalization and a growing focus on targeted marketing are key factors driving the demand for outdoor advertising. Enterprises investing more than 15% in outdoor advertisement observed higher returns than from other modes of advertisement.
From 2017 to 2021, the global market for outdoor advertising agencies increased at a CAGR of 5.6%. As per the detailed analysis by Fact.MR, a market research and competitive intelligence provider, worldwide revenue from outdoor advertising is projected to increase rapidly at 6.4% CAGR through 2032.
Market share analysis of outdoor advertising based on service and region. Under the service segment, the billboards sub-segment dominates with 68% market share in 2022.
Digital advertisements are displayed on real estate, which is easily accessible to the public present in various locations. Because data is displayed on digital screens in real time, digital out-of-home commercials offer unique content that is also more interactive and creative. Digital out-of-home advertising is increasingly being used as a result of the consumer trend for interactive advertisements, which is fuelling market expansion.
The cost-effectiveness of digital out-of-home advertising, which enables ads to reach a variety of audiences, is another factor that will drive market expansion over the projection period.
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Integration of advanced technologies such as Artificial Intelligence (AI) and Near Field Communication (NFC) is driving market growth. These technologies generate real-time viewership analytics for end users, which could be beneficial in overcoming the challenges associated with spreading brand awareness and customer engagement. More than 80% of marketing leaders experienced an improvement in customer experience with the adoption of Artificial Intelligence in advertisements.
Near Field Communication is gaining popularity with its inherent feature of providing interactive and instant responses, which are difficult to achieve in traditional modes of advertisements. NFC is beneficial in enhancing customer experience with products; for example, Jameson's Whiskey integrated with NFC labels drove customers to the website where it has outlined various products, price ranges, and the recipes of its limited edition bottles.
Increasing popularity of social media advertising worldwide is a major factor restraining the growth of the outdoor advertising market.
With the growing popularity of smartphones and increasing penetration of the Internet, consumers these days are observed to spend more time on mobile phones rather than going outside. This factor is also supported by the shifting consumer preference towards online shopping and the increasing popularity of e-Commerce websites, which has resulted in a significant decline in outdoor shopping.
Due to these factors, outdoor advertising services are expected to experience a significantly moderate growth rate during 2022-2032.
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.
The United States outdoor advertising service market is estimated to expand at a CAGR of 6.5% over the decade.
Growing urbanization and increasing awareness regarding branding is the major factor attributing to the development of the out-of-home advertising service market. Branding is an effective way that can impact the revenue enhancement of an organization by more than 20% when implemented.
Moreover, the increasing popularity of digital outdoor advertising is resulting in significant growth of the U.S. out-of-home advertising market. Digital outdoor advertisings are an interactive way of advertising. It is beneficial in mass customer engagement along with allowing brands to digitalize themselves and display content easily to the general public.
In China, growing construction activities of homes and commercial buildings; are resulting in the utility of hoardings and scaffold banners widely as outdoor advertisements. More than 50% of advertisers in China rated the utility of commercial buildings & public transportation hubs as top places for ad placement.
Increasing food & beverage industry and financial service companies in China are also driving the potential development of the market with significant spending on outdoor advertisement. Additionally, the increasing adoption of advanced technologies such as precision outdoor advertising for brand promotion is also driving China’s outdoor advertising market.
Billboards are one of the most popular and effective mediums of advertisement. The Integration of advanced technologies like virtual reality and augmented reality coupled with an increase in digitalization is creating a potential demand for billboards in the global outdoor advertising market. These efficiently interact with target audiences and result in outdoor advertising campaigns being more engaging and instinctive.
Billboards are also an affordable mode of advertisement with more customer attention procurement. Around 80% of marketers say that billboards are less expensive than TV ads. Whereas, more than 50% of consumers often look at roadside billboards.
Overall, the billboards segment is expected to be worth US$ 34.9 billion by the end of 2032.
Digital outdoor advertising is becoming more and more popular in the advertising sector since it raises consumer awareness of brands and works in tandem with other marketing initiatives. Additionally, as people spend more time outside of their homes and offices, it enables companies to reach a larger audience quickly and reliably through out-of-home advertising, which is propelling market growth.
Digital out-of-home advertisements provide creative and innovative content with the display of data on digital screens in real time. Increasing spending worldwide on digital outdoor advertisements is expected to stimulate market growth over the forecast period.
Digital out-of-home advertisement spending accounted for more than one-fourth of total out-of-home advertisement spending in 2021. As such, digital outdoor advertisements are projected to see potential growth opportunities in the near future.
Prominent out-of-home advertising service providers are JCDecaux, Clear Channel Outdoor, Ströer, Lamar, Focus Media, Outfront Media, oOh! Media, Asiaray, APG | SGA, Global Media, Al-Arabia, Ocean, Intersection, Metrobus, Clear media, Anchour, Insite Street Media, Advision Outdoor, Lind Outdoor, Tyler Outdoor, and Young Electric Sign Company.
The global outdoor advertising market is expected to be highly competitive with the adoption of various strategic initiatives such as partnerships and acquisitions by the market players.
For instance :
Fact.MR has provided detailed information about the service providers of outdoor advertising positioned across regions, sales growth, and service offering expansion, in the recently published report.
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The global out-of-home advertising market is currently valued at US$ 27.7 billion.
Worldwide demand for outdoor advertising is anticipated to reach US$ 51.4 billion by 2032.
Billboards account for 68% share of global revenue.
North America leads the global outdoor advertising market with 34% market share.
The outdoor advertising service market increased at 5% CAGR from 2017 to 2021.