DOOH is here to stay and grow: research report
By VJ Media Bureau - December 13, 2016
The Asia-Pacific market for DOOH advertising will be one of the fastest growing, attributed to the expected increase in the GDP in this region and increase in the ad spending
DOOH which reaches the consumers when they are out of their homes through digital billboards in airports, subways, bus stops and street furniture’s among others is expected to board a high growth trajectory across markets. New York-based Persistence Market Research stated in a recent release that the advertisers are rapidly opting for DOOH advertising as it increases the brand recognition as well as the digital billboards are capable of showing multiple ads in one single screen.
As most of the people spend their time out of home going to work, malls and different places the advertisers wants their products or brands to reach every people around the globe. The advertisers for DOOH advertising includes retailers, banking, entertainment, automobile, food and beverages among others. Currently the digital advertising holds the largest share in terms of revenue in the global advertising industry and it expected to grow rapidly over the years and register double digit CAGR over the forecast period, which in turn will enhance the market for global digital out of home advertising.
With recent technological developments in the DOOH advertising, the DOOH advertising is being taken to a different level. For instance, one of the prominent player Ocean Outdoors Media Eyes launched a new technology for DOOH advertising where three LED screens along with cameras and sensors, which recognise the age group of people passing by the digital billboard, and displays as per the audience. The regulations for DOOH advertising such as the content and size in different regions and the volatile cost of DOOH advertising might pose as a restraint to the global DOOH advertising market.
Based on the geographic regions, global DOOH advertising market is segmented into seven key market segments namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and Middle East & Africa. Among the aforementioned regions, the Latin America market and the Asia-Pacific market for DOOH advertising will be the fastest growing, attributed to the expected increase in the GDP in these regions and increase in the ad spending. The Middle East & Africa market for digital out of home advertising is expected to hold the third market position by the end of forecast period surpassing the North America market and Western Europe market for digital out of home advertising. Overall, the global digital out of home advertising market will register a double digit CAGR over the forecast period.