By: M4G Bureau
Last updated : September 07, 2018 11:34 am
With consistent growth of 3-4% every year, the industry is pegged to reach at 49.7 billion by 2023
According to the report, the OOH industry report is expected to grow at a CAGR of 9.2% in next five years. The current size of the industry i.e. 32 billion, as per the report will reach at 49.7 billion by 2023 with the consistent growth of 3-4% every year. As per the report, the OOH industry shows signs of a promising year ahead after a slow start in the 1st half of FY 2018. The bounce back was aided by advertisement spends made by Central & State governments, e-comm & technology players along with some significant contributions made by categories like automobile, FMCG, BSFI. The report also expects the upcoming state & general elections to sustain the momentum.
The report mentions some of the key themes for OOH industry, such as:
Controlled environments, particularly airports are driving growth- Advertisers are keen for controlled environments due to increased assurance on campaigns
Industry fragmentation is a major limitation factor- Local players run the show with state- or city-based offerings
DOOH though high on promise but has a long way to go- DOOH restricted to controlled environments
Measurement & transparency is the need of the hour- Advertisers raises concerns on OOH measurability & ROI on OOH campaigns
Technology to script the next things of the OOH gameplay- Technology required to plan, monitor & evaluate OOH spends.