Outdoor advertising market size to grow $8.55 billion despite recession: Technavio report
By M4G Bureau - November 30, 2020
As per the report, billboard is still considered an effective medium for ad campaigns due to their widespread distribution; Decline of print and TV ads is driving vendors to invest in various technologies
The outdoor advertising market is expected to grow by USD 8.55 billion during 2020-2024, according to Technavio.
According to the report, the market will not be majorly affected by the impact of Covid19. Outdoor advertising such as billboards is still considered an effective medium for ad campaigns due to their widespread distribution. They are easily visible to motorists, pedestrians, and the general public. In addition, the decline of print and TV ads is driving vendors to invest in various technologies to gain an edge in the market.
The outdoor advertising market will witness a neutral impact during the forecast period owing to the widespread growth of the pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2020 as compared to 2019.
The outdoor advertising market is driven by the use of LED mobile billboards. LED mobile billboards can be moved to physical locations to get maximum viewers. They help reach a large audience through display ad campaigns. Also, mobile billboards are more likely to engage the audience due to their good visibility during day and night. Moreover, LED billboards provide enterprises with control over their ad campaigns. These factors are increasing the demand for LED mobile billboards. In addition, other factors such as the use of analytics to increase the effectiveness of ads are expected to trigger the outdoor advertising market toward witnessing a CAGR of almost 4% during the forecast period.
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