Outdoor advertising market size to grow $8.55 billion despite recession: Technavio report

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.

With the continuing spread of the novel coronavirus pandemic, organisations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organisations to move forward in their journey out of the crisis towards the ‘new normal’.

This post-pandemic business planning research will aid clients to:

Adjust their strategic planning to move ahead once business stability kicks in.

Build resilience by making effective resource and investment choices for individual business units, products, and service lines.

Conceptualise scenario-based planning to mitigate future crisis situations.