Increasing Corporate Spending On Advertisements Will Drive The Outdoor Advertising Market Over The Coming Years
NEW YORK, Oct. 12, 2022 /PRNewswire/ — Fact.MR, a market research and competitive intelligence provider, says that the global outdoor advertising market is valued at US$ 27.7 billion in 2022 and is expected to expand at an impressive CAGR of 6.4% during the forecast years of 2022-2032. The market is projected to grow rapidly due to the rising popularity of digital-out-of-home advertising and the integration of advanced technologies such as Artificial Intelligence (AI) and Near Field Communication (NFC).
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.
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Companies utilize outdoor advertising to market their goods and services and enlighten the public about their business. It can be displayed both inside and outside of trains and cabs, as well as on billboards, posters, and at bus shelters, mall kiosks, airports, and sporting venues. Compared to other forms of advertising, outdoor ads offer a solution that is both affordable and long lasting with widespread coverage.
With so much to offer at an affordable price, businesses all over the world are using outdoor advertising in conjunction with other media channels to increase their audience reach, boost brand value, and increase brand memory. Around 50% of outdoor advertising revenue is expected to be digital and would cover approx. 50% of the population across the world. It helped advertisers combat digital device fatigue and cope with various security concerns associated with mobile advertising services.
Key Takeaways from Market Study
The global outdoor advertising market is projected to expand at 6.4% CAGR and be valued at US$ 51.4 billion by 2032.
The market exhibited 5.6% CAGR between 2017 and 2021.
Under the service segment, billboards dominate the market with a share of 68%.
North America leads the global market with 34% market share in 2021.
Revenue from outdoor advertising services is expected to increase at CAGRs of 6.4% and 6.8%, respectively, in Europe and East Asia.
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Competitive Landscape
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:
In 2018, Single Outdoor Advertising, which is a transit & street furniture company, merged with Martin Outdoor Media to offer transit bench, bus advertising coverage and coast-to-coast transit shelter in partnership with municipalities and transit authorities in metropolitan markets such as Atlanta, New York, and others.
In 2018, Europe-based Global Media & Entertainment Limited acquired Primesight Media and Outdoor Plus. This acquisition is focused on the enhancement of its footprint in the European region.
Market Development
The outdoor advertising market is highly competitive with the presence of several established and new market players. Companies are focusing on the introduction of various new functions to meet customer expectations by providing trending out-of-home advertising services.
Market players are undertaking various strategic initiatives such as mergers & acquisitions, agreements, and partnerships for global expansion.
In 2018, Single Outdoor Advertising merged with Martin Outdoor Media
Global Media & Entertainment Limited acquired Primesight Media and Outdoor Plus.
Segmentation of Outdoor Advertising Industry Research
By Type :
By Service :
By End-use Industry :
By Region :
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global advertising market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (traditional outdoor advertising, digital outdoor advertising), service (billboards, transit advertising, street furniture advertising, placed-based advertising), and end-use industry (BFSI, retail & consumer goods, business & consumer services, healthcare, manufacturing, transportation & mobility, energy & utility, trading & warehousing, media & entertainment, hospitality, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Advertising Services Market – The global advertising services market is estimated at US$ 665 billion in 2022 and is further projected to expand at a CAGR of 7.2% to turn into a trillion-dollar market by the end of 2032. Ad services accounted for approximately 30% share of global marketing spend by all enterprises in 2021. The proportion of ad spend is further anticipated to swell to 45% of overall marketing budgets within the next ten years.
PR Management Market – The global PR management market is estimated to be valued at US$ 67.3 billion in 2022 and is projected to expand at a healthy CAGR of 6.9% to reach US$ 131.2 billion by the end of 2032. In 2021, close to 4% of enterprise marketing budgets were allocated for PR management activities. The amount spent on PR management is also likely to increase in the years ahead.
Digital Marketing Market – The global digital marketing market is expected to reach US$ 321 billion in 2022 and climb to a market valuation of US$ 887.2 billion by the end of 2032, expanding at a high-value CAGR of 10.7%. Digital marketing accounted for 43% share of global advertisement spending in 2021.
Media Buying Services Market – The global media buying services market stands at US$ 69 billion in 2022 and is slated to expand at a CAGR of 6.2% to reach US$ 125.9 billion by the end of 2032. Media buying services accounted for nearly 12% share of the global advertising industry in 2021.
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
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