Digital Out of Home Market by Product, Application, Vertical And Geography - Global Forecast to 2023
NEW YORK, Sept. 21, 2017 /PRNewswire/ -- "Increased spending on programmatic advertising and improved technological innovations in display technologies are fostering the growth of the digital out of home market"
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The digital out of home market, was valued at USD 12.52 billion in 2016 and is expected to reach USD 26.21 billion by 2023, at a CAGR of 10.7% during the forecast period. Programmatic advertising has a major role in the overall digital out of home market. The programmatic advertising platform is an online auction where media buyers specify their targeting requirements, such as audience demographics, time of day and location, as well as their budgetary constraints. According to a survey conducted by the Digital Place Based Advertising Association (DPAA) (US), 39% of media buyers are interested in purchasing programmatic platforms for digital out of home advertising.
Direct-view fine-pixel light-emitting diode (LED) and direct-view large-pixel LED displays are becoming increasingly common within retail and transit environments, and there have been a number of innovative interactive displays featured in the outdoor advertising campaigns. The intuitive and interactive nature of interactive touch-point displays and kiosks has fueled the growth of the interactive systems and made the customer buying experience easy and less time-consuming. The factors restraining the growth of the digital out of home market include an increase in the trend of online/broadcast advertisement and lack of standards for interoperability between devices.
"Increasing usage of VR and AR, growing demand for IoT, and emergence of the cloud platform are driving the growth of the digital out of home market"
Virtual reality (VR) and augmented reality (AR) have a great ability in creating content for a wide range of audiences with the added value of capturing the users' attention. The integration of AR and VR with the digital out of home advertising may help the companies in building brand value and increase both the reach and interactivity of their campaigns. The most important aspect of AR campaigns is the ability to extract valuable data. Tracking what users are interested in, combined with their details and movements allows companies to shift campaigns and set prices accordingly.
Cloud-based platform has offered the much-needed flexibility for businesses to scale up and grow on a global level. These platforms have become capable of processing complex data, enabling the creation of interconnected systems. Internet of Things (IoT) allows users and things to be connected anytime and anywhere for anything using any network or service.
This creates a large source of information about users, with their objects or gadgets being able to autonomously gather their likes, dislikes, and preferences. IoT as a technology involves a significant amount of data that has to be stored, managed, and analyzed. Cloud-based software is very efficient as it can manage the content on a single screen or multiple screens. The cloud-based software solution is considered cost-effective as it minimizes the expenses that are required for purchasing, installing, and maintaining the server.
"North America and APAC are the major regions for the digital out of home market"
North America held the largest share of the digital out of home market in 2016. North America being technologically advanced and developed is a leading market for the cutting edge technology, which is used in the advertisement sector. The digital out of home market in North America is driven by various factors such as the high standard of living of customers and the need to save time, need for accuracy and efficiency in the retail sector. Asia Pacific (APAC) is expected to exhibit the highest growth rate in the digital out of home market because of its acceptance in the retail, transport, banking, financial services and insurance (BFSI), and entertainment sectors.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts. Following is the breakup of the profile of primary participants:
• By Company Type: Tier 1 – 22%, Tier 2 – 34%, and Tier 3 – 44%
• By Designation: C-Level Executives – 32%, Directors – 33%, and Others – 35%
• By Region: North America – 42%, Europe – 30%, APAC – 15%, and RoW – 13%
The major players in this market includes JCDecaux (France), Clear Channel Outdoor Holdings, Inc. (US), Lamar Advertising Company (US), OUTFRONT Media (US), Daktronics (US), and Prismview LLC (US) among others.
Research Coverage:
The report estimates the market size and future growth potential of the digital out of home market across different segments such as product, application, vertical, and geography. Moreover, the report includes the industry trends, market dynamics, and competitive analysis of the key players in the market, along with their company profiles, competitive leadership mapping, and recent developments.
Key Benefits of Buying the Report:
The report would help the market leaders/new entrants by providing them the closest approximations of the revenue numbers for the digital out of home segments and subsegments. Moreover, this report would help stakeholders to better understand the competitor landscape and gain insights to strengthen their businesses and have suitable go-to-market strategies. Furthermore, this report helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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