Rise in need for Digital-Out-Of-Home (DOOH) Market With CAGR 12.60%

Digital-out-of-home (DOOH) offers digital platform, which is used to make advertisement for the large audiences or mass audience across the various areas including public places, highways, malls, and others. The global DOOH market is expected to reach $8,393.30 million by 2023, owing to rise in demand for digitization and increase in spending on building digital ecosystems by the government. The format type DOOH market includes billboard, transit, and street furniture.

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Growth in population and rise in expenditure on advertisements & marketing drive the demand for DOOH advertisement.

In 2016, Europe was the highest contributor, in terms of revenue, in the global DOOH market with 37.2% of share. In addition, billboard has contributed significant revenue to the market, majorly Canada. Furthermore, the transit and billboard segments are anticipated to witness the highest growth rate during the forecast period, due to heavy investment in digitization and technological advancement.

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Key market players have adopted various strategies, such as new product launch, business expansion, and strategic alliances to increase awareness about DOOH across various countries.

Global Digital-Out-Of-Home Market was valued at $ 3,639.30 million in 2016, and is projected to reach at $ 8,393.30 million by 2023, growing at a CAGR of 12.60% from 2017 to 2023. Digital-out-of-home (DOOH) is a modern form of advertising that uses digital media for endorsing audio and video messages related to product or services outside the home. DOOH, also known as digital signage, has effectively replaced the traditional and orthodox forms of marketing and advertising. This process enables advertisers and local vendors to engage their customers in real time to track effectiveness from the marketing messages displayed using DOOH. The DOOH market summarizes everything from digital billboards to screen in elevators and jukeboxes.

In the current business scenario, it is crucial to employ efficient systems for in-transit advertising, owing to increase in development of numerous user engagement devices and applications. DOOH is a cost-effective medium of promoting and branding any product or service, which drives the global digital out-of-home market. DOOH caters to public interest by using real-time screens and live data feeds. The key factors that hamper this market are variation in regulations related to DOOH advertising such as the content and size across different regions, volatile cost of advertising, and lack of real-time and detailed consumption data. As the internet has now gained prominence, the ability to build awareness and obtain impressive results is easier via DOOH.

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