Digital-Out-Of-Home (DOOH) Market Likely to Reach $8,393.30 Million, Globally, By 2023
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The growth of the digital-out-of-home (DOOH) market is attributed to factors such as rapid digitization and decrease in demand for traditional billboard, reduced cost of digital screen, and easy data integration. However, growing adoption of online broadcast advertising, volatile cost of advertising, lack of real-time and detailed consumption data, and variation in regulations with regards to DOOH advertising impede the growth of the market. On the other hand, the growing urban population offer lucrative opportunity to the industry growth.
Digital-out-of-home is digital mode of advertisement. This is used to target large audience across various locations such as airports, subways, bus stops, commercial buildings and others. DOOH advertising increases brand recognition through large audience engagement in real-time.
In 2016, billboard segment dominated the market, in terms of revenue, and this due to the increase in investment on huge investment on digital advertisements into various public places across various developed and developing nations.
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Europe was the highest revenue contributor to the global DOOH market in 2016, accounting for around 38.76% share. This is due to the surge in demand for digital signage across various industry verticals such as healthcare, financial services, government, and others.
The report features a competitive scenario of the global DOOH market and provides a comprehensive analysis of the key growth strategies adopted by the major market players. The key players profiled in the report include JCDecaux, Clear Channel Outdoor Holdings Inc., Lama Advertising Company, OUTFRONT Media, Daktronics, Prismview LLC NEC Display Solutions Ltd., Oohmedia! Ltd., Broadsign International LLC, and Aoto Electronics Co. These players have adopted competitive strategies, such as innovation, new product development, and market expansion, to boost the growth of the market.
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Key Findings of the DOOH Market:
• The billboard segment accounted for the highest share in 2016, growing at a CAGR of 12.80% from 2017 to 2023.
• Outdoor segment generated the highest revenue, accounting for $2,316.90 million in 2016.
• Europe is expected to dominate the market, in terms of market share of 32.7%, during the forecast period.
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