Smart Advertising Market: Information by Component (Hardware, Software, and Services) And End-Users (Corporate, Government, Education, Food And Beverage, Others)-Forecast Till 2026
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A few popular examples of smart advertising are:
Personalized programmatic advertising
Programmatic video advertising
Connected TV (CTV)
Programmatic Digital-Out-of-Home (DOOH) inventory
Mobile location marketing
Product Life Cycle
Smart advertising is in its growth stage, and new methods and technologies are expected to be launched in the coming years. For instance, in July 2019, CIVIQ Smartscapes announced that it will provide smart kiosks for the Massachusetts Convention Center Authority's (MCCA) Boston Convention and Exhibition Center (BCEC) in South Boston. It aims at bringing smart technologies to new markets, including stadiums, convention centers, and other public spaces. With increasing expansion activities and the growing popularity of digital advertising technology across masses, the smart advertising market is expected to grow at an exponential rate in the coming years. Currently, the market is in the growth stage and is expected to mature after 5-10 years due to the launch of new alternative advertisement techniques. A large number of market players are projected to enter the market by 2025, thus increasing the competition level. However, at present, the players are competing based on high technological costs involved in the development of the product.
Figure: Product Life Cycle of Smart Advertising — Growth Stage
The smart advertising market is expected to grow at a significant pace over the forecast period on account of the following:
Increased adoption of hyper-targeted advertising model (for delivering personalized content to targeted consumer segments)
Standardization of digital display networks
Shift towards programmatic media buying and Real-Time Bidding (RTB) model
The above-mentioned factors are expected to propel the development of ad networks, ad exchanges, Demand-Side Platform (DSP), and Supply-Side Platform (SSP), to enhance efficiency and enable greater automation in the smart advertising market.
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However, stringent government regulations regarding data privacy and protection might hamper the growth of the smart advertising market in the coming years. For instance, the General Data Protection Regulation (GDPR) in Europe is expected to impact storage, collection, and usage of customer data for delivering personalized advertisement content.
Trend — Digital Mall Advertising (Exterion Media (UK) Limited)
Has 20 screens across 5 regional malls
Deals with more than 400,000 shoppers each week
Advertising in digital malls can be handpicked for a customized approach or can also be accessed by network pack
A Platform to Engage – offers a 70-inch digital screen
Offers Flexibility – with the use of multi-file creatives to broadcast different creative treatments by time, location, day, and loop change.
The end-users of smart advertising are the following:
Food and Beverage
In 2018, smart advertising was mainly used by corporate officials and is expected to emerge as the fastest-growing segment in the coming years. The increasing number of creative and innovative advertising campaigns is a key driving factor for the smart advertising market. The global presence of a few large scale enterprises is also projected to impact the revenue generated by the smart advertising market. The corporate segment is followed by education, government, food and beverage, and others.
Figure: End-Users of Smart Advertising
In 2018, North America dominated the smart advertising market and is projected to lead the share in the coming years as well. Forces driving market growth in North America are the following:
Presence of several leading DOOH media companies
High advertising expenditure by companies
Availability of high-speed wireless internet infrastructure
Adding to the above-mentioned factors, the early adoption of emerging technologies for customer engagement and business growth is also driving the smart advertising market in North America.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period, 2019-2026, on account of the following:
Initiatives are taken by multinational companies for establishing a strong presence in high-potential and emerging economies, such as India and China
Rising investment on the rollout of high-speed internet infrastructure
Growing smart city initiatives
Presence of major electronic component manufacturers
Asia-Pacific is followed by LAMEA, Europe, and North America.
It is expected that more startups will come into the picture in the coming years for the purpose of creating interactive ad campaigns and maximize sales/revenue. Various technologies, such as AR, VR, and blockchain, have already immersed in advertising. Therefore, interactive ads and intelligent Out-of-Home (OOH) ads are the future of the advertising industry. Interactive ads allow users to communicate in an easy manner and are also known as engagement ads or immersive ads. The brands need to concentrate on the creation of smart ads, which can engage a greater number of consumers and also enhance sales.
Features of interactive ads are the following:
On spot purchases
The improved shopping experience is provided
Interactive ads usually result in the highest user retention rate
The fun factor/creativity of ads leads to higher brand recognition
Users pay only for the click-throughs the ads generate, therefore, they are scalable
Smart Advertising Market: Key Players
Key players operating in the market include Changing Environments Inc., Lamar Advertising Company, Exterion Media (UK) Limited, JCDecaux Group, Intersection, OUTFRONT Media Inc., CIVIQ Smartscapes, Clear Channel Outdoor Holdings, Inc., IKE Smart City, and Captivate. Market players are focusing on the development of innovative solutions so as to improve the adoption of smart advertising and DOOH by corporates worldwide. For instance, in 2018, JCDecaux Group launched ‘Viewed Impressions for Out Of Home’ (VIOOH), which allows clients to personalize advertising content for specific locations based on time, day, geolocation, promotions, and events using CMS (i.e., Content Management System). VIOOH is basically a global platform, with the help of which programmatic trading of DOOH advertising can be done.
The other focus areas of market players are:
Analyze smart advertising campaigns and check effectiveness through research and development
Enhance digital display network so as to offer smart advertising services
Companies are following organic and inorganic strategies for maintaining their competitiveness in the market. For instance, JCDecaux acquired APN Outdoor, an OOH media company in Australia, for expanding its operations in the Australian market. Similarly, Clear Channel Outdoor Holdings Inc., a specialized outdoor advertising company, aims at making digital advertisements popular at airports and on the streets. It has around 14,000 digital displays in 30 countries. Similarly, Exterion Media (U.K.) Limited has a strong presence in European countries, including the Netherlands, Spain, the U.K., France, and Ireland.
Three technological trends driving the smart advertising market are mentioned below.
The trio helps in enhancing the engagement level of advertisers with customers and also increases the efficiency and effectiveness of the entire sales funnel. From digital immersive ad units to enhancing the creativity level and driving the users to a special promotion page or an exponential pop up shop, smart advertising plays an important role. Other technologies include Machine Learning (ML), sensor-fusion, and big data analytics. They have enabled Digital Out-of-Home (DOOH) companies to deliver customized advertising content and identify potential customers. It also helps in analyzing large volumes of customer data, which is accessed through various advertising campaigns. The availability of video content management systems globally and continuous expansion and usage of wireless internet connectivity infrastructure are playing an important role in the growth and adoption of smart advertising by the corporate sector, government, and others.
OUTFRONT Media displays first-ever out-of-home campaign on June 7, 2019, with ‘poo~pourri’ out-of-home advertising campaign
On December 21, 2018, Lamar Advertising Company acquired Fairway Outdoor Advertising’s billboard operations for the price of USD 418.5 million in five U.S. markets from GTCR, LLC
On August 4, 2017, Lamar Advertising acquired the assets of Steen Outdoor Advertising, for expanding the market position in Philadelphia and the nearby areas
Exterion Media announced a partnership with Pulse Smart Hub and Euro Payphone on June 28, 2019, for expanding digital advertising screens network across Belfast City
Innovid Acquired Herolens on September 18, 2019, for providing a better experience to the customers by providing ad-tech mergers
Smart Advertising Market Segmentation
Food and Beverage
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