The global digital out-of-home advertising market size is expected to reach USD 32.63 billion by 2030, growing at a CAGR of 11.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing rapid urbanization in emerging economies is accelerating market growth. The increasing popularity of digital outdoor advertising among the various industries in recent years to offer information about their products and company is expected to accelerate market growth. Moreover, the rising effectiveness of digital out-of-home advertising in developing countries due to variables like consumer perception, creative ad design, and geo-location is surging market growth over the upcoming years. For instance, in April 2023, Lamar Advertising Company, an outdoor advertising company, and Vistar Media, Inc., a location-based ad technology company, announced the release of the new Denver Transit DOOH network. The new network currently confines over 55 futuristic art digital displays, entirely supported by Vistar’s DOOH software solutions.
Moreover, digital out-of-home advertising is gaining popularity rapidly due to more customer engagement and rising brand awareness. Furthermore, a lockdown was observed during the COVID-19 pandemic, which negatively impacted the digital out-of-home advertising market due to many advertisers slashing marketing budgets or pausing advertising spending during this period. Moreover, the increasing spending on out-of-home advertising after the ease of several restrictions is expected to boost market growth over the forecast period.
The transit & transportation segment is expected to register the highest CAGR over the forecast period. The increasing adoption of digital outdoor advertising for brand awareness and promotion of various products through various transport modes has significantly accelerated this segment's growth. Additionally, rising investment in digital out-of-home advertising by various advertisers due to the high engagement of customers in the transit & transportation segment is driving the market growth. Moreover, the rising popularity of out-of-home advertising for promoting government policies and increasing awareness about various schemes are driving the market's growth.
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The billboards segment contributed to the largest market share of over 67% in 2022. Digital billboards allow advertisers to easily change their messages and creatives, creating more dynamic and engaging advertising campaigns. This can help attract and hold viewers' attention, increasing the advertising's effectiveness
The automotive segment is predicted to foresee significant growth in the forecast period. Advertisers recognize the value of reaching consumers in captive indoor environments and are investing in this medium to engage with their target audience effectively
The real estate segment is estimated to grow significantly over the forecast period. With the increasing popularity of online home searches and virtual tours, real estate companies are adapting their advertising strategies to include more digital components
North America dominated the market in 2022, accounting for over 36% share of the global revenue. DOOH advertising in the region is experiencing growth due to the increased use of mobile devices. Advertisers are leveraging the power of mobile devices to engage consumers in real time through interactive DOOH advertising campaigns
Grand View Research has segmented the global digital out-of-home advertising market based on format, application, industry vertical, and region:
Digital Out-of-home Advertising Format Outlook (Revenue, USD Million, 2017 - 2030)
Billboards
Street Furniture
Transit & Transportation
Roadways
Airways
Railways
Marine
Place-Based Media
Digital Out-of-home Advertising Application Outlook (Revenue, USD Million, 2017 - 2030)
Indoor
Outdoor
Digital Out-of-home Advertising Industry Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Automotive
Financial Services
Government
Media & Entertainment
Retail
Real Estate
Restaurants
Others
Digital Out-of-home Advertising Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Asia Pacific
China
Japan
India
South Korea
Australia
Latin America
Brazil
Mexico
Middle East & Africa
Kingdom of Saudi Arabia
UAE
South Africa
List of Key Players in the Digital Out-of-home Advertising Market
JCDecaux
Stroer SE & Co. KGaA
Clear Channel Outdoor Holdings, Inc.
Outfront Media Inc.
oOh!media Limited
Lamar Advertising Company
Broadsign International LLC.
Focus Media
Global Outdoor Media Limited
Daktronics Dr.
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