New York, Dec. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Billboard And Outdoor Advertising Global Market Report 2022" - https://www.reportlinker.com/p04442213/?utm_source=GNW
The global billboard & outdoor advertising market is expected to grow from $61.67 billion in 2021 to $66.80 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $87.76 billion in 2026 at a CAGR of 7.1%.
The billboard and outdoor advertising market consists of the sales of billboard and outdoor advertising services and related goods by entities (organizations, sole traders and partnerships) that create and design public display advertising campaign materials, such as printed, painted, or electronic displays and/or place such displays on indoor or outdoor billboards and panels, or on or within transit vehicles or facilities, shopping malls, retail (in-store) displays, and other display structures or sites. Only goods and services traded between entities or sold to end consumers are included.
The main types of billboards and outdoor advertising are painted billboards, digital billboards, multi-purpose billboards, mobile billboards, and others.A digital billboard is a billboard which shows digital graphics which are altered every several seconds by a computer.
Although digital billboards are mostly utilised for advertising, they can also be used for public service. The various applications of the services include highways, railway stations, buildings, automobiles, others and are used by retail, banks and financial institutions, commercial buildings, media and entertainment, government, and transportation.
Asia Pacific was the largest region in the billboard & outdoor advertising market in 2021.North America was the second largest region in billboard & outdoor advertising market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in digital out of home (DOOH) advertising is expected to contribute to the growth of the billboard and outdoor advertising market.Out of home (OOH) advertising refers to advertising outside of the home and includes billboards, bus shelters, wallscapes, and posters.
DOOH is an extension of the OOH and includes outdoor signage, digital billboards and television screens.In contrast to traditional billboards that show static images all the time, digital boards display more live images and can run multiple advertisements and, hence, attract more consumers.
DOOH witnessed a 10% rise in OOH advertising worldwide, which was close to $16.75 billion in the year 2019. According to Indian Institute of Digital Education, the global internet/digital advertising market was valued at $319 billion in 2019 and is predicted to reach $1,089 billion by 2027, with a CAGR of 17.2% from 2020 to 2027 . DOOH in recent times have seen lucrative growth and is expected to grow more in the coming years because of its engaging and interactive nature.
The expansion of programmatic media buying is a growing trend in the field of digital out of home (DOOH) advertising.Programmatic advertising refers to the use of automated technology for buying advertising space in contrast to traditional methods of digital advertising.
This approach uses data insights and algorithms to display the right advertisements to the right person at the right place and price.About 82% of viewers were able to recall a DOOH advertisement that they saw over a month ago.
The brands have now expanded their in-house programmatic media buying capabilities. For instance, in April 2021, PubMatic, Inc., a sell-side platform that delivers superior results for digital advertising, announced today that BT, a multinational telecommunications company, and Essence, a data and measurement-driven agency part of GroupM, have successfully used a buyer-controlled fee structure to gain control and transparency over all programmatic inventory purchased through PubMatic. The collaboration between BT, Essence, and PubMatic has provided BT with improved visibility into how much of its total media spend reaches end publishers and has assisted them in investigating the ’unknown delta’ - the lost or unaccounted-for ad spend between advertisers and publishers during a programmatic auction.
Several regulatory standards employed by governments across the globe for advertising at particular locations or spaces are a key factor hampering the growth of the global billboard and outdoor advertising market.In the UK, advertisement of alcohol, e-cigarettes, sweets and fast food is prohibited within 200 meters of a school.
It is also not allowed to do any political advertising on bus shelters.The Committee of Advertising Practice (CAP) looks after non-broadcast advertising in the UK and has extensive regulations covering areas such as environmental claims, gambling and lotteries, alcohol sales and selling of e-cigarettes to mention a few.
Many states of the US are adopting lighting standards to prevent glare from digital billboards to ensure it does not affect the vision of people passing by it.Puerto Rico and the other 12 states have made it mandatory for digital billboards to adjust the brightness to the surrounding environment and light.
The digital billboards come up with light sensors that adjust brightness at different times of the day. These regulatory standards are for the betterment of society but are proving to be hindrances for the advertising business.
In January 2021, Link Media Outdoor, a provider of traditional and digital billboards in the United States acquired Thomas Outdoor Advertising, Inc.’s outdoor advertising assets for an unknown amount. Link’s Kansas footprint has been considerably strengthened by the acquisition of the Thomas assets, which allows them to expand their service to advertisers and customers across the state. Thomas Outdoor Advertising, Inc is a US-based billboard advertising company.
The countries covered in the billboard and outdoor advertising market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p04442213/?utm_source=GNW
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