New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Billboard And Outdoor Advertising Global Market Report 2023" - https://www.reportlinker.com/p04442213/?utm_source=GNW
Major players in the billboard and outdoor advertising market are JCDecaux, Capitol Outdoor LLC, Clear Channel Outdoor Holdings Inc, Lamar Advertising Co., OUTFRONT Media Inc. and Focus Media.
The global billboard and outdoor advertising market will grow from $65.45 billion in 2022 to $67.8 billion in 2023 at a compound annual growth rate (CAGR) of 3.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The billboard and outdoor advertising market is expected to grow to $76.03 billion in 2027 at a CAGR of 2.9%.
The billboard and outdoor advertising market consists of revenue earned by entities by providing services such as creating and designing 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.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Billboard advertising is the process of promoting a brand, offering, or campaign by using large-scale print and digital advertising boards. Outdoor advertising refers to advertisements that reach customers while they are outside their homes.
Asia Pacific was the largest region in the billboard and outdoor advertising market in 2022.North America was the second largest region in billboard and outdoor advertising market.
The regions covered in the billboard and outdoor advertising market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 that shows digital graphics that are altered every several seconds by a computer.
Although digital billboards are mostly used for advertising, they can also be used for public service. The various applications of the services include highways, railway stations, buildings, automobiles, and others and are used by retail, banks and financial institutions, commercial buildings, media and entertainment, government, and transportation.
The increase in digital out-of-home (DOOH) advertising is expected to contribute to the growth of the billboard and outdoor advertising markets.Out of home (OOH) advertising refers to advertising outside of the home and includes billboards, bus shelters, wallscapes, and posters.
Outdoor signage, digital billboards, and television screens are all examples of DOOH.In contrast to traditional billboards that show static images all the time, digital boards display more live images and can run multiple advertisements, thereby attracting more consumers.
According to the 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, has seen lucrative growth and is expected to grow more in the coming years because of its engaging and interactive nature.
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, advertising of alcohol, e-cigarettes, sweets and fast food is prohibited within 200 metres 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 the selling of e-cigarettes, to mention a few.
Many states in the US are adopting lighting standards to prevent glare from digital billboards to ensure they do not affect the vision of people passing by them.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 equipped 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.
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 method employs data insights and algorithms to display the appropriate advertisements to the appropriate person at the appropriate time 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.
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.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The billboard and outdoor advertising market research report is one of a series of new reports that provides billboard and outdoor advertising market statistics, including global and regional market sizes, competitors with a billboard and outdoor advertising market share, detailed billboard and outdoor advertising market segments, market trends and opportunities, and any further data you may need to thrive in the billboard and outdoor advertising industry. This billboard and outdoor advertising market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p04442213/?utm_source=GNW
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