Global Outdoor Advertising Market is Expected to Reach US$ 54 Billion by 2023

Outdoor Advertising MarketOutdoor advertising, or Out-of-home Media Advertising (OHH), has gained momentum in recent years due to a number of factors. The increase in the number of public places such as malls, shopping complexes, high-rise buildings, subways, bus stops, etc., have significantly enhanced the space for placing outdoor advertisements. Moreover, the rise of public transportation systems has provided the advertisers with another platform for outdoor advertising.

Besides corporates in the advertising business, the outdoor advertisements have become a source of revenue for the common people who have their homes or any other property at a publically visible place as they could easily the useless outer surface of the wall to advertising agencies and companies. The advertisers can simply put their advertisements at various places such as billboards, hoardings, banners and posters; on buses, trains, metros, kiosks, shop windows, etc. and reach a wide audience base. Additionally, the vibrant and eye-catching advertisements leave a lasting impression on the mind.

According to IMARC Group's latest report entitled, "Global Outdoor Advertising Market Report & Forecast 2018-2023", the global outdoor advertising market reached a value of around US$ 39.7 Billion in 2017, exhibiting a CAGR of around 5.4% during 2010-2017. Outdoor advertising is one of the oldest forms for advertising and has always provided innumerable prospects to the advertisers for marketing their products and services in the public domain. This induces the potential consumers to have a favourable attitude towards the product or service being publicized.

It is also becoming a popular source of generating extra income for individuals, organizations, governments, etc. who lend their property and resources to various companies that use it for outdoor advertising. Some of the places which are now being used for outdoor advertising include coffee mugs, elevators, escalators, manhole covers, cars, door hangers, shopping bags, etc. These methods aid in creating a new client-base for outdoor advertising, helping the other party to be benefited simultaneously.

With the subsequent growth in the number of commuters, it facilitates constant exposure to the ad-content for a considerably long period. On the other hand, advertisers can use their creativity in designing consumer-directed advertisements. They can also place relevant advertisements in target areas to get the maximum response based on taste and preference, purchasing power and standard of living, advertisers. Considering these factors, outdoor advertising is expected to reach a value of US$ 54 Billion by 2023.The report analyses different segments of the outdoor advertising market. The segments included in the report are billboard, transport and street furniture advertising. Further, an evaluation of the market on the basis of type is also presented, which is bifurcated into traditional and digital advertising. The report has also covered the key regions where the impact of outdoor advertising has been prominent, these include Asia-Pacific, Europe Middle East & Africa, Latin America and North America. Currently, the Asia Pacific region represents the largest market for outdoor advertising. Some of the key global players included in the report are Storer Media, Clear Channel Outdoor, Lamar Advertising and JCDecaux, etc.

(With inputs from IMARC Group)