The Business Research Company’s Billboard And Outdoor Advertising Global Market Report 2020-30: COVID-19 Growth And Change
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The global billboard and outdoor advertising market is segmented by type into painted billboards, digital billboards, multi-purpose billboards, mobile billboards, others and by application into highways, railway stations, buildings, automobiles, others.
Billboard industry trends show the expansion of programmatic media buying 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. Brands have now expanded their in-house programmatic media buying capabilities. Vodafone, a global telecom brand, entered in digital media buying in 2018 and estimated a budget of almost $500 million for global media planning and buying. Mobile location data and visual sensors are expected to trigger programmatic DOOH. Historical and real-time audience demographics and movements around DOOH displays are obtained from mobile data service providers. Platforms like Quividi and Admobilize use camera sensors to detect audience demographics and their engagement. This data is combined to target the appropriate audience for relevant advertising.
The global billboard and outdoor advertising market size is expected to grow from $65.24 billion in 2019 to $65.71 billion in 2020 at a compound annual growth rate (CAGR) of 0.72%. The slowed growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $81.35 billion in 2023 at a CAGR of 7.37%. North America has the largest outdoor advertising market share, and Asia-Pacific is expected to be the fastest-growing region in the outdoor and billboard advertising market in the forecast period.
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