Technavio analysts forecast the global outdoor advertising market to post a CAGR of close to 4%, according to their latest market research report. However, the market is expected to decelerate on a year-on-year basis, during the forecast period.
The use of analytics to increase ads effectiveness is one of the major trends being witnessed in the global outdoor advertising market 2019-2023. Advertisers and marketers are looking for managing ad campaigns remotely from office or home. They are implementing data analytics to analyze and track the engagement of the audience with outdoor ads. Also, they are customizing ads as per the demography of the audience based on their insights. This is encouraging various vendors to invest and develop software and analytics that will help them in increasing efficiency as well as provide advertisers and marketers more time to market their products or services. This, in turn, will not only enable them to focus more on marketing strategy but also contribute largely to the growth of the overall market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global outdoor advertising market is the growing penetration of LED mobile billboards:
Global outdoor advertising market: Growing penetration of LED mobile billboards
LED mobile billboards are the devices that are placed by the side of a trailer or a truck for advertising. The primary advantage of these devices is their movability factor. They can be moved to physical locations to get maximum viewers. These billboards can reach a large number of audiences through LED display ad campaigns. Ads through these devices can be used to target specific geography by covering various places such as sports events, schools, and conventions. Enterprises can place these LED screens in front of the target demography, which can help them to get more noticed. Also, mobile billboards are more likely to catch the eyes of the audience due to their good visibility day or night. Furthermore, enterprises have more control over their ad campaign. Also, they can keep track of the vehicle carrying LED mobile billboard. Various vendors are offering LED mobile billboards to enterprises. This increases the chances of visibility of the ad to the audience, which, in turn, will lead to an increase in demand for outdoor advertising during the forecast period.
According to a senior analyst at Technavio for research on publishing and advertising, Apart from LED mobile billboards, another important factor boosting the growth of the outdoor advertising market is the growing ads through vehicle wrapping. These ads are more reliable and efficient as well as more likely to get noticed than the paper or TV ads. Also, these ads have the capability to reach a wide number of audience and have less cost per thousand impressions when compared with any other form of advertising. Furthermore, vehicle ad wrapping has fewer chances of getting ignored, skipped, blocked, or overlooked when compared with print, broadcast, or online ads.
Global outdoor advertising market: Segmentation analysis
The global outdoor advertising market research report provides market segmentation by type (billboards, shelters, transit displays, and street furniture), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The billboards segment held the largest share of the market in 2018, accounting for over 70% share, followed by the shelters, transit displays, and street furniture segment respectively. However, during the forecast period, the transit displays segment is expected to register the highest incremental growth, followed by the shelters segment.
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