The global Out-Of-Home (OOH) advertising market has been projected to grow at $47,100.5 million in 2031, at a Calculated Annual Growth Rate (CAGR) of 4.6 per cent.
This is,according to insights and analysis made available by Research and Markets, world’s largest market research store platform.
Research and Market analysis revealed that the sector was valued at nearly $26,426.0 million in 2021, having increased at a compound annual growth rate (CAGR) of 5.3% since 2016. The market was also expected to grow at a CAGR of 7.3% from 2021, as it pivoted to reach $37,602.5 million in 2026.
Following the outcome of its research, it indicated that the changes in growth in the periods under review were accelerated by rapid economic growth in emerging markets, rise of globalization, rise in transit advertising and rapid technology development.
On the other hand, it stated that, several other factors that negatively affected growth in the historic period was increasing spend on alternative advertising mediums, COVID-19 pandemic and increase in internet penetration.
It noted further that, “going forward, rising urbanization, adoption of digital display advertisements, increase government spending on out-of-home advertising and growing digital out-of-home advertising will drive growth.”
Meanwhile, factors that could hinder the growth of the out-of-home advertising market in the future include volatile costs, skilled workforce shortages, rise in digitization and stringent regulations.
Dissecting the analysis on the basis of products and segments of the OOH market, it revealed some of the market growth drivers.
The billboard market was the largest segment of the out-of-home advertising market segmented by type, accounting for 42.5 per cent of the total in 2021.
Going forward, the street furniture segment is expected to be the fastest growing segment in the out-of-home advertising market segmented by type, at a CAGR of 9.7 per cent during 2021-2026.
Also, the static and digital segmented were listed among the market movers that helped the sector to record huge market growth three years ago. The static market was the largest segment of the out-of-home advertising market segmented by platform, accounting for 54.8 per cent of the total in 2021. Going forward, the digital segment is expected to be the fastest growing segment in the out-of-home advertising market segmented by platform, at a CAGR of 11.6% during 2021-2026.
According to Research and Markets report, the sector is also affected with the fact that it operates a highly fragmented market with a large number of players.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
