Global Outdoor Advertising Market is Expected to Reach US$ 54 Billion by 2023-IMARC Groupby Chris jackson Market Research
According to IMARC Group’s latest report entitled, “Global Outdoor Advertising Market Report & Forecast 2018-2023”, the global outdoor advertising marketreached 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. 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. This induces the potential consumers to have a favorable attitude towards the product or service being publicized.
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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.
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Outdoor advertising, or Out-of-home Media Advertising (OHH), has gained momentum in the 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 another platform for outdoor advertising. With the subsequent growth in the number of commuters, it facilitates constant exposure to the ad-content for considerably long period. On the other hand, the 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, JCDecaux, etc.
This report provides a deep insight into the global outdoor advertising industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, key market drivers and challenges, recent trends, Porter’s five forces analysis, outdoor advertising pricing models, margins in outdoor advertising, etc. This report is a must-read for entrepreneurs, researchers, consultants, investors, business strategists, and all those who have any kind of stake or are planning to foray into the outdoor advertising industry in any manner.
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Created on Jul 10th 2019 04:03. Viewed 307 times.