Bureau, New Delhi
According to the latest market study released by Technavio, the global outdoor advertising market is projected to grow to USD 45.46 billion by 2021, at a CAGR of close to 5% over the forecast period.
This research report titled 'Global Outdoor Advertising Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Outdoor advertising is a mass market medium used to broadcast messages for branding and support campaigns. Transit advertising, which can provide high product visibility, is rapidly penetrating the global outdoor advertising market, thereby driving its growth.
Based on advertising type, the report categorizes the global outdoor advertising market into the following segments are Billboards, Shelters, Transit Displays and Street furniture.
The top three revenue-generating advertising type segments in the global outdoor advertising market are discussed below:
"Billboard advertising is the dominant segment of the global market, generating over 71% of the overall revenue. Since billboard advertising is very cost-effective and provides a large reach, it is the most popular outdoor advertising platform," says Ujjwal Doshi, a lead analyst at Technavio for publishing and advertising research.
The market segment is forecast to show stagnant growth over the forecast period, reaching about USD 31.19 billion by 2021. Repetition is an important criterion that the adopters of billboard signs need to consider, since consumers, on an average, need to see the message 20 times before acting on it.
Shelter advertisements are located in areas which receive a high number of footfalls, such as anchor stores, food courts, and sports arenas. Shelter displays include kiosks, display screens, free-standing displays, and wall-mounted displays. The shelter advertising platform is very influential on purchasing decision of consumers, since they are customized for the specific customer demographic. Though this medium of outdoor advertising is very effective, it is relatively more expensive, which limits its takers.
"Transit display advertisements will be the fastest growing segment of the market, showcasing a CAGR of almost 7% over the forecast period. Transit advertising involves the display of ads on vehicles such as buses, taxis, and trains," says Ujjwal.
The market segment is driven by the increased investments by governments for the development of transportation infrastructure in countries such as India, China, and Brazil. Also, the increasing on-road and air traffic is expected to positively impact the transit display advertising.
The top vendors highlighted by Technavio's research analysts in this report includes reputed OOH names like Clear Channel Outdoor, JCDecaux Group, Lamar Advertising, Outfront Media and Ströer.