Artificial Intelligence driven Marketing Communications
Under end user segment, retail is the leading industry. The adoption of digital out-of-home (OOH) is high in this industry. Advertisement featured on digital display is mainly comes from retailers. For instance, in April 2019, H&M, a clothing retailer has executed a number of advanced deployments, such as an interactive voice mirror in Times Square, New York City. It is installed through a collaboration with digital signage provider Visual Art, digital experiences provider Ombori and Microsoft Corporation. The retail chains are considered to be the ideal environment for DOOH solutions.
The global digital out of home(DOOH) market accounted to US$ 6,084.1 Mn in 2018 and is expected to grow at a CAGR of 11.3% during the forecast period 2019 – 2027, to account to US$ 15,905.7 Mn by 2027.
Geographically scattered with several departments, the CMOs in the industry greatly benefit from the flexibility and precision offered by DOOH advertisement. The FMCG sector is among the major contributors to the Digital OOH in retail industry, and is also expected to make the most from available information such as sales performance, weather, and time of the day. Furthermore, location based OOH is the widely adopted strategy among the retailers, where dynamic localization is not just used by FMCG and food, but the fashion retailers are also showcasing noteworthy interest in location-based DOOH content. Geographically, the market for digital out-of-home (OOH) is dominated by Asia pacific region.
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Top Key Players: JCDecaux, Clear Channel Holdings, Inc., Outfront Media, Inc., Lamar Advertising Company, Fairway Outdoor Advertising, LLC, Lightbox OOH Video Network, Bell Media, Inc., Ayuda Media Systems, Signagelive, and Real Digital Media.
Growing demand of Digital Advertising worldwide
The digital out of home market is swiftly switching towards digitalization as traditional advertisers gradually realize the value of trading static billboards for digital. Digital out of home can deliver content that responds to the audience directly. With the rising digital targeting tools, advertisers are targeting the audience and increase the overall effectiveness of their campaign.
Replacement of Traditional Billboards with Digital Billboards is fuelling the market growth
Consumers now have access to numerous modes, but they are more attracted to digital channels as they provide information on a real-time basis and they are more engaging. Digital modes are more accessible in generating a larger scope for highly developed conversations with consumers. A digital billboard is an effective form of advertisement which reaches people through an interactive way. Many government agencies depend on digital billboards to deliver emergency messages and allow the public to help law enforcement. In the U.S the adoption of digital billboards is high. U.S consumer gets attracted easily towards the billboards while crossing the roads. Hence, these factors are boosting digital out of home market.
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The global digital out of home market by type has been segmented into billboards, transits, street furniture and place – based. The billboards is the most common used form of advertisement. Billboards are rapidly shifting to larger screens with either static or animated images. The digitalization in billboard based advertisement techniques, as per the OOH industry is an advertisement alternative that has driven intimate, dynamic and enduring brand relationship with consumers. Hence, digital billboards are driving the global digital out of home market.
GLOBAL DIGITAL OUT OF HOME MARKET SEGMENTATION
By End User
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