The Global Market for Outdoor Advertising is Projected to Reach US$50.7 Billion by 2020
Rising Popularity of Digital Outdoor Advertising Drives
the Global Outdoor Advertising Market, According to a New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Outdoor Advertising. The
global market for Outdoor Advertising is projected to reach US$50.7 billion by
2020, driven by the growing popularity of digital platforms for out-of-home
advertising.
The global market
for outdoor advertising is driven by the growing replacement of traditional
static billboards and posters with digital signage. Technology developments and
launch of innovative displays such as wraps and wallscapes are benefiting
demand patterns in the market. Oversized digital billboards are expected to dominate
the market, given their ability to attract audience attention. Commercial
grade, large screen digital displays for non-consumer applications are
witnessing growth encouraged by falling prices. Video-wall systems featuring
wall-sized display screens provide greater visual clarity and detail to a
larger audience. Unlike smaller displays, large wall-sized displays help
advertisers fully exploit cognitive benefits of physically large displays. Larger
displays, especially, wall sized displays fill a greater percentage of a
viewer’s visual field thus influencing reaction to displayed information. Physical
size tends to influence sensory and judgment processes in humans, and larger
displays positively influences arousal, attention, and memory. Large screen
displays are used in sports, live events, transportation, retail and education
among others. Indoor venues for large screen display include auditoriums,
convention centers, hospitals, bars, clubs and hospitality centers.
Technologies supporting the large screen display market include front and
rear-projection, LED video, plasma and LCD technologies.
Urbanization
represents a key trend spurring growth in the out-of-home advertising market. Over
half of the world’s population now resides in cities and urban locations. The
figure is expected to explode further with urban population representing around
two-thirds of the global population by the year 2050. Apart from urbanization, the
world’s population is also becoming increasingly mobile, with people spending a
greater proportion of their time outside their homes, such as at airports,
railway stations, streets, and malls. Over the years, the average time for
commuting between home and workplace has considerably increased worldwide,
implying that more and more people are spending time on travelling. The
combination of urbanization and mobility is expected to provide immense
opportunities for the growth of outdoor advertising. Especially poised to
benefit, under this scenario, is transit media. Factors such as a high degree
of visibility, cost effectiveness and superior flexibility are driving the
growth of transit media.
As stated by the
new market research report on Outdoor Advertising, Asia-Pacific
represents the largest market worldwide. The region is also forecast to emerge as the fastest growing market with
a CAGR of 8.6% over the analysis period, led by the retail boom in
countries such as China, Singapore, Malaysia, Thailand, Hong Kong, and India. Opportunities
for advertising in these countries are on the rise largely as a result of the
growing base of urban population and the resultant wider audience base of
target corporate workers, commuters and shoppers. Strong economic growth,
rising consumerism, improving standards of living, increase in disposable
income, and changing lifestyles, represent other factors favoring growth in the
market
Major players covered
in the report include Adams Outdoor Advertising, Adspace Networks Inc., Bell
Media, Burkhart Advertising Inc., Captivate Network, Clear Channel Outdoor
Inc., Clear Media Limited, CEMUSA, Daktronics Inc., EPAMEDIA, Fairway Outdoor
Advertising, Focus Media Holding Limited, JCDecaux SA, Lamar Advertising
Company, Outfront Media Inc., Pattison Outdoor Advertising, Primedia Outdoor,
and Ströer Media SE, among others.
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