Out-of-Home Advertising Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Out-of-Home Advertising by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Out-of-Home Advertising, The out-of-home advertising market size has grown strongly in recent years. It will grow from $29.8 billion in 2023 to $31.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rapid economic growth in emerging markets, rise of globalization, rise in transit advertising and rapid technology development.

The out-of-home advertising market size is expected to see steady growth in the next few years. It will grow to $38.39 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rising urbanization, adoption of programmatic digital display advertisements, increase government spending on out-of-home advertising and growing digital out-of-home advertising. Major trends in the forecast period include investing in digital platforms to enhance viewers experience, offering interactive advertisements to influence customers, consider deploying artificial intelligence in the ads to help companies or individuals to effectively target customers, and offering mobile integrated ooh advertising to increase customer interaction with brand. player-adopted strategies in the out-of-home advertising market include expanding their operational and business presence in the market through strategic acquisition, developing new technologies and solutions through strategic collaboration with technology players, and exploring media business with digital transformation..

The rising urban population has contributed to the growth of the out-of-home advertising market. The increase in the population in urban cities increases traffic congestion and waiting time. According to the INRIX 2020 Global Traffic Scorecard, London is ranked as the most congested city in the UK, for instance, in December 2022, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental body inside the United Nations Secretariat that promotes developing nations’ interests in global commerce, in 2021, the urban population share is expected to rise to 56.5 percent. It is often greater in developed nations (79.5 percent in 2021) than in developing nations (51.8 percent). According to the UN World Urbanization Prospects revision, the urban population is expected to increase to 68% across the world by 2050. Over a third of expected urban growth will occur in just three countries—India, China, and Nigeria—and by 2050, the expected urban dwellers in India could be 416 million, China 255 million, and Nigeria 189 million. The rise in the urban population in developed and developing countries, which is contributing to the increasing traffic congestion, is driving the growth of out-of-home advertising market.

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The out-of-home advertising market covered in this report is segmented –

1) By Type: Billboard, Street Furniture, Transit, Other Types

2) By Platform: Static, Digital

3) By End User: Vehicle Industry, Food & Beverage Industry, Commercial And Personal Services, Consumer Goods, Health And Medical Industry And Others

Companies are increasingly using artificial intelligence to advertise their products. The major applications and benefits of artificial intelligence for digital out-of-home advertising are agile and trigger data-driven campaigns. For instance, McDonald’s used data like weather and time of day to remind consumers to promote ice cream sundaes on a hot day, and on the other hand, Coca-Cola promoted smart water when the temperature exceeded 21 degrees. Virgin Trains also used real-time traffic data to show motorists how much quicker their journey could have been by using trains. Therefore, AI and automation can optimise ads and update them creatively according to the data.

The out-of-home advertising market report table of contents includes: