Rising Urban Population Significantly Impacts The Out-of-Home Advertising Market
The Business Research Company’s Out-of-Home Advertising Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, February 17, 2022 /EINPresswire.com/ — The rising urban population contributed to the growth of the out of home (OOH) advertising market. The increase in population in urban cities increases traffic congestion and waiting time. With people spending more time outside their home in traffic and other areas, OOH advertising holds the utmost importance in advertising. 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 global out of home advertising market.
Read more on the Global Out-of-Home Advertising Market Report:
https://www.thebusinessresearchcompany.com/report/out-of-home-advertising-global-market-report
The global out of home advertising market size is expected to grow from $25.61 billion in 2021 to $28.48 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global out of home advertising market share is expected to reach $40.42 billion in 2026 at a CAGR of 9.1%.
Companies are increasingly using artificial intelligence to advertise their product. The major applications and benefits of artificial intelligence for digital out of home advertisement are agile and trigger data-driven campaigns. For instance, McDonald’s used data like weather and time of day to remind the consumers to promote ice creams 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 optimize ads and update them creatively according to the data.
In October 2021, American Outdoor, an outdoor advertising firm based in the US, acquired assets from Juggernaut Billboards for an undisclosed amount. The acquisition expands American Outdoor Advertising’s portfolio, which already covers major markets in Arizona, Nevada and California. Juggernaut Billboard is a US-based company that provides billboard and mobile billboard advertising services in Puerto Rico, Arizona, Texas and Mexico.
Major players covered in the global out-of-home advertising industry are Daktronics Inc., JCDecaux SA, Lamar Advertising Co., OUTFRONT Media, Inc., Ströer SE & Co. KGaA, Clear Channel Outdoor Holdings Inc., Exterion Media, oOh! media Limited, Intersection and Watchfire Signs.
TBRC’s global out of home advertising market report is segmented by type into billboard, transport, street furniture, transit displays, others, by platform into static, digital, by application into food and beverage industry, vehicle industry, health and medical industry, commercial and personal services, consumer goods, others.
Out-of-Home Advertising Global Market Report 2022 – By Type (Billboard, Transport, Street Furniture, Transit Displays), By Platform (Static, Digital), By Application (Food And Beverage Industry, Vehicle Industry, Health And Medical Industry, Commercial And Personal Services, Consumer Goods) – Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides a out-of-home advertising market overview, out-of-home advertising market forecast, out-of-home advertising market size and out-of-home advertising market growth for the whole market, out-of-home advertising market segments, out-of-home advertising market geographies, out-of-home advertising market trends, out-of-home advertising market drivers, out-of-home advertising market restraints, out-of-home advertising market leading competitors’ revenues, out-of-home advertising market profiles, and out-of-home advertising market market shares.
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