In a recent published report, Kenneth Research has updated the market report for Digital Out of Home Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Out of Home Market products.
The Global Digital Out of Home Market (DOOH) was valued at USD 13.35 billion in 2016 and is projected to reach USD 34.21 billion by 2025, growing at a CAGR of 11.02% from 2017 to 2025.
Digital Out of Home or DOOH refers to digital media used for marketing purposes outside of the home. This includes any out-of-home (OOH) display, digital billboard or digital signage that can change its advertising content remotely using addressable electronic, LED, and screen technology but excludes TV advertising and radio advertising. Advantages of DOOH includes –it is likely to be well received by the consumers, it is flexible, enables business to reach their customers on the go, it is cost effective, allows the development of real-time campaigns.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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1. Market Drivers
1.1 Increasing demand for IoT and emergence of cloud platform
1.2 High usage of virtual and augmented reality in DOOH advertising
1.3 Rise in the adoption of audio-visual transit advertising
1.4 Innovations in display technologies
1.5 High investments on programmatic advertising
1.6 Increasing demand for improved DOH advertising space
2. Market Restraints
2.1 Rising trend of online advertisement
2.2 Poor standards for interoperability between devices
2.3 Development of equipments suitable for all weather conditions
The Global Digital Out of Home Market (DOOH) is segmented on the application, product, vertical, and region.
2. By Product:
2.1 Street Furniture
3. By Vertical:
3.2.2 Corporate and Government
3.3.2 Banking, Financial Services and Insurance (BFSI)
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. Lamar Advertising Company
2. Prismview LLC
4. BroadSign International LLC
5. Mvix, Inc.
6. Outfront Media Inc.
7. Clear Channel Outdoor Holdings, Inc.
9. oOh!Media Ltd.
10. NEC Display Solutions Ltd
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Digital Out of Home Market (DOOH) was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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