According to a new report by Allied Market Research, titled, Global DOOH Market by Format type, Application type, and End User type: Global Opportunities Analysis and Industry Forecast, 2017-2023, the global DOOH market was valued at $ 3,639.30 million in 2016, and is projected to reach at $ 8,393.30 million by 2023, growing at a CAGR of 12.60% from 2017 to 2023.
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Digital-out-of-home is digital mode of advertisement. This is used to target large audience across various locations such as airports, subways, bus stops, commercial buildings and others. DOOH advertising increases brand recognition through large audience engagement in real-time.
In 2016, billboard segment dominated the market, in terms of revenue, due to increase in investment on huge investment on digital advertisements into various public places across various developed and developing nations.
Europe was the highest revenue contributor to the global DOOH market in 2016, accounting for around 38.76% share, owing to surge in demand of digital signage across various industry verticals including healthcare, financial services, government, and others.
The report features a competitive scenario of the global DOOH market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players profiled in the report include JCDecaux, Clear Channel Outdoor Holdings Inc., Lama Advertising Company, OUTFRONT Media, Daktronics, Prismview LLC NEC Display Solutions Ltd., Oohmedia! Ltd., Broadsign International LLC, and Aoto Electronics Co. These players have adopted competitive strategies, such as innovation, new product development, and market expansion, to boost the growth of the market.
Key Findings of the DOOH Market:
- The billboard segment accounted for the highest share in 2016, growing at a CAGR of 12.80% from 2017 to 2023.
- Outdoor segment generated the highest revenue, accounting for $2,316.90 million in 2016.
- Europe is expected to dominate the market, in terms of market share of 32.7%, during the forecast period.