We’ve been told that you shouldn’t blow your own trumpet; but in today’s competitive world, every business, irrespective of its stature, needs to do just that and what better way than advertising it! People might not realize but advertising is ubiquitous and something businesses can’t do without. Outdoor advertising is a traditionally popular medium of advertising and the global outdoor advertising market is expected to touch the USD 45 billion mark at the end of the forecast period (2017-21).
Outdoorsy – To Be or Not to Be?
Although outdoor advertising is the oldest medium, it has gained high flexibility due to the technological advancements over the last decade with the increase in adoption of digital medium to interact and engage with customers. The global outdoor advertising market is expected to cross the 4% mark in terms of CAGR during the forecast period (2017-21). According to our analysts at Technavio, the drivers for the Outdoor Advertising market are as follows,
- Owing to high penetration rate and higher chances of brand recall among the audience, transit advertising is gaining popularity.
- Due to the rapid decline in the effectiveness of print advertising, there has been a shift in preference of marketers from traditional to digital outdoor advertising channels.
- The advantages of digital displays outweigh those of traditional media, and hence this will drive the outdoor advertising market during the forecast period (2017-21).
Outdoor Advertising – Why Gloomy and Grey?
The international outdoor advertising market might face a tumultuous weather during the forecast period (2017-21). This can be attributed to various factors such as high implementation costs of outdoor advertising, as advertisers require permission from authorities to advertise on different mediums, which in turn requires investments on the advertiser’s behalf. Because of the growing mobile device penetration, there has been a leap across all digital networking platforms which poses as a threat to outdoor advertising platforms. The outdoor advertising platforms are plagued by the high-power consumption it demands. However, the major vendors like Clear Channel Outdoors, JcDecaux Group, Lamar Advertising, Outfront Media and Ströer, must devise a strategy to push their way through these obstacles.
Outdoor Advertising Market – A Sky Full of Stars
During the forecast period (2017-21), the worldwide market for outdoor advertising is set to witness trends that will aid the market to shine bright. The outdoor advertising market is set to adopt 3D technology and smart boards for digital signage and outdoor channels. Moreover, customized real time outdoor advertising is possible with the help of geofencing the advertising channels.
Our experienced team of analysts at Technavio, a market research company, bring you a comprehensive report on the Global Outdoor Advertising Market and it forecasts the market to have a silver lining during the forecasted period (2017-21). What are you waiting for? Download the free samples right-away or even better, ask us for a made-to-order report.
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