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Due to advances in urbanization and industrialization, companies are even growing in these urban or suburban areas. There are office complexes and growing employment opportunities—people's disposable income increases as their spending capacity increases. Therefore, companies want to sell their products and services to these people and make their products visible to the outside world, leading to the growth of the global outdoor advertising market.
There are many ways to do outdoor advertising, such as signs, booklet distribution, door-to-door sales, and markets. Advanced technologies have emerged in outdoor advertising tools such as artificial intelligence and machine learning, demonstrating profitability and efficiency in sales, leading to the growth of the outdoor advertising market.
GLOBAL OUTDOOR ADVERTISING MARKET TRENDS
The global outdoor advertising market value is expected to cross US$54.13 billion in 2024, growing at a CAGR of 5.1% for the period spanning from 2020 to 2024.
Factors such as the booming tourism sector, rising programming costs for digital signage, rising urban population, faster economic growth, and rising consumer confidence stimulate the market. However, the industry's growth is hampered by the outgoing telemarketing market's growth in developing economies, fierce competition, and tight regulation. Some notable trends include intensification of the DOOH advertising market, market integration, the launch of innovative tools for outdoor advertising, and outdoor advertising technology development.
Out-of-home advertising helps advertisers reach an audience that does not have access to traditional advertising, such as the younger generation, businesses, and the middle class. This allows advertisers to target demographics, age, income, and specific ethnic groups. Popular categories of outdoor advertising are billboards, street furniture, transit, and alternative advertising. Billboard is currently the most sought after medium due to the high demand for digital billboards in malls and other tourist infrastructure in different countries.
In 2020, according to the survey, Brazil will increase its investments in advertising by 8.9%, above countries such as the United States and Japan. This scenario comes from positive perspectives of GDP, which should grow around 2.1% in 2020. Based on data from 59 markets, forecasts also indicate global growth of 3.9% in 2020, reaching a total of $ 615.4 billion.
A GLOBAL MARKET GROWING BY 2.8% ON AVERAGE BETWEEN 2019 AND 2023
One of the oldest forms of outdoor or outdoor advertising (OOH) has been adopted by advertisers to promote their products and services in public spaces. Advertisements of company can be placed on different type of billboards and posters. Bus shelters, airports, shopping centers, kiosks, stadiums, inside and outside of buses, trains, and taxis. Outdoor advertising is a profitable and sustainable form of widespread advertising. Additionally, consumers are constantly exposed to outdoor advertising as it is sent to frequently visit open spaces. As a result, organizations are using outdoor advertising in combination with other media platforms to expand their reach and increase the recall value of their advertisements. According to IMARC Group's latest report, Global Outdoor Advertising Market Report & Forecast 2020-2025, the global outdoor advertising market has reached the US $ 38.4 billion. 2019.
CONCLUSION
Several factors are expected to drive the growth of global outdoor advertising during the forecast period. The development of infrastructure, especially in emerging economies, will increase the space used for outdoor advertising. The transportation system is also a cost-effective means of outdoor advertising, as large numbers of people use public transportation to get around. The modernization of public transport will further stimulate the growth of this market. Other factors include:
• The growth of the retail sector.
• The increase in the urban population.
• The beginnings of digital outdoor advertising.
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