How DOOH Advertising Market Size Will Reach Almost USD 60 Billion by 2030
The digital marketing landscape is evolving at a rapid pace, and DOOH advertising is emerging as a significant player in the industry. Read more to understand why keeping a close eye on DOOH is a smart move if you’re looking to stay ahead in the advertising game.
The DOOH (Digital Out-of-Home) advertising market has witnessed remarkable growth, and it shows no signs of slowing down. According to a recent report by Straits Research, the global market is projected to reach a staggering USD 57.93 billion by 2030, boasting a compound annual growth rate (CAGR) of 13.20%.
Several factors are contributing to this exponential growth. As a cost-effective, cutting-edge form of advertising that leverages digital screens placed in public locations such as billboards, transit stations, driveways and shopping malls, DOOH enables greater opportunities for marketers to succeed in their advertising efforts.
In this article, we will analyze how the DOOH advertising market size is poised to reach almost USD 60 billion by 2030, uncovering the key factors that are driving growth and explaining why you should pay attention to this dynamic sector.
From Past to Present: The Trajectory of DOOH Advertising
The growth of DOOH advertising started gaining momentum in the early 2000s, but it truly took off in the last decade. Advancements in technology, including the arrival of programmatic tools, the proliferation of high-definition screens, better connectivity, and data analytics, have fueled its expansion. Furthermore, the pandemic accelerated the adoption of digital advertising solutions as brands sought more flexible and cost-effective ways to reach their audiences.
As opposed to traditional static advertising, which may demand a time-consuming, expensive and physically intense process to get in place, digital advertising improves timeframes, costs and efficiency of marketing campaigns. With just a few clicks, marketers are able to deliver targeted, data-driven content to consumers in high-traffic and crowded areas.
The global DOOH advertising market size was valued at USD 18.98 billion in 2021, with Asia Pacific and North America as the most significant stakeholders. Straits Research anticipates that during the forecast period of 2022-2030, Asia-Pacific may reach a Compound annual growth rate (CAGR) of 19.10%, and North America may increase at a CAGR of 16.20%, which added to the worldwide growth in DOOH market size, is set to approach USD 60 billion by 2030.
Looking Ahead: The Future of DOOH Advertising
Industry players are already taking advantage of the remarkable benefits of DOOH advertising: rolling out dynamic and interactive campaigns that result in better engagement from viewers; targeting specific demographics and locations to enhance effectiveness; and twitching creative resources in real-time, to mention a few.
The increasing digitalization of outdoor advertising spaces is not only one of the major drivers behind the success of DOOH advertising, but also a key factor that is contributing to its expansion. Sustainability, economic competitiveness and transportation accessibility are prompting governments from industrialized and emerging countries to make substantial investments in infrastructure, which at the same time is fostering the integration of technology.
Both indoor and outdoor out-of-home advertising spaces are turning digital; plus, several end-user industries such as retail, healthcare, automotive, utilities and even government agencies are improving their ROI rates ever since their marketing and branding strategies started focusing on DOOH advertising. With the growing demand for personalized and context-aware content, DOOH is well-positioned to meet these needs and stands out as a beacon of innovation and engagement.
This all means one thing: DOOH advertising is not just a trend, it's a dynamic and ever-expanding segment of the advertising industry that has come to stay and slay.
