Global digital out-of-home (DOOH) market is estimated to grow at a CAGR of nearly 10.7% during the forecast period (2024-2031). The market growth is driven by rising urbanization across the globe and increasing demand for programmatic advertising. Additionally, there increasing shift from offline out-of-home advertising to DOOH advertising to novel technologies such as beacons and geofencing, which is also contributing towards the market growth.
The global DOOH market is segmented by application (billboard, transit, street furniture, malls, and others), by vertical (entertainment, retail and e-commerce, BFSI, telecom, hospitality, automobile, food and beverage, and others), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).
Market Dynamics
- The retail and e-commerce segment is adopting DOOH advertising to drive an audience. The digital screens make the advertising campaigns more lively and eye-catching. Rising competition in the organized retail sector and an increasing number of shopping malls have encouraged marketers to harness the opportunity of DOOH media, contributing to the market growth.
- North America is anticipated to hold a significant market share during the forecast period, attributed to the rising focus on programmatic advertising in the region and the presence of major players with different verticals in the region.
- Asia-Pacific is estimated to witness significant growth in the market owing to the increasing smart city initiatives and increasing focus on digital marketing campaigns in the region.
The major players in the global DOOH market include CDecaux Group, OUTFRONT Media Inc., Daktronics, Inc., Clear Channel Outdoor Holdings, Inc., and Adomni, Inc., among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
Recent Developments
- In May 2024, ELAN Media, announced the launch of its innovative Digital Out-of-Home (DOOH) screens at select WOQOD petrol stations across Qatar. The launch was of result of the partnership between ELAN Media and Qatar Fuel (WOQOD).
- In April 2023, Lightbox, a leader in digital out-of-home video, announced a partnership with Monster XP, to bolster its burgeoning window-front media product.
- In September 2022, Hivestack announced the expansion of its LatAm business with the launch of operations across Brazil. The brands, agencies, omnichannel demand-side platforms (DSPs), and media owners in Brazil were able to access the Hivestack platform and suite of solutions to plan, activate, measure, and drive revenue from programmatic DOOH campaigns in Brazil.