Digital Out of Home (OOH) Advertising Market Size

Digital Out of Home (OOH) Advertising Market Analysis

The Digital Out of Home Advertising Market size is estimated at USD 23.06 billion in 2024, and is expected to reach USD 46.79 billion by 2029, growing at a CAGR of 15.20% during the forecast period (2024-2029).

• As digital out-of-home advertisements are a cost-effective way for commercials to reach a wide range of audiences, their utilization is significant and growing, driving market expansion during the forecast period.
• Furthermore, increased urbanization and infrastructure development worldwide are expected to drive market growth during the forecast period. Again, growing expenditure on outdoor advertising by various industries is propelling market expansion because of its ability to show several advertisements on a single screen.
• Digital outdoor advertising is getting popular in the advertising world since it raises brand awareness among consumers and complements the brand's advertising campaigns on other channels, which are expected to drive market growth. Furthermore, as people spend more time outside their offices and homes, out-of-home advertising allows companies to reach a large number of people regularly and quickly, boosting the market growth during the projection period.
• COVID-19 has considerably impacted the expansion of the digital-out-of-home advertising market. During the pandemic, the decline in demand for digital signage solutions across key industries substantially influenced the need for digital out-of-home advertising solutions. Furthermore, the lack of a competent workforce owing to partial and total lockdown enacted by governments worldwide hampered the expansion of the digital out-of-house advertising market during a pandemic.
• The volatility of the cost of advertising may hinder the growth of the digital out-of-home (OOH) advertising market.