Digital Out of Home Market to Reach $58.67 Bn, Globally, by 2031 at 11.6% CAGR: Allied Market Research
Reduced cost of digital screens across the world, rapid digitization & decline in demand for traditional billboards, and ease in data integration drive the growth of the global digital out of home market.
PORTLAND, Ore., Aug. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Out of Home Market By End-User (Automotive, Personal Care and Households, Entertainment, Retail, Food and Beverages, Telecom, BFSI, Others), By Format Type (Billboard, Transit, Street Furniture, Others), By Application (Indoor, Outdoor): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global digital out of home industry was estimated at $18.80 billion in 2020, and is anticipated to hit $58.67 billion by 2031, registering a CAGR of 11.6% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.
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Pre-Determinant Of Growth
Reduced cost of digital screens across the world, rapid digitization & decline in demand for traditional billboards, and ease in data integration drive the growth of the global digital out of home market. On the other hand, surge in the trend of online/broadcast advertisement impedes the market growth. However, rise in demand for digital signage solutions in the automotive, retail, telecom, and healthcare industries and rapid urbanization across the world are projected to create lucrative opportunities in the industry.
Scope of the Report: -
The Entertainment Segment to cite the fastest CAGR
By end-user, the entertainment segment would manifest the fastest CAGR of 14.9% from 2022 to 2031. Rise in demand for digital advertisement solution across the sports & entertainment industry is driving the market growth. The others segment, on the other hand, garnered the major share in 2020, holding more than one-fifth of the global digital out of home market, due to surge in the utilization of digital signage solutions across other sectors.
The Billboard Segment to rule the Roost
Based on format type, the billboard segment generated the major share in 2020, holding more than two-fifths of the global digital out of home market. Digital billboards are primarily used for advertisement purposes, thus offering significant growth opportunities for the market. The others segment, however, would cite the fastest CAGR of 13.5% by 2031. This is because digital out-of-home advertisement is considered to be a significant backhaul solution in the digital advertisement infrastructure, majorly used in the automotive, retail, and healthcare sectors.
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The Outdoor Segment to maintain the Lion's Share
By application, the outdoor segment contributed to nearly three-fourths of the global digital out of home market share in 2020, and is expected to retain its dominance by 2031. Rise in demand for smart infrastructure solutions across emerging economies drives the segment growth. The indoor segment, however, is expected to exhibit the fastest CAGR of 14.3% from 2022 to 2031, due to rise in demand for enhanced interaction solutions across indoor facilities.
North America Garnered The Major Share in 2021
Based on region, North America held the major share in 2020, generating around two-fifths of the global digital out of home market. Asia-Pacific, simultaneously, would garner the fastest CAGR of 13.0% by 2031. This is attributed to rising awareness of artificial intelligence and IoT technology across the province.
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Key players in the industry
The report analyzes these key players in the global digital out of home market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
Key Benefits for Stakeholders
Key Market Segments
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