An oldie, but one of the most profitable advertising methods still exists. Yes, digital marketing has taken the world by storm, and its miracles and strength are indisputable; many businesses have bypassed the benefits that outdoor advertising still holds. However, there are so many benefits while using outdoor advertising agencies to develop an outdoor marketing strategy.
The ideal reason for outdoor advertising is to communicate with your target audience when they are out of their home. Nowadays, people are spending maximum time away from home, so outdoor advertising can reach active consumers, driving the growth of the outdoor advertising market.
What is Outdoor advertising?
Outdoor advertising, also known as out-of-home advertising or OOH, focuses on consumers worldwide. But it doesn’t only apply to advertisements that are figuratively “outdoors.” Ads in shopping centers, transit hubs, and other public places can be categorized as outdoor advertising.
Forms of OOH include:
- Billboards
- Posters
- Point of sale displays
- Transit advertising
- Street furniture
Benefits of Outdoor Advertising
Here are some of the benefits of OOH advertising which you must know.
- Builds your brand
- Fully customizable
- Maximum exposure
- Effective use of marketing budget
How Big is the Outdoor Advertising Market Share?
As it increases customer awareness of the brand and helps other marketing initiatives that are projected to accelerate growth, outdoor advertising is growing in popularity in the advertising industry. Additionally, since people spend more time outside their homes and businesses, marketers can reach a sizable audience with out-of-home advertising swiftly and effectively, fueling industry expansion.
According to the study, the outdoor advertising market was estimated at USD 21.96 billion in 2022, and it is anticipated to expand to USD 40.49 billion at a CAGR of 6.3% during the foreseen period of 2032.
The Billboard Advertising
Billboard advertising falls under out-of-home advertising and entails companies posting advertisements for their products or services on billboards, also referred to as hoardings in certain European countries—near major thoroughfares or other high-traffic areas. Billboards frequently reach a wider audience because of their location on important thoroughfares, roadsides, highways, etc. The billboard is one of the most popular and effective kinds of advertising.
Digital Advertising
Because it raises consumer awareness of firms and supports other marketing initiatives, digital outdoor advertising is becoming increasingly popular in the advertising sector. The ability for companies to use out-of-home advertising to quickly and effectively reach a wider audience is another benefit of individuals spending more time outside of their homes and places of employment, speeding up market growth.
Moreover, digital out-of-home advertisements provide new and original content by presenting real-time information on digital screens. During the forecast period, rising spending on digital outdoor advertising is anticipated to fuel market growth.
Which Region is Holding the Significant Market Growth?
North America made the largest contributions to the global digital outdoor advertising market due to expanding urbanization and rising customer awareness of a particular product’s branding. Digital outdoor advertising, which enables businesses to go digital and display readily available material, may contribute to the market’s growth with its eye-catching and engaging advertising strategies. The increasing expenditure on digital out-of-home advertising is also predicted to support regional market expansion.
Moreover, Europe is also expected to experience the fastest CAGR growth. The rapid urbanization and digitization of the region’s emerging nations, the growing usage of digital out-of-home advertising in commercial sectors, and the expansion of the regional market are all contributing factors. The market is still growing due to advanced technology and the emergence of intelligent cities.
Take Home Message
That’s all there is to say about the outdoor advertising market, and we hope you now have a better understanding of the many out-of-home advertising strategies and their effects on extending a brand’s reach and boosting sales.