Market and Markets released its "Digital Out of Home Market (DOOH) by Product (Billboard, Street Furniture, and Transit), Application (Indoor and Outdoor), Vertical (Commercial, Infrastructural, Institutional), and Geography - Global Forecast to 2023" report.
Per the report, the digital out of home market is expected to grow from USD 12.52 Billion in 2016 to USD 26.21 Billion by 2023, at a CAGR of 10.7% between 2017 and 2023. The increased spending on programmatic advertising, advancements in technology offerings, and infrastructure expansions are the key driving factors for the digital out of home market. Increasing focus on business intelligence (BI) and rising market competitiveness is also fostering the growth of digital out of home market.
Indoor applications are expected to grow at the highest CAGR during the forecast period. As the usage of products such as displays, media players, and projectors in retail and hospitality increases, the digital out of home market would also experience growth. There is also a growing demand among the customers for displays based on direct-view LED and LCD technologies. These displays have a significant resolution and can be used to construct seamless and infinite size video walls. New technological innovation for digital out of home such as electronic paper displays is still in the stage of development.
The commercial vertical is expected to hold the largest share of the digital out of home market by 2023. This is mainly due to the increasing demand for digital out of home systems in commercial applications, along with improvements in technology offerings and infrastructure expansions. The commercial vertical includes retail and hospitality, in which the customer interaction mostly takes place through kiosks and interactive billboards. Print advertisement has minimized as the digital out of home screens are being targeted toward the audiences with the help of interactive content to make the message attractive by using it effectively according to the demand in the market.
North America is expected to hold the largest share and dominate the digital out of home market between 2017 and 2023. North America is the early adopter of latest display technology, and there is a continuous awareness regarding the benefits of commercial displays in the region.
The digital out of home market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing developments in the field of transportation, communication, public infrastructure, and construction are expected to create demand for digital out of home in this region.