The global digital out of home (DOOH) market is estimated to grow at a CAGR of nearly 10.7% during the forecast period. a significant rise in smart city projects across the countries is offering an opportunity for market growth. The rising number of smart city projects have been witnessed in the US, China, India, and Germany. As per the German Asia-Pacific Business Association, it has been shown that more than 500 cities in China have already been working to the new smart city initiative “PATH. China’s smart city initiatives have been primarily attributed by technology players that are working to making smart cities across the country.
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Tencent Holdings, Inc., Huawei Technologies Co., Ltd., and Alibaba Group Holding Ltd. has been leading in the smart city projects in China. The government support for smart city projects is primarily encouraging the growth of the market. For instance, in December 2015, the US Department of Transportation (U.S. DOT) introduced the Smart City Challenge. Under the challenge, the government asked mid-size cities across America for the development of ideas for the first-of-its-kind and integrated smart transportation system. This smart transportation system would utilize technology, applications and data. This is designed to support people and goods to move more rapidly, efficiently and cost-effectively.
The rising investment in smart city projects across the countries has increased the need for funds to make the infrastructure more efficient. Advertisement space can be sold in smart cities to fund the project, generate extra revenue for the city, and save taxpayers and users hefty fees. LinkNYC network, which offers free WiFi and telephony services, local wayfinding and device charging stations, is completely funded by advertisement revenue and is estimated to generate $500 million for New York City, US. The creative and dynamic capabilities of DOOH make for some beautiful, bright campaigns, and can add charm to a city.
Digital screens provide the ability to reach massive audiences, and with the connected data, smart cities can be a suitable platform for sharing brand stories. By integrating smart data and smart screens, advertisers can reach their audience with potential messaging. These are able to develop and deliver connecting and dynamic campaigns to massive audiences, as well as tailored messaging to smaller target groups, which can be easily achieved through DOOH. With targeting capabilities and functionalities such as facial recognition, and dynamic messaging based on weather, location, time and other real-time data, consumers can take the benefit from ads that are relevant and contextual. Therefore, the rising smart city projects are expected to offer significant opportunity for the global DOOH market.
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DOOH Market Segmentation
By Application
- Billboard
- Transit
- Street Furniture
- Malls
- Others
By Vertical
- Entertainment
- Retail and E-Commerce
- BFSI
- Telecom
- Hospitality
- Automobile
- Food and Beverage
- Others
Regional Analysis
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
