Global market for digital Out-of-home advertising to reach $35.1 Billion by 2027, report
Global market for Digital OOH, estimated at $18.8 Billion in the year 2020, is projected to reach a revised size of US$35.1 Billion by 2027, growing at a compounded annual growth rate of 9.3% over the analysis period 2020-2027 according to a report by Research and Markets.
Billboard, one of the segments analyzed in the report, is projected to grow at a 10% CAGR to reach $17.2 Billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Transit segment is readjusted to a revised 9.1% CAGR for the next 7-year period. This segment currently accounts for a 25.7% share of the global Digital OOH market.
The Digital OOH market in the U.S. is estimated at $5.6 Billion in the year 2020. The country currently accounts for a 29.64% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of $6.1 Billion in the year 2027 trailing a CAGR of 8.7% through 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.6% and 7.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 7.6% CAGR while Rest of European market (as defined in the study) will reach US$6.1 Billion by the year 2027.
In the global Street Furniture segment, USA, Canada, Japan, China and Europe will drive the 8.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3 Billion in the year 2020 will reach a projected size of $5.3 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.1 Billion by the year 2027.