According to a new report from India-based research company ReportsnReports, the digital out-of-home advertising market is forecast to see nearly 11 percent compound annual growth over the next five years.
The report says that the DOOH market will reach $26.2 billion by 2023, up from $12.5 billion in 2016. Driving the growth is an increased spending on programmatic advertising, advancements in technology, infrastructure expansions, an increased focus on business intelligence and rising market competitiveness, the report says.
The DOOH market includes a wide variety of displays, including billboards, street furniture, transit-oriented signage and even electronic signage on vehicles.
North America held the largest market share of DOOH advertising in 2016, mainly because of its technological advancement compared with other parts of the world. The Asia Pacific region is expected to see the fastest growth in DOOH advertising in the coming years, the report says.
It goes on to say that increasingly, virtual reality and augmented reality are playing larger and larger roles in DOOH.
“The most important aspect of AR campaigns is the ability to extract valuable data,” the report states. “Tracking what users are interested in, combined with their details and movements, allows companies to shift campaigns and set prices accordingly.”