Digital Out of Home Market is anticipated to grow exponentially by 2023

The digital out of home market is anticipated to grow at a CAGR of 10.7% between 2017 and 2023 to reach USD 26.21 Billion by 2023. In 2016, the digital out of home market was dominated by JCDecaux (France), Clear Channel Outdoor Holdings, Inc. (US), Lamar Advertising Company (US), OUTFRONT Media (US), and Daktronics (US). Other key players in the market includes Prismview LLC (US), NEC Display Solutions, Ltd. (Japan), oOh!media Ltd. (Australia), Broadsign International LLC. (Canada), Stroer SE & Co. KGaA (Germany), Mvix, Inc. (US), Christie Digital Systems USA, Inc. (US), Ayuda Media Systems (US), Deepsky Corporation Ltd. (Hong Kong), and Aoto Electronics Co., Ltd (China) among others

JCDecaux (France) market dominance is attributed to its penetration in wide application areas. The company continues to focus on developing innovative products pertaining to the digital out of home market such as transport advertising systems, billboards, and street furniture, which would leverage the global capabilities of its out of home advertising business. For instance, in January 2017, the company introduced a prototype, which is designed with the help of ARMOR (France), a leader in printing technologies, and presented to the Normandy (Secure Electronic Transactions) TES Tech Cluster the proof-of-concept for self-sustaining, interactive, solar-powered street furniture.

This new concept is equipped with ARMOR?s ASCA brand photovoltaic film to be energy self-sustaining; the furniture includes a very-low-energy interactive screen with a range of possibilities for disseminating information, including a calendar of city events, and for polling residents about a given topic. Moreover, the company invests heavily in mergers and acquisitions to strengthen its position in the out of home advertising. For instance, in December 2016, JCDecaux and Top Media, a leader in the outdoor advertising in Central America, signed an agreement to merge their activities. The new venture is termed as JCDecaux-Top Media, of which 71% of the capital is owned by JCDecaux and 29% owned by Top Media, with operations in Panama, Guatemala, Costa Rica, El Salvador, Honduras, and Nicaragua.

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The growth of the digital out of home (DOOH) market is supported by the increasing use of commercial display in advertising, which is a strong medium for promotion for all the sectors and applications. The DOOH market is driven by cost-effectiveness of digital displays. The players in this market need to continuously find unique product implementations and create complementary products and innovative services to increase their market share. Digital out of home provides an opportunity for marketing with digital billboards, creating interactive campaigns, and weekly promotion at a greater level, without wasting paper for printed boards.

Increasing deployment of DOOH solutions helps the tourism and hospitality industries to grow further. The growth of retail centers and advent of digital technology have made a positive impact on the DOOH market globally. However, the increased online/broadcast advertisement and lack of standards for interoperability between devices are restraining the growth of the DOOH market.

Deployment of DOOH solutions has increased rapidly across the globe. Technological innovations such as touch screen technology, near-field communication (NFC), and beacons have created opportunities for this market. The growth of the DOOH market is mainly dependent on the quantity and quality of the information viewed by individuals from different locations. The digital out of home displays capture more attention than the printed media; it is also cost-effective in the long run, as there are no additional costs required to change content.

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