Digital Out-Of-Home (DOOH) Market Trends Strategic Mergers and Growth Projections for 2024

Introduction: The Digital Out-Of-Home (DOOH) Market – A Rising Star in Advertising

The Digital Out-Of-Home (DOOH) advertising market is experiencing rapid growth in 2024, fueled by technological advancements, increased consumer engagement, and the shift towards programmatic advertising. DOOH represents a dynamic and interactive platform for advertisers, blending traditional outdoor formats with digital technologies to reach audiences in real-time. As more businesses recognize the power of digital billboards, interactive screens, and data-driven solutions, the global market is set to grow significantly, with mergers and acquisitions (M&A) playing a pivotal role in this expansion.

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Key Trends Driving the Digital Out-Of-Home Market in 2024

The DOOH market is undergoing a massive transformation, and key trends are shaping its future. In 2024, the industry is expected to see an increase in digital signage adoption, interactive campaigns, and AI-powered programmatic advertising. Here’s a closer look at these trends:

1. Growth of Programmatic Advertising

Programmatic advertising, which uses algorithms and data to automate the buying and selling of advertising space, is becoming a significant force in DOOH. Brands and advertisers can now target consumers with greater precision based on real-time data, location, and behavior patterns.

2. Interactive and Immersive Campaigns

DOOH campaigns are becoming more interactive, with consumers engaging directly through touchscreens, QR codes, and even augmented reality (AR) experiences. This shift is designed to foster deeper consumer engagement, improving brand recall and driving conversions.

3. Integration with Mobile and IoT Technologies

With the rise of Internet of Things (IoT) technologies, DOOH platforms are becoming increasingly interconnected. Smart screens and digital billboards now leverage mobile devices and location-based targeting to deliver highly relevant and timely advertisements to consumers.

4. Data-Driven Advertising

The use of big data and artificial intelligence (AI) in DOOH is growing rapidly. Advertisers can now access real-time analytics that help optimize content based on audience behavior, weather, traffic patterns, and other variables. This level of customization is enhancing the effectiveness of campaigns.

Mergers and Acquisitions Shaping the DOOH Market: Global Developments

As the digital out-of-home market grows, mergers and acquisitions (M&As) are increasingly driving consolidation and expansion. Major players in the global market are seeking to gain a competitive edge by acquiring innovative technologies, expanding their product offerings, and entering new regional markets. Below are some key M&As and developments from various countries:

Key Mergers and Acquisitions in 2024:

1. Vietnam: VGI Global Media, a leading player in Southeast Asia, acquired Vietnam’s Digital Outdoor Network in early 2024. This acquisition aims to expand its digital presence across Vietnam and integrate AI-powered advertising solutions into its network of digital billboards.
2. Thailand: Thai Outdoor Advertising (TOA) merged with VGI Global Media to create one of Southeast Asia’s largest digital out-of-home advertising networks. The merger focuses on expanding programmatic DOOH capabilities and enhancing targeted advertising for both local and international clients.
3. Singapore: Clear Channel Outdoor expanded its footprint in Singapore by acquiring STB Digital, a local tech-driven DOOH company. This strategic acquisition allows Clear Channel to offer more data-driven, programmatic solutions to brands across Asia-Pacific.
4. Japan: In 2023, JCDecaux completed the acquisition of Tokyo Digital Networks, a prominent provider of interactive digital signage solutions. The acquisition enhances JCDecaux’s capabilities in smart cities and public space advertising.
5. South Korea: LG Electronics acquired Samsung Outdoor Media, a division of Samsung Electronics specializing in digital billboards and smart signage. This acquisition will allow LG to leverage IoT technologies and enhance its digital display offerings across the region.
6. United States: Outfront Media expanded its presence in the US by acquiring Katalyst Outdoor, a leader in digital outdoor advertising. The acquisition strengthens Outfront’s position in programmatic DOOH and enhances its network of digital billboards in major urban centers.
7. Europe: Prismaflex and GlobalView Outdoor merged in 2024, creating a pan-European leader in the DOOH space. The merged entity aims to enhance its offerings with advanced programmatic buying platforms and integrate big data solutions for more targeted advertising.

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Digital Out of Home (DOOH) Market Scope:

by Format Type

Billboard
Transit
Street furniture
Others

The worldwide digital out-of-home (DOOH) market is segmented by format type, including street furniture, transportation, and billboards. In 2023, the billboard segment led the market in terms of revenue, and this trend is anticipated to continue throughout the forecast period. This is explained by how appealing the billboards are.

by Application

Outdoor
Indoor

The digital out-of-home market is divided into indoor and outdoor segments based on application. The outdoor category brought in the most money in 2023. The same category would also have the fastest CAGR of 11.7 percent during the predicted period. Almost two-thirds of the worldwide digital out-of-home market was made up of outdoor. This is a result of emerging economies’ growing need for smart infrastructure solutions.

by End-User

Automotive
Personal care & households,
Entertainment
Retail
Food & beverages
Telecom
BFSI
Others

Automotive, personal care & homes, entertainment, retail, food & drinks, telecom, BFSI, and other end-user segments make up the DOOH market. The BFSI market is anticipated to expand at a rapid rate between 2023 and 2030. With almost one-fifth of the worldwide digital out-of-home market in 2023, the vehicle category held the largest share. However, between 2023 and 2030, the entertainment industry is predicted to expand at the quickest CAGR of 12.5%. The sports and entertainment sectors’ increasing need for digital advertising solutions is driving the market.

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Key Players in the Global Digital Out-Of-Home Market

The DOOH market is highly competitive, with several global players striving to innovate and expand their presence. Some of the key players leading the market include:

1. JCDecaux: A global leader in outdoor advertising, JCDecaux is at the forefront of DOOH with its innovative digital billboards and programmatic advertising solutions. The company continues to strengthen its digital footprint through strategic acquisitions and partnerships.
2. Clear Channel Outdoor: Known for its massive network of digital and traditional billboards, Clear Channel is investing heavily in data-driven advertising solutions. The company is expanding its programmatic advertising capabilities across North America and Europe.
3. VGI Global Media: A major player in Southeast Asia, VGI is leading the charge in digital outdoor advertising. Through strategic acquisitions and partnerships, the company has established a robust network across Thailand, Vietnam, and the broader region.
4. Outfront Media: Outfront is a top competitor in the US market, with a focus on programmatic digital billboards. The company is pushing for greater local targeting and AI integration in its outdoor advertising campaigns.
5. Lamar Advertising: Known for its expansive billboard network in the US, Lamar is ramping up its digital presence. The company is focusing on location-based targeting and interactive advertising solutions to cater to modern consumer needs.
6. Prismaflex: As a leading provider of digital signage solutions, Prismaflex is expanding rapidly in Europe. The company focuses on innovative digital billboards and is also investing in smart city projects and programmatic advertising technologies.