Upbeat report suggests global DOOH market will hit $8.3bn by 2023

The sector could be worth a combined $8.3bn by 2023

An upbeat assessment of the global digital out-of-home market conducted by Allied Market Research suggests that the sector could be worth a combined $8.3bn by 2023.

The report optimistically predicts that a market worth just $3.6bn in 2016 will enjoy compound annual growth of 12.6% per year over the next five years.

Such figures demonstrate the enduring appeal of large format advertisements in high-traffic environments, a sector which is currently dominated by the billboard segment following significant investment in digital signage.

The report suggests that Europe was the place to be in DOOH in 2016 with a 38.76% share of the global market, driven in large part by demand from healthcare, financial services and government and bolstered by healthy competition among significant players such as JCDecaux and Clear Channel.

The enduring appeal of outdoor advertising is best demonstrated by Ocean Outdoor's newly installed advertising billboard at Piccadilly Circus, London, which takes the form of a 780sq/m 4K LED screen.

Get The Drum Newsletter

Build your marketing knowledge by choosing from daily news bulletins or a weekly special.