Asia Pacific is anticipated to witness the fastest growth in the Digital Out of Home Market over the forecast timespan. It can be attributed to its increased adoption in the financial services & insurance, banking, transport, entertainment, and retail sectors. Moreover, North America holds the largest share in the digital out of home market due to its highly stable economy and fast adoption of latest advanced technologies. Rising demand for efficiency and accuracy in the retail domain coupled with the changing lifestyle of individuals in urban areas is driving the regional demand.
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Growing utilization of commercial displays in the advertising sector is projected to fuel the digital out of home market growth. The growth can be accredited to the availability of relatively low cost of digital displays. Increasing adoption of VR and AR, cloud-based platform coupled with the growing demand for IoT is anticipated to provide significant opportunities to the industry.
Emerging trend of online advertising is a major factor restricting the digital out of home market growth. Online advertising attracts consumer’ attention through customized advertisements as per the viewer’s choice and helps companies target specific audience. Moreover, involvement of large number of devices in the system requires smooth operability for enhanced functioning. Lack of interoperability standards between devices with the requirement of these displays to withstand robust conditions is anticipated to negatively impact the industry.
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By vertical, the digital out of home market is segmented into commercial, infrastructural and institutional. The commercial vertical is anticipated to hold a major share in the digital out of home market owing to rapid infrastructure expansions and technological innovations in displays. Interactive billboards and kiosks play a major role in the healthcare, hospitality and retail sectors where high priority is given to customer engagement. Moreover, surge in utilization of DOOH for displaying visually appealing content focused on marketing to specific audiences, is a major factor driving the digital out of home market growth.
Based on application, the digital out of home market is classified into indoor and outdoor. The indoor segment is projected to witness growth over the forecast timespan. With rising consumer demand for enhanced displays and viewing experience in areas such as healthcare, hospitality and retail, a sharp increase in the demand for these displays in indoor environments is witnessed. The low ambient light in indoor environments and the increasing usage of media players and projectors further enhances the high resolution of these displays.
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Key players in the digital out of home market include NEC Display Solutions Ltd, Christie Digital Systems USA Inc., Scala, Broadsign International LLC, Aoto Electronics Co. Ltd, Mvix Inc., Deepsky Corporation Ltd., Daktronics, Clear Channel Outdoor Holdings Inc and Lamar Advertising Company. The industry is currently witnessing intensive competition due to the presence of large number of players.