Modern urban lifestyles exhibit a tendency towards greater indulgence in outdoor activities. In addition, people spend a greater portion of their time outdoors traveling.
The rapidly growing popularity of digital billboards, and their ability to air attractive full motion video, and visually informative graphic presentations, is helping advertisers communicate effectively with mass audiences. Technology advancements are leading to innovations in signage, and outdoor displays such as Hi-fi displays, plasma screens, magicink, LED, digital displays and electronic kiosks with interactive touch-sensitive-screens. In addition, continuous innovations are also helping expand outdoor advertising spaces.
Marketers today, wield the flexibility to display their outdoor advertisements in a variety of public places like point-of-purchase, newsstands, bus stops, washrooms, airports, subways and public transportation. This is directly translating into a marked increase in out-of-home advertising expenditures and conversely a rise in the number of outdoor advertising contracts signed. Digital printing, on the other hand, has emerged into a major driver propelling growth in outdoor advertising, since it extends advertisers the agility to quickly and cost-efficiently change outdoor ads. All of these factors, among several others, lay a strong foundation for future growth, by strengthening the perceived effectiveness of the reach, frequency, and cost efficiency of outdoor advertising. In terms of modes of outdoor advertising, world billboard advertising market, the largest mode of outdoor advertising, is expected to increase by $2.85 billion between the period 2007 to 2010.
As stated by the recent report published by Global Industry Analysts, Inc., Europe dominates this market with a 31% share, while Asia-Pacific turbo charges global growth with a CAGR of 12.3%. Transit advertising market represents the fastest growing mode of outdoor advertising flaunting the potential to reach $7.14 billion by the year 2010. Street furniture advertising market in Middle East & Africa is expected to reach $64.05 million by the year 2010.
By region, the world outdoor advertising market is dominated by Europe. Growth in Europe is fashioned by the highly lucrative Russian market, which is forecast to grow at a robust double-digit CAGR of 30.2% over the analysis period. Outdoor advertising expenditures in the two other fast growing European markets, Hungary, and Norway together, are expected to rise by $119.9 million between the period 2007 to 2010.
In Asia-Pacific, unbridled growth is forecast to be witnessed in Indonesia, Thailand, and China. Together, these three regional markets are expected to corner close to 65% of the total expenditures on outdoor advertising in Asia, by 2010. In Middle East, UAE, and Turkey are expected to generate the highest growth, with expenditures in both these markets projected to reach $214.03 million by 2010.
Source: Budapest Business Journal
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