World Out-of-Home group projects market size growth of $36 billion
By Felicia Nwosu
After an exhaustive review of the global out- of-home advertising ecosystem, the World Out-of-Home Organisation (WOO) has predicted a quantum growth in market size of the sector in 2023 year end at $36 billion.
The global body in its report noted that after a dip in 2020 with $31 billion USD, that global OOH showed recovery and consistency in 2021 and 2022, reflecting a market size of $36 billion USD, with a prediction for 2023 which stands at an optimistic $39 billion.
Giving account on its digital record outlook, the former FEPE International proudly revealed that Digital Out-of-Home (DOOH) soared tremendously from $9.4 billion in 2020, after which the market catapulted to a projected $15 billion in 2023.
It also attributed the shift to the emergence of programmatic Digital Out of Home (pDOOH) which it said initially kicked off on a little scale at $0.14 billion in 2020, but has shown exponential growth, reaching an anticipated $0.97 billion in 2023.
It stated that in 2020, the survey covered 68 territories, accounting for 93% of Global GDP, and the 2022 edition encapsulated 73 territories, roughly 94% of Global GDP, while the latest update for 2023 broadens the horizon further, including 81 territories, a commendable 95% of the Global GDP.
In its Key highlights for the year, which pertains to expansion of survey reach, WOO said this year’s update is grounded in a short-form questionnaire that was aimed at refreshing the essential metrics from 2022, adding that the scope of the survey has seen consistent growth across the period under review.
On the part of spending by its regional distribution, the data insights into OOH, DOOH, and pDOOH spending by region indicated that North America, Asia, and Europe continue to be the dominant players in the OOH and DOOH segments.
Although such progress also penetrated into other regions such as LATAM, Africa, and AU/NZ are also making their presence felt, indicating the global acceptance and adoption of OOH advertising methodologies.
Mentioning some of the top players, the world body included countries like the United States, China, Japan, Germany, and the United Kingdom, who have continued to maintain and sustain their top positions at the forefront of the OOH, DOOH, and pDOOH markets adaptability and receptiveness to technological advancements.
In recognition of its mission and vision, WOO therefore calls for unity among global professionals for the expansion and growth of OOH industry, with its unique global mantra, “ AllUnite’s Commitment to Industry Expansion”, as part of its commitment to transcends the boundaries of technology and innovation.
It outlined its core objective which anchors around real-time audience measurement across the Globe, to provide actionable insights through real-time audience measurement, aimed at supporting businesses worldwide in understanding their audience better, driving strategic marketing decisions, and ultimately achieving better conversions.
It revealed that, AllUnite is currently making an impact in over 35 countries, ensuring that businesses have access to accurate and real-time data no matter where they operate.
Reeling out some of the future plans for 2023-2024, it affirmed that the future holds immense possibilities, and at AllUnite, is also geared to embrace them, while building on its foundational vision of connecting every person online.
Some of the plans include, deeper market penetration, technological innovations, strategic collaborations, empowering the retail space and a journey from vision to global presence.
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