Global Digital OOH Execs Expecting Dramatic Growth In Next Five Years: Survey
July 7, 2021 by Dave Haynes
New research from the Miami-based computer vision firm Alfi suggests 95% of advertising executives expect the Digital OOH ad sector to grow over the next two years, with 51% anticipating dramatic expansion.
At the end of 2020, a forecast suggested the DOOH market would be worth $41.06 billion in five years, but the survey revealed two-thirds of ad executives interviewed predict it will rise to between $50 billion and $55 billion. Another 30% expected it will be even bigger.
Alfi commissioned the market research company PureProfile to survey 100 senior advertising professionals from across the US, UK, France, Germany and Asia. Interviews were conducted online in June 2021.
The company describes itself as “an AI enterprise SaaS platform company powering computer vision with machine learning models to allow content publishers and brand owners to deliver interactive, intelligent information without violating user privacy.”
It is the second (at least) DOOH-focused computer vision firm in the fast-rising tech hotbed of Miami, joining Admobilize.
In terms of how advertising spend on DOOH will change between now and 2026, 50% of respondents anticipate it will rise dramatically and a further 40% expect it to increase slightly.
The main reason for this growth is that there will be a bigger general spend on digital advertising – the view of 66% of senior advertising professionals interviewed.
This was followed by 62% who said advances in technology mean that digital out of home advertising will be able to provide even more analysis around campaigns run on them. Other reasons given for the anticipated increased spend include the general growing focus on evaluating advertising campaigns and the strength of the DOOH market here, and a rapid increase in the number of advertising digital screens being rolled out.