The global out-door signage market is anticipated to accumulate a market value of US$ 26.86 billion in 2023 and is expected to garner a valuation of US$ 58 billion by exhibiting a CAGR of 8% in the forecast period 2023 to 2033. The out-door signage market reflected a growth of 5.9% CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 26.86 billion |
| Projected Market Value in 2033 | US$ 58 billion |
| Growth Rate (2023 to 2033) | 8% CAGR |
Out-door signage is one of the most widely used forms of signage across the world. It is primarily employed to advertise products to attract consumers and improve their knowledge regarding the availability and features through billboards and backlit displays, among others.
Historically, out-door signage has been successful in engaging a customer, thereby grabbing their attention which is the key to creating awareness within a few seconds that a vendor has before the customer moves on from their stores. Cost-effectiveness is another key factor that drives market growth, as it offers low-cost and efficient signage solutions for numerous industries. The deployment of these types of signs requires low investments and they also have a longer lifespan. These are the major factors helping the outdoor-signage market thrive.
The ease of deployment without the need for additional maintenance costs is the prime reason behind most of the businesses and companies that opted for these signage solutions. The growing need of promoting products effectively and on a large scale is fuelling market growth. Moreover, trends such as introductory offers on products & services election campaigns, and the growing number of live concerts & shows, is further expected to boost the use of digital posters in exterior premises, thereby augmenting the market growth.
Also, the rising demand for outdoor signage displays from small and medium businesses (SMBs) due to the growing awareness of the benefits of using these displays for marketing and advertising purposes is further creating product demand. There is high demand for this signage as they offer several advantages over traditional static signage, such as the ability to quickly and easily shift through the various contents.
Increasing popularity of LED-based outdoor signage displays, thanks to their energy efficiency and long lifespan compared to other types of display technologies like LCD or plasma screens is also boosting the market growth. Also, with the retail industry concentrating on expanding and investing considerably in advertising and marketing, the market for out-door signage is expected to witness significant growth during the forthcoming period.
The retail sector is growing at a fast pace, aided by the expansion of e-commerce; however, the brick-and-mortar industry still dominates the major market share, but the growth of e-commerce is comparatively fast-paced. ?
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing out-door signages are expected to create lucrative opportunities for market growth during the forecast period.
Principal Consultant
Out-door signage is dynamic signage that is used for displaying media content to engage viewers. Across the globe, the need for cost-effective out-door marketing solutions for enhanced communication is one of the concerns for most brand owner and retailers.
During the last decade, the use of out-door signage has been increasing exponentially as it enriches the efficiency of marketing and advertisement. Out-door signage is a popular tool for promoting and branding a specific product, any kind of offer, discounts or to convey any message in shopping malls, hypermarkets, departmental stores etc.
Furthermore, out-door signage is used for numerous applications such as graphic displays and special advertisements regarding sale, discount offers outside the store. Overall, the growth of out-door signage is expected to be positive during the forecast period.
One of the major factors which drive the growth of out-door signage is it is impressive and cost-effective. Advertising is not only about to reach the customers but also change the mind of them. Out-door signage gives the high impression to advertise something as well as it is cost-effective for those who cannot afford such high-cost signage.
For hypermarkets and the automotive industry, out-door signage plays an effective role in generating advertising and sales. Out-door marketing helps the customer in establishing a rich brand identity. Furthermore, these factors are boosting the demand for out-door signage in the market.
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Out-door signage has become an influential communication channel that allows the retail sector to reach customers effectively and quickly. The interaction between the company and its customer has done with interactive content informing about discount offers, sale of new product launch.
Therefore, attracting customers in the retail sector is creating an opportunity for out-door signage market to attract customers and boost the sales of the target market.
Due to the rise in e-commerce, customer can order any product at anytime and anywhere while seeing any kind of advertisement in out-door signage. Out-door signage has become a technological intermediary between the physical location of the customer and online merchant. Therefore, the remarkable growth in online shopping will bolster the sales for the out-door signage market.
The rise in spending by product suppliers and top brands on broadcast and online advertisements is anticipated to hamper the growth of the out-door signage market in the future. Several advertising companies and individuals are using the internet across the globe and targeting a large audience through online advertisements.
The adoption of broadcasting methods and online advertising has increased and businesses globally are spending substantial volume on internet advertising rather than out-door advertising which is hampering the growth of out-door signage market.
A few of the players actively participating in the out-door signage market consist of
Due to the rising scope of product application in hypermarkets, the automobile industry, hotels and hospitals the significant growth is anticipated in China. As many enterprises are leveraging the opportunity to promote their products or offering through large displays, which helps them to attract the target customers.
With the rising number of infrastructure, roads, malls, multiplex and many more the adoption of out-door signage has increased in China and is expected to grow over the forecast period.
Pre COVID-19 observed an accelerated growth due to digital innovations in outdoor advertising. Post the pandemic most of the industries and manufacturers have taken their steps back and ascended their investment in digital advertising or broadcasts.
As industries were concerned about buying out-door signage as the world was hit with lockdowns which results in limited people stepping out of their house. Due to the pandemic, industries have paused their spending on out-door signage which leads to a decline in the growth of the target market.
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Out-door Signage Market
