“The future prospects for OOH advertising industry is Promising”
“The future prospects for OOH advertising industry in India are very optimistic.”
The key drivers for high growth of the OOH advertising industry are changing demographic trends and lifestyle trends, augmenting consumer awareness and increased spending by advertisers, changing macro-dynamic variables and rising population who spend majority time outdoor.
The OOH advertising industry is one of the main contributors to the growth advertising industry in India. It along with the online advertising has changed the market dynamics of the advertising industry; they have replaced the reliance on traditional media like print and TV. This has led to advertisers now focusing their attention on OOH as medium for high growth
OOH advertising in India comprises of two major segments namely Physical and Digital OOH mediums, with the physical ad space segment accounting for the lion’s share of around 96.5% in 2013. The lifestyles of the Indian population have been providing a major thrust for the growth in demand for the OOH advertising sites. Additionally, the rising number of people who are exposed to the transit media is fueling the demand for high growth of this sector.
The OOH advertising industry in India is highly fragmented and diversified across various segments of media vehicles and target locations for the advertisements. India OOH Advertising Industry is majorly dominated by contribution from different sectors which include FMCG, media and entertainment, auto, telecom, financial services and others. All of these sectors are key contributors and have a strong influence on the spending of the OOH advertising in India. The OOH advertising industry has been witnessing increased contribution from physical and digital ad space. The turnover of OOH advertising industry was registered at INR 21200.0 million, with a CAGR of nearly 4.8% over the period FY’2008-FY’2014. The OOH Advertising Industry in India is further expected to grow at a CAGR of ~% during the period FY’2015-FY’2019.
According to the research report titled, “India OOH Advertising Industry Outlook to 2019 –Digital OOH and Transit Media to Steer the Growth” by Ken Research, The digital ad space which accounted for the second position in the OOH Advertising Industry in India, is likely to incline at a high rate in the future, owing to the trend of new innovative and customized solutions which are being provided to the brand owners by the major OOH players.
The report provides detailed overview on OOH advertising in India and helps readers to identify the ongoing trends in the key segments of the industry and anticipate growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants and analysts, OOH advertising companies, the major brand owners and the entire OOH industry value chain stakeholders to align their market centric strategies according to ongoing and expected trends in future.