As cited by the research report titled ‘Global Billboard and Outdoor Advertising Market Size study, by Type (Painted billboards, Digital billboards, Multi-purpose billboards, Mobile billboards, Others), by Application (Highways, Railway stations, Buildings, Automobiles, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global billboard and outdoor advertising market is anticipated to grow with strong CAGR over 2020-2027.
 

Incorporation of innovative digital advertising solutions owing to technological developments, together with rapid urbanization are the factors acting as drivers for the growth of global billboard and outdoor advertising industry.
 

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According to Statista, advertisers in America spent around USD 3.5 billion on billboard and outdoor advertising in 2019, and this expenditure is expected to reach USD 5.2 billion by 2023, thereby strengthening the demand and adding to the market valuation.
 

Notably, billboard & outdoor advertising nowadays leverage digital display panels which are usually used in areas of large traffic to draw attention of the intended audience. This type of advertising is an effective way of creating awareness about a brand and broadcasting a product, a business or a campaign to a larger audience.
 

However, huge maintenance cost of these billboards and displays will continue to act as major challenge for the market partakers over the ensuing years.
 

Based on type, worldwide billboard & outdoor advertising market sphere is segmented into mobile billboards, digital billboards, painted billboards, multi-purpose billboards, and others. Speaking of the application range, highways, buildings, railway stations, and automobiles among others are revenue generators in this business sphere.
 

Geographically, North America is slated to be a major growth hub for the global billboard and outdoor advertising market over 2020-2027, owing to increasing government support to opt for digital advertising, coupled with presence of business giants in the region.
 

Whereas, Asia Pacific market is likely to showcase remunerative growth over the forecast period, on account of rising application of outdoor advertising on highways and automobiles, along with growing urbanization in developing countries like India and China.
 

Major companies in worldwide billboard and outdoor advertising industry sphere include Primedia Outdoor (Pty) Ltd., Ströer SE & Co. KGaA, Lamar Advertising Company, Focus Media Information Technology, Outfront Media Inc., Clear Channel Outdoor Holdings Inc., Capitol Outdoor, and JCDecaux Group.