Digital Out-of-Home (DOOH) advertising is experiencing significant growth in Canada, driven by technological advancements and evolving market dynamics. As we look ahead to 2024, the landscape for DOOH is set to become even more dynamic and impactful.
Market Growth and Projections
The global DOOH market is projected to reach USD 45 billion by the end of 2024, with revenues growing at a rate of 17%. This growth is fueled by increased investments in programmatic DOOH (prDOOH), which allows for automated buying and selling of digital ad space. In Canada, DOOH has become a vital component of advertising strategies, leveraging data-driven insights to optimize ad placements and maximize engagement.
Technological Advancements
Technological innovations are at the forefront of the DOOH market’s growth. From augmented reality (AR) and virtual reality (VR) to 3D and artificial intelligence (AI), these advancements are enhancing the creativity and effectiveness of digital out-of-home campaigns. Dynamic content has proven to attract significantly more attention than static content, with a 60% increase in viewer engagement.
Programmatic DOOH
Programmatic DOOH is gaining traction, with an increasing number of media owners making their inventory available programmatically. This shift allows advertisers to leverage real-time data for more targeted and efficient campaigns. The integration of DOOH into omnichannel demand-side platforms (DSPs) is also rising, enabling brands to reach their audiences more effectively across multiple channels.
Consumer Engagement
DOOH is highly effective in engaging consumers, especially in high-traffic areas such as urban centers, transportation hubs, and retail environments. Studies have shown that DOOH advertising is the second most memorable form of advertising after TV, making it a powerful tool for building brand awareness and credibility. Additionally, consumers find DOOH less intrusive and more likable compared to other media types.
Sustainability and Social Impact
Environmental responsibility is another key trend in the DOOH market. Many digital screens used in DOOH campaigns are designed to be energy-efficient, aligning with the growing consumer demand for sustainable practices. Furthermore, DOOH is increasingly being used to support social causes and public awareness campaigns, enhancing its positive impact on communities.
The DOOH market in Canada is poised for continued growth and innovation. With advancements in technology, increased adoption of programmatic advertising, and a strong focus on sustainability, DOOH offers a versatile and effective platform for brands to engage with their audiences. As this market evolves, businesses of all sizes have the opportunity to leverage DOOH to drive brand awareness, engagement, and growth.
Stay tuned for more insights and updates on the exciting developments in the DOOH industry!
