At least seventy-four per cent of global senior advertising executives strongly believe developing and expanding ad ecosystems and networks will eventually offer explosive growth opportunities in the Digital Out of Home (DOOH) advertising market.
65% of advertising executives believe the market will be worth between US$50 Billion and US$55 Billion by 2026, while 30% expect it to surpass US$55 Billion.
The massive growth will come with the development and expansion of ad ecosystems and networks, in line with the rise of smart cities.
According to new research from Alfi (Nasdaq: ALF), an AI enterprise SaaS advertising platform, 93% believe that society has become more digitized during the COVID-19 crisis, which will fuel expansion in the DOOH advertising market.
“Digital technology in outdoor advertising offers advertisers and brands the advantage of reaching target audiences with relevant content and increased interaction levels at a relatively lower cost than traditional advertising,” says Paul Pereira, CEO, Alfi.
“Increased popularity of these features and reliance on intelligent screens that include our software is preparing brands to capitalize on the shifting advertising market.”
Additionally, six out of ten (61%) senior advertising executives interviewed believe strongly that given the inherent characteristics of outdoor advertising, digital technology is becoming well integrated with the changes in consumers’ interaction with advertisers.
Out-of-home (OOH) advertising is traditional (i.e., non-digital and non-programmatic) outdoor advertising, targeting consumers in public places, commuting to work, or in specific commercial locations.
DOOH advertising is OOH powered by technology that provides features including tracking, retargeting, personalization of ads, and greater attribution and measurement of campaigns.
“As consumer preferences and lifestyles continue to change, the focus for brands and advertisers should remain on catering to people’s unique needs,” added Pereira. “Alfi is already seeing an increase in consumers’ interest in, and willingness to, interact with digital advertising outside of their homes when the content is interesting and well-targeted.”
Advertisers are increasingly demanding improved performance and capabilities from the ad technology they utilize. Alfi provides data-rich reporting functionality that informs advertisers that someone viewed their ad, the number of views, and each viewer’s reaction to the ad, and analytics, accountability, transparency, proof of engagement and actual impressions.