Market Insights Advertising & Media Advertising Out-of-Home Advertising

Digital Out-of-Home Advertising - Colombia

Colombia

Ad spending in the Digital Out-of-Home Advertising market in Colombia is forecasted to reach US$24.88m in 2024.
The expected annual growth rate (CAGR 2024-2029) is 8.93%, leading to a projected market volume of US$38.16m by 2029.
With a projected market volume of US$4,366.00m in 2024, the majority of ad spending will be generated China.
The average ad spending per capita in the Digital Out-of-Home Advertising market is projected to be US$0.48 in 2024.
Colombia's Digital Out-of-Home Advertising market is rapidly expanding, driven by innovative technology and a growing demand for interactive and engaging campaigns.

Key regions: India, France, United States, United Kingdom, China

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Analyst Opinion

The Digital Out-of-Home Advertising market in Colombia is experiencing significant growth and development.

Customer preferences: Colombian consumers are increasingly embracing digital technology and spending more time outside of their homes. This shift in consumer behavior has led to a greater demand for digital out-of-home advertising. With the rise of smartphones and the popularity of social media platforms, people are constantly connected and looking for engaging content. Digital out-of-home advertising provides a unique opportunity for brands to reach consumers in a highly visible and interactive way.

Trends in the market: One of the key trends in the digital out-of-home advertising market in Colombia is the adoption of new technologies. Companies are investing in digital signage and interactive displays to create more engaging and personalized advertising experiences. This includes the use of augmented reality and virtual reality to create immersive campaigns that capture the attention of consumers. Additionally, there is a growing trend towards programmatic advertising, which allows for real-time bidding and targeting of specific audiences. This enables advertisers to optimize their campaigns and deliver relevant content to consumers. Another trend in the market is the integration of data and analytics. Advertisers are leveraging data to better understand consumer behavior and preferences. This data-driven approach allows for more targeted and effective advertising campaigns. By analyzing data on consumer demographics, location, and behavior, advertisers can deliver personalized content that resonates with their target audience.

Local special circumstances: Colombia has a vibrant and dynamic advertising industry. The country is known for its creative and innovative approach to advertising. This, coupled with a growing middle class and increasing urbanization, creates a fertile ground for digital out-of-home advertising. The Colombian market is highly competitive, with both local and international brands vying for consumer attention. As a result, advertisers are constantly looking for new and innovative ways to stand out and capture the attention of consumers.

Underlying macroeconomic factors: Colombia's economy has been growing steadily in recent years, with a strong focus on infrastructure development. This has led to an expansion of transportation networks, including highways, airports, and public transportation systems. These infrastructure developments provide new opportunities for digital out-of-home advertising. For example, digital billboards and displays can be strategically placed along highways or in airports to reach a large number of consumers. Additionally, Colombia has a young and tech-savvy population, which further fuels the demand for digital out-of-home advertising. As the economy continues to grow and more people move to urban areas, the market for digital out-of-home advertising is expected to expand even further.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital out-of-home advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers internet-connected out-of-home advertisements such as digital billboards, digital street furniture, digital transit and transportation, and digital place-based media.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, population, urban population, and internet infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.