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

Digital Out-of-Home Advertising - North Macedonia

North Macedonia

Ad spending in the Digital Out-of-Home Advertising market in North Macedonia is forecasted to reach US$0.88m in 2024.
The expected annual growth rate (CAGR 2024-2029) of 7.95% indicates a projected market volume of US$1.29m by 2029 in North Macedonia.
In 2024, the projected market volume of US$4,366.00m shows that most ad spending will be generated China.
The average ad spending per capita in the Digital Out-of-Home Advertising market is projected to amount to US$0.42 in North Macedonia in 2024.
North Macedonia's Digital Out-of-Home Advertising market is rapidly growing, leveraging innovative technology to capture consumer attention in urban centers.

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

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Analyst Opinion

The Digital Out-of-Home Advertising market in North Macedonia has been experiencing significant growth in recent years.

Customer preferences: Customers in North Macedonia are increasingly turning to digital out-of-home advertising as a way to reach their target audience. This is due to the fact that digital advertising offers a number of advantages over traditional forms of advertising. For example, digital ads can be easily updated and changed, allowing businesses to quickly respond to market trends and customer preferences. Additionally, digital out-of-home advertising allows for more targeted and personalized messaging, which can help businesses to better connect with their customers.

Trends in the market: One trend that has been driving the growth of the digital out-of-home advertising market in North Macedonia is the increasing use of mobile devices. With the widespread adoption of smartphones and tablets, people are spending more time on their devices and less time watching traditional television or reading print media. As a result, businesses are shifting their advertising budgets towards digital out-of-home advertising in order to reach consumers where they are spending their time. Another trend that is driving the growth of the digital out-of-home advertising market in North Macedonia is the increasing availability of digital signage. Digital signage is becoming more affordable and accessible, allowing businesses of all sizes to incorporate digital advertising into their marketing strategies. This has led to an increase in the number of digital billboards and displays throughout the country, creating more opportunities for businesses to engage with their target audience.

Local special circumstances: One unique aspect of the digital out-of-home advertising market in North Macedonia is the country's small size and close-knit communities. This has led to a strong sense of community and a high level of trust among consumers. As a result, businesses that are able to effectively engage with the local community through digital out-of-home advertising are likely to see a high level of success.

Underlying macroeconomic factors: The growth of the digital out-of-home advertising market in North Macedonia is also being driven by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in consumer spending. Additionally, North Macedonia has a young and tech-savvy population, which is more likely to engage with digital advertising. These factors, combined with the increasing availability and affordability of digital signage, have created a favorable environment for the growth of the digital out-of-home advertising market in North Macedonia.

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.