Key regions: France, India, United Kingdom, Australia, China
The Out-of-Home Advertising market in Ghana is experiencing steady growth and development.
Customer preferences: Ghanaian customers have shown a strong preference for Out-of-Home Advertising as an effective way to reach a wide audience. With limited access to internet and television in some areas, Out-of-Home Advertising provides a reliable and visible means of communication. Customers appreciate the ability to see advertisements in their local communities, making it a more relatable and impactful form of advertising.
Trends in the market: One of the key trends in the Out-of-Home Advertising market in Ghana is the increasing use of digital signage. Traditional billboards and posters are being replaced with dynamic digital displays, allowing for more engaging and interactive advertisements. This trend is driven by advancements in technology and the decreasing cost of digital signage. Advertisers are also able to target specific audiences by displaying different advertisements at different times of the day. Another trend in the market is the rise of transit advertising. With the increasing urbanization and population growth in Ghana, there has been a significant increase in the use of public transportation. Advertisers are taking advantage of this trend by placing advertisements on buses, taxis, and other forms of public transportation. This allows them to reach a captive audience during their daily commute.
Local special circumstances: One of the unique aspects of the Out-of-Home Advertising market in Ghana is the prevalence of outdoor markets and street vendors. These bustling marketplaces attract a large number of people on a daily basis, making them prime locations for advertising. Advertisers often utilize billboards, banners, and other signage to promote their products and services in these areas. This form of advertising is particularly effective in reaching the local population and creating brand awareness.
Underlying macroeconomic factors: The growth of the Out-of-Home Advertising market in Ghana is closely tied to the country's economic development. As the economy continues to grow, businesses are investing more in advertising to capture a larger market share. Additionally, the government has implemented policies to attract foreign investment and promote entrepreneurship, leading to an increase in the number of businesses operating in the country. This has created a greater demand for advertising services, including Out-of-Home Advertising. In conclusion, the Out-of-Home Advertising market in Ghana is experiencing growth and development due to customer preferences for visible and relatable advertising, trends such as digital signage and transit advertising, local special circumstances such as outdoor markets, and underlying macroeconomic factors including economic growth and government policies. This market is expected to continue to expand as businesses recognize the effectiveness of Out-of-Home Advertising in reaching a wide audience.
Data coverage:
Data encompasses enterprises (B2B). Figures are based on out-of-home (OOH) advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers traditional out-of-home advertising (offline out-of-home advertisements) and digital out-of-home advertising (internet-connected out-of-home advertisements).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.
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