The outdoor LED sign advertising market has been thriving all around the world. In fact, it is expected to reach $14 billion by 2023, according to research. The reason for this trend is the $4 billion growth in 2016, which should increase by 21.7% from 2017-2023. More than 40% share of the global market has been accounted for in the Asia-Pacific market in 2016.
Outdoor LED sign advertising is one of the factors that contribute to this growth. Outdoor LED displays consist of various color wavelengths, which have been programmed to produce multimedia graphics, such as traffic signs, promotions, company ads, and scoreboards. These can be mounted on highways, stadiums, stages for entertainment performances, and various buildings.
Due to the advancements in technology, outdoor LED sign advertising have become more popular. Some of the factors sought hampering the growth of the market are the unstable demand and the high initial investments.
The rapid proliferation of the telecom and electronic manufacturing industries in the Asia-Pacific region was able to maintain the revenue curve in 2016. Thus, it is estimated to follow the same trend during the period forecasted.
Here are the key findings of the research conducted by Allied Market Research.
* The individually mounted outdoor LED display sector has gained the highest revenue, which accounted for 55% of the outdoor LED display market in 2016 alone.
* At the same time, the billboard application has generated the largest revenue, which accounted for more than a third of the market, also in 2016.
* More than 40% of the market share comes from Asia-Pacific, accounting for the highest revenue, as it dominated the market throughout the forecast period of 2017-2023.
The possible reasons why the outdoor LED display market has developed through the years are explained in the list that follows.
- Versatility – one of the main reasons why people love outdoor LED sign advertising is versatility, as it lights up gorgeous digital displays around the world. It has been proven beneficial to business when used correctly.
- Customization – LED technology refers also to the sign itself and not to what is shown on the LED display only. Targeted and custom messaging should be able to take impact in just a few seconds, making it an invaluable marketing tool.
- Remote Operation – even without touching the sign itself, you can basically change the visuals on the sign due to the technology running the LED displays. This has been made possible via wireless data, which sends messages back and forth between a computer and the sign.
- Indoor and Outdoor Displays – LED displays can function both in and out of the establishments, making them popular wherever they are placed. This means that it will be an added bonus to any marketing idea, particularly when it involves illumination as it attracts the attention of passersby.
- Low Maintenance – contrary to some claims of having high maintenance cost, the use of outdoor LED display is actually extremely low maintenance. This could also be modified and customized, as often as you like.
- Customer Engagement – it involves customers as it enables the display of promos, coupons, and loyalty clubs, serving businesses using outdoor LED sign advertising very well.