Market Size of South Korea OOH And DOOH Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 5.45 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea OOH And DOOH Market Analysis
The South Korea OOH And DOOH Market is expected to register a CAGR of 5.45% during the forecast period.
- The South Korean OOH and DOOH market has grown significantly over the past few years. Market vendors are integrating digital technologies with traditional advertisement displays in indoor and outdoor public spaces. The offline advertising business in the country is gradually adopting technological innovation, thus positively indicating the market's growth.
- Moreover, due to the rapid advancement of technology over the years, digital out-of-home advertising has gained significant popularity among marketers and advertisers in South Korea due to its ability to reach a large and diverse audience. Compared to traditional out-of-home advertising, digital out-of-home screens can provide a more focused advertising platform. DOOH helps advertisers create impactful, entertaining, and dynamic advertisements that are targeted to specific audiences based on data such as location, weather, time, and demographics.
- Thus, the growth of DOOH signage, coupled with the development of smart cities, has allowed advertisers to take advantage of and reap its benefits, which is expected to drive the market's growth during the forecast period. Smart city projects use various digital displays to ensure the smooth functioning of the city, and every digital screen is a potential source of advertising money. Such developments create significant scope for expansion of the South Korean OOH and DOOH market during the forecast period.
- Further, the South Korean government's active role in offering free advertising zones in the country is further propelling the market's growth and creating significant growth opportunities for market vendors. For instance, in December 2023, the Ministry of the Interior and Safety announced that Myeongdong and Gwanghwamun Square in Seoul have been designated as ‘outdoor advertising free display zones.’ These areas will be transformed into advertising and media hotspots like Times Square in Manhattan, New York.
- In the coming years, technological advancements and growth in business expansion create opportunities for market vendors to help brands reach their target customers. The technological innovations in outdoor media with digital capabilities enable businesses to create an impact while also understanding the impact of the campaigns across the full marketing funnel, which is driving the demand for the market across businesses from various sectors across South Korea.
