The Global Market for Digital Advertising and Marketing in Terms of Spending is Projected to Exceed US$522.8 Billion by 2024
Emergence of Mobile Devices
as the Preferred Digital Media Platform Drives Growth of Digital Advertising &
Marketing, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Digital Advertising and
Marketing market. The global market for Digital
Advertising and Marketing in terms of spending is projected to exceed US$522.8 billion
by 2024, driven
by the rapid shift of media spending from traditional to digital, and expanding
digital media user base supported by the emergence of mobile devices as the
preferred digital media platform.
Digital
advertising and marketing, also known as online advertising, Internet
advertising, Internet marketing, web advertising or e-advertising, serves a
larger number of global audiences leveraging Internet technologies to deliver
promotional material through devices that are connected to the Internet, such
as smart phones, smart TVs, and gaming consoles, among others. The global media
spending is rapidly shifting from the hitherto high cost and relatively low
visibility traditional media channels towards the low cost and higher
visibility digital media such as internet and mobile. Key factors driving the
transformation include the rise of the connected consumer as a result of the
rapid penetration of smartphones and tablets; expanding internet user base as
well as mobile internet user base; and the faster growth of broadband
connectivity in both developed and developing countries. With several
advantages such as higher viewer recall retention of digitally displayed
messages, consumer-targeting capabilities and sophisticated measurement
techniques stacked in its favor, digital advertising services are poised to
witness healthy growth in the coming years.
Future
growth in the market will be primarily driven by the growing proliferation of
mobile devices as the preferred digital media platform, rapid adoption across
various industry verticals, improving economic environment, expanding mobile
subscriber base, and increasing distribution of films and music online.
Continuous shift of users towards digital media and rapid evolution in consumer
behavior towards value-based advertising where the target audience are
appropriately compensated for their time and attention through loyalty points,
free/subsidized content, and various user-friendly tools, are additionally
providing impetus to market growth. Overall increase in advertising budgets,
generous allocation of budget to online ads, augmented prices for direct
response vehicles and branding ads, and an increase in the number of
advertising agencies incorporating online media into their integrated campaigns are some of the major
factors driving market expansion. Other important factors poised to benefit
market prospects in the near term include surging popularity of social media
networking that promote improved targeting; increasing trend towards mobile
apps offering huge potential for cross-platform advertising; growing prominence
of IoT and the resulting growth in connected devices; and robust demand for
digital video advertising supported by effective delivery and streaming of ad
content.
As
stated by the new market research report on Digital Advertising and
Marketing, the
United States represents the largest market worldwide. Asia-Pacific represents
the fastest growing market with a CAGR of 15.2% over the analysis period. Key
factors driving growth in the region include steady migration from traditional
media channels to the attractive digital medium; growing mobile and broadband
penetration; increasing adoption of 4G mobile network technologies; expanding
middle class population; changing media consumption habits; growing popularity of
Internet-based activities such as online shopping, and spiraling sales of Internet-enabled
mobile devices.
Key
players in the market include Acxiom Corporation, Alibaba Group Holding
Limited, Amazon.com Inc., AOL Inc., Baidu Inc., Conversant Inc., Dentsu Aegis
Network, DoubleClick Inc., Eniro AB, Facebook Inc., Google Inc.,
IAC/InterActiveCorp., InfoSpace Inc., LinkedIn Corporation, Microsoft
Corporation, Oath Inc., ONE by AOL, Pandora Media Inc., Sina Corporation,
Sohu.com Inc., Tencent Inc., TOM Group Limited, TradeDoubler AB, Twitter Inc.,
Xaxis, and Yahoo! Inc. among others.
The
research report titled “Digital Advertising and
Marketing: A Global Strategic Business Report” announced by Global Industry Analysts Inc.,
provides a comprehensive review
of market trends, issues, drivers, mergers, acquisitions and other strategic
industry activities of global companies.
The report provides market estimates and projections in terms of Ad
spending for all major geographic markets such as the US, Canada, Japan, Europe
(France, Germany, Italy, UK, Spain, Russia, Sweden, the Netherlands, and Rest
of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of
Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and
Rest of World. Various modes and formats analyzed in the report include Search,
Display, and Others.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
To
connect with us, visit our LinkedIn page.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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