Global advertising market to gross US$ 769.9billion in 2024
IMARC Group, a leading market research company has in its latest report estimated that global advertising market size will gross $532.5 billion by 2024.
According to the report by the market research agency titled “Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024, the global advertising market size was estimated to be U$ 532.5 billion.
Similarly, IMARC noted that more advertising agencies worldwide are continuously increasing their spending on advertising within the entertainment, out-of-home and digital segments.
For instance, it said, Publicis Groupe, a multinational advertising and public relations company is investing in digital advertisement, and as such, “looking forward, the market value is projected to reach $769.9 billion by 2024, expanding at a cumulative Aggregate Revenue (CAGR) of around 6.3% during the forecast period (2019-2024).
The research group which observed that “advertising plays a vital role in communicating the value proposition of an organization’s offering while influencing the buying behaviours of consumers said the advertising scope has been expanded with digital advertising.
Besides, it disclosed that the increasing usage of electronic devices such as Smart-Phones, Laptops and Tablets, coupled with a rise in the number of internet users, has expanded the scope of digital advertising.
Along with this, the report added, “Technological advancements have led to the evolution of cloud advertising and other enhanced advertising business models”. Continuing, IMARC said, “moreover, advertising agencies world-wide are continuously increasing their spending on advertising within the entertainment, out-of-home and digital segments”.
Market Summary according to the report:
- Based on the type, the market has been segmented into television, print, radio, outdoor, internet, mobile and cinema advertising. Amongst these, the television advertising industry accounts for the majority of the total market share. This can be attributed to the prevalence of televisions, which has made them one of the preferred modes of advertisement.
- The market is concentrated in nature with the presence of a handful of established players who compete in terms of capital investments and advertising budgets. The stiff competition in the market makes it difficult for new entrants to survive. Some of the key market players include WPP Group PLC, Omnicom Group, Publicis Groupe, Interpublic Group of Companies and Dentsu.
Advertising plays a vital role in communicating the value proposition of an organization’s offering and influencing the buying behavior of consumers. It is a one-way communication where brands convey their message through various media to customers. Some of the objectives of advertising are brand building, increasing sales, creating demand, engagement, and expanding the customer base. Over the years, advertising has evolved from traditional media (such as print, TV, and radio) to digital advertising which revolves around online activities (such as display, pay-per-click and social media advertising). Nowadays, the goal of advertising is to attract new customers by defining the target market and reaching out to it with an effective campaign.
About IMARC
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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