Global advertising market to reach US$ 769.9bn by 2024, says report
Advertising plays a vital role in communicating the value proposition of an organisation’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.
According to the latest report by IMARC Group, titled “Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global advertising market size was estimated to be US$ 532.5 Billion.
Advertisement aids consumers in discovering new products or services and learning about the upcoming event. On the other hand, it helps advertisers in announcing new, exciting or helpful information, and educating consumers about their products or services. It is also utilized to promote political messages among voters during elections. Besides this, the increasing usage of electronic devices, such as smartphones, laptops and tablets, coupled with a rise in the number of internet users, has expanded the scope of digital advertising. Along with this, technological advancements have led to the evolution of cloud advertising and other enhanced advertising business models. Moreover, ad agencies worldwide are continuously increasing their spending on advertising within the entertainment, out-of-home and digital segments. For instance, Publicis Groupe, a multinational advertising and public relations company, is investing in digital advertisements. Looking forward, the market value is projected to reach US$ 769.9 billion by 2024, expanding at a CAGR of around 6.3% during the forecast period (2019-2024).
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.
About IMARC Group
IMARC Group is a leading market research company that offers management strategy and market research worldwide. It partners with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organisations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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