How internet proliferation has contributed to growth of advertising market
The global internet advertising market which held a market size of USD 345.33 Million in 2020 is expected to reach USD 1,503.20 Million by 2027. The global internet advertising market is anticipated to grow at a CAGR of 24.7% over the forecast period according to research company, Report Ocean.
Continuous growth in the number of internet users across the globe is driving the demand for internet advertising
One of the most important factors fueling the growth of internet advertising market, is development in the number of internet users, coupled with the increased adoption of smartphones. Introduction of 5G technology is expected to promote further growth in the number of internet users in the forthcoming years.
Internet advertising uses internet as a platform to send promotional & marketing messages to the customers. Continuous growth of internet users globally is one of the most important factors fueling the growth of online internet advertising market. Businesses use internet advertising such as banners, pay-per-call ads, pay-per-click ads, and pop-ups through e-newsletters, search engines, suitable websites, and online magazines and newspapers to reach the right customer, at the right time.
Continuous increase in penetration of internet across the globe has presented a great opportunity for internet advertising. Growing trend of social media bloggers have also attracted huge attention of young population in the recent years, resulting in growing effectiveness of internet advertising.
Whereas, lack of technological awareness regarding internet usage in developing countries and underdeveloped countries are restraining the market growth.
Significant number of investments are being made by the market players to provide additional features to the internet advertising platforms in order to serve their clients requitements in a better way.
Covid-19 pandemic to transform the advertising platforms in the forthcoming years
Growing number of coronavirus cases across the globe has resulted in complete lockdown in various countries across the globe. This has resulted transforming the physical market into digital space. The consumer focus has shifted towards online shopping. This has resulted in the tremendous increase in the usage of internet advertising by the businesses.
Lack of awareness regarding online shopping among older generation is expected to restrain the market growth
Lack of awareness about online shopping, and usage of smartphones & laptops among old aged population, is one the most important factors retraining the market growth. The older generations shopping behavior is more inclined towards traditional media of advertisements, resulting in creating a hindrance in the market growth.
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