Advertising plays an essential role in influential the image of the product thereby supporting the consumers in their purchasing decision of the product. The pressure of advertising has been increasing each day with the growing influence of social media, augmenting the smartphone and internet penetration, and emerging the level of awareness. A proficient amount of money is spent on advertising campaigns bringing to the entities multi-billion profits. Moreover, it is a “product of the first necessity” for any enterprise, focused at commercial accomplishment, and its spending is further becoming more and more luxurious. Traditional media communication medium was once measured an imperative form of advertising a few years ago, however, during recent years the digital media is flourishing considerably and it has become one of the essential modes of communication in marketing and advertising for building brand sustainability.
According to the report analysis, ‘Global Digital Advertisement Market: Current Analysis and Forecast (2020-2026)’ states that Alibaba, Amazon, Facebook Inc, Alphabet, Microsoft Corporation, Sina, Nokia Corporation, Tencent, Twitter and Apple Inc and many more are the foremost players which recently operating in the global digital advertisement market more effectively for leading the highest market growth and registering the great value of market share during the review duration.
The digital advertising market is obtaining the high traction across numerous industries. The primary reasons propelling high traction are growing Internet users and high implementation rate of smartphones and several other portable devices. Since the awareness levels of users are growing day-by-day and the market place is filled with cutthroat competition, aiming the right audience is very essential. With the improvement of technology, it becomes quite simpler for advertisers to recognise a potential or prospective customer or client. With the support of digital advertising, advertisers can reach a wider pool of prospects with incurring lesser cost as compared with inconsequential print media advertising.
Based on the industry, the market is diverged into retail, automotive, financial services, telecom, consumer products, travel, and several others. The retail sector engaged the largest share during 2019. The omnichannel approach implemented by the retail segment in digital marketing as it supports to map the customer’s journey and results in changeability in every turn along with prevalent applications of customer service chatbots being comprised by retailers has led to the foremost contribution of the sector. Numerous established players have already reserved their existence in the respective market while new players have also despoiled into the digital advertisement market. Digital media has been the forerunner of growth for the advertising industry around the globe during the last few years. Every year a sustainable quantity of advertising budget is being spent on digital media and it is increasing every year.
Digital advertising market has appeared as a very strong marketing or promotional strategy. As mentioned, the reach is massive, and it is now calmer to reach the target audience. Throughout the initial introductory phase, search was the only format which obtained very high traction, but with time, organizations moved toward more collaborating advertising formats such as display ads, video, and now to mobile advertising. Mobile advertising is one of the wildest increasing advertising mediums in this digital advertising market and has auspicious future.
In addition, reliant on Ad format, the report sectors the Global Digital Advertising market into search advertising, banner advertising, social media advertising, video advertising and classifieds. During 2019, the search advertising sector registered the market and is projected to remain dominant throughout the review period 2020-2026. Search advertising enabled the user to directly display paid advertisements amongst the search results on several search engines, such as Google, Bing, and Yahoo.
Although, foremost companies such as Facebook, Google and Apple Inc are also leading among customers with their initiatives on online advertising trends. For a deep-dive analysis of the advertising trend, comprehensive regional level analysis has been conducted involving North America, Europe, Asia-Pacific, and the Rest of the World. North America employed the maximum share in the digital advertising market during 2019. With the United States observing the marked shift in dynamics over the last decade owing to surge in digital advertising accredited to proficient growth in mobile internet advertising along with digital ad expenditure in the country exceeding USD 100 billion during 2018 has catalysed the regional performance in the respective market.
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Ankur Gupta, Head Marketing & Communications