The global digital marketing market size reached US$ 322.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 689.8 Billion by 2028, exhibiting a growth rate (CAGR) of 13.62% during 2023-2028. The increasing penetration of connected devices, easy access to high-speed internet, and ongoing technological advancements are some of the major factors propelling the market.
Market Size in 2022
|US$ 322.2 Billion
Market Forecast in 2028
|US$ 689.8 Billion
|Market Growth Rate (2023-2028)
Digital marketing refers to the use of online platforms, technologies, and strategies to promote products, services, or brands to a targeted audience. It encompasses various channels such as websites, social media, email, search engines, and mobile apps to reach potential customers. Digital marketing leverages data analytics and consumer behavior insights to optimize campaigns and deliver personalized, relevant content. Its advantages include broader reach, real-time performance tracking, and cost-effectiveness compared to traditional advertising methods. By utilizing digital channels effectively, businesses can engage with their audience, build brand awareness, drive website traffic, and ultimately, achieve their marketing goals.
The exponential growth of internet users and online activities will stimulate the growth of the market during the forecast period. Moreover, the increasing adoption of mobile devices has transformed consumer behavior, leading to a surge in mobile marketing strategies such as mobile apps, responsive websites, and location-based advertising, which in turn is positively influencing the market growth. Apart from this, the rising data-driven marketing techniques that enable businesses to gather valuable customer insights, allowing for personalized and targeted campaigns to improve customer experiences and drive better results, has catalyzed the market growth. Besides this, the measurable nature of digital marketing provides businesses with real-time analytics and performance data, facilitating continuous optimization and cost-effectiveness, is propelling the market growth. Furthermore, ongoing innovations in technologies such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) are presenting new and exciting possibilities for digital marketers to create immersive and engaging experiences, thereby contributing to the market growth.
Digital Marketing Market Trends/Drivers:
Increase in internet penetration rates
The widespread adoption of the internet has revolutionized the way people connect, communicate, and consume information. With an ever-growing number of internet users across the globe, digital marketing has become an essential strategy for businesses to reach their target audiences effectively. The increase in internet penetration rates has expanded the potential customer base, allowing marketers to leverage various online platforms such as social media, search engines, email, and websites to engage with users and promote products and services. This in turn has transformed the marketing landscape, prompting businesses to allocate more resources to digital marketing efforts to stay competitive in the digital era. Additionally, the rise of mobile internet usage further fuels the market growth, as mobile devices become a primary medium for accessing the internet and consuming online content, presenting new avenues for reaching consumers on the go.
Rapid shift toward online shopping
The advent of e-commerce channels has reshaped consumer behavior, with a growing number of people opting for online shopping over traditional brick-and-mortar retail experiences. Consumers now seek convenience, a wide range of products, and competitive pricing, all of which are readily available in the online shopping environment. As a result, businesses have started recognizing the significance of having a strong digital presence to capture the attention of potential buyers. Through targeted digital marketing campaigns, businesses can showcase their products, offer personalized recommendations, and create a seamless shopping experience. This shift toward online shopping has led to increased investments in online advertising, social media marketing, influencer collaborations, and other digital marketing strategies, as businesses strive to tap into the growing online consumer base and drive sales through various digital channels.
Advent of data-driven marketing
The digital landscape generates vast amounts of data daily from user interactions, behavior patterns, and preferences. The ability to collect, analyze, and interpret this data has become a game-changer in the world of marketing. Data-driven marketing empowers businesses to gain valuable insights into customer demographics, interests, purchase history, and engagement metrics. With this knowledge, marketers can create highly targeted and personalized campaigns that resonate with specific audience segments. By utilizing data-driven marketing strategies, businesses can optimize their ad spend, maximize return on investment (ROI), and refine their marketing efforts based on real-time performance metrics. This has transformed marketing from a hit-and-miss approach to a more strategic and results-oriented discipline, enabling businesses to connect with their audiences more effectively and achieve their marketing objectives with more precision and efficiency.
Digital Marketing Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global digital marketing market, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on the digital channel and end-use industry.
Breakup by Digital Channel:
- Email Marketing
- Search Engine Optimization (SEO)
- Interactive Consumer Website
- Online/Display Advertising
- Blogging and Podcasting (Including Microblogging)
- Social Network Marketing
- Mobile Marketing
- Viral Marketing
- Digital OOH Media
- Online Video Marketing
Social network marketing dominates the market
The report has provided a detailed breakup and analysis of the market based on the digital channel. This includes email marketing, search engine optimization (SEO), interactive consumer website, online/display advertising, blogging and podcasting (including microblogging), social network marketing, mobile marketing, viral marketing, digital OOH media, online video marketing, and others. According to the report, social network marketing represented the largest segment.
Social network marketing boasts an immense reach, engagement potential, and targeted advertising capabilities in the modern digital landscape. With billions of users active on different social media platforms, businesses can reach a vast and diverse audience to promote their products and services. Social media allows direct interactions with customers, fostering brand loyalty and establishing a humanized brand image. The ability to share content on social networks to enhance brand visibility and expand its online presence is propelling the growth of this segment.
Social media also provides valuable data on user behavior and preferences, enabling businesses to refine their marketing strategies and deliver personalized content to specific audience segments. The rise of influencer marketing on social platforms further amplifies its impact, as influencers can effectively endorse products to their highly engaged followers. As social network marketing continues to evolve, businesses are increasingly allocating resources to leverage its potential, making it a key factor driving the growth of the digital marketing market.
Breakup by End Use Industry:
- Media and Entertainment
A detailed breakup and analysis of the market based on the end use industry has also been provided in the report. This includes automotive, BFSI, education, government, healthcare, media and entertainment, and others.
The automotive industry leverages online advertising, social media campaigns, and interactive content to showcase new car models, engage with potential buyers, and promote innovative features and technologies. The BFSI (Banking, Financial Services, and Insurance) sector heavily relies on digital marketing to attract and retain customers, employing strategies such as personalized email marketing, social media customer support, and content marketing to educate clients about financial products and services. Similarly, the education industry utilizes digital marketing to reach prospective students through targeted online ads, social media outreach, and search engine optimization to promote courses, attract enrollments, and engage with students through online platforms.
Government agencies also leverage digital marketing for launching public awareness campaigns, using social media, email newsletters, and digital content distribution to disseminate important information, enhance citizen engagement, and promote initiatives. The healthcare sector employs digital marketing to connect with patients through content marketing, social media engagement, and search engine advertising, offering valuable health information, promoting medical services, and strengthening patient-doctor relationships. The media and entertainment industry utilizes digital marketing to build online audiences through social media campaigns, video marketing, and influencer partnerships, fostering fan engagement, and driving content consumption across various digital platforms, thereby augmenting the market growth.
Breakup by Region:
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
North America exhibits a clear dominance in the market
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
North America held the biggest share in the market due to its robust technological infrastructure, widespread internet access, and thriving digital economy. The region is also home to a vast base of tech-savvy consumers and businesses that heavily rely on digital channels for communication, entertainment, and commerce. With a highly competitive and dynamic business landscape, North American companies are actively investing in digital marketing strategies to gain a competitive edge and reach their target audiences effectively. Another major contributing aspect is the presence of major tech giants and social media platforms in the region, which drives innovation in digital marketing tools and techniques.
Moreover, North America's advanced analytics capabilities, data-driven decision-making, and early adoption of emerging technologies make it a trendsetter in the global digital marketing landscape, shaping best practices and setting benchmarks for the industry worldwide.
The market is experiencing steady growth in recent years due to the rise of artificial intelligence (AI) and machine learning (ML) algorithms, which allow marketers to analyze vast amounts of data and gain valuable insights into consumer behavior, preferences, and trends. Advancements in augmented reality (AR) and virtual reality (VR) technologies have enabled key players to offer immersive and interactive experiences for consumers. Marketers can now create virtual showrooms, product demos, and engaging AR filters to boost brand engagement and conversion rates. Moreover, constant innovations in programmatic advertising have revolutionized online ad buying and placement, optimizing ad targeting and budget allocation in real-time. Additionally, chatbots and conversational marketing have become essential tools for providing instant customer support and fostering personalized interactions. Furthermore, the leading players are leveraging the popularity and reach of social media influencers to endorse products and services. This approach allows businesses to tap into the influencer's loyal following and build authentic connections with their target audience. We also expect the market to witness a rise in strategic collaborations and partnerships, new product launches, and technological advancements by key players to drive healthy competition within the digital marketing domain.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- 97th Floor
- Disruptive Advertising
- Ignite Visibility
- Location3 Media
- PB&J Promotions LLC
- Rise Interactive (Quad)
- Split Reef LLC
- Thrive Internet Marketing Agency
- TopSpot Internet Marketing
- In Jan 2023, Cuker, a leading digital marketing and design agency, formed a strategic partnership with Wild Mike's Ultimate Pizza, a renowned brand in the pizza industry. This collaboration aims to revolutionize Wild Mike's online presence and digital marketing efforts, taking the brand to new heights in the competitive pizza market. As part of the partnership, Cuker will deploy its expertise in digital marketing, web design, and e-commerce to craft a cutting-edge online platform for Wild Mike's Ultimate Pizza.
- In July 2023, Rise Interactive (Quad), a leading marketing experience company, along with its creative and digital agencies, Periscope and Rise Interactive, announced that it is adding Nielsen-Massey Vanillas, nationwide producer of the world's finest pure vanilla and flavors, to its growing roster of clients who are opting for the company's integrated marketing offering to help them reimagine their brand-building efforts and drive sustainable growth. Led by Quad's award-winning creative agency, Periscope, the business win includes brand and creative development that will be supported with the performance marketing capabilities of Quad's digital agency, Rise Interactive.
- In Aug 2021, TopSpot Internet Marketing, a leading digital marketing agency, expanded its service offerings to include corporate and industrial video production, enhancing its comprehensive suite of digital marketing and web development solutions. With this strategic move, the company aims to provide its clients with a powerful medium to engage audiences and deliver compelling brand messages. The addition of corporate and industrial video production services allows TopSpot to create visually captivating and professionally produced videos tailored to each client's unique needs.
Digital Marketing Market Report Scope:
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Digital Channel
- End Use Industry
|Digital Channels Covered
||Email Marketing, Search Engine Optimization (SEO), Interactive Consumer Website, Online/Display Advertising, Blogging and Podcasting (Including Microblogging), Social Network Marketing, Mobile Marketing, Viral Marketing, Digital OOH Media, Online Video Marketing, Others
|End Use Industries Covered
||Automotive, BFSI, Education, Government, Healthcare, Media and Entertainment, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||97th Floor, Cuker, Disruptive Advertising, Ignite Visibility, Location3 Media, PB&J Promotions LLC, Rise Interactive (Quad), Split Reef LLC, Thrive Internet Marketing Agency, TopSpot Internet Marketing, WebFX, Webimax, etc.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the digital marketing market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global digital marketing market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the digital marketing industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.