The global advertising market was worth US$ 532.5 Billion. Advertising refers to a means of communication through which various brands inform about their product or service as well as influence the consumer buying behavior. It further aids consumers in learning about upcoming events and discovering new products or services. With time, the advertisers have realized the potential of mobile devices as a medium of reaching an individual or mass audience virtually from anywhere and at any time. As a result, the advertising industry has evolved from traditional media platforms to online and digital advertising.
There is a continual increase in the expenditure on media and entertainment across the globe. This essentially indicates to the steadily rising consumer expenditure capacity for acquiring internet access, subscribing to newspapers and magazines, and television and radio, along with video gaming and regular visits to movie theaters. Advertising brands and companies, on the other hand, have never failed to attract consumers’ attention and have continuously increased their investments on advertising as it is essential for a company’s survival. Apart from this, mobile advertising has witnessed exponential growth over the past few years as it has emerged as a cost-effective, convenient, and highly targeted way of communication for specific groups of mobile users. Moreover, several leading advertising agencies are nowadays significantly investing in digital advertising, which is creating a positive outlook for the market. Owing to these factors, IMARC Group further expects the market to reach US$ 769.9 Billion by 2023, expanding at a CAGR of around 6.3% during the forecast period (2019-2024).
Breakup by Type:
Television advertising currently dominates the market, holding the majority of the overall market share. This can be attributed to the prevalence of televisions, which has made them one of the preferred modes of advertisement.
The competitive landscape of the market has also been characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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