According to the latest report by IMARC Group, titled “Global Advertising Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global advertising market size reached US$ 615.2 Billion in 2022. Advertising plays a pivotal role in communicating the value of a certain organization's offerings and influencing the behavior of the consumers. It is also used for discovering new products or services and learning about various upcoming events. On the other hand, it helps advertisers announce new, exciting or helpful information, and educate consumers about their products or services. Some of the advertising objectives include building the brand name, increasing sales, creating demand and engagement, and expanding the consumer base. In recent years, advertisers have realized the potential of mobile devices as a medium of reaching individuals from anywhere at any time. Consequently, advertising has evolved from traditional media, including print, TV, and radio to digital advertising, which involves online activities such as display, pay-per-click and social media advertising.
Global Advertising Market Trends:
The rapid expansion of the media and entertainment industry across the world has resulted in a steady rise in spending on advertisements. Consumers can now easily access the internet, subscribe to newspapers, magazines, television, radio, and video gaming, and visit movie theaters, which, in turn, has helped increase their exposure to advertisements. Recently, the scope of digital advertisement has increased due to the growing number of internet users and the rising usage of electronic devices, such as smartphones, laptops and tablets. Consequently, various advertising agencies are investing in digital platforms, which is positively impacting the market growth. Furthermore, technological advancements have led to the evolution of cloud advertising and other enhanced advertising business models. On account of these factors, the market value is expected to reach US$ 834.9 Billion by 2028, registering a CAGR of 5.35% during the forecast period (2023-2028).
- Based on the type, the market has been segmented into television, print, radio, outdoor, internet, mobile and cinema advertising. Amongst these, the television advertising segment 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.
- Among these, North America accounts for the majority of the market share
- The competitive landscape of the market has been examined, with some of the key players being WPP Group PLC, Omnicom Group, Inc., Publicis Groupe, Interpublic Group of Companies, Inc. and Dentsu Inc.
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