The latest report by IMARC Group titled, “Indian Advertising Market Report & Forecast: 2019-2024” finds that the Indian advertising industry reached a value of more than INR 641 Billion in 2018, growing at a CAGR of 11.4% during 2011-2018. Over the years, the Indian advertising industry has creatively evolved as one of the major industries in the tertiary sector. The industry has broadened in every aspect employing more personnel and offering a host of services to its clients such as client servicing, media buying, media planning, creative conceptualization, etc. In addition, media channels in India have also been expanding, providing opportunities for the advertisers to promote their products and services extensively. Although, the traditional media platforms remain the most effective, online and digital advertising are rapidly gaining popularity.
Highlights of the Indian advertising market:
- Dominance of smartphones and internet in the lives of the consumers is driving the Indian advertising market.
- An affluent brand conscious consumer-base is another factor facilitating the market.
- Print advertising is the most popular segment.
The Indian advertising market is driven by the rising penetration of smartphones and internet in the country which is encouraging the use of digital advertising. Mobile advertising is also expanding due to huge popularity and affordability of smartphones. Favourable support from the government is another factor facilitating the growth of the advertising industry since advertising is a crucial communication material for the government. High rate of economic growth, flourishing businesses, increase in spending power and a rise in the number of brand-conscious consumers in India are some of the other market drivers. As a result of these factors, India is one of the fastest growing advertising markets in Asia and is further expected to reach a value of INR 1227 Billion by 2024.
The market has been segmented into television, print, radio, internet/online, mobile and outdoor advertising. Amongst these, print advertising is the most popular segment owing to its wide regional reach. Auto, banking and financial services and insurance (BFSI), and e-wallets are the major sectors that contribute to its growth. Online and digital advertising, on the other hand, are the fastest growing segments with sectors like finance, IT and education being the largest contributors. On evaluating the competitive landscape of the market, the report has found that JWT India, Ogilvy & Mather India, DDB Mudra Group, FCB-Ulka Advertising Ltd., Rediffusion - DY&R, and McCann Erickson India are the key players operative in the Indian advertising industry.
The report by IMARC Group has examined the Indian advertising industry on the basis of:
- Television advertising
- Print advertising
- Radio advertising
- Internet/online advertising
- Mobile advertising
- Outdoor advertising
- Ogilvy and Mather
- Mudra Communications
- FCB-Ulka Advertising Ltd
- Rediffusion DY & R
- McCann Erickson India
- RK Swamy/BBDO Advertising Ltd
- Grey WorldWide (I) Pvt. Ltd
- Leo Burnett
- Contract Advertising Pvt. Ltd
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