Advertisers increasingly turning to mobile and digital advertising as smartphone usage rises
The outbreak of the COVID-19 pandemic, which triggered a paradigm shift in the way individuals use different apps, has positively impacted market growth in the digital media and digital marketing markets.
As such, app developers have been particularly reviewing their advertising set-ups and improving their capabilities to push for more accountability and transparency with partners in the wake of the outbreak of the pandemic and the subsequent economic downturn. For instance, in September 2020, HubSpot, Inc. of the U.S. announced the introduction of new updates and features to its platforms for helping businesses in meeting the challenges posed by the outbreak of the pandemic.
The additional features include enterprise sales CRM, an expanded personalization functionality, and scalable contacts pricing models. A report from Grand View Research projected that the global digital marketing software market size was valued at USD 56.52 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.1% from 2022 to 2030. Active companies in the market this week include Troika Media Group, Inc. , QuinStreet, Inc. , Advantage Solutions Inc. , The Interpublic Group of Companies, Inc., AdTheorent Holding Company, Inc.
The Grand View Research report: "The growth of the market can be attributed to the growing preference among individuals for mobile devices to obtain information on the go and subsequently the continued transition from desktop PCs to smartphones. The growth can also be attributed to the proliferation of smartphones, which has triggered the consumption of digital media and is prompting marketers to push more online ads on social media and other digital platforms for a larger exposure and more visibility. The continued shift from wired communication to wireless communication and subsequently the growing adoption of wireless communication devices, which is expected to trigger the consumption of digital media, also bodes well for the growth of the market over the forecast period. Advertising companies are increasingly following digital marketing channels and providing publishers with advanced advertising capabilities."
