Advertising services to witness $ 1,332 billion market opportunity by 2032, report
The global advertising services market is projected to reach $ 665 Billion in 2022. Growth in the market is poised to expand at a CAGR of 7.2% during the forecast period (2022-2032). This is according to a report by Fact.MR.
Rising demand for social media advertising services for businesses such as retail, consumer goods, and others is propelling the growth.
Advertising services platforms enables app developers to generate revenue without charging consumers for the usage of their apps. On the basis of the information gathered by the applications and cache files, in-app adverts aid in reaching a focused audience while also being cost-effective.
Furthermore, numerous firms interact with their target audience via various marketing platforms and encourage consumers to publish reviews and leave comments on their goods and services. Brands may more effectively contact their target demographic in this way. These elements are boosting in-app advertising's adoption that will lead to drive the growth.
As per the study, China is considered to be one of the nations that spends the most money on advertising globally. As proliferation of e-commerce and digital payment grows, key companies are investing significant amount on in-app internet advertising.
According to the American Psychological Association, advertisers are likely to pay over US$ 12 Billion every year to woo the millennials as they are likely to watch 40,000 commercials annually. With numerous industries such as consumer goods, retail, IT, manufacturing going digital, the need for advertising services is expected to burgeon at a robust pace, exceeding US$ 1,332 Billion by 2032.
The U.S. advertising agency services is anticipated to grow at a CAGR of 6.9% between 2022 and 2032.
Sales in China advertising services agencies market are slated to grow at 8.5% CAGR during the assessment period.
In terms of end-use industry, the consumer goods segment is anticipated to be valued US$ 689.23 billion by 2032, accounting for 18% of the market in 2022.
In 2022, the social media advertisement segment will account for 25% of the market shares.
Demand in East Asia advertising services market is likely to surge at an impressive 8.4% CAGR during the projection period.
Rising popularity of social media advertising in consumer goods sector will drive the growth.
Expansion of in-app advertising, especially in travel and tourism industry, is propelling growth in the advertising services market.
Growing need for social media engagement in the IT and healthcare sectors will boost the market.
Strict laws on advertising pertaining to the data theft might limit the sales in the market.
Operational integrity due to increasing brand value is likely to impede the growth in advertising services market.
