The global smart advertising services market to reach $1.8 by 2030, report
The global smart advertising services market size is expected to reach $1.87 trillion by 2030, expanding at a Compound Annual Growth Rate of 20.4% during the forecast period. This is according to a report by Research and Markets.
Smart advertising services are the services offered by advertising agencies to create ad campaigns for businesses based on consumer preferences and drive traffic to businesses' websites.
Advertisers have realized that presenting high-quality digital media on digital displays is particularly helping in capturing consumer attention, encouraging consumer interaction, and increasing brand recognition, which is particularly driving the demand for smart advertising services.
Increasing digitization has created new channels (such as social platforms) to advertise any company's offerings. Similarly, changing data consumption, availability of multiple advertisement channels, and rising internet penetration have propelled advertising agencies to develop innovative ad campaigns and attract more audiences.
The outbreak of the COVID-19 pandemic severely impacted enterprises across several industries, including smart advertising services. The industry witnessed considerable obstacles in operations as lawmakers and companies put in place preventive measures to keep employees safe. Advertising media suffered a substantial decrease in investments during the pandemic.
Revenue losses resulted in temporary layoffs at numerous advertising agencies. Furthermore, the lack of economic activities had an impact on the demand for smart advertisements. Advertising companies have started shifting their focus to alternative delivery channels, particularly Over-The-Top (OTT) providers. As a result, many major media companies across the globe have increased their investments in over-the-top services in recent years. This trend is likely to continue with the increasing audience base on OTT platforms, thus contributing to market growth.
SEO particularly targets unpaid traffic to improve the quality of the traffic to the website from search engines. A website with a higher ranking on the SERP can potentially capture more users and open more business opportunities. A subset of online marketing is search engine advertising (SEA). Search engines such as Google and Bing display advertisements in the form of text or graphics.
North America dominated the smart advertising services industry in 2022 as it is experiencing high penetration of smart advertising services owing to the region's tendency to adopt new technologies. The increasing number of manufacturers of electronic display products and hardware components, software developers, and research and development activities across the U.S. and Canada is expected to fuel regional growth.
