Digital Transformation Boosts Media Planning and Buying Procurement Market to $520-550B by 2023, Reports ELINT Market Research

An in-depth Media Planning and Buying Procurement Market research report by ELINT gives vital pointers that the global market will continue to sustain healthy growth for years. The global demand forecast for the media planning and buying market starts impressively at USD 520-550 billion, which signals a vibrant and dynamic landscape. It means that the market presents strong resistance, whereby the research predicts an increase of between 3% and 5% in the CAGR to be achieved by 2023. Such stats indicate substantial growth within the media planning and buying spectrum, depicting the increasing dependence on strategic media distribution and acquisition approaches by corporations across the globe.

The bullish trend forecast on the media planning and buying procurement market has several factors driving the traction. First of all, the emergence and the increasing use of digital platforms and technologies have significantly changed advertising strategies, so nowadays, companies are forced to increment the amount of resources invested in effectively planning and buying media. Further, evolving consumer preferences and behaviors need a tailor-made approach in media planning, forcing specialization to be the domain. Moreover, with the increasing globalization and market interconnectivity, the scope for media planning, buying in reach, and geographies is increasing as marketers look forward to tapping a varied audience.

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Tech Evolution and Changing Consumer Habits Drive Dynamic Shifts in Media Planning and Buying Market

The media planning and buying procurement market is dynamically shaping under several vital factors. The first and foremost is the rapid evolution of technology, redrawing the map of media consumption with the growth of digital platforms, streaming, and social media channels. Therefore, this shift in focus is strategic in media planning and buying, as it will send advertisers to find their way through the complex ecosystem to their audience. In addition, the emergence of data analytics and artificial intelligence provides a challenge and opportunity for all industry players. Constantly changing consumer behavior and preferences is a constant drive for advertisers to adapt their media strategies accordingly.

With the digital world already having ad-blocking software and the extinction of the old traditional ad channels that used to go through TV and print, more and more brands are forced to find new ways to capture the attention of their potential clients. Those include native advertising, influencer partnerships, and experiential marketing efforts. Moreover, the growing emphasis on sustainability and corporate social responsibility pushes advertisers to reassess how they spend their money on media-favoring platforms and publishers that align with their values. It creates a competitive media planning and buying procurement market, where those involved will only differentiate themselves from the competitive marketplace through creativity, innovation, and strategic partnerships.

Key Highlights for the Media Planning and Buying Market

• The TV segment continued to grab the highest share of the market in 2022-2023. This trend particularly emphasizes the resilience and spread of television advertising, even with the proliferation of digital platforms. The TV segment is better poised to grow and reflect its resilience and adaptability in the evolved media landscape.

• In the global market, financial services within the government segment are also well on their way to assuming dominance during the forecast period 2022-2023. It underlines the strategic role of financial institutions in leveraging media channels to reach out to and communicate effectively with their target audiences. Additionally, the expected rise in sector market share post-2023 underlines the sector's continued commitment to innovative media strategies.

• The 2022-2023 pricing outlook for the market reflects exciting regional variations. North America's outlook is moderate, with a 1-3% increase in pricing, indicating constant demand and robust investment in media planning and buying services. On the contrary, the European Union showed much more modest growth figures, within the range of 0.5-1%. On top of that was Asia, in which the most significant growth in pricing-2-3%-was noticed, once more emphasizing the potential of the media market in the region and opportunities for the industry players.

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Media Planning and Buying Market Regional Scope

It is a landscape of the dynamic interplay of trends and disparities and what data depict differently region-wise in the media planning and buying procurement market. Running ahead, North America, then Asia, and the EU are in dominant positions at 3-5% and 2-3%, respectively. These regional differences are driven by movements in patterns of media consumption and changes in advertising dynamics: these, in turn, are brought about by technological change and shifts in consumer behavior, as well as economic fluxes. Supplier power reflects robust infrastructural frameworks and market dominance in delivering media planning and buying services in North America and the EU.

Going deeper into the relationship of buyer power, North America and the EU exhibit medium influence levels, indicating a balanced relationship in the ability of buyers and sellers to influence the sphere of media planning and buying procurement market. In contrast, Asia is characterized by solid buyer power due to diverse consumer preferences, complex regulatory environments, and an increasing number of emerging markets still at different stages of development. Businesses must understand these regional subtleties to optimally steer and leverage emerging trends while optimizing their strategic advantage.

Major Developments in the Media Planning and Buying Market

• The latest development from one of the world's most renowned consumer goods firms, Nestlé, involves a strategic move concerning consolidating its European media planning and buying account. In this central aspect of marketing, the company has signed up WPP, one of the world's leading companies in communications services group, to execute the same. By collaborating with WPP, Nestlé anticipates significant improvements in its media planning and buying processes.

• One of the world's leading beauty and cosmetics companies, L'Oréal Group, announced it would re-appoint Publicis as its media planning and buying partner. Through the re-appointment of this partnership, L'Oréal will gain Publicis' strategic insights, including superior media buying, to empower the brand presence and further business growth in the Vietnam market.

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Leading Players in the Media Planning and Buying Market

In the field of industry giants, the names that include Starcom, OMD, and MediaCom stand proudly near Wavemaker, Havas, and WundermanThomson. Innovators like AKQA, Wieden+Kennedy, and Tech and Soul also exist within the landscape, further bringing in the likes of Horizon Media and Dentsu. With a great diversity of service providers, this is a positive domain for clients because it allows them to choose their favorites suited to their individual goals and audiences.

Key Questions Addressed in the Media Planning and Buying Market

What are the global market size and media planning and buying market projections?

ELINT Market Research reports that the market is projected to reach USD 520-550 billion by 2023 at a 3-5% CAGR.

What are the significant growth driving factors for the media planning and buying market?

Factors such as the digital transformation of advertisement strategies, changes in consumer preferences, globalization, and the growing requirement of businesses worldwide for strategic media allocation and procurement strategies are expected to drive growth for the market.

What are the key sectors and regions for the media planning and buying market?

The dominating segment of TV proclaims its supremacy in global terms, while financial services emerge as a dominant segment. Regionally, North America is the topmost leader, followed by Asia and the European Union, each showing different growth rates and pricing dynamics.

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