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Advertising Agencies Market Report 2024: Marketing Trends and Strategies
Advertising Agencies Market Size
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According to The Business Research Company's, The advertising agencies market size has grown strongly in recent years. It will grow from $390.77 billion in 2023 to $410.82 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise of globalization, rising penetration of e-commerce, rising advertisement expenditure and rapid development in technology.
The advertising agencies market size is expected to see steady growth in the next few years. It will grow to $492.07 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to rising urbanization, increasing adoption of 5g networks and internet of things (iot) and increasing adoption of internet of things (iot) will drive the growth. Major trends in the forecast period include launch of artificial intelligence in advertising, rising storytelling concept, increased adoption of digitalization, growing demand for interactive advertising, augmented reality for advertising, and increase in advertising on streaming services. player-adopted strategies in the advertising agencies market includes safe digital engagement by following strict compliances on online advertising through partnerships and collaborations, strengthening digital marketing business through acquisitions, providing data driven advertising solutions for clients and expanding business operations in other regions.
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Market Drivers and Trends:
An increase in advertising spending across industries is expected to drive demand for the advertising agency market. Video and mobile ads are major contributors to the increase in ad investment. Digital advertising has recently surpassed total TV ad spending. For instance, according to WordStream, a marketing company, digital ad spend was estimated at $441 billion in 2022 and projected to reach $485 billion in 2023 globally. This shows that in the US, digital ad spending surpassed traditional media spending. The retail industry has the highest percentage of total advertising spend. Therefore, the rise in advertising spending is predicted to fuel demand for the advertising agency market.
The launch of artificial intelligence (AI) in advertising is gaining popularity in the advertising agencies market. Major players operating in the industry are continuously focused on introducing innovations and technologies to better serve the needs of consumers. For instance, in May 2022, Kantar, a UK-based marketing data and analytics company, launched Link AI for Digital. This is an artificial intelligence (AI) advertising testing tool designed for digital advertising formats. The Link AI for Digital solution predicts the in-market performance of a digital ad. The Link AI for Digital was trained on more than 230,000 survey-enabled ad tests and 30 million real-world interactions.
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Major Key Players of the Market:
WPP PLC, Dentsu Inc., Publicis Groupe, Omnicom Group Inc., Hakuhodo DY Holdings, BlueFocus Communication Group, The Interpublic Group of Companies, Inc., Accentur*e Interactive, Havas, MDC Partners, 303 MullenLowe, ADA, Red search, Schbang, Medium rare content agency, King content, DDB Group, Wieden + Kennedy (Shanghai) Co. Ltd., Guangdong Advertising Co. Ltd, Lowe Shanghai, VCCP, Mediaplus Group (München Deutschland), Bartle Bogle Hegarty (BBH), The&Partnership, Braaxe, Saatchi & Saatchi, Admind Agency, BrainDonors, Brain Tank Marketing Agency, Zest Creations, Purple PR Ltd., Funktional and Subsign, Ogilvy, The O Group, Digital Silk, studiofilms, Ignite Social Media, The Bureau of Small Projects, OKD Marketing, Cundari, Giants & Gentlemen, Let's Get Optimized, Social Media 55, Burrell Communications, Arcane Marketing, Forge and Smith, Strano + Pettigrew Design Associates, Jelly Digital Marketing & PR, Art & Science, Sid Lee, John St., BETC Havas, Lowe Lintas, Leo Burnett, Grey Worldwide, FCB Ulka, Rediffusion DYR, Euro RSCG, 9thWonder, Hoopla, Way2net Digital Marketing Agency, TBWA Raad, FP7 McCANN, Tonic International, Mullen Lowe, BPG Group, Mars Media Group, Intango, Executive Digital, Adbot, dKilo, Ads Gate, AdCrew, JCDecaux
Advertising Agencies Market 2024 Key Insights:
• The advertising agencies market size is expected to see steady growth in the next few years. It will grow to $492.07 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Surge In Advertising Investment Across Industries Fuels Advertising Agency Market Growth
• AI Revolutionizes Advertising Agencies
• North America was the largest region in the advertising agencies market in 2023
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