2024 Market Landscape: Digital Advertising Innovations and Growth

"The Business Research Company recently released a comprehensive report on the Global Digital Advertising Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The digital advertising market size has grown strongly in recent years. It will grow from $45.78 billion in 2023 to $48.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rise in advertising expenditure, increase in e-commerce penetration, increased availability of smartphones and growth in social media usage.

The digital advertising market size is expected to see strong growth in the next few years. It will grow to $63.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing internet penetration, increasing government support for digital advertising and rising urbanization. Major trends in the forecast period include focus on strategic collaborations and partnerships to improve their financial strength, focus on ai-powered apps for digital advertising, use of digital out-of-home (dooh) advertising campaigns to deliver advertising message to target audience, rising demand for interactive advertising for unique experience of something personal or engaging based on their own tastes, augmented reality (ar) to provide an interactive experience and introduction of 3d solutions in advertising campaigns.

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Market Drivers and Trends:

The internet user base's expansion coupled with self-service platforms is driving the global digital advertising market. The Internet is extensively used for e-commerce, e-learning, social connectivity, media, communication, and file transfers. According to Internet World Stats, as of June 2022, the number of internet users in the world is 5.385 billion, which accounts for more than 67.9% of the global population. In addition to this, the growing popularity of self-service advertising platforms is also the main contributor to the digital advertising market. Self-service advertising platforms are providing advertisers more convenience in the placement of their advertisements. The ease of being able to set up and administer their campaigns without the inconvenience of dealing with human intermediaries draws advertisers' attention towards digital marketing. Therefore, an increase in the internet user base along with self-service platforms is driving the market.

Technological advancements such as AR (augmented reality) are a major trend gaining popularity in the global digital advertising market. These days, advertisers have adopted augmented reality in their advertising strategies to enhance the user experience. For instance, in October 2021, Snapchat, a US-based messaging services company pioneering AR ads, launched a studio to assist clients in developing augmented reality advertising and experiences as part of an effort to popularize the use of technology that can overlay computer-generated pictures over a person's perspective of the current world. AR ads are more than informative, as people will have the ability to interact with the content rather than just view it.

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Major Key Players of the Market:

Google, Meta Platforms, Inc. (Facebook), Amazon.com, Inc, Microsoft Corporation, Alibaba Group Holdings Limited, HULU LLC, Tencent, Saga Communications, Inc, Twitter, Inc., AdChina, Baidu Advertising and Sina Corp, S4 Capital, Dentsu International, PwC's Digital Services, Accentur*e Interactive, Boostability (Berlin), SQ Digital, Gorilla Marketing, OTM, RMAA Group, Netpeak (Moscow), Webrentic, Slon Media (Moscow), 25wat, Jstokes, Thrive Agency, Sizmek Technologies Inc, ArnoldStreet, SocialMedia55, Hawk Media, El Cielo Digital - Sabemos de Marketing Digital, DieciseisOnce.com, SEOnet, Dicore Digital, Punto Rojo, Sherlock Communications, Centrico Digital, FP7 McCANN, Tonic International, MullenLowe MENA, Elephant Nation, BPG Group, Mars Media Group, Intango, Executive Digital, Pyramedia Group, 3points, Boopin, Maat Marcom Agency, Borarong Consulting, SyberGrupe, BlueMagnet, Rushing Tap, Watson Ferguson Marketing Agency

Digital Advertising Market 2024 Key Insights:

• The digital advertising market size is expected to see strong growth in the next few years. It will grow to $63.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Expanding Internet User Base And Self-Service Platforms Fueling Global Digital Advertising Market Growth
• Augmented Reality (AR) Revolutionizing The Global Digital Advertising Market
• North America was the largest region in the digital advertising market in 2023

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This release was published on openPR.