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Media Buying Agencies: Strategies and Global Market Opportunities 2024
Media Buying Agencies And Representative Firms Market
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According to The Business Research Company's, The media buying agencies and representative firms market size has grown steadily in recent years. It will grow from $79.29 billion in 2023 to $82.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing number of events, growth in world population and rising advertisement expenditure.
The media buying agencies and representative firms market size is expected to see steady growth in the next few years. It will grow to $97.55 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increase in mobile video viewing, increasing internet penetration, government support and growing young or millennial population. Major trends in the forecast period include leveraging artificial intelligence (ai) and machine learning (ml) to help marketers to run more experiments and to further develop new strategies, focusing on metaverse applications to interact with customers in virtual realistic settings, focusing on new product launches to stay competitive and meet the evolving needs and preferences of consumers, leveraging big data to help advertisers and companies better understand the customer ad preferences, focusing on digital services for more targeted and personalized campaigns and focusing on streaming services to capture audiences..
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Market Drivers and Trends:
An increasing number of political events, sports events, festivals, and high-budget movies is anticipated to contribute to the demand for media buying agencies and representative firms' market. For instance, for the 2020 US presidential elections, the Democratic Party has released ads in 14 Indian languages to encourage voters of Indian origin. For instance, in September 2023, according to the Federal Election Commission, a US-based agency of the United States government, presidential candidates running for office in 2024 reported total receipts of $167.9 million and disbursements of $65.0 million. Furthermore, in 2022, Coachella Valley Music and Arts Festival, an annual rock festival, draws in crowds of around 125,000 per day. That means that around 750,000 people attended the festival in total over the course of six days. As a result, crowd-gathering events such as political events, sporting events, and festivals are propelling the market for media buying agencies and representative firms.
Media buyers who use Artificial Intelligence (AI) for media optimization are gaining traction in the market for media buying agencies and representative firms. AI is changing the way advertising operations are run. According to Drift and Marketing Artificial Intelligence Institute, 2022 State of Marketing AI Report, the majority of respondents (51%) said AI is crucial or very important to their marketing success. In August 2021, BLKBOX.ai, a Facebook advertising management platform, launched an Intelligent Media Buying Platform, allowing businesses to scale profitably. Their SaaS-based intelligent and automated media buying platform generates profitable campaigns and scales ad spending threefold while cutting the time required to manage end-to-end media buying from six hours to six minutes. The platform enables big organizations, major corporations, and small and medium-sized businesses (SMBs) to expedite their digital campaigns by requiring only three inputs: creative assets, budget, and KPIs.
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Major Key Players of the Market:
Honeywell International Inc, BYD Co.Ltd, The 3M Company, Intco Medical Technology Co. Ltd, Unicharm Corporation, Moldex-Metric, Kimberly-Clark Corporation, Alpha Pro-Tech, Prestige Ameritech, Ltd., The Gerson Company, Halyard Health, Salus Products, Louis M. Gerson Company, Inc, Shanghai Dasheng Health Products Manufacture Company, Ltd, DuPont, Toray Industries, Koken, Yamamoto Kogaku, Protect U, GE Healthcare, MSA Safety, Ambu, Teleflex, Irema, Kolmi-Hopen, Segetex-EIF, Macopharma, Paul Boyé Technologies, Cambridge Mask Co, Vostok Service, Technoavia, TD Trakt, Zelinsky Group Ltd, Respiratorniy Kompleks, Alvateks, CERVA GROUP a.s, Medline Industries, Johnson and Johnson, Dukal Corporation, Key Surgical, Dynarex Corporation, BD, Canada Medical Ltd, Medicom, CPMC, Fine Hygienic Holding, FLOWTRONIX, GreenLine, U-Mask
Media Buying Agencies And Representative Firms Market 2024 Key Insights:
• The media buying agencies and representative firms market size is expected to see steady growth in the next few years. It will grow to $97.55 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%.
• Demand For Media Buying Agencies And Representative Firms Rises With Increased Political, Sports, Festival, And Movie Events
• AI Transforming Media Buying In The Market
• North America was the largest region in the media buying agencies and representative firms market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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