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Search Engine Optimization Services Market Insights & Forecast 2024 to 2033 | WEBFX, The SEO Works Limited, Moz, Inc., WordStream, SEOimage.com, Searchmetrics.
Search Engine Optimization Services Global Market Share
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According to The Business Research Company's, The search engine optimization services market size has grown rapidly in recent years. It will grow from $75.13 billion in 2023 to $88.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to growth in digital media consumption, rise in penetration of smartphones and internet services, digital empowerment of older generations, and favorable government initiatives.
The search engine optimization services market size is expected to see rapid growth in the next few years. It will grow to $170 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to increase in digital advertising revenues, emergence of affordable internet in developing countries, growing digital native population, and increase in social media usage. Major trends in the forecast period include rich snippets, focus on visual content, video content optimization, mobile optimization, page experience signal, voice search, extensive keywords research, and use of featured snippet.
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Market Drivers and Trends:
Rising penetration of mobile, tablet and other electronics and rising data consumption will drive the web content, search portals, and social media market. Rising sales of electronics lead to an increased number of people that own internet-accessible devices and increasing access to digital platforms. For example, the average time spent on the internet by each person in the US is increased to 282 minutes per day in 2021, giving companies the opportunity to generate more revenue per user. This rising average internet use is expected to drive the search engine optimization services market.
The competition for search traffic is significant amongst major players like Google, Yahoo, and Bing. Strategic partnerships are seen amongst the major competitors, contributing a large share to their revenues. For instance, Apple uses Google as its default search engine which has contributed as much as $8.8 billion to the annual revenues of Google, and Yahoo switched to Microsoft Bing.
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Major Key Players of the Market:
Search Engine Optimization Services Market 2024 Key Insights:
• The search engine optimization services market size is expected to see rapid growth in the next few years. It will grow to $170 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• Expanding Mobile, Electronic Penetration And Data Usage Fuel Growth In The Web Content And Search Portals
• Intense Competition And Strategic Partnerships In The Search Engine Optimization Market
• Asia-Pacific was the largest region in the search engine optimization services market in 2023
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