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Digital Video Advertising Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast
Digital Video Advertising Global Market Report 2024
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According to The Business Research Company's, The digital video advertising market size has grown exponentially in recent years. It will grow from $78.47 billion in 2023 to $105.09 billion in 2024 at a compound annual growth rate (CAGR) of 33.9%. The growth in the historic period can be attributed to internet and mobile penetration, data analytics and targeting, mobile app growth, social media video integration, cost-effective production.
The digital video advertising market size is expected to see exponential growth in the next few years. It will grow to $339.46 billion in 2028 at a compound annual growth rate (CAGR) of 34.1%. The growth in the forecast period can be attributed to smart TVs and connected devices, interactive video formats, programmatic advertising, globalization of content, vertical-specific content. Major trends in the forecast period include AI for ad optimization, 360-degree and virtual reality (VR) video ads, user-generated content (UGC) in video ads, measurement and attribution metrics, cross-channel marketing.
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Market Drivers and Trends:
Increased digital media usage is expected to drive the growth of the digital video advertising market in the future. Digital media are communication mediums that use different encoded machine-readable data formats. Digital media helps the digital video advertising market by promoting the different brands of companies, and the rise in the consumption of digital media across many platforms has opened new possibilities. For instance, in 2021, according to the Internet Architecture Board, a US-based industry benchmark for the health of the digital advertising ecosystem, spending on digital video advertising increased by 49%in 2021 and is projected to rise by another 26%to $49.2 billion in 2022. Thus, increased usage of digital media is driving the growth of the digital video advertising market.
Developing innovative platforms is a key trend gaining popularity in the digital video advertising market. Major market players are concentrating their efforts on creating innovative platforms to develop digital video advertising to reach out to more consumers. For instance, in July 2021, Huawei Technologies Co., Ltd., a China-based technology corporation, along with Wavemaker, a South Africa-based regional division media company, launched an innovative digital advertising platform to roll out HUAWEI Ads. The Huawei Digital Platform for digital transformation uses AI, video, big data, and security for data convergence, operational issues, and new business value.
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Major Key Players of the Market:
Google LLC, Verizon Media, Comcast, Meta Platforms Inc., Tencent Holdings Ltd, ByteDance Ltd, Amazon Advertising, LinkedIn Corporation, Advertise.Com, Snap Inc., Twitter Inc., Hulu Ad Manager, Roku Inc., Pinterest Inc., Advance Publications Inc, The Trade Desk Inc., Youku Tudou Inc, Vimeo Ads, Tremor International Ltd, Samsung Ads, PubMatic Inc., PubMatic, Viant Technology LLC, Tubi Advertising, InMobi, Conversant LLC, Vdopia Inc, ZypMedia, Longtail Ad Solutions Inc., Adobe Advertising Cloud, Smaato, OpenX, AdColony, Magnite Inc., Criteo S.A., AdRoll, Amobee, Adform, Unity Technologies, Kargo Global Inc., Amobee, Adform, Unity Ads, Kargo
Digital Video Advertising Market 2024 Key Insights:
• The digital video advertising market size is expected to see exponential growth in the next few years. It will grow to $339.46 billion in 2028 at a compound annual growth rate (CAGR) of 34.1%.
• Digital Media Usage Sparks A Boom In The Digital Video Advertising Market
• Pioneering Platforms Redefining The Landscape Of Digital Video Advertising
• North America will be the largest region in the digital video advertising market in 2023
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