decline in offline ad spending is driving the Online Ad Spending Market
Technavio analyzes that the Online Ad Spending Market is expected to grow at a CAGR of 11.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 244.5 billion.There are various factors that contribute to the growth of the market. The shift towards digital advertising has led to a noticeable decline in offline ad spending. Traditional marketing channels such as print, radio, and television are losing ground to online platforms. According to recent market reports, this trend is expected to continue, with digital ad spending projected to surpass offline spending in the coming years. This transition is driven by the increasing popularity of social media, search engines, and other digital marketing channels, which offer targeted advertising and greater reach at a lower cost.
In the consumer products sector, digital ad spending continues to surge, with mobile devices emerging as a preferred platform for online advertising. According to recent market trends, mobile Internet advertising is experiencing significant growth due to the increasing number of smartphone users worldwide. In 2023, global smartphone shipments reached an impressive 1.17 billion units, with major manufacturers such as Samsung, Apple, Xiaomi, Oppo, and Vivo reporting increases in shipments of up to 15.9% and 29.3%. This trend is expected to continue, with mobile advertising offering a superior return on investment (ROI) compared to desktop computers. Advertising expenditure strategies are increasingly focusing on digital tools to reach consumers on their mobile devices.
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Online Ad Spending Market Segmentation
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The digital advertising market continues to experience significant growth, with increasing expenditure on digital ad campaigns. Ethical considerations are crucial in this domain, ensuring transparency and consumer privacy. Mobile advertising holds a substantial share, and measuring digital advertising ROI is essential for businesses managing their ad budgets effectively in the realm of digital marketing.
The global media and entertainment industry encompasses businesses providing goods, services, and solutions in advertising, broadcasting, cable and satellite, publishing, movies and entertainment, interactive home entertainment, interactive media and services, and gambling sectors. According to Technavio, the global advertising market is determined by the consolidated revenues amassed by device manufacturers and software, services, and solution providers. This market comprises a company's total expenditure on advertising, marketing, and public relations services, both online and offline, excluding digital advertising firms' revenues. Factors propelling the expansion of the global advertising market include the evolving media and entertainment consumption patterns, particularly in markets with extensive broadband penetration. In such markets, individuals curate their personal media menus and consume content at their convenience. Media choices and experiences are increasingly influenced by AI and algorithms that suggest new content.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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