$1197 Billion Global Advertising Market Size to Expand at a CAGR of 9% during 2019-2023by Chris jackson Market Research
Advertising is a form of mass media communication which helps in endorsing a product, service or idea. It enhances the consumers’ awareness regarding the new product launches and assists them in their purchasing decisions. Some of the traditional mass media communication sources are newspapers, television, radio and magazines, while contemporary advertising means include social media, blogs, websites, text messages, etc. A new research report by IMARC Group, titled “Global Advertising Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was approximately US$ 734 Billion in 2017. The report further anticipates the market to cross US$ 1197 Billion by 2023, at a projected CAGR of nearly 9% over the forecast period.
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- Over the years, consumers’ expenditure on entertainment as well as media has increased owing to the rising disposable incomes and improving standards of living. Growing access to internet, magazines, newspapers, television and movies have strengthened the growth of the global advertising market.
- The rising use of gadgets such as smartphones, tablets and laptops, has led to the advent of digital advertising. This acts as another major factor that has been proactive in accelerating the growth of the advertising market.
- Some of the other factors proliferating the demand for advertising include increasing population, rapid urbanisation, technological advancements, and a strong demand from developing regions.
- However, there are several factors that hamper the market growth. For instance, the cost of the advertising is added to the total market price of a product which leads to an unnecessary price hike. In addition, an advertiser may present a distorted view of the reality and confuse the buyer.
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The growth of the global advertising market varies from region to region. Currently, developing regions, such as Western Europe and North America, are witnessing a slow growth, whereas, emerging regions like Asia Pacific, Eastern and Central Europe, Middle East/Africa and Latin America are comparatively experiencing a faster growth.
The market is concentrated in nature with the presence of established players who compete in terms of massive capital investments and high advertising budgets. The strong competition in the market makes it difficult for new entrants to survive. Some of the leading players working in the market are:
- WPP Group PLC
- Omnicom Group
- Publicis Groupe
- Interpublic Group of Companies
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Created on May 29th 2019 00:45. Viewed 290 times.