Traditional media communication medium was once considered an imperative form of advertising a few years ago, however, in recent years the digital media is prospering considerably and it has become one of the pivotal modes of communication in marketing and advertising for building brand sustainability. Digital Marketing has become more famous after the involvement of the latest technologies in businesses.
Moreover, advertising plays an important role in determining the image of the product thereby helping the consumers in their buying decision of the product. The pressure of advertising has been growing each day with the rising influence of social media, increasing smartphone and internet penetration, and surging level of awareness. A significant amount of money is spent on advertising campaigns bringing to the companies multi-billion profits. Similarly, it is a "product of the first necessity" for any enterprise, aimed at commercial success, and its spending is further becoming more and more expensive.
According to the report analysis, ‘Global Digital Advertisement Market: Current Analysis and Forecast (2020-2026)’ states that Alibaba, Amazon, Facebook Inc, Alphabet, Microsoft Corporation, Sina, Nokia Corporation, Tencent, Twitter and Apple Inc are some of the key players operating in the Global Digital Advertisement market. Several M&A's along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products. Several established players have already earmarked their presence in the respective market while new players have also forayed into the digital advertisement market. Digital media has been the harbinger of growth for the advertising industry across the globe in the last few years. Every year a sustainable proportion of advertising budget is being spent on digital media and it is growing every year.
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The research report covers a descriptive and insightful analysis of the advertising trend; detailed regional level analysis has been conducted including North America, Europe, Asia-Pacific, and the Rest of the World. North America occupied the maximum share in the digital advertising market. As per the report, the United States witnessed the marked shift in dynamics over the last decade due to surge in digital advertising accredited to significant growth in mobile internet advertising along with digital ad spending in the country exceeding has catalysed the regional performance in the respective market.
Additionally, based on Ad format, the report is further segments the Global Digital Advertising market into search advertising, banner advertising, social media advertising, video advertising and classifieds. However, the search advertising segment dominated the market and is expected to remain dominant throughout the forecast period 2020-2026. Search advertising allows the user to directly display paid advertisements among the search results on various search engines, like Google, Bing, and Yahoo.
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On the other hand, based on the programming type, the market is segmented into programmatic and non-programmatic type. The programmatic segment held the lead share in the Global Digital Advertisement market as they represent the greatest penetration and user accessibility in the respective market. Whereas, based on the platform, the market is segmented into desktop and mobile platforms. The Mobile platform generated significant revenue in the Global Digital Advertising market. This is majorly due to the prominence of smartphones and internet penetration; it has been observed that in the United States online advertising market, mobile internet advertising revenue showcased significant growth due to the growing adoption of mobile devices.
Lastly, based on the industry, the market is further divided into retail, automotive, financial services, telecom, consumer products, travel, and others. Out of which the retail sector occupied the largest share and the omnichannel approach adopted by the retail sector in digital marketing as it helps to map the customer's journey and results in inconsistency in every turn along with widespread applications of customer service chat bots being embraced by retailers has led to the major contribution of the sector.
The sudden outbreak of COVID-19 has negatively impacted the global digital advertising market. However, in the near future, it is predicted that the global digital advertisement market will increase at a single digit CAGR during the forecast period 2021 – 2026. This is majorly due to companies and among others tends to implement a dynamic digital marketing strategy that will increase the company’s ROI and added value to customers, these factors will widen the scope for the market.
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