Seoul, Sept. 26, 2022 (GLOBE NEWSWIRE) — As per the latest study by to Fact.MR, Market research and competitive intelligence provider, the global advertising services market size is estimated at US$ 664.6 billion in 2022 and is expected to expand at an impressive CAGR of 7.2% during the forecast years of 2022-2032.
Advertising service providers assist organizations in developing an advertising and marketing strategy that is tailored to their particular operation, brand, and product. The advertising firm works with the client’s business objectives, adheres to budgetary constraints, and creates advertising and marketing campaigns to meet the client’s demands.
Growing demand for social media advertising services and increasing on-demand services from digital advertising agencies are the key factors driving market growth. The overall employment of advertising & marketing managers is expected to rise by 10% from 2020 to 2030. Whereas, employment within traditional methods of advertisement is likely to see a decline of around 1% and is expected to lead to significant job losses over the coming years.
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Rising Interest In Mobile Advertisements Driving Market Growth in the United States
The United States advertising agency services market is estimated to evolve at a CAGR of 6.9% over the decade.
In the United States, advertisers have increasingly shown their interest in mobile advertisements due to the growing popularity of mobile devices and the proceeding shift from desktop computers.
- Smartphone users in the United States were around 274.1 million in 2018, which grew to 302 million by 2021.
With the rising usage of smartphones and the high penetration of the Internet in the United States, online shopping has gained significant popularity. This factor is attributed to the high demand for advertising services in the e-Commerce industry in the United States.
Key Takeaways from Market Study
- The global advertising agency services market is projected to expand at a high CAGR of 7.2% and reach US$ 1,332 billion by 2032.
- The market exhibited 6.7% CAGR between 2017 and 2021.
- Under the service segment, social media advertising dominates the market with a share of 25%.
- North America leads the global market with 47% market share in 2021.
- Revenue from advertising services is expected to increase at CAGRs of 7.5% and 8.4%, respectively, in Europe and East Asia.
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Market Development
Despite intense competition, the business environment in the market for the services provided by advertising agencies still reflects positivity within the sector. Prominent service providers are using both organic and non-organic techniques to build a firm foothold in the market, such as the acquisition of Smart Digital GmbH by Omnicom Precision Marketing Group and partnerships between WPP and InMobi Group.
Additionally, market players are focusing more on providing digital forms of advertising services to gain a competitive advantage in this space.
Competitive Landscape
Prominent advertising service providers are WPP, Accenture Interactive, Black Propeller, BlueFocus Communication Group, Deloitte Digital, Funnel Boost Media, Hakuhodo, Hotspex Media, Interpublic Group of Cos., Jives Media, Madison Communication Pvt. Ltd., McCann Erickson India Pvt. Ltd., Mediaplus Group, Omnicom Group, Publicis Groupe, SeedX Inc., The Remnant Agency, VCCP, Zerotrillion, and Dentsu Inc.
The global advertising agency services market is expected to be highly competitive with the adoption of various strategic initiatives such as partnerships and acquisitions by key market players.
For instance :
- In September 2019, WPP and InMobi Group partnered to establish unique benefits for marketers along with simplifying complexity for Indian marketers.
- In April 2022, Imagine and Operative Media joined hands to establish a cloud-native platform that simplifies advertising across linear and digital channels.
- In September 2019, Omnicom Precision Marketing Group acquired a major stake in Smart Digital GmbH. The acquisition is aimed to expand the company’s service offerings in digital marketing and provide real-time customer interactions to provide greater ROI to organizations with prominent marketing services.
Segmentation of Advertising Services Industry Research
- By Mode of Service :
- Digital
- Social Media Advertising
- Search Media Advertising
- Programmatic Media Advertising
- Traditional
- Radio Advertising
- Print Advertising
- Television
- Outdoor
- Others
- Digital
- By End-use Industry :
- Retail
- Consumer Goods
- Financial Services
- Energy & Manufacturing
- Technology
- Travel & Tourism
- Media & Entertainment
- Healthcare
- Automotive
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global advertising services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the mode of service (digital [social media advertising, search media advertising, programmatic media advertising], traditional [radio advertising, print advertising, television, outdoor, others]) and end-use industry (retail, consumer goods, financial services, energy & manufacturing, technology, travel & tourism, media & entertainment, healthcare, automotive, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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