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Advertising Agencies Global Market Report 2022

Advertising Agencies Global Market Report 2022
Written by publishing team

The major players in the advertising agency market are Caveni Digital Solutions, Socialiency Advertising, Tegra, BrandBurp Digital, Plan Z, Titan SEO Group, Breakneck Creative, Thevisiontech and Dentsu Inc.

NEW YORK, DECEMBER 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of “Advertising Agencies, World Market Report 2022” – https://www.reportlinker.com/p06193698/?utm_source=GNW
and WPP PLC and Omnicom Group Inc.

The global advertising agencies market is expected to grow from $346.12 billion in 2021 to $383.67 billion in 2022, at a compound annual growth rate (CAGR) of 10.8%. The growth is mainly due to companies rearranging their operations and recovering from the impact of COVID-19, which earlier led to restrictive containment measures including social distancing, remote working and closing of businesses which led to operational challenges. The market is expected to reach $553.11 billion in 2026 with a compound annual growth rate of 9.6%.

The advertising agency market consists of sales of advertising services and related goods by entities (organizations, individual dealers, partnerships) that plan, develop, create and manage advertising and promotional activities in newspapers, radio, television, websites and social media sites.

The main types of advertising agencies are TV, digital, radio, print and out of home (OOH) etc. The digital agency is primarily concerned with marketing the company’s products and services on the Internet using website design and development, search engine optimization (SEO), content marketing, paid online advertising, and social media. Social, email marketing, and other services.

The different mode of advertising includes online advertising and offline advertising and is used by the banking, financial services and insurance sector (BFSI); consumer and retail goods; government and public sector; information and communication technology; Health Care; and media and entertainment.

The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.

The increase in advertising spending across industries is expected to increase the demand for the advertising agency market. Video ads and mobile ads are major contributors to the increased investment in advertising.

Digital advertising recently exceeded total TV ad spend. For example, according to the Global Digital Advertising Trends report published by PubMatic, a digital advertising technology company, US digital ad spending in 2019 was about $129.3 billion, accounting for 54.2% of total spending ($238.56 billion). This indicates that spending on digital advertising in the US has exceeded spending on traditional media. Consumer Cellular, a US postpaid mobile network operator, spent less than $100 million on advertising in digital, print, and national television in 2019. The retail industry has the highest percentage of total ad spend. Therefore, higher advertising spending is expected to increase the demand for the advertising agency market.

Launching Artificial Intelligence (AI) in advertising is gaining popularity in the advertising agency market, and the major players operating in the industry are constantly focusing on introducing innovations and technologies to better serve the needs of consumers.

For example, as of May 2019, according to a survey, 47% of advertisers use AI to target audience. It has been reported that many companies are focusing their AI capabilities to streamline their sales process, sort “cool” leads from “cold” ones, significantly reduce sales, and improve sales productivity.

The high cost of hiring an advertising agency, especially during difficult economic times, limits the growth of the advertising agency market, for example, in smaller regions or markets, the cost of hiring an advertising agency can range anywhere from $95 to $225 per hour depending on service and skill The person providing that service.

The average cost for digital marketing services ranges from $2,500 to $12,000 per month for small to medium-sized businesses (SMBs). Thus, these high costs associated with hiring an advertising agency are likely to hamper market growth during the forecast period.

In August 2021, Principal America Ltd., a subsidiary of Tokyo-based digital marketing agency, Principal Company, acquired Eboost Consulting for an undisclosed amount. With this acquisition, Eboost will provide its industry-leading social media advisory and PPC services to Japanese companies growing in North America, as well as help US organizations expand globally into the Japan and Asia Pacific sectors. Eboost Consulting is a US-based digital marketing agency.

Countries covered in the advertising agency market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

Read the full report: https://www.reportlinker.com/p06193698/?

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