The advertising agencies market consists of the sales of advertising services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage advertisement and promotional activities in newspapers, radio, television, websites and social media sites. The advertising agencies market is segmented into TV, digital, print, OOH (Out-of-Home Advertising), radio and other advertising services. Only goods and services traded between entities or sold to end consumers are included.
The global advertising agencies market is expected to decline from $346.9 billion in 2019 to $346.5 billion in 2020 at a compound annual growth rate (CAGR) of -0.12%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $418.3 billion in 2023 at a CAGR of 6.48%.
