The social media advertisement market consists of promotional activities to connect with the audience to build the brand, increase sales, and drive website traffic on social media. Advertising refers to communication with the consumers of a product or a service. Social media advertising or marketing includes generating and sharing content on social media platforms such as Facebook, Twitter, and Instagram in order to accomplish marketing and branding goals. It comprises activities such as image updates, posting text, videos, and other content that driver user engagement.
The global social media advertisement market is expected to grow from $86.41 billion in 2019 to $102.66 billion in 2020 at a compound annual growth rate (CAGR) of 18.8%. The growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing that has increased digital content consumption and advertisements for essentials and health and hygiene products over social media have increased. The market is then expected to reach $221.01 billion in 2023 at a CAGR of 29.12%.
