Advertising Agencies Global Market To Reach Value Of About $418.3 Billion In 2023
20 Nov, 2020
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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%. An increase in advertisement spending across industries is expected to drive the demand for the advertising agencies market.
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.
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The global advertising agencies market is further segmented based on type, end-user industry, mode and geography.
By Type: TV, Digital, Radio, Out-Of-Home (OOH), Others.
By Mode: Online Advertising, Offline Advertising.
End-User Industry: Banking, Financial Services, and Insurance Sector (BFSI), Consumer Goods and Retail, Government and Public Sector, IT & Telecom, Healthcare, Media & Entertainment.
By Geography: The global advertising agencies market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, the North American advertising agencies market was the largest region in the global advertising agencies market 2019.
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Trends In The Advertising Agencies Market
The launch of artificial intelligence (AI) in advertising is gaining popularity in the advertising agencies market. Major players operating in the industry are continuously focused on introducing innovations and technologies to better serve the needs of consumers.
Advertising Agencies Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides advertising agencies market overviews, analyzes and forecasts market size and growth for the global advertising agencies market, advertising agencies market share, advertising agencies market players, advertising agencies market segments and geographies, advertising agencies market’s leading competitors’ revenues, profiles and market shares. The advertising agencies market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.