The Search Engine Optimization Services Market Will Gain The Most From The Professional Services Industry
According to The Business Research Company’s latest study on the search engine optimization (SEO) services market, the professional services industry will contribute the most towards the growth of the SEO market. A value of about $17.0 billion will be added by the professional services industry, which accounts for almost 42.8% of the total market share in the SEO services market segmented by end-use industry. The global professional services industry is expected to grow from $18.53 billion in 2019 to $35.55 billion in 2023 at an annual growth rate of nearly 17.7%. This rapid growth of the market can be attributed to the increasing revenues from digital advertising. Digital advertising is swiftly overtaking the tradition mediums of advertising including print, television, radio, movies, and outdoor. As consumer viewing continues to move away from traditional networks towards digital alternatives, advertisers are turning to digital advertising to reach the desired demographic segments, thus driving the demand for SEO services to improve website visibility to capture web traffic.
The global SEO services market is expected to grow from around $43.3 billion in 2019 to nearly $86.0 billion in 2023 at an annual growth rate of about 18.7%. The price wars among internet service providers in developing countries like India are helping consumers to access high speed internet at a low price, resulting in steady growth of the SEO services market.
The search engine optimization services market is segmented by end use industry into professional services, IT services, ecommerce, hospitality, recreation, real estate, and others. With a segment share of almost 10.5%, the IT services industry was the second largest end use industry in the global search engine optimization services market. By 2023, it is expected to be the fasted growing end use industry of the SEO services market, growing at an annual rate of more than 20.9%. The IT services industry is projected to contribute nearly $5.2 billon toward the growth of the search engine optimization services market.
The SEO services market is also segmented by type of entity into agencies and freelancers. Agencies are the entities which provide both on premise and cloud-based deployment SEO services and charge their clients based on man-hours, results based, and click based among many other models. Freelancers are non-permanent workforce who charge their clients based on man-hours, results based, and click based among many other models.