Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Advertising Agencies Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global advertising agencies market will grow from $372.55 billion in 2022 to $391.6 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The advertising agencies market is expected to grow to $463.83 billion in 2027 at a CAGR of 4.3%.
Major players in the advertising agencies market are Caveni Digital Solutions, Socialiency Advertising, Tegra, BrandBurp Digital, Plan Z, Titan SEO Group, Breakneck Creative, Thevisiontech, Dentsu Inc., WPP PLC and Omnicom Group Inc.
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The advertising agencies market consists revenue earned by entities by involving in marketing activities such as planning, developing, creating and managing advertisement campaigns and promotional activities in newspapers, radio, television, websites and social media sites.
These establishments are organized to provide a full range of services (i.e., through in-house capabilities or subcontracting), including advice, creative services, account management, production of advertising content, media planning, and buying (i.e., placing advertising). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Advertising agencies are in charge of initiating, managing and implementing paid marketing communications. It creates the ads, plans how, when, and where they will be delivered, and then delivers them to the client.
North America was the largest region in the advertising agencies market in 2022. Western Europe was the second largest region in the advertising agencies market. The regions covered in the advertising agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of advertising agencies are TV, digital, radio, print, out-of-home (OOH), and others. A 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, social media, email marketing, and other services.
The various modes of advertising include online advertising and offline advertising and are used by the following: banking, financial services, and insurance sector (BFSI); consumer goods and retail; government and public sector; IT & telecommunication; healthcare; and media & entertainment.
An increase in advertisement spending across industries is expected to drive the demand for the advertising agencies market. Video and mobile ads are major contributors to the increase in ad investment. Digital advertising has recently surpassed total TV ad spending.
For instance, according to WordStream, a marketing company, digital ad spend was estimated at $441 billion in 2022 and projected to reach $485 billion in 2023, globally. Similarly, according to the Global Digital Ad Trends report published by PubMatic 2020, a digital advertising technology company, the
US digital ad spend was $129.3 billion in 2019 and is projected to reach $201.8 billion in 2023, constituting 66.7% of total spending. This shows that in the US, digital ad spending surpassed traditional media spending. The retail industry has the highest percentage of total advertising spend on advertising. Therefore, the rise in advertising spending is predicted to fuel the demand for the advertising agencies market.
The high cost of hiring an advertising agency, especially during tough economic times, is limiting the growth of the advertising agencies market. For instance, in smaller regions or markets, the cost of hiring an advertising agency could vary anywhere from $95 to $225 per hour, depending on the service and the skill of the person supplying that service. The average cost for digital marketing services ranges from $2,500 to $12,000 per month for small-to-midsized businesses (SMBs). Thus, the high costs associated with hiring an advertising agency are likely to hinder the growth of the market over the forecast period.
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. For instance, as of MAY 2022, Kantar, launched Link AI for Digital. This is an artificial intelligence (AI) advertising testing tool designed for digital advertising formats. The Link AI for Digital solution predicts the in-market performance of a digital ad. The Link AI for Digital was trained on more than 230,000 survey-enabled ad tests and 30 million real-world interactions.
The countries covered in the advertising agencies market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $391.6 billion |
| Forecasted Market Value (USD) by 2027 | $463.83 billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Advertising Agencies Market Characteristics
3. Advertising Agencies Market Trends And Strategies
4. Advertising Agencies Market - Macro Economic Scenario
4.1 COVID-19 Impact On Advertising Agencies Market
4.2 Ukraine-Russia War Impact On Advertising Agencies Market
4.3 Impact Of High Inflation On Advertising Agencies Market
5. Advertising Agencies Market Size And Growth
5.1. Global Advertising Agencies Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Advertising Agencies Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Advertising Agencies Market Segmentation
6.1. Global Advertising Agencies Market, Segmentation By Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Online Advertising
- Offline Advertising
6.2. Global Advertising Agencies Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- TV
- Digital
- Radio
- Out-of-home (OOH)
- Other Types
6.3. Global Advertising Agencies Market, Segmentation By End-User Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Banking, Financial Services, and Insurance Sector (BFSI)
- Consumer Goods and Retail
- Government and Public Sector
- IT & Telecom
- Healthcare
- Media & Entertainment
7. Advertising Agencies Market Regional And Country Analysis
7.1. Global Advertising Agencies Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Advertising Agencies Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/bygu8c
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