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Digitalization has progressed exponentially in recent years. The growth of digitalization has created new avenues for the marketing of products also. Digital Marketing is now one of an important area which not only has created job opportunities but starting of new social platforms indicate that it is not a dead end.
It is defined as the practice of delivering promotional content to users through various online and digital channels. Digital Marketing leverages mediums such as social media and search engines to show advertisements and messages to audiences.
Consumers, nowadays, rely heavily on digital means to research products. The methodology of advertising through online means is rather complex than it seems. There are various digital marketing techniques and each technique has a certain domain of focus like omnichannel digital marketing technique in which marketers collect valuable insights into the target audience behaviors.
In this report, we will explore the various characteristics of this market and upcoming opportunities in the marketplace.
Some of the major driving factors of this market are listed as:
The Internet combined with technological advancements is rapidly increasing the potential number of internet users. The increased use of smartphones has paved the way for the growth of digital marketing because indicating prospective growth for mobile digital marketing platforms. On the other hand, digital advertising frauds remain a hindering factor to the growth of this market. Also, the growing use of ad blockers is expected to suppress the growth of this market. This characteristic becomes a constraint to reach potential customers and therefore promoting their business.
There are different types of advertisements in this domain such as click-to-call, image text, banner ads, and others. Also, the concept and usage of a 6-second ad are gaining popularity on social media platforms.
The market is mainly segmented into three types: Platform and Ad Format.
Based on Platform, the division is into mobile Ad, desktop Ad, and digital TV.
Based on Ad Format, the market is divided into Digital Display Ad, Internet paid search, social media, and others.
Among all forms of digital marketing, the Video format of digital marketing is expected to see prospective growth in the forecast period. Since, video ads capture the attention of the audience better than any other type, the spending on the digital video market is increasing.
The major regions for this marketplace are North and South America, Europe, Asia-Pacific, Middle East, and Africa.
The North American region is highly matured in terms of digitalization and online activities which is responsible for creating ample opportunities for advertisers. Also, the increased investments in digital ads are expected to further drive this market in the North American region in the forward direction.
The United States is the foothold of major advertisers like Google Incorporation and Facebook. This factor also indicates growth of the marketplace in the country. Mobile advertising spending is expected to increase in the United States in the forecast period.
Within the cluster of the regions listed, China is one of the fastest-growing countries in the marketplace. The Asia-Pacific region is expected to observe the highest growth rate in the forecast period owing to the proliferation of mobile and social media platforms. Also, the ubiquity of gaming is an important factor for the growth of this market.
Covid-19 had a low impact on the growth of the Digital Advertising market. Social media has presented unique opportunities enabling engagement to online audiences. Businesses are expected to invest more in digital advertising giving further push to the market growth.
Digital marketing is a highly competitive landscape. In the present times, there is a large number of companies that have a strong influence on a global scale. Companies have been adopting strategies like mergers and acquisitions and service innovations.
Companies like Smart.io have gone into a partnership with Pinterest to enable brands to innovate and connect with customers in new ways. Also, Microsoft Advertising has introduced multi-factor authentication in Microsoft Advertising online. Tech Mahindra, collaborated with InMobi to offer video advertising solutions. Their solution enables advertisers to develop and distribute engaging and innovative video advertisements on mobile phones.
The introduction of technologies like Augmented Reality, Buy Buttons, Wearable Technology is expected to create new opportunities in the market. These devices are expected to take digital advertising to next level as they enable effective delivery and streaming of Ad content. Also, the rising performance of OTT platforms augurs well for Digital Video Advertising.
Companies like Snapchat are using AR to display items in a real-life environment. Such techniques enable to create an effective impact on customers.
Automation technologies are rapidly emerging in the advertising sector. This is an opportunistic area for market growth. Automated internet advertising has benefits of efficiency, scale, and low cost. Google has integrated advertising automation through automated bidding strategies, automated copy, and automated PPC reporting. Facebook has been using automated technology to check user’s campaigns, ad sets, and advertisements.
Some of the major competitors identified in the market are listed below:
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