New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Ad Spending Global Market Report 2023" - https://www.reportlinker.com/p06466680/?utm_source=GNW
The global digital Ad spending market is expected to grow from $0.53 trillion in 2022 to $0.6 trillion in 2023 at a compound annual growth rate (CAGR) of 12%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital Ad spending market is expected to reach $0.93 trillion in 2027 at a CAGR of 11.7%.
The digital Ad spending market includes revenues earned by entities through audio ads, in-app ads, mobile applications, and email marketing.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.
Digital ad spending refers to the amount of money spent on digital advertising, which includes any type of online marketing that uses electronic media channels to advertise a product, service, or company. The digital advertising involves paying for clicks, impressions, or other interactions that drive traffic to a website or other digital property.
North America was the largest region in the digital ad spending market in 2022. The regions covered in digital Ad spending report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of digital ad spending include add-formats such as display ads, social media, native advertising, search ads, video ads, and others.Display ads refer to a type of digital advertising that includes text, images, and a URL that directs viewers to a website where they can read more about or make buying decisions.
They are used on platforms such as mobile, laptop, and desktop, and are used by retail, health care, automotive, media and entertainment, education, transport and tourism, IT, and telecom.
The increase in tablet and smartphone penetration is expected to propel the growth of the digital ad spending market going forward.Tablets and smartphones refer to mobile devices that allow users to access the internet, run applications, and perform other tasks such as watching videos, gaming, and video calling.
The usage of tablets and smartphones for digital content consumption, including digital advertising such as display ads, videos, social media ads, and in-app ads, has significantly increased the importance of mobile devices in the advertising landscape.Advertisers have adapted their strategies to engage their audiences through mobile devices which will drive the growth for the digital ad spending market.
For instance, in April 2021, according to a report published by the Pew Research Center, a US-based nonpartisan organization that conducts public opinion polling, demographic research, content analysis, and other data-driven social science research, the ownership of mobile devices, or cell phones, in the US had reached a staggering 97% among adults.The report also reveals a significant increase in smartphone ownership, with 85% of adults now owning a smartphone, compared to just 35% in 2011.
Therefore, the increase in tablet and smartphone penetration is driving the growth of the digital ad market.
Advancements in technology are the key trend gaining popularity in the digital ad spending market.Major companies operating in the market are introducing new technologies such as artificial intelligence, augmented reality (AR), virtual reality (VR), machine learning, and blockchain technology to sustain position in the market.
For instance, in January 2023, Verizon Media, a US-based technology company that provides technology, communications, information, and entertainment products and services, launched the Next-Gen Solutions suite, which provides relevant ad experiences independent of cookies or mobile app IDs.It uses content and real-time data signals, such as weather, location, and device types, to power machine-learning algorithms that connect advertisers with relevant audiences without the need for user-level profiles or browser storage.
Furthermore, Verizon Media’s Next-Gen Buying feature uses machine-learning algorithms to help advertisers connect with relevant audiences without needing cookies, mobile app IDs, browser storage, or creating user-level profiles.
In January 2022, Smith, a US-based IT services and consulting company, acquired Adept for an undisclosed amount.Through this acquisition, Smith aims to leverage its expertise to drive better results and achieve its business objectives.
The acquisition allows both companies to offer attractive services and increase their product offerings. Adept is a US-based advertising services company specializing in digital advertising.
The countries covered in the digital Ad spending market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The digital ad spending market research report is one of a series of new reports that provides digital ad spending market statistics, including global market size, regional shares, competitors with a digital ad spending market share, detailed digital ad spending market segments, market trends and opportunities, and any further data you may need to thrive in the digital ad spending industry. This digital ad spending market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06466680/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
