Categories: Market Research

Advertising Agencies Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Advertising Agencies by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Advertising Agencies, The advertising agencies market size has grown strongly in recent years. It will grow from $390.77 billion in 2023 to $410.82 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise of globalization, rising penetration of e-commerce, rising advertisement expenditure and rapid development in technology.

The advertising agencies market size is expected to see steady growth in the next few years. It will grow to $492.07 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to rising urbanization, increasing adoption of 5g networks and internet of things (iot) and increasing adoption of internet of things (iot) will drive the growth. Major trends in the forecast period include launch of artificial intelligence in advertising, rising storytelling concept, increased adoption of digitalization, growing demand for interactive advertising, augmented reality for advertising, and increase in advertising on streaming services. player-adopted strategies in the advertising agencies market includes safe digital engagement by following strict compliances on online advertising through partnerships and collaborations, strengthening digital marketing business through acquisitions, providing data driven advertising solutions for clients and expanding business operations in other regions.

An increase in advertising spending across industries is expected to drive demand for the advertising agency 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. This shows that in the US, digital ad spending surpassed traditional media spending. The retail industry has the highest percentage of total advertising spend. Therefore, the rise in advertising spending is predicted to fuel demand for the advertising agency market.

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The advertising agencies market covered in this report is segmented –

1) By Mode: Online Advertising And Offline Advertising

2) By Type: TV, Digital, Radio, Print, Out-Of-Home (OOH) And Others

3) By End Use Industry: Banking, Financial Service & Insurance (BFSI), Consumer Goods And Retail, Government And Public Sector, IT And Telecom, Media And Entertainment And Others

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, in May 2022, Kantar, a UK-based marketing data and analytics company, 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 advertising agencies market report table of contents includes: