Categories: Market Research

Holistic Outlook on the Comprehensive Insurance Advertising Market: Insights and Size 2024-2033

The Insurance Advertising 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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https://www.thebusinessresearchcompany.com/report/insurance-advertising-global-market-report

According to The Business Research Company’s Insurance Advertising, The insurance advertising market size has grown rapidly in recent years. It will grow from $11.56 billion in 2023 to $12.83 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to traditional advertising channels, agent networks, word of mouth, regulatory changes, product innovation, public awareness campaigns, customer education..

The insurance advertising market size is expected to see rapid growth in the next few years. It will grow to $19.19 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to mobile advertising, content marketing, customer reviews and testimonials, compliance with new regulations, usage-based insurance models, targeting younger demographics.. Major trends in the forecast period include digital marketing dominance, blockchain integration, partnerships and collaborations, artificial intelligence in underwriting, integration of social media, video content and storytelling..

An increase in the number of internet users is expected to boost the growth of the insurance advertising market going forward. An internet user refers to anyone using the internet, regardless of how they do it. The number of people using the internet is increasing, which makes it easier for insurance businesses to advertise to their target market through digital marketing. Companies increase their reach and anticipate a higher return on investment, with several solutions available that can assist in streamlining marketing initiatives, freeing up the team to concentrate on more crucial responsibilities such as selling insurance. For instance, according to the report published by OBERLO, a Germany-based product sourcing company, and Shopify’s store management app for drop-shipping businesses, in 2022, about 4.95 billion people will be actively using the internet worldwide. Therefore, an increase in the number of internet users is driving the growth of the internet advertising market.

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The insurance advertising market covered in this report is segmented –

1) By Type: Life Insurance, Non-Health Insurance

2) By Advertisement Channels: Television, Email, Sales Calls, Other Advertisement Channels

3) By Application: Direct Marketing, Network Marketing, Mobile Marketing, Other Applications

Product innovations have emerged as the key trend gaining popularity in the insurance advertising market. Major companies operating in the insurance advertising market are developing innovative products to strengthen their position in the market. For instance, in September 2022, PhonePe, an-India-based digital payments platform launched an integrated multimedia brand campaign focused on tension-free motor insurance renewals. Eight commercial films will be used to launch this pan-Indian campaign in stages. It draws attention to the genuine issues that consumers have with sales pitches that have evolved into unpleasant purchasing experiences. The advertising effort raises awareness of the advantages of renewing auto insurance without stress on PhonePe.

The insurance advertising market report table of contents includes: