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Proliferating Demand for Social Media & Digital Advertising Services Will Open Huge Opportunities for Advertising Service Providers, Says Fact.MR

FACT.MR
5 min read
FACT.MR
FACT.MR

Advertising Services Will Attract Tremendous Investments By Small & Medium Organizations Over The Coming Years

Seoul, Sept. 26, 2022 (GLOBE NEWSWIRE) -- As per the latest study by to Fact.MR, Market research and competitive intelligence provider, the global advertising services market size is estimated at US$ 664.6 billion in 2022 and is expected to expand at an impressive CAGR of 7.2% during the forecast years of 2022-2032.

Advertising service providers assist organizations in developing an advertising and marketing strategy that is tailored to their particular operation, brand, and product. The advertising firm works with the client's business objectives, adheres to budgetary constraints, and creates advertising and marketing campaigns to meet the client's demands.

Growing demand for social media advertising services and increasing on-demand services from digital advertising agencies are the key factors driving market growth. The overall employment of advertising & marketing managers is expected to rise by 10% from 2020 to 2030. Whereas, employment within traditional methods of advertisement is likely to see a decline of around 1% and is expected to lead to significant job losses over the coming years.

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Rising Interest In Mobile Advertisements Driving Market Growth in the United States

The United States advertising agency services market is estimated to evolve at a CAGR of 6.9% over the decade.

In the United States, advertisers have increasingly shown their interest in mobile advertisements due to the growing popularity of mobile devices and the proceeding shift from desktop computers.

  • Smartphone users in the United States were around 274.1 million in 2018, which grew to 302 million by 2021.

With the rising usage of smartphones and the high penetration of the Internet in the United States, online shopping has gained significant popularity. This factor is attributed to the high demand for advertising services in the e-Commerce industry in the United States.

Key Takeaways from Market Study

  • The global advertising agency services market is projected to expand at a high CAGR of 7.2% and reach US$ 1,332 billion by 2032.

  • The market exhibited 6.7% CAGR between 2017 and 2021.

  • Under the service segment, social media advertising dominates the market with a share of 25%.

  • North America leads the global market with 47% market share in 2021.

  • Revenue from advertising services is expected to increase at CAGRs of 7.5% and 8.4%, respectively, in Europe and East Asia.

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