Smart Advertising's Incredible Growth: Global Market Size Up From $512 Billion in 2022 to $1.87 Trillion by 2030
NEW YORK, May 26, 2023 /PRNewswire/ -- As per Zion Market Research study, the global smart advertising market size was worth around USD 512 Billion in 2022 and is predicted to grow to around USD 1871 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 20.42% between 2023 and 2030.
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Smart Advertising Market: Overview
The smart advertising industry refers to the use of advanced and modern systems to automate advertisement activities undertaken by firms. Some of the technologies used in the market are artificial intelligence, machine learning, big data, and real-time bidding along with several other measures of ensuring effective brand awareness. Smart advertising has opened doors for market players to target their consumer base with higher efficiency which is connected to improved performance of the campaigns.
The effectiveness of smart advertisement campaigns can be concluded from the increased return on investment (ROI) which can either be monetary or non-monetary. The industry players allow advertisers to track and measure advertisement performance in real-time giving them more time to adjust strategies for optimum results. The market includes several platforms and associated technologies. It also revolves around programmatic advertising, mobile advertising, and social media advertising.
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Zion Market Research published the latest report titled "Smart Advertising Market By Platform Type (Laptops, Desktops, & Tablets, Mobile, And Others), By Service Type (Mobile Advertising, Email Advertising, Social Media Advertising, Online Display Advertising, Video Advertising, And Others), By Enterprise Size (SMEs And Large-Scale), By End-User (BFSI, Media & Entertainment, IT & Telecom, Education, Healthcare, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.
Smart Advertising Market: Growth Drivers
The global smart advertising market is projected to grow owing to the increased demand for personalized advertisements across industrial units. The commercial industry is full of competing firms which is making it difficult for the players to stand out from the rest. Marketing and advertising have always played a crucial role in determining brand value and final revenue outcomes. This has led to constant evolution in the advertising sector. For instance, initially, paper-based advertising was the preferred choice amongst advertisers. With time, the method has undergone evolution with the rising incorporation of modern technologies. Smart advertising is the most recent trend and has been highly beneficial in ensuring that companies enjoy a high ROI leading to higher adoption. In addition to this, the growing use of mobile devices has encouraged companies to adopt more technologically advanced methods of advertising.
Smart Advertising Market: Restraints
The global smart advertising market is expected to face growth restrictions owing to the increasing concerns over privacy amongst consumers. With the rising use of smart advertisements to create customized advertisements, companies have been using excessive amounts of personal data, especially in targeted ads. This has led to several agencies having raised doubts over the ethical use of consumer data along with safety measures adopted by advertisers to ensure that personal customer information remains safe.
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Smart Advertising Market: Opportunities
The video advertising segment in the smart advertising industry remains an upcoming but highly potential growth unit. As the number of people watching videos online is growing continuously, industry players are investing more resources in creating video-based ads that allow brand awareness and in return lead to higher revenue. Furthermore, voice-based marketing and advertising are expected to create higher expansion opportunities with the growing rate of voice-based search.
Smart Advertising Market: Challenges
Smart advertising is a complex process since it makes use of advanced tools and systems such as artificial intelligence (AI) and machine learning (ML) Although the system may be highly effective, not all companies would be comfortable with adopting such advanced tools in the system and may prefer traditional methods of marketing or advertisement. Moreover, there is a significant lack of availability of skilled talent to execute these advertisements, further impacting the global smart advertising industry growth.
Global Smart Advertising Market: Segmentation
Based on platform type, the global market segments are laptops, desktops, & tablets, mobile, and others. In 2022, the largest shareholding segment was the mobile unit which generated more than 59.02% of the revenue amongst all platform types. Mobile marketing refers to any form of advertisement that focuses on creating awareness by leveraging the advantages of cell phones and mobile devices. It is influenced by the proven fact that cell phones have become an integral part of the everyday lives of practically everyone across the globe.
This type of smart marketing has a higher reach than any other form of digital marketing. With the use of location-based marketing which is an amalgamation of location-based services and mobile marketing, advertisers have reached a larger consumer base. \
Based on service type, the global smart advertising market segments are mobile advertising, email advertising, social media advertising, online display advertising, video advertising, and others.
Based on enterprise size, the global market is segmented into SMEs and large-scale. In 2022, the highest growth was observed in the large-scale segment which accounted for over 66.72% of the market share. This is mainly due to the availability of adequate resources, monetary and non-monetary to undertake any activity that required high investment. Furthermore, large companies tend to target a broader group of audience due to the number of items being sold or the brand value itself. This is a major reason why large corporations with resources at their disposal are willing to spend on smart advertisement. However, it should also be noted that small & medium enterprises (SMEs) can also utilize the benefits of modern-day advertisement methods.
Based on end-user, the smart advertising industry divisions are BFSI, media & entertainment, IT & Telecom, education, healthcare, and others.
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The global smart advertising market is projected to witness the highest growth in North America. In 2022, the region held dominance over 36.45% of the global market share. The key growth factor is the higher tendency of the companies and businesses operating in the US and Canada to become early adopters of advanced technology which is strengthened by the presence of technology giants such as Alphabet and Meta with billions of dollars being directed toward research & development. In addition to this, the robust technological infrastructure of the US acts as an encouraging factor for the market players.
Asia-Pacific is projected to grow at a CAGR of 22.35% during the forecast period due to the presence of technology giants in China, Japan, and South Korea along with the rising application of smart technology such as digital advertising to reach more customers.
Global Smart Advertising Market is segmented as follows:
Smart Advertising Market: By Platform Type Outlook (2022-2030)
Smart Advertising Market: By Service Type Outlook (2022-2030)
Smart Advertising Market: By Enterprise Size Outlook (2022-2030)
Smart Advertising Market: By End-User Outlook (2022-2030)
Smart Advertising Market: By Region Outlook (2022-2030)
Middle East & Africa
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