IMARC Group, a leading market research company has in its latest report estimated that the global advertising market will gross $532.5 billion by 2024.
According to the report by the market research agency titled “Advertising Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024, the global advertising market size was estimated to be U$ 532.5 billion.
Similarly, IMARC noted that more advertising agencies worldwide are continuously increasing their spending on advertising within the entertainment, out-of-home and digital segments.
For instance, it said, Publicis Groupe, a multinational advertising and public relations company is investing in digital advertisement, and as such, “looking forward, the market value is projected to reach $769.9 billion by 2024, expanding at a cumulative Aggregate Revenue (CAGR) of around 6.3% during the forecast period (2019-2024).
The research group which observed that “advertising plays a vital role in communicating the value proposition of an organization’s offering while influencing the buying behaviours of consumers said the advertising scope has been expanded with digital advertising.
Besides, it disclosed that the increasing usage of electronic devices such as Smart-Phones, Laptops and Tablets, coupled with a rise in the number of internet users, has expanded the scope of digital advertising.
Along with this, the report added, “Technological advancements have led to the evolution of cloud advertising and other enhanced advertising business models”.