LONDON, Jan. 20, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the advertising agencies market, companies in the advertising agencies market are increasingly investing in augmented reality (AR) to better engage the end-users and drive revenues. Augmented reality allows advertising to be an interactive experience between the brand and consumer, where the user is an active participant in the advertising. The use of augmented reality in advertising allows the user an interactive experience of a real-world environment where the objects that reside in the real world are enhanced by computer-generated perceptual information.
For instance, in 2020, EE, a UK-based mobile network and internet service provider, has strengthened its campaign with the launch of an immersive web-based augmented reality experience, which features Rita Ora dancing. Furthermore, in 2019, Gucci added an AR feature in its mobile application that allows users to try on sneakers while the users are out elsewhere. Such web-based advertising campaigns have aided the growth of the digital advertising market size.
Request for a sample of the global advertising agencies market report
The global advertising agencies market is expected to grow from $346.12 billion in 2023 to $383.67 billion in 2023 at a compound annual growth rate (CAGR) of 10.8%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The advertising agency market is expected to reach $553.11 billion in 2026 at a CAGR of 9.6%.
Interactive advertising is becoming popular among mainstream and advertising service providers as they can influence consumers with appropriate content. This type of advertisements involves communication or reaction between the advertisement and the audience. Such interactive advertisements can present audiences with the unique experience of something personal or engaging based on their own tastes. These types of ads are usually found on street furniture, pedestrian lanes, bus shelters and shopping malls. Digital interactive billboards also offer interactive features like facial recognition and gamification. Gamification is the practice of incorporating game concepts into nongame environment. Gamification’s purpose is to engage customers, employees, and partners in order to motivate them to collaborate, share, and interact. For instance, in September 2019, American football team, the Dallas Cowboys launched interactive outdoor advertisement “Pose with the Pros” kiosks at their AT&T stadium. This interactive kiosk allowed fans to take photos with their favorite cowboy’s players virtually.
The global advertising agencies market is segmented by mode into online advertising, offline advertising; by type into TV, digital, radio, print, out-of-home (OOH), others; by end-user industry into banking, financial services, and insurance sector (BFSI), consumer goods and retail, government and public sector, IT & telecom, healthcare, media & entertainment.
The global advertising agencies market is fairly fragmented, with a large number of players. The top ten competitors in the market made up to 12.22% of the total advertising agencies market share in 2023. Major players in the market include WPP plc, Dentsu Group Inc, Publicis Groupe SA, Omnicom Group Inc., and Hakuhodo DY Holdings Inc.
TBRC’s advertising agency industry analysis states that Asia Pacific is the largest region in the market, accounting for 37.8% of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the advertising agencies market will be Africa and South America, where growth will be at CAGRs of 14.1% and 13.0% respectively during 2023-2026. These will be followed by Middle East and Asia Pacific.
Advertising Agencies Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide advertising agencies market overviews, advertising agencies market analyze and forecast market size and growth for the whole market, advertising agencies market segments and geographies, advertising agencies market trends, advertising agencies market drivers, advertising agencies market restraints, advertising agencies market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Digital Advertising Global Market Report 2023 – By Platform (Mobile Ad (In-APP And Mobile Web), Desktop Ad, Digital TV), By Ad Format (Digital Display Ad (Programmatic And Non-Programmatic Transactions), Internet Paid Search, Social Media, Online Video), By Industrial Vertical (Media And Entertainment, Consumer Goods & Retail Industry, Banking, Financial Service & Insurance, Telecommunication IT Sector, Travel Industry, Healthcare Sector, Manufacturing & Supply Chain, Transportation And Logistics, Energy, Power, And Utilities) – Market Size, Trends, And Global Forecast 2023 – 2026
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
