A new report called the Digital Advertising and Marketing – Global Market Report has put forward a revised industry valuation that forecasts the market to reach a staggering $A1.087 by 2026.
Estimated to be worth AUD 484.015 billion dollars in the year 2020, to meet the target sum the digital advertising and marketing industry would need to realize a compound annual growth rate (CAGR) of 13.9 per cent over the analysis timeframe.
Unfortunately, digital marketing spending took a backward step as a result of pandemic-induced cuts to advertising and marketing budgets during global lockdowns. However, despite lessened budgets evidence per the report suggests that available funds were steadily allocated in higher proportions to digital marketing initiatives.
A possible explanation for these directional changes to monetary flow is likely to stem from the work from home boom that developed during the COVID-19 pandemic. Naturally the outcome of having a large collective of workers couped-up for long periods of time has had the outcome of huge spikes in online traffic.
This digital surge hasn’t gone unnoticed, companies have intelligently adapted their strategies so that they continue to meet and engage with target audiences effectively. Just as it has a great many aspects of life, the pandemic has completely upended ‘the old ways’ of advertising and marketing.
Even at companies where digital marketing initiatives have previously had low levels of priority, transformation in this space has quickly become an instrumental requisite to staying afloat in tumultuous economic circumstances.
Presently clicks and display ads are among the most popular forms of digital marketing. Clicks being the more costly option as they ensure customers are directed to an advertiser’s website. However, clicks are more advantageous as they offer a better return on investment.
Moreover, there has never been a better time to implement cost per click strategies to spruik up a marketing plan. The most proactive advertisers are leaping at the opportunity to capitalize on lower costs per click which have come about from the overall decline in digital marketing budgets.
The Digital Advertising and Marketing – Global Market Report confidently asserts that continued spending on marketing measures will all but guarantee a high recall for advertisers’ products or services when conditions inevitably improve.
Besides some of the more recent doom and gloom gripping the industry, encouragingly the US Market alone has an estimated value of AUD $215.043 billion dollars and primed to launch on a stratospheric trajectory.
Exciting technological developments are primed to imminently revolutionize not only the marketing industry but human experience. The report lists future drivers which delve deeper than the already established shift from the traditional to digital.
The items listed included modern and emerging technologies like augmented reality to improve advertising campaigns, blockchain technology that can transform digital advertising, artificial intelligence insights, and metaverse gaming.
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