LONDON, Jan. 20, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the advertising agency market, companies in the advertising agency market are increasingly investing in augmented reality (AR) to better engage end users and generate revenue. Augmented reality allows advertising to be an interactive experience between the brand and the consumer, where the user is an active participant in the advertisement. The use of augmented reality in advertising allows the user an interactive experience of a real environment where objects that reside in the real world are enhanced by computer-generated perceptual information.
For example, in 2020, EE, a UK-based mobile network and internet service provider, bolstered its campaign with the launch of an immersive web-based augmented reality experience, which features Rita Ora dancing. Additionally, in 2019, Gucci added an AR feature in its mobile app that allows users to try on sneakers while users are elsewhere. These web-based advertising campaigns have contributed to the growth in the size of the digital advertising market.
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The global advertising agency market is expected to grow from $346.12 billion in 2021 at $383.67 billion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The market growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote working and closure of business activities which resulted in operational challenges. The advertising management market is expected to reach $553.11 billion in 2026 at 9.6% CAGR.
Interactive advertising is becoming popular among consumer and advertising service providers because it can influence consumers with appropriate content. This type of advertising 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 typically found on street furniture, walkways, bus shelters, and malls. Digital interactive billboards also offer interactive features such as facial recognition and gamification. Gamification is the practice of incorporating game concepts into a non-gaming environment. The goal of gamification is to engage customers, employees, and partners to motivate them to collaborate, share, and interact. For example, in September 2019, the American football team, the Dallas Cowboys, launched “Pose with the Pros” interactive outdoor advertising kiosks in their AT&T stadium. This interactive kiosk allowed fans to take virtual photos with players of their favorite cowboy.
The global advertising agency market is segmented by mode into online advertising, offline advertising; by type in television, digital, radio, print, outdoor advertising (OOH), other; by end-user industry in banking, financial services and insurance (BFSI), consumer goods and retail, government and public sector, IT and telecommunications, healthcare, media and entertainment.
The global advertising network market is quite fragmented, with a large number of players. the top ten competitors in the market consisting of 12.22% of the total advertising agency market share in 2021. Major players in the market are WPP plc, Dentsu Group Inc, Publicis Groupe SA, Omnicom Group Inc. and Hakuhodo DY Holdings Inc.
TBRC’s ad agency industry analysis indicates that Asia Pacific is the greater region on the market, representing 37.8% of the total in 2021. It was followed by Western Europe, North America and then the other regions. In the future, the fastest growing regions in the advertising agency market will be Africa and South America, where growth will be at CAGR of 14.1% and 13.0% respectively during the period 2021-2026. The Middle East and Asia-Pacific will follow.
The Global Advertising Agencies Market Report 2022: Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provide insights into the Advertising Agencies market, analyze the Advertising Agencies Market and forecast market size and growth for the overall market, Advertising Agencies Market segments and geographies, Advertising Agencies Market trends, Advertising Agencies Market drivers, market restraints advertising agencies, revenue, profiles and market shares of leading competitors in the advertising agencies market in over 1000 industry reports, covering over 2500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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