Digital Marketing Market is projected to be worth USD 1319.44 billion by 2033 and is anticipated to surge at a CAGR of 13.85%.
The process of advertising products, services, or brands to a particular audience through online platforms, technology, and strategies is known as digital marketing. It uses a range of platforms, including websites, social media, email, search engines, and mobile apps, to get in touch with potential customers. Using data analytics and insights into consumer behaviour, digital marketing optimizes campaigns and delivers relevant, customized content. Some of its advantages include reaching a larger audience, tracking outcomes in real time, and being less expensive than traditional advertising methods. By employing digital media effectively, businesses may communicate with their target audience, build brand awareness, improve website traffic, and ultimately achieve their marketing goals.
Global Digital Marketing Market Driving Factors and Challenges
Drivers: Global demand for digital marketing software is projected to go up as big data, augmented reality (AR), and virtual reality (VR) technologies are used more often in digital marketing. Customers may examine a product, engage with the brand, and make a purchase all at once using AR and VR, providing a genuine "try-before-you-buy" experience. Big data may enable marketers to learn more about their customers through predictive analytics, which will increase the number of new clients they can bring on board.
Rapid digitalization has also changed how businesses function and achieve their objectives. Businesses now have a convenient tool for interacting with a wide range of market participants across several channels, including social networking, text messaging, and email, thanks to digital marketing software.
Challenges: However, it is expected that worries about privacy and data security will restrict the market's growth. Malware injections, phishing scams, social engineering attacks, and insecure Application Programming Interfaces (APIs) are a few of the primary issues with cloud-based digital marketing platforms. Any of the aforementioned security risks could lead to instances like identity theft and data theft, which could result in considerable losses, given that firms control a substantial amount of customer and corporate data.
Impact of COVID-19 on Global Digital Marketing Market
The COVID-19 pandemic had a profound impact on the global digital marketing landscape, hastening the shift to digital platforms and altering the ways in which businesses engage with their target audiences. Effectively weathering this period were marketers that could quickly adapt to changing consumer behaviour and leverage digital resources to meet evolving corporate needs.
Digital Marketing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Accenture Plc, Dentsu Group Inc., Disruptive Advertising, Havas Group, IBM Corporation, PB&J Promotions LLC, RAPP Worldwide Inc., Thrive Internet Marketing Agency, TopSpot Internet Marketing, WebFX, Others.
Global Digital Marketing Market Segmentation:
By Digital Channel: Based on the Digital Channel, Global Digital Marketing Market is segmented as; Blogging and Podcasting (Including Microblogging), Email Marketing, Interactive Consumer Website, Mobile Marketing, Online/Display Advertising, Search Engine Optimization (SEO), Social Network Marketing, Viral Marketing, Digital OOH Media, Online Video Marketing, Others.
By End User: Based on the End User, Global Digital Marketing Market is segmented as; Automotive, BFSI, Education, Government, Healthcare, Media and Entertainment, Others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.