Digital Video Advertising Market to Reach $712.6 Billion, Globally, by 2031 at 29.6% CAGR: Allied Market Research
Surge in adoption of connected TVs across the globe is promoting brands and marketers to adopt digital video advertising which in turn is driving the growth of the market
PORTLAND, Ore., March 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Video Advertising Market by Type (Desktop, and Mobile), By Industry Vertical (Retail, Automotive, Financial Services, Telecom, Consumer Goods & Electronics, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global digital video advertising industry generated $53.2 billion in 2021, and is estimated to reach $712.6 billion by 2031, witnessing a CAGR of 29.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Increase in usage of digital media and growing adoption from e-commerce sector is boosting the growth of the digital video advertising market. In addition, the increase in global penetration of smartphones and internet is positively impacting the growth of the digital video advertising market. However, the risk of security incidents on networks and the high costs of digital video advertising is hampering the digital video advertising market growth. On the contrary, rising innovations in the digital advertising industry are expected to offer remunerative opportunities for the expansion of the digital video advertising market during the forecast period.
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- The restrictive containment measures involving social distancing, remote working, and the closure of commercial activities drove the online advertising industry. Many firms transferred their advertising to digital platforms as most end consumers already operate online.
- However, rise in the use of social media and digital content, advertisements have increased the costs of digital video advertising, which in turn hampered the growth of the market during the lockdown period.
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The mobile segment to rule the roost
By type, the mobile segment held the major share in 2021, garnering around three-fourth of the global digital video advertising market revenue. The desktop segment showcase the fastest CAGR of31.2% during the forecast period. Various advantages associated with the use of desktop digital video advertising, such as increased brand exposure, enhanced targeting and personalized capabilities, data collection, and improved engagement are heightening the demand for desktop digital video advertising.
The retail segment to maintain its dominance during the forecast period
By industry vertical, the retail segment contributed to the highest share in 2021, accounting for around one-fifth of the global digital video advertising market revenue. The financial segment would showcase the fastest CAGR of 33.5% throughout the forecast period. This is attributed to the fact digital video advertising helps financial institutes to reach their targeted audiences, promote products, services, and campaigns as well as to increase brand awareness and engage customers.
North America garnered the major share in 2021
By region, North America garnered the highest share in 2021, holding nearly one-third of the global digital video advertising market revenue in 2021, and is projected to retain its dominance by 2031. The LAMEA region would portray the fastest CAGR of 33.2% during the forecast period owing to, increasing penetration of mobile phones and internet in this region. Driving the usage of social media apps such as TikTok, Facebook and Instagram.
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Leading Market Players
- Conversant Solutions, LLC.
- Tremor International Ltd
- SpotX Inc
- Viant Technology LLC
- Legacy Pro Co LLC
- PubMatic, Inc.
- Levitate Media, LLC
The report analyzes these key players in the global digital video advertising market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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