A new study by Fact.MR, a market research and competitive intelligence provider, reveals that the global digital marketing market is worth US$ 321 billion in 2022 and is predicted to expand rapidly at a CAGR of 10.7% during the forecast years of 2022-2032. The market is being majorly driven by the growing e-Commerce sector and increasing spending on digital advertising by businesses across the world.
Digital marketing is a modern way to interact with customers regarding brand awareness, generating lead pipelines, and targeting the right audience. With increasing penetration of the Internet and smart devices, the market has gained immense popularity and has captured a large customer base for specific products and generating adequate sales for enterprises.
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Digital marketing services have increased significantly post-COVID. In 2021, digital marketing accounted for 43% of global advertisement spending as it has become a crucial part of the advertising industry. As such, the growth of the advertising industry is somewhat directly proportional to the revenue growth of the digital advertising services market.
Key Takeaways from Market Study
- The global digital marketing market is projected to expand at an impressive CAGR of 10.7% and be valued at US$ 887.2 billion by 2032.
- The market enjoyed growth at 8.9% CAGR for the period of 2017-2021.
- Social media marketing services dominate the market with a share of 31%.
- North America led the global market with 36% market share in 2021.
- Use of digital marketing is expected to increase at CAGRs of 10.9% and 11.7%, respectively, in Europe and East Asia.
“Digitalization of businesses will push the demand for digital marketing agencies over the coming years,” says a Fact.MR analyst.
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Market Development
The digital marketing services market is highly fragmented with the presence of several new and established market players. These market players are taking favorable initiatives to stay competitive in the market, such as the acquisition of Adept by Smith and Oddity by Infosys in 2022.
To cope with the intense competition in the market, various organic and inorganic growth strategies are being employed by the market players to increase their consumer base by focusing on diverse end-use industries as well as regions.
Segmentation of Digital Marketing Industry Research
- By Service :
- Search Engine Optimization (SEO)
- Social Media Marketing
- Content Marketing
- Email marketing
- Search Engine Marketing (SEM)
- Link Building Services
- Video Advertising
- Influencers Marketing Services
- Affiliate Marketing
- Pay per Click Advertising (PPC)
- Others (not mentioned elsewhere)
- By End-use Industry :
- BFSI
- Retail and Consumer Goods
- Business and Consumer Services
- Healthcare
- Manufacturing
- Transportation and Mobility
- Energy and Utility
- Trading and Warehousing
- Media & Entertainment
- Hospitality
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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