The Advertising and Marketing industry saw huge growth in 2017, and now comprises a market value of $1.2 Trillion. This, according to a new report by PQ Media.
The industry has grown at a fast-paced 3.9% through 2017. As impressive as that figure is, it is eclipsed by the 4.9% growth rate in the advertising and marketing industry experienced in 2016. These figures, and more, may be found in the full report, dubbed the Global Advertising & Marketing Revenue Forecast 2017-21. It covers the in-depth forecast of the advertising and marketing industry until 2021.
2017 did not have the same plethora of political elections and sporting advertising opportunities. As a result, the growth of the industry is somewhat lower in 2016.
Digital platforms like Facebook, Twitter, LinkedIn and Google AdWords will continue to be big growth opportunities for advertising and marketing.
In particular, the social media trend seen in the last 5 years is yet to peter out, and some analysts see the potential for disruptive innovation in the field.
Emerging technologies like virtual reality (VR), artificial intelligence and real-time analytics are opening the door to new tech-enabled players in the marketing industry. These new entrants threaten to not only take market share from incumbents, but may introduce green-field technology that creates genuinely new opportunities for advertisers and marketers, not to mention consumers.
“While the introduction of new advertising & marketing channels has accelerated tremendously over the past decade, such as in-store mobile beacons, proximity services and digital place-based ad networks, smart tech marketing is expanding at the fastest rate we’ve observed since that of online search marketing in the early 2000’s, said PQ Media CEO Patrick Quinn. “It seems that not a day goes by without the announcement of a new media campaign that employs the technology of AI, AR, BOTs, IoT or VR, including those related to IBM’s Watson and Pokemon Go.”
2018 looks to be a big year full of marketing opportunities. Brands looking to grow their market share can capitalize on these opportunities from the FIFA 2018 World Cup in Russia to the Winter Olympics in South Korea and the U.S. congressional elections.
To gain the most from a growing market, marketers and advertisers should be crafting strategies that embrace digital promotion opportunities ranging from mobile marketing to social media and virtual reality. New social platforms based on the blockchain technology also promise a new avenue for marketers looking to grow their brands.