At 29.6% CAGR, Digital Video Advertising Market Size to Gain USD 712.6 Billion by 2031
The market for digital video advertising is expanding as a result of rising digital media usage and e-commerce industry acceptance.
PORTLAND, PORTLAND, OR, UNITED STATES, March 6, 2023 /EINPresswire.com/ — According to the report, the global digital video advertising market 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.
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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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 of 31.2% 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.
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.
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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.
The digital video advertising industry is constantly evolving, and there are several trends shaping the industry. Some of the key trends include:
• Mobile video: Mobile devices are becoming the primary way people consume video content, and advertisers are responding by creating more mobile-friendly video ads. Short-form video ads that can be viewed on mobile devices are gaining popularity, and advertisers are also experimenting with vertical video formats to improve the viewing experience on smartphones.
• Programmatic advertising: Programmatic advertising, which uses data and algorithms to automate ad buying and placement, is becoming increasingly popular in the digital video advertising industry. Programmatic advertising allows advertisers to target specific audiences more effectively and efficiently, and it also enables real-time optimization of ad campaigns.
• Connected TV advertising: Connected TV (CTV) refers to television sets that are connected to the internet and allow users to stream video content. CTV advertising is growing rapidly, as more people cut the cord and shift to streaming services. CTV advertising allows advertisers to target audiences on the big screen and create a more immersive video experience.
• Interactive video: Interactive video ads, which allow viewers to engage with the content by clicking on hotspots or choosing different paths, are becoming more common in the digital video advertising industry. Interactive video ads can be more engaging and can lead to higher levels of viewer interaction and conversion.
• Personalization: Advertisers are increasingly using data to create personalized video ads that are tailored to the viewer’s interests, behavior, and preferences. Personalized video ads can improve the effectiveness of ad campaigns and provide a more relevant and engaging experience for viewers.
Overall, the digital video advertising industry is evolving rapidly, driven by changes in consumer behavior, advances in technology, and the increasing importance of data-driven advertising.
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Leading Market Players –
• Advertise.com
• Conversant Solutions, LLC.
• Tremor International Ltd
• SpotX Inc
• Viant Technology LLC
• Legacy Pro Co LLC
• MultiVisionDigital
• PubMatic, Inc.
• WebFX
• Levitate Media, LLC
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Allied Analytics LLP
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