• April 2, 2024

Digital Marketing Expected to Surge

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Worldwide spending on digital marketing is expected to grow by $353.53 billion through 2028, at a compound annual growth rate of 8.8 percent, according to research firm Technavio.

The market, which encompasses the search engine marketing, social media marketing, content marketing, email marketing, and mobile marketing that enable businesses to target specific audiences, measure results, and optimize strategies in real time, is surging due to the shift to online shopping driven by increased internet penetration, smartphone usage, and lifestyle changes, Technavio reported.

Real-time measurement tools, CRM software, and artificial intelligence technology are key investments for businesses engaging with consumers via digital channels like SMS, social media, and search advertising, according to the firm, which noted a particularly strong surge in industries like financial services, education, telecom, media, and entertainment.

The report identifies Alphabet (Google), AppLovin, Coalition Technologies, Dentsu, Disruptive Advertising, Ignite Visibility, InMobi, Meta Platforms, Microsoft, Oracle, Perfect Search Media, Power Digital Marketing, RAPP, Silverback Strategies, Thinknow, Thrive Internet Marketing Agency, Twitter, Verizon, WebFX, and L7 Creative as key companies in this market. Jixie, Picklejar, Sprout Social, Loomly, Audiense, and Atmosly are other notable players in this dynamic market, according to Technavio.

Smartphones are the new advertisement displays, offering real-time connectivity and targeting capabilities, the firm said, And with more than half the world owning smartphones and the Internet primarily accessed via mobile devices, digital marketing offers greater reach, cost-effectiveness, and real-time measurement, it concluded.

At the same time though, as technology advances, marketers must adapt to stay competitive and maximize their return on investment, Technavio cautioned, noting that digital marketing is an ever-evolving ecosystem that requires continuous innovation and strategic planning.

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