The global digital marketing market is expected to reach US$ 321 billion in 2022 and climb to a market valuation of US$ 887.2 billion by the end of 2032, expanding at a high-value CAGR of 10.7%.
Digital marketing accounted for 43% share of global advertisement spending in 2021.
Market share analysis of digital marketing based on service and region. Under the service segment, social media marketing dominates with 31% market share in 2022.
How does a business define digital marketing?
At this stage, digital marketing is vital for your business and brand awareness. It seems like every other brand has a website, and if they don’t, they at least have a social media presence or digital ad strategy. Digital content and marketing is so common that consumers now expect and rely on it as a way to learn about brands. Because digital marketing has so many possibilities, you can get creative and experiment with a variety of marketing tactics on a budget.
Overall, digital marketing is defined by using numerous digital tactics and channels to connect with customers where they spend much of their time: online. The best digital marketers have a clear picture of how each digital marketing campaign supports their overarching goals. And depending on the goals of their marketing strategy, marketers can support a larger campaign through the free and paid channels at their disposal.
A content marketer, for example, could create a series of blog posts that generate leads from an ebook. A social media marketer might help promote those blogs through paid and organic posts on the business’s social media accounts, and the email marketer could create an email campaign to send those who download the ebook more information on the company. We’ll talk more about these specific digital marketers in a minute.
Increased global business spending on digital advertising
A lot of brands and products today are promoted using digital marketing. It is becoming a popular method for boosting traffic, generating leads, and gaining new clients. Digital marketing is extremely popular among small and medium-sized businesses due to the growing use of smartphones, the Internet, and social media platforms.
By reviewing and recognising new digital technologies with the aid of web analytics tools and tracking the traffic as well as visitor trends on websites, digital marketing companies play a significant role in the sales of business products and services. This enhances digital marketing campaigns and aids in client acquisition.
The global digital marketing market is highly fragmented and competitive due to the presence of several domestic and regional players. Various marketing strategies are being adopted by key players, such as acquisitions, expansions, collaborations, and partnerships.
For instance :
- In April 2022, Infosys, a leading technology company, acquired a Germany-based digital marketing agency called Oddity. The acquisition of Oddity strengthened Infosys’s creative brand and experience design capabilities.
- In January 2022, Smith, a global performance commerce agency, announced the acquisition of digital marketing company Adept, based in Columbus, Ohio.
Key Companies Profiled
- Porter Novelli
- Cuker Agency
- Leo Burnett
- Spark Foundry
- Grey Group
- LOLA MullenLowe
- Ignite Visibility
- 97th Floor