Procurement Outlook
Digital marketing involves the marketing of products and services through channels such as social media, SEO, email, and mobile apps. It spans across a massive network of digital touchpoints that customers interact with during their day-to-day life. The services of digital marketing can be categorized into the following segments:
Demand Outlook
The global digital marketing market was valued at ~USD320 billion in 2020 and it is expected to grow at a CAGR of 14-16% from 2020 to 2027. Increasing investments in online video and mobile advertising are driving the spending of the digital marketing industry. The expenditure on mobile advertisements, which once accounted for nearly ~15% of total digital spending in 2015, accounts for about 39–42% of the digital spending in 2020. North America is leading the global digital marketing market with more than 35% of the total digital marketing expenditure during the forecast period. The global retail & consumer goods industry is the largest end-user segment of the digital marketing industry with more than 30% of the overall industry spend.
Grab your copy, or request for a free sample of the “Digital Marketing Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.
Cost Drivers
The cost of digital marketing is solely depending on the size of a business. A business needs to analyze its financial capabilities and define clear objectives before implementing a digital marketing strategy. Digital marketing costs are varied based on the type of service. For instance, search engine optimization for a small and medium-sized company costs around USD 500-1,000 per month. Whereas, the same activity for a global organization can cost more than USD 20,000. Similarly, the procurement cost is different for email marketing, website design, social media marketing, etc. Typically, a digital marketing service provider offers bundled services to their customers.
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