The global search advertising market size is expected to reach USD 318.1 billion by 2028, registering a CAGR of 8.6% over the forecast period, according to a new report by Million Insights. The increasing popularity of digital advertising tools among various industries in recent years to offer information about their company and products is expected to accelerate the market growth. The growing adoption of paid search advertisements across the emerging economies is accelerating market growth over the last few years. Moreover, technological developments in Artificial Intelligence (AI) and Machine Learning (ML) have allowed to delivery of customized advertising content to the customer, this has led to significant growth of the market.
Search advertising is rapidly gaining popularity owing to its effectiveness, having more engagement of customers, and higher conversion rates, thus accelerating the market growth. The lockdown situations observed across the world during the COVID-19 pandemic created a slight decline in growth due to many advertisers slashing marketing budgets or pausing advertising spending for a shorter period. The increasing spending on digital advertising after the ease of several restrictions is expected to boost the growth of the market over the forecast period.
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The mobile segment contributed to the largest market share of around 65% in 2020 and is expected to register the fastest CAGR of over 9.0% from 2021 to 2028. The rising penetration rate of reasonable smartphones and the growing trend among the consumer to gain access to content according to their convenience are supporting the growth of the segment. Moreover, the rising availability of affordable mobile data plans and 4G network technology are the factors anticipated to fuel the growth of the market.
The consumer goods segment is expected to register the fastest CAGR of 10.5% from 2021 to 2028. The rising adoption of search advertising to build awareness about a particular product across the globe is propelling the growth of the market. In recent years, consumer goods companies are actively increasing advertising spending is a major driving force of the digital advertising industry. This factor is anticipated to contribute to the overall growth of the market for search advertising over the forecast period.
North America dominated the market with a revenue share of more than 35% in 2020. Technological advancements in Augmented Reality (AR), and Virtual Reality (VR) have created growth opportunities over the forecast period. Furthermore, the rapidly growing number of internet users across the region is upsurging the market growth. Moreover, the increasing investments associated with digital advertising, especially in search engine advertising are expected to drive the market growth in this region.
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Search Advertising Market Report Highlights
• North America held the largest revenue share of more than 35% in 2020 owing to the growing internet penetration rate in the region
• The mobile segment is expected to foresee the fastest CAGR of 9.1% from 2021 to 2028 due to the rising number of smartphones users across the globe
• The retail segment held the largest revenue share of more than 20% in 2020 due to the growing popularity of paid search advertisement
• Asia Pacific is expected to witness the fastest CAGR of 9.2% from 2021 to 2028 owing to the rising increased spending on search advertising
Search Advertising Market Segmentation
For this study, Million Insights has segmented the global search advertising market based on platform, industry vertical, and region:
List of Key Players of the Search Advertising Market
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