A new market study published by a leading market research firm, today released its report titled “Cross-Platform and Mobile Advertising – Global Market Trajectory & Analytics.” The report offers new perspectives on opportunities and challenges in a highly transformed market after COVID-19.
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The global cross-platform and mobile advertising market will reach $297.7 billion by 2024
Cross-platform advertising, also known as cross-screen or cross-device advertising, refers to the unified digital advertising strategy used across multiple devices, such as PCs, tablets, smart TVs, smartphones, and game consoles. Cross-platform advertising has emerged as an integrated way of marketing, scheduling, and organizing a continuous flow of content and messages across multiple devices. An important feature of this platform advertising strategy is that each aspect complements the other components. Cross-platform advertising is an effective way for advertisers to reach their target customers with a single-platform ad stream. Cross-platform advertising allows marketers, publishers, and advertisers to reach their target customers anywhere, increasing the effectiveness of their campaigns. Cross-platform advertising campaigns also allow marketers to repeatedly engage with consumers across all platforms. This contrasts with a conventional marketing initiative, which is more massive in its approach.
Amid the COVID-19 crisis, the global cross-platform and mobile advertising market is expected to reach $297.7 billion by 2024, achieving a compound annual growth rate (CAGR) of 20.5% over the period. of the report. China is expected to lead the growth and emerge as the fastest-growing market, with a CAGR of 25.6% during the reporting period. Future market growth is primarily driven by the growing proliferation of mobile devices as the preferred platform for digital media, rapid adoption in industry sectors, improved business environment, a growing number of mobile subscribers, and increasing proliferation of movies, online, and music. The constant shift of users to digital media and rapidly evolving consumer behavior towards value-based advertising, where the audience is duly rewarded for their time and attention through loyalty points, free/subsidized content, and a variety of easy-to-use tools it also drives the market growth.
General increases in advertising budgets, generous budget allocation for online advertising, price increases for direct response vehicles and branded advertising, and an increase in the number of advertising agencies that incorporate online media into their integrated campaigns are some of the main drivers of market expansion. Other key factors that should boost short-term market prospects include the growing popularity of social media that promote better causes; the growing trend towards mobile apps that offer great potential for platform advertising; increasing awareness of the Internet of Things and the resulting growth of connected devices; and strong demand for digital video advertising, supported by effective distribution and streaming of advertising content.