Search Advertising Market

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Search Advertising Market Revenue Drivers, Growth
Opportunities, Value Chain Analysis and COVID-19
Impact Insights, 2028
The global search advertising market size
was valued at USD 164.12 billion in 2020 and
is expected to expand at a compound annual
growth rate (CAGR) of 8.6 from 2021 to
2028.
The global Search Advertising Market research
report provides complete insights on industry
scope, trends, regional estimates, key
application, competitive landscape and financial
performance of prominent players. It also offers
ready data-driven answers to several
industry-level questions. This study enables
numerous opportunities for the market players to
invest in research and development. Market
Overview 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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Search Advertising Market https//www.millioninsi
ghts.com/snapshots/search-advertising-market-repor
t/request-demo The mobile segment is expected to
register the highest CAGR of 9.1 from 2021 to
2028. The increasing number of smartphones users
and the rising internet penetration rate across
the globe are some of the key factors propelling
the growth of the segment over the forecast
period. Additionally, rising investments in
search advertising by the various
advertisers due to the high engagement of
customers in the mobile segment are also
projected to drive the growth of the market in
the forthcoming years. The consumer goods
segment is expected to register a high CAGR of
10.5 from 2021 to 2028. The rising popularity of
search engine advertising for promoting the brand
and building product awareness is driving the
growth of the market. The growing sale of
consumer goods through search advertising is
expected to accelerate the growth.
Additionally, the rising advertising spending
by consumer goods companies in recent years
is a major driving force for the market. 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. The market is
characterized by the presence of various
established market players of search advertising
across the globe. Some of them are Google,
Amazon, Microsoft, and Yahoo along with numerous
small and medium players. Companies are focusing
on launching new functions to meet consumers
expectations by offering a trending digital
advertisement format. For instance, in July
2020, Google has launched new features to aid
advertisers to make their products stand out in
web search results and on other platforms. The
vendors are expanding their reach across the
globe with an innovative business model. Such
initiatives are expected to boost product
adoption.
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