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 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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