Advertising market returning on track, expected to rise by 23%, projected to reach 80,123 crores in 2021
Along with the improvement in the economy, the advertising market has also started coming back on track. According to a GroupM report, India’s advertising market will grow at a rate of 23.2 percent in 2021, which has collapsed by over 21 percent in 2020. The total money spends on advertising on various media platforms is estimated to be Rs 80,123 crore in 2021. GroupM has released its Tiny (This Year, Next Year) report on advertisements in the media. Prashant Kumar, chief executive of GroupM South Asia, said, “2020 has been an unprecedented year.
Corona pandemic affected every sector. The lockdown halted almost all sector’s activities. According to the report, globally, the total cost of advertising will see growth by 10 percent in 2021. Advertising spending on digital media platforms will increase by 67 percent in the same period. Digital is expected to grow at a faster pace in the coming days. India was ranked ninth in 2019 in terms of total spending on advertising. It dropped to 10th place after the fall in 2020. India will again stand in ninth position in 2021. India will be the second fastest growing market in terms of advertising.
Before pandemic, eMarketer predicted that in 2020, the cost of search advertising will increase by 14%. In fact, they suggest that the cost of search advertising will continue to rise, at least until 2024. Of course, in the early days of the coronavirus, lockdowns and online shopping were not yet common around the world. There was a decline in online shopping and travel sector.
Top 10 Advertising Spending Countries
It is worth mentioning that the spread of digital marketing, online market and digital advertising is spreading very fast, including in India. This is the reason that many online education portals have the highest number of courses related to it. This has been possible in India in the last few years on the strength of the digital revolution.