The global banner advertising market size is expected to reach USD 87.14 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 4.6% from 2021 to 2028. The growing adoption of digital advertisement across emerging economies is accelerating the market growth. Furthermore, technological developments in artificial intelligence, big data analytics, and machine learning have allowed the delivery of customized advertising content to the customer, thereby boosting the market growth.
Banner advertising is rapidly gaining popularity owing to its effectiveness and escalating engagement of customers. In addition, a lockdown situation has been observed during the COVID-19 pandemic due to which the market witnessed a slight decline and many advertisers slashed marketing budgets or paused advertising spending for a shorter period. The increasing spending on digital advertising after the ease of several restrictions is expected to boost the market growth.
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The video banner ads type segment is expected to register the highest CAGR of 5.5% from 2021 to 2028. The growing adoption of display advertising is accelerating the segment growth. Moreover, various advertising companies are adopting banner advertising for the promotion of the brand. Additionally, video banner ads are affordable as compared to other advertising tools, which, in turn, is propelling the market growth.
The mobile platform segment is expected to register the highest CAGR from 2021 to 2028. The increasing number of smartphones users across the globe is propelling the market growth. Additionally, rising investment in developing mobile advertisement by the various advertisers due to the high engagement of customers in the mobile segment. Furthermore, the rising internet penetration rate and rapid urbanization are expected to accelerate the market growth.
North America held the largest revenue share of over 35.0% in 2020 due to the increasing mobile penetration rate and high adoption of tablets. Furthermore, consumers in the U.S. and Canada tend to be the early adopters of emerging solutions and technologies, thereby accelerating the market growth. Moreover, the presence of well-established corporations and a large number of global retailers are accelerating the growth of the market in this region.
Banner Advertising Market Report Highlights
• Asia Pacific is expected to witness the fastest growth over the forecast period owing to the increasing mobile penetration rate
• The mobile platform segment is expected to register the fastest CAGR from 2021 to 2028 due to the rising number of smartphone users across the globe
• The rich media ads type segment held the largest revenue share of over 40.0% in 2020 due to a higher level of viewer engagement
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