Growing adoption of smart advertising due to its numerous benefits majorly drives the growth of the Smart Advertising Market. Some of its benefits include creating awareness about the product, inspire interactivity as this gives the user to explore the interest in different products, services, drive a far better performance than traditional advertising, and others. In addition to this, factors such as continuously growing focus on digital media, and rise in smart phone penetrations, further fuels the market growth.
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Smart advertising is different than from the traditional advertising which catches attention instantly. Organization are shifting their focus on smart advertising because of the numerous reasons such as eye-caching and user friendly advertising options, more entertainment, cost friendly and others. The main purpose behind the advertisement is to create awareness about the company’s product, educating the potential buyer, creation of competitive edge, to make a change in buyer’s consumption habits.
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Ongoing technology advancement such as geo-fencing and Bluetooth low energy beacons have enabled several digital out of home enterprises to offer multiple personalization and tracking functionalities to advertisers. In addition to this, technology advancement also helps to provide improved high resolution digital displays thus helps to increase the customer engagement and stimulate purchase desire, thus driving the growth of the smart advertising market.
The automation offers several aspects of advertising process such as better targeting with lower overall advertising cost. The programmatic system in the automation is applied on algorithms in order to make real time bids on ad inventory so that it can display the ad to the right customer on right websites hence enhancing the viewers and thus smart advertising integrated with automation is expected to bring multiple opportunities for this market.
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Impact of COVID-19 on Smart Advertising Market:
- As the threat of the Covid-19 pandemic increases, it is also significantly affecting businesses across many industries and advertising is also one of them which is facing tough challenges as lawmakers and companies put in place precautionary measures to keep employees safe. It is expected that the advertising media sees a 30% decrease in the investments. In addition to this, loss in revenue will lead to temporary unemployment in various advertising agency. Furthermore, the absence of economic activity has certainly affected the content of the advertising.
- Advertising companies are also moving towards other distribution platforms, notably Over-the-top (OTT) providers. As a result, many of the largest media companies have increased investment in their OTT services in recent years; this trend appears set to continue, with coronavirus accelerating consumers thus increasing the market for the smart advertising market.
- Furthermore, some good opportunities are also expected to increase ad spends and certain clients are expecting an increase in sales with reduced cost such as growing demand for in-home media. TV viewership has climbed, but digital consumption has increased even more: use of social platforms and streaming services have risen almost everywhere; gaming has also grown dramatically which will expected to increase the investment in smart advertising.
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