The global online media market is expected to witness growth over the forecast period, driven by proliferation of internet users and high adoption rate of smartphones and portable devices. Shift from print media to online advertising coupled with technological advancements is expected to boost online media market growth over the forecast period. In addition, increasing awareness as well as rapid adoption of internet technology and enhancement of communication infrastructure is expected to augment market growth over the coming years. Expansion of online platform with display ads, digital videos, rich media and mobile advertising formats is one of the prominent drivers of the market. Innovative marketing solutions such as online content and image-centric marketing may offer alternative opportunities for market growth. Increasing availability of mobile friendly content and diversification in social media is expected to attract more number of users.
Increasing availability of competitive advantages among companies, ease of accessibility to various services through online mobile applications, cost-effectiveness in advertising & promotions and enormous reach to people are expected to boost market growth. Growing application of online media in e-services such as e-entertainment, e-health, e-government, e-education, and e-commerce are expected to supplement market growth over the forecast period. Furthermore, increasing adoption of e-commerce portals such as Amazon, ebay, etc., are expected to attract consumers to use online media by providing online shopping from web as well as mobile applications. Online booking websites and mobile booking applications are also anticipated to augment market growth over the coming years. However, lack of awareness regarding accessibility of online media may restrain market growth. Optimal use of online platforms such as advertising through mobile applications (Facebook, twitter, YouTube), video advertising/video streaming, and social media may offer growth opportunities for the market in coming years.
The global online media market is segmented as per its format and verticals served. Online media offers formats such as search engine, classifieds, display advertising, digital video advertising, lead generation, mobile advertising, and rich media. Online media market verticals include automotive industry, consumer packaged goods industry, banking; Financial Services & Insurance (BFSI), education, retail, media & entertainment, healthcare, transport & tourism, and telecommunication & Information Technology-Enabled Services (ITES).
North America and Europe dominate the global market owing to early adoption of technological advancements. The online media market in Asia pacific is expected to witness significant growth due to increasing adoption in smartphone users in the region. The key players in the online media market include Amazon.com, Inc., Yahoo Inc., Aol, Inc., Facebook Inc., IAC Co., LinkedIn Corporation, Baidu internet services company, Google, Twitter Inc., Microsoft, Qzone corporation, and Sponge.
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Media consumption is expected to witness a substantial increase as a direct consequence of lockdowns enforced in several countries across the globe to combat the spread of the deadly coronavirus. Since consumers are forced to stay at home, they are turning to popular OTT service providers such as Netflix, Amazon Prime, etc. or renewing/enhancing their existing Pay TV packages, procuring IPTV subscriptions, etc. to satiate their entertainment needs. eSports is also another sector which is expected to be favorably impacted by more and more people confined to their homes. The report will account for Covid19 as a key market contributor.