Growing demand for RTB and Digital OOH media, targeted mobile ads, and rising digital content creation & consumption drive the digital marketing services category’s growth

Digital Marketing Services Category - Procurement Intelligence

The digital marketing services category is expected to grow at a CAGR of 13% from 2023 to 2030. North America is expected to remain the industry's dominant regional market. During the projected period, the region is anticipated to contribute between 38% and 42% of the total digital marketing cost. The vast target audience in the North American region motivates the major players and brands to market and promote their content, goods, and services online, which in turn propels the expansion of the digital marketing industry. According to projections, there will be more options for marketers to market their items online as a result of the growing number of online shoppers in North America. This will accelerate the expansion of the local market.

To maintain their competitiveness and meet the changing needs of businesses, suppliers in the category of digital marketing services have adopted a number of actions. These actions involve making investments in cutting-edge technology such as social media marketing, machine learning, and artificial intelligence. Companies are also continuously focusing on collaborating or developing their own technology. For instance,

• In April 2022, leading IT firm Infosys acquired Oddity, a digital marketing firm based in Germany. The acquisition of Oddity boosted Infosys's capacity for innovative brands and experience design.

• In January 2022, Smith, a digital commerce agency, acquired a digital marketing company Adept, based in Columbus, Ohio. The acquisition enabled Smith to offer a wider range of services and solutions to its clients, and it strengthened its position as a global leader in digital marketing.

The retail & e-commerce segment dominated the global digital marketing market share in 2022 and is anticipated to continue doing so in the following years due to fierce competition amongst smaller companies in that segment with bigger organizations to stay relevant and competitive in the market. Different retailers are improving their digital marketing tactics to increase consumer awareness of their brands and increase traffic to their e-commerce websites.

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Digital Marketing Services Sourcing Intelligence Highlights

• The global digital marketing services category is fragmented, with the presence of several players in the market. Suppliers in digital marketing services invest in AI, machine learning, and social media marketing, and engage in strategic collaboration to stay competitive and meet evolving business needs.
• Staffing, tools and software, media buying, content creation, campaign management, and testing/optimization efforts form the most significant cost component in category implementation.
• The project's scope, complexity, target audience, desired outcomes, and time frame significantly influence the costs.

Digital marketing services Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape

• Market estimates and forecasts from 2022 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, and PPT and online dashboard versions

Cost Intelligence Highlights

Grand View Research has identified the following key cost components for the digital marketing services category:

• Staffing

• Tools And Software

• Media Buying

• Content Creation

• Campaign Management

• Testing/Optimization Efforts

Staffing, tools and software, and media buying form the largest cost components of the digital marketing services category.

List of Key Suppliers in the Digital Marketing Services Category

• Accenture Interactive

• PwC Digital Services

• IBM iX

• Dentsu International

• iProspect

• WebFX

• Facebook Inc

• Google Inc

• IAC/InterActiveCorp

• Noble Studios