India proposes the huge business potential for the online advertising industry with a growing population, increasing income level, and fluctuating lifestyle. With an augmenting number of educated individuals and migration to urban locations, growth adoption of the internet and online advertising is being observed. Despite the growth, several challenges continue to plague the industry such as underdeveloped infrastructure and shortage of faith of both advertisers and audiences.
According to the report analysis, ‘India Online Advertising Industry Growth and Forecast 2016’ states that online advertising is developing speedily in the country but a deducting in advertising revenues has been noticed during 2009 owing to the global economic slowdown. However, during 2010, a recovery in advertising spend was witnessed, owing to an advancement in market sentiments. Moreover, segments like finance, IT, and education, which are the greatest contributors to online advertising, decreased their advertising budget during 2009 and from the second quarter of 2010 onwards again started growing their advertising spending. During 2010, online advertising exceeded the growth rate of other advertising formats such as TV, print, and radio. The aspects that assisted the industry growth were, an augment in internet penetration, e-commerce, social networking, and population growth.
In addition, among the numerous online ad categories, display advertising has always been the leading sector. Sectors such as travel, Banking, Financial Services, and Insurance (BFSI), telecom, auto, and online publishers registered the display advertising segment. Sector-wise, text advertising is registered by BFSI, followed by travel and online publishers. Mobile advertising is a comparatively new concept in India and it involves banners, text, click to call, click to SMS, in-game amongst others. With the growing requirement for smartphones and 3G networks, mobile internet data usage is predicted to be the growth driver, thereby leading to growth in the mobile advertising. The role of social media is also growing due to rising internet access and also on account of social media becoming a standard element of web usage.
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Growth and new business opportunities prevail for the online advertising industry in India, owing to a large youth population, the admiration of social networking sites, increasing the e-commerce trade, augment in educated population and broadband connectivity, as well as deducting the internet and telecom costs. Moreover, the entry of foreign e-commerce companies is also projected to propel the market for online advertising. Mobile advertising is also anticipated to augment with the popularity of 3G services, which was presently introduced in the market, thereby propelling the requirement for online advertising services.
India is the major market, on account of growing adoption of technology extensive urbanization and industrialization, and motivating government initiatives. As a number of market players are welcoming terrains likewise food and beverages industry, the growth of the market in this region is further strengthened. Therefore, it is predicted that during the near future the market of online advertising will augment more proficiently around the region.
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Ankur Gupta, Head Marketing & Communications