Oman Online Advertising Market is presently placed in early growth stage. Brands and advertisers still hold greater preference for traditional modes of advertisement namely, TV, newspaper and radio. However, the market is observing considerable transition towards the digital advertisement upon investigating the grooming possible of smartphones and internet penetration in the country. Companies are now progressively adapting the usage of online social network as a foremost marketing tool. The players are aiming on tapping the large pool of the ‘forever online’ consumers to translate them into their clientele. The digital advertising scenario is developing at an astonishing pace as media proliferation and technology are together yielding newer manners of connecting with consumers. The market still absences correct awareness and understanding concerning consumer behavior. Online advertising spent is projected to witness sound growth at a CAGR of close to 4% throughout the revenue period 2013-2018.
According to the report analysis, ‘Oman Online Advertising Market Outlook to 2023 – By Medium (Desktop and Mobile), By Type (Search Advertising, Social Media Advertising, Banner Advertising, Video Advertising, Online Classifieds), By Sectors (Hospitality & Tourism, FMCG, BFSI, Telecommunications, Healthcare, Automotive, Retail and others) and By Model (Cost Per Mile, Cost Per Click and Cost Per Action)’ states that online advertising market is fragmented for advertising agencies while it is extremely concentrated for platforms on the basis of ad spent in 2018. Companies are challenging on their marketing strategies, analytics used, network platforms and sectoral clientele. Some of the foremost advertising agencies functioning within this segment comprise Arab House, Bullseye Marketing LLC, UMS Advertising and Nexa Advertising agency and others. Foremost platforms which dominate the online advertisement spend comprise Google and Facebook, followed by YouTube and Instagram during 2018.
At Ken Research, Oman Online Advertising Market Report covers online advertising spent along with market segmentation by the medium of advertising (desktop and mobile), by type of advertising (search advertising, social advertising, video advertising, banner advertising, online classifieds and others), by sectors (Hospitality & Tourism, FMCG, BFSI, Telecommunications, Healthcare, Automotive, Retail and others), by models (cost per mile, cost per click and cost per action).
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The report also discloses growth drivers and trends; issues and challenges; customer pain points and decision making parameters and competitive insight of players in the market with special aim on Al Nahda Advertising Co LLC, Arab House Bullseye Marketing LLC, Creative Communications Advertising and Marketing LLC, Fortune Promoseven Advertising, Havas Worldwide Muscat, Oman Advertising Agency LLC, Pargon, Talks International LLC, UMS Advertising and several others. The report also discovers the digital customer profile in Oman, future outlook & projections along with the analyst recommendation highlighting the foremost opportunities & cautions to the reader.
On the basis of pricing models, the CPM model is broadly preferred over other models in Oman. It is primarily utilized in Social Media Advertisements. Cost per Mile (CPM) denotes the cost charged per thousand clicks. Cost per Clicks (CPC) is the charges by the publisher according to the number of clicks gained by any advertisement. Cost per Action (CPA) presents the charges as per any specific action desired by the advertiser. CPC model control the second highest share which is primary used by publishers due to the dominance of search advertising. The CPM and CPC models are projected to manage the higher more popularity by 2023.
Oman Digital Marketing Market in terms of advertisement spending is projected to further expand in the reviewed period 2018-2023E at a faster rate. It is forecasted to observe a CAGR (2018-2023) of close to 7% with robust support enlarged from Hospitality & Tourism and BFSI segments.
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Ankur Gupta, Head Marketing & Communications