Oman Online Advertisement Market Overview
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 digital advertisement upon analysing the grooming potential of smartphones and internet penetration across the country.
The digital advertising landscape is enhancing at an astonishing pace as media proliferation and technology are together yielding newer manner of connecting with consumers. The market still lacks precise awareness and understanding concerning the consumer behaviour. Online advertising spent is projected to observe the sound growth at a CAGR of close to 4% throughout the revenue period of 2013-2018.
Oman Online Advertisement Report Analysis
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 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 renovate them into their clientele.
Oman Online Advertisement Competitive Landscape Of Key Market Players
Online advertising market is fragmented for advertising agencies while it is extremely concentrated for platforms on the basis of ad spent during 2018. Companies are contending on their marketing strategies, analytics utilized, network platforms and sectoral clientele. Some of the major advertising agencies functioning within this segment entail Arab House, Bullseye Marketing LLC, UMS Advertising and Nexa Advertising agency and several others. Major platforms which register the online advertisement spend entail Google and Facebook, followed by YouTube and Instagram during 2018.
Oman Online Advertisement Top Impacting Factors
The growth of the Oman Online Advertising Market is propelled by aspects such as extensive adoption of smartphones, appearance of high-speed internet, proliferation of social media, and increment in advertising spends on digital media around the various industries, and growth in popularity of streaming platforms. In addition, the augment in interest of business owners for online advertising owing to COVID-19 to develop brand awareness and to obtain competitive advantage propel the market growth.
However, augment in adoption of ad-blockers to avoid online advertising limits the market growth to some extent. On the contrary, emergence of advertising automation is anticipated to deliver the lucrative opportunities for the market growth. In addition, increment in adoption of identity-based pay-per-click marketing by businesses to accomplish the greater accomplishment in their marketing is projected to be opportunistic for the Oman online advertising market growth throughout the internet advertising market forecast duration.
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In addition, the creation of appealing banners and advertisements via online sources capacities more attention from the customers, this platform is progressively preferred by innumerable businesses over the world. Also, online advertising can be more convenient and cost-efficient, at the same time proposing a wider platform, when compared to traditional advertising utilizing the television and the print media. Alarming degree of addiction to smart devices such as tablets, laptops, and smartphones has also been helping the market growth.
Oman Online Advertisement Future Outlook
Oman Online Advertisement Market in terms of advertisement spending is projected to further expand in the forecasted duration 2018-2023E at a faster rate. It is reviewed to witness a CAGR (2018-2023) of close to 7% with strong assistance extended from Hospitality & Tourism and BFSI sectors.
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Ankur Gupta, Head Marketing & Communications