Media Buying Agencies And Representative Firms Market Growth Rate Passes 10% Through 2022
The Business Research Company analysis of the media buying market forecasts its growth to reach $112 billion by 2026.
LONDON, April 26, 2022 /PRNewswire/ -- Media buying is the process of purchasing ad space and time on digital and offline platforms, such as websites, YouTube, radio, and TV. A media buyer is also responsible for negotiating with publishers for ad inventory, managing budgets, and optimizing ads to improve campaign performance. Media buying agencies focus on media strategy and media planning, which may be one piece of an overall marketing plan that a company or its ad agency creates, and they usually tailor their services to a specific channel. Media buying agencies typically establish the requirements of the creative based on the media plan and they identify a time frame, recommend a budget, and establish markets for reaching the target audience.
The media buying agencies and representative firms industry growth analysis shows that it is expected to grow from $70.82 billion in 2021 to $78.35 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The media buying agencies market size is expected to reach $112.11 billion in 2026 at a CAGR of 9.4%.
Media Buying Agencies And Representative Firms Market Regional Analysis
North America was the largest region in the media buying agency and representative firm market, accounting for 30.0% of the total in 2021. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the media agencies and representative firms market will be South America and the Middle East, where growth will be at CAGRs of 12.6% and 11.0% respectively during 2021-2026. These will be followed by Africa and Asia Pacific, where the markets are expected to register CAGRs of 10.6% and 9.9% respectively during 2021-2026.
Media Buying Agencies And Representative Firms Market Trends
Companies in the media buying agencies and representative firms market are strategically partnering and collaborating with other companies to broaden their product portfolios and expand their media buying agencies and representative firms' business. For instance, in 2021, Outbrain announced the $55 million acquisition of Video Intelligence. Video Intelligence is in the early phases of developing its connected TV (CTV) offering, a strategic priority for many in the ad tech space. Also, In December 2020, JCDecaux S.A.'s France acquired Abri Services Media for an undisclosed value. The deal will likely strengthen JCDecaux's portfolio. Abri Services Media is a privately held outdoor advertising company. Abri Services Media was founded in 1969 and is headquartered in La Montagne, Pays de la Loire, France.
Key Players And Their Strategies In The Media Buying Agencies And Representative Firms Industry
The global media buying agencies and representative firms market is fragmented, with a large number of small players. The top ten competitors in the market made up to 17.34% of the total market in 2020. This can be due to the existence of number of local players in the market serving customers in particular geographies. Major players in the market are Publicis Groupe, WPP PLC, Omnicom Group Inc., Dentsu Inc., The Interpublic Group of Companies, Havas SA, Horizon Media, Hakuhodo DY Media Partners Inc., Kingstar Media, EXL Media and others players.
Player-adopted strategies in the media buying agencies and representative firms market includes focus on maximizing consumer attention through strategic collaborations and partnerships, expanding media planning and buying business through partnerships, create more efficient media planning and measurement models for its clients and partners through strategic collaborations, expanding media planning and buying business through launching new solutions and focus on enhancing business through offering new solutions.
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