Online marketing is the digital promotion of products or services, commonly through the internet, but also involving the mobile phones, advertisement displays, and any other new digital medium. Online marketing approaches likewise search engine optimization (SEO), search engine marketing (SEM), content marketing, content management, campaign marketing, display advertising, data-driven marketing, e-commerce marketing, social media marketing, social media optimization, e-mail direct marketing, e-books, and optical disks and games are becoming progressively popular. In addition, online marketing now also applies to non-internet platforms that convey the digital media, such as mobile phones (SMS and MMS), call-backs, and on-site mobile ring tones.
According to the report analysis, ‘Singapore Online Advertising Market Outlook to 2023 – By Type (Search Ads, Social Media Ads, Video Ads, Banner Ads, Online Classifieds and others), By Type Medium (Desktop, Mobile), By Sectors (FMCG, Entertainment & Media, BFSI, Automotive, Retail, Healthcare and others) and By Models (Cost Per Click, Cost Per Mile and Cost Per Action)’ states that the Singapore Online Advertising Market is at the growth stage observing the intense competition amongst advertising agencies. Speedy growth in the utilization of social media, robust digital infrastructure and high smartphone penetration has influenced the momentum to advertising spent. Number of internet users has augmented considerably throughout the review period. The entertainment industry revenue in Singapore has augmented at a CAGR of 3.5% throughout 2013-2018. Addition of new platforms and services such as Whatsapp advertising, Skype advertising, link building, mobile app development and several others have praised the target audience in terms of availability of broad range of services. Online advertising spent is predicted to witness sound growth at a CAGR of approximately 18.6% during the revenue duration of 2013-2018.
Online advertising market is classified for advertising agencies while it is extremely concentrated for platforms on the basis of ad spent during 2018. Companies are opposing on their marketing strategies, analytics utilized, network platforms and sectoral clientele. Some of the key advertising agencies functioning within this segment involve Carbon Interactive, Hashmeta, Happy Marketer, Media One, Clickr Media, First Page and several others. Foremost platforms which register the online advertisement spend involve Google and Facebook, followed by Instagram and several other platforms.
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On the basis of types of advertising, the Singapore online advertising market is categorized into banner, video, search, social media, and online classified & others advertising. Whereas, the search ads have greatest market share due to augmented the traffic volume to search engines for the several activities. In search engines, Google registered for the maximum user penetration followed by Facebook, Instagram and YouTube. Social media advertising positions second with the growth in number of users and time spent. Video advertising has gradually augmented in the last five years whereas banner and online categorized advertising have observed the minor decline in terms of relative share.
Singapore online advertising market will observe a slower growth from the period 2018 to 2023E as the market becomes more soaked. It is forecasted to observe a CAGR (2018-2023) of close to 11% owing to the dominance of traditional offline advertising in Singapore. Generally, the understanding of profits or ROI period in the business is moderately long which leads to disappointment among the advertising agencies.
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Ankur Gupta, Head Marketing & Communications