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The online advertising sector in India has been flourishing, lately, owing t- the increase in the number of 4G connections and smartphones, time spent on mobile phones, and subsequent spends on digital advertising by companies operating in the automotive, food and beverages, and e-commerce industries. In India, the five types of content used in online advertising are - social media, search, display, video, and classifieds. As of 2017, majority of the online advertising activities were done through social media (~28%). The online advertising market in India is expected t- expand at a compound annual growth rate (CAGR) of ~34.43% during the 2018-2023 period, t- reach a value of INR 457.34 Bn by 2023. The proliferation of vide- content, transformation in payment mechanism, and voice-based interactions are expected t- help in further growth of this market.
Industry-wise digital advertising segment insights:
Based on the amount spent by different market players operating in various industries in India, it is observed that all major sectors like e-commerce, telecom, consumer durables, media and entertainment, fast moving consumer goods (FMCG), banking, financial services and insurance (BFSI), automotive, and retail have had similar share of investments on online advertising. This implies that the level of acceptance of the benefits of online advertising has been high across miscellaneous business sectors in India.
Key growth drivers of the market:
- Government initiatives like Digital India', has led t- an increase in digital consumption across the country. Through online advertising, the e-players can promote their products on social media, and search engines, thereby converting virtual media int- a marketplace.
- In India, consumers mostly prefer videos and music in the entertainment category. Consumption of digital vide- has increased from ~48% in 2016 t- ~55% in 2017, which implies a positive impact on spending on vide- advertisements.
Key deterrents t- the growth of the market:
- Issues of internet connectivity and low broadband penetration are still prevalent in India, mainly in rural areas. Also, the digital vide- businesses in India face problems due t- the high input costs, thus hampering the growth of online advertising in the country.
- In India, digital content is mostly delivered in English, and does not appeal t- a considerable section of the society, which seeks vernacular content. This acts as a deterrent t- the growth of digital media as an advertising platform in comparison t- TV or radio.
- Adglobal360 India Private Limited
- DDB Mudra Private Limited
- Grey Worldwide (India) Private Limited
- Interactive Avenues Marketing Solutions Private Limited
- Komli Media India Private Limited
- Madison Communications Private limited
- McCann Erickson India Private Limited
- Ozone Media Solutions Private Limited
- Pinstorm Technologies Private Limited
- SVG Media Private Limited