Digital Marketing in India
Digital Marketing in India is on the rise. More so in 2019 that it has ever been in the history of marketing. The numbers are off the charts and statistics are breaking those traditional molds of marketing in defiance. Advertising in India is usually dominated by what we see on the television. The only things that come close are those newspaper ads, billboards and the posters obscuring your neighborhood walls.
2019 is different. Right from the very beginning of this year, we have sensed and run into a lot of evolving systems believe it not.
As per the latest report by Dentsu Aegis Network, as of 2018, the Indian advertising market stands at Rs. 61,878 crores ($8.76 billion) and is estimated to grow with a Compound Annual Growth Rate CAGR of 10.62% till 2021 to reach a market size of Rs. 85,250 crore ($12.06 billion). The digital advertising market size is around Rs. 10,819 crores ($1.3 billion) and the estimated (CAGR) growth will be 31.96% and the market will expand to Rs. 24,920 crore ($3.52 billion).
The Jio Boom
With Jio dropping the free 4G bomb on the Indian Mobile Network Market, there has been an exponential rise in the number of mobile internet users. This is been one of the most prominent driving forces of many of the brands in our country to replicate their brands for the online arena. The uprising of Jio led to the budding of loads of social media influencers. YouTubers got more creative freedom to rise above and a more engaging audience to interact with. And more importantly, you don’t bump into any of those dirty missed called tactics we Indians were so familiar with.
With unlimited mobile bandwidth, comes unlimited brand responsibilities. All the smart brands knew from day 1 that if they stick to their rock and stick methods they will rot with the dinosaurs. Evolution is important to a brand journey. Migration to the digital market became a necessity and not a luxury.
Currently, Banking Financial Services and Insurance (BFSI) is the biggest spender on digital media with a contribution of 38% of all their marketing budgets. This is followed by consumer durables (36%), e-commerce (34%) and telecom (31%). Fast Moving Consumer Goods (FMCG) spends heavily on the television (63%) and the retail sector spends largely on print (54%) medium of advertising.
The advertising expenditure on the digital advertising formats is led by social media (29%) followed by search (25%), display (21%) and video (20%). The BFSI vertical spends the largest share of its digital media budget on search (38%), while FMCG spends the largest share of its digital media budget on video (33%).
The major reason for the growth is technological advancements, improvements in data science & analytics, implementation of algorithms to automate various procedures, better ad fraud detection and improved data policies & regulations. The rapid increase in the penetration of mobile devices and internet has led to 47% of digital media spends on mobile devices and is expected to grow at CAGR of 49% to reach spends share of 67% by 2021.
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