SpendEdge Forecasts a Spend Growth of over USD 190 Billion for the Advertising Production Services Market
LONDON--(BUSINESS WIRE)--Nov 20, 2019--
SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Advertising Production Services Market - Procurement Intelligence Report.
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Global Advertising Production Services Market Procurement Intelligence Report. (Graphic: Business Wire)
With the competition intensifying in the marketplace, industries such as textiles, education, and retail are finding it prudent to differentiate their brands from others in unique and appealing ways to churn more engagement among the potential customer base. Such an imposing necessity will draw substantial investments in the advertising production services market and will drive the CAGR at more than 6% through 2023. The advent and a subsequent prominence of mediums such as TV, digital, cinema, magazines, radio, and OOH are paving the way for extensive leverage of these services across various sectors.
“ The popularity of smartphones is favoring the execution of feature programmatic advertisements. This will drive the demand for the digital advertising section of this market,” says SpendEdge procurement expert Tridib Bora.
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What do the advertising production services price trends indicate?
- The shortage of skilled workforce will compel suppliers to increase salaries of the skilled professionals which will make a significant addition to their operational costs. Such an increasing expenditure is invariably passed on to buyers in the form of excess procurement spend.
- Service providers are increasingly investing in procuring new technologies that will aid in reducing lead time and increasing the quality of advertisements. The increase in investments will lead to a rise in operational costs of buyers and thus result in market price growth.
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What are the scopes of minimizing procurement spend in the advertising production services market?
Suppliers play prominent roles in aiding buyers to identify areas where they can compromise on their procurement spend even in markets that are ruled by frequent price dynamism. With their industry-specific knowledge, they are well-acquainted with the cost-saving avenues and the potential risks which they pass on to the buyers who seek cost-effective procurement in markets.
- Buyers from large organizations are advised to partner with separate advertising agents and outsource some of them to specialized production houses. Such a strategy does not only open their access to advanced technologies and expertise but also reduce the TAT for producing advertisements. A reduced TAT functionally decreases the cost overheads that are associated with delays in delivery.
- It is imperative for buyers to focus on the quality of service delivered to justify their spend in the advertising production services. Buyers are advised to assess the creative knack of an advertising firm by taking into account the number of creative personnel and their experience, diversity of advertisements produced by them, and specialization in the buyer's product.
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Some of the key topics covered in this report are:
- Advertising production services market spend segmentation by region
- Total cost of ownership analysis in the advertising production services market
- Regional spend opportunity for advertising production services suppliers
- Advertising production services suppliers cost structure
- Advertising production services suppliers selection criteria
- Advertising production services suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the advertising production services market
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View source version on businesswire.com:https://www.businesswire.com/news/home/20191120005413/en/
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INDUSTRY KEYWORD: ADVERTISING COMMUNICATIONS
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PUB: 11/20/2019 10:47 AM/DISC: 11/20/2019 10:47 AM