LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global creative agencies market is expected to grow at a CAGR of 5.58% over the next five years due to increasing demand from various industry sectors.
The research report titled ‘Global Creative Agencies: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The growth of the creative services market can be attributed to an increase in the marketing budgets of companies across sectors, which is driven by the need to attract customers and improve brand equity,” said lead Technavio procurement expert Angad Singh. “Currently, the overall creative services market is witnessing an increase in demand and supply innovations across industries due to the direct impact of promotional activities on firms' revenues,” added Angad.
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Cost Saving Opportunities in the Creative Agencies Market
The adoption of various cost-optimization levers helps buyers of creative agencies realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the creative agencies market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Many suppliers and buyers in the industry utilize AR to provide a composite view of the products and services, with 3D models and videos, to their customers. An increase in the use of this technology in the creative industry is driven by the growth of digital mediums that constantly keep users connected to technology. Native advertising, which hides advertising content within editorial content, has potentially high CTR compared to traditional banner ads displayed on websites.
Optimization of procurement practices saving aspects
Evolution of various platforms and channels, such as social media, to disseminate advertisements and promotional campaigns have increased the need for efficient techniques that can measure ROI of different channels and gauge their effectiveness.
Bundling of services saving aspects
Buyers select regional or global creative agencies based on their target audience and campaigns' required reach. For instance, to deliver a marketing message in all countries in which they are operational, buyers select global agencies. However, to deliver content specific to certain regions, buyers prefer standalone regional agencies as they offer better understanding and knowledge of regional culture and tastes.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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