LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global creative agency industry and the industry is poised to experience spend growth of over USD 90 billion between 2019-2024 at a CAGR of more than 5% during the forecast period. Request Free Sample Pages.
Read the 129-page research report with TOC and LOE on "The Global Creative Agency Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
While the growing necessity to gauge consumer sentiment for precise targeting of brands will drive procurement in this industry, the diminishing talent pool of professionals will inhibit the growth prospects in the creative agency industry during the forecast period. According to the recent observations, most of the creative agencies have failed to justify buyer’s spend on them, as a number of brands of buyers have not been able to register any rise in their market shares despite the increase in advertising spend.
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Insights into the supply market scenario
- India and China are expected to provide a majority of the new growth opportunities to service providers across the world. This is because established global players are acquiring regional players to expand their operations in these countries.
- In the creative agency industry, buyers prefer to engage with global agencies for broader and international marketing campaigns. However, they also engage with strong regional players to develop a localized campaign, as they are aware of the local nuances in terms of culture and consumer preferences.
Insights into category management strategies that will guide buyers in strategically partnering with service providers
Ability to deliver customized campaigns
It is imperative that buyers assess agencies based on their ability to deliver customized/personalized campaigns by following the preferences given by customers. The campaigns are expected to reach the targeted set of consumers and achieve the set goals for the campaign.
Assess the ability of agencies to create content for new mediums
In the US, telecom-based text messaging continues to be the dominant form of messaging platform. However, the popularity of platforms such as iMessage and Facebook Messenger has increased over the past two years due to their seamless nature of communication. This requires brands to engage with creative agencies that can develop content such as branded AR filters and stickers for these platforms.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the creative agency industry.
Some of the key topics covered in this report are:
- Creative agency industry spend segmentation by region
- Total cost of ownership analysis in the creative agency industry
- Regional spend opportunity for creative agency service providers
- Creative agency service providers cost structure
- Creative agency pricing models analysis
- Creative agency procurement best practices
- Category management objectives
- Cost saving opportunities in the creative agency industry
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