LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global marketing services market and the market is poised to experience spend growth of more than USD 200 billion between 2019-2024 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.
Read the 104-page research report with TOC and LOE on "The Global Marketing Services Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Factors like higher penetration of the Internet, the popularity of smartphone users, and a rise in the number of social networking sites are favoring an increase in marketing services procurement. With the marketplace getting more complex and competitive, buyers are increasing their technological adoption and implementing business analytics to arrive at critical decisions. This is motivating marketing service providers to employ specialized tools to measure the overall performance of marketing services. This is boosting their acceptability among buyers who are increasing their procurement of marketing services to quantify their ROI.
North America is holding the largest share in the global marketing services market and is expected to retain its dominance during the forecast period. The growing popularity of digital campaigns within marketing services in North America is promoting the spend growth.
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Insights into the market price trends
The execution of these services is highly dependent on the skills of the workforce. The increasing compensation to hire and retain such a skilled workforce is adding to marketing service providers’ OPEX which will impact marketing services procurement cost.
- However, the growing capabilities of regional service providers to provide customized marketing solutions based on buyers' requirements have intensified competition in the market. This will limit any drastic rise in the price.
Insights into strategies that will help buyers optimize their marketing services procurement spend
- Buyers are advised to engage with service providers who integrate technologies such as QR code, VR, video-in-print, and AR within marketing services. While this will help the service providers to enhance their customer base, it will aid buyers to improve end-consumer engagement.
- Buyers must partner with local providers of marketing services for opportunities in terms of content localization as per geographies. In the case of marketing services procurement, a global network service provider should handle the marketing strategy creation part, whereas the localization part of the campaign should be outsourced to an independent local service provider. Outsourcing of content localization to a local service provider reduces the billing rates by around 12% for buyers.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Marketing Services Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top marketing service providers enlisted in this report
This marketing services procurement market intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Harte Hanks Inc.
- Dentsu Group Inc.
- Publicis Groupe SA
- The Interpublic Group of Companies Inc.
- MacAndrews & Forbes Inc.
- Omnicom Group Inc.
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Some of the key topics covered in this report are:
- Marketing services market spend segmentation by region
- Marketing services supply market analysis
- Marketing services procurement best practices
- Regional spend opportunity for marketing service providers
- Marketing service providers cost structure
- Total cost of ownership analysis in the marketing services market
- Marketing services suppliers pricing models analysis
- Category management objectives to promote an optimized marketing services procurement
- Cost saving opportunities in the marketing services market
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