LONDON, April 19, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the insurance advertising market highlights product innovation as the most popular trend in the insurance advertising sector. To increase their market position, major players in the insurance advertising sector are producing novel products. For example, in September 2022, PhonePe, an India-based digital payments platform, will launch an integrated multimedia advertising campaign centered on stress-free auto insurance renewals. This pan-Indian campaign will be launched in stages using eight commercial films. It emphasizes the actual concerns that consumers have with sales pitches that have turned into unpleasant purchasing experiences. The advertising campaign raises awareness of the benefits of renewing auto insurance on PhonePe without stress.
The global insurance advertising market size is expected to grow from $10.4 billion in 2022 to $11.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 10%. The global insurance advertising market share is then expected to grow to $17.2 billion in 2027 at a CAGR of more than 10%.
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The growing number of internet users is predicted to drive the insurance advertising market growth in the future. Anyone who uses the internet, regardless of how they do it, is referred to as an internet user. The number of individuals utilising the internet is growing, making it easier for insurance companies to use digital marketing to reach their target market. Companies expand their reach and expect a higher return on investment with a variety of solutions available to assist in streamlining marketing initiatives, freeing up the team to focus on other important obligations such as selling insurance. According to OBERLO, a Germany-based product sourcing and Shopify's shop management app for drop shipping enterprises, around 4.95 billion individuals will be actively utilising the internet worldwide in 2022. As a result, the expansion of the internet advertising business is being driven by an increase in the number of internet users.
Major insurance advertising market companies are WPP Plc., Q1Media, Bolt Insurance, Insurance Agency Marketing – AMM, Creative Direct Marketing Group, Allegiant Digital Marketing, Usadata Inc., Seapoint Digital, Stringo Media, Digital Marketing Specialist Ltd.
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Asia-Pacific was the largest region in the insurance advertising industry in 2022. The regions covered in the global insurance advertising market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global insurance advertising market is segmented by type into life insurance, non-health insurance; by advertisement channels into television, email, sales calls, other advertisement channels; by application into direct marketing, network marketing, mobile marketing, other applications.
Insurance Advertising Global Market Report 2023 by The Business Research Company provides insights on the insurance advertising market size, insurance advertising market segments, insurance advertising market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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