The Explosive Growth of the Digital Marketing Industry (2023 Updated)
There are internet users everywhere! We all use the internet throughout the day for everything from social media to Google searches to our favourite apps. Digital marketing is expanding because so many people are engaging online. And in the future, it will only rise even more.
In simple words, digital marketing consists of marketing tactics built on a digital platform. As the internet developed, people’s minds began to wonder, Why not use this digital platform for marketing as well? Therefore, people gradually start to use various forms of online marketing in place of traditional marketing tools like billboards, hoardings, and television commercials to promote a brand, create an advertisement, or collect customer feedback.
These are different kinds of marketing, which is basically shown up on the laptop, desktop, mobile device, or tablet, which means digitally. It includes video ads, social media posts, SEO marketing, online ads, etc.
Over time, it has been discovered that this recently developed method of marketing is not only simple and roughly cost-effective but also powerful enough to capture the attention of the target audience.
Points covered in this Blog:
- History of Digital Marketing
- Evolution of Digital Marketing
- Emergence of digital marketing in India
- Growth of digital marketing in India
- The future of digital marketing
History of Digital Marketing
Do you know that the word digital marketing was first used in 1990? From there, it started towards creating a new world, which will be called the digital world. After that, the internet and Web 1.0 platforms came into the race. On the Web 1.0 platform, users could find the information but could not share it online.
Marketers all over the world were still unsure of the digital platform up until that point. Since the internet had not yet experienced extensive acceptance, they were unsure if their strategies would be successful or not.
Evolution of Digital Marketing
1994: AT&T launches the first clickable banner advertisement.
1996: The term search engine optimisation (SEO) was first used by some websites to increase their visibility.
1999: The first online campaign was introduced to engage and connect with potential clients.
2000: In this year, Google AdWords was presented, which provides businesses with a platform for targeted advertising via search engines.
2003: The introduction of social media websites are created, with new opportunities for companies to interact with their target market.
2007: The rise of Smartphones has started, leading to a mobile advertising strategy.
2012: This year saw a rise in the popularity of content marketing, which emphasises the production and dissemination of worthwhile and pertinent content to draw in and keep clients.
2016: Live video streaming becomes more popular with services like Facebook Live and Periscope, which allow users to interact with audiences in real time.
2020: The COVID-19 pandemic quickens the transition to digital marketing as companies depend more and more on online channels to connect with clients.
After 2020, the whole world and all companies step up to the remote work. Everything was altered by the Covid-19 pandemic, including how people obtain information, communicate, and even make purchases. Due to these changes, people Mold themselves with this digital world.
Emergence of Digital Marketing: India
The development of digital marketing and its growth in India are undeniably fascinating facts. The idea of “Digital Marketing” was not as common a phenomenon in most of the country a few years ago, but this is slowly changing. The growth of digital marketing in India is an intriguing tale of how the human mind has evolved to think technically about everything, even marketing strategy.
From 2012 to 2022, India’s Internet sector experienced a golden age. With fantastic growth prospects and sagacious adoption for digital marketing-related E-commerce, Internet advertising, social media, search, online content, and services.
According to statistics from the Indian digital marketing sector, advertising on mobile devices and tablets was more than 100% lower than in the years that followed. The net worth was approximately $2 billion this year. The growth was geometric, increasing to $6 billion in 2014, $11 billion in 2022, and more than $13 billion by 2024.
Growth of Digital Marketing: India
Every person does almost everything on the internet these days. Since everything can be done online—online learning, social media posting, Netflix viewing, reading electronic books, playing video games, and paying bills—the amount of time Indians spend online is steadily rising. India is quickly overtaking China as one of the top markets for internet usage.
In 2020, India will have more than 500 million internet users, and the numbers are expected to grow to over 900 million by 2025.
Even though more than 50% of people still prefer watching TV to other forms of entertainment, digital entertainment is catching up. Indians use digital devices on average for 1 hour and 29 minutes per day. Their smartphone is how they spend most of their online time.
The Future of Digital Marketing
Companies are stepping up remote work, accelerating digitization, and automating processes as a result of the COVID-19 pandemic. Leads are increasingly being captured through automation from incoming mail, online campaigns, phone calls, website management, chat, and many other sources. Currently, Digital Marketing presents a chance for business executives, governing bodies, and public policymakers to concentrate their combined efforts on enabling workers to thrive in the new economy.
The growth rate of the digital marketing sector has been 30% per year. Digital marketers are in high demand, but there are not enough of them available. Everyone is now online, including FMCG companies, automakers, media outlets, and IT service firms.
Also reads-: Career in Digital Marketing