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Understanding what digital marketing truly is before exploring its breadth is essential or the Scope of Digital Marketing. Marketing a product or service to a large number of people over the Internet is known as “digital marketing.” This might be anything from search engines and social media to emails and websites.
The corporate world has shifted to digital marketing. Many businesses, even some that previously hadn’t given internet marketing much thought, did so after the pandemic. See below for forecasts of the future value of digital marketing and its projected growth rates and Scope of Digital Marketing.
Digital advertising and marketing are likely to grow from its current $350 billion market size in 2020 to $786.2 billion by 2026. At present, $460 billion is a ballpark figure for the size of the U.S. digital advertising and marketing industry. From 2020 to 2026, digital marketing is likely to expand at a CAGR of 9%. Moreover, Sixty-three percent of companies in the last year alone have boosted their digital marketing spending.
These are the numbers for 2022, and after the epidemic, they begin to rise sharply. According to Google’s most recent report, internet sales in India might soon top $100 billion. In addition, people are spending more time on social media.
Social media, which is part of the digital realm, began attracting users’ attention, and people began spending 50–70% more time there. More than 90% of companies today utilize social media for advertising. Further in terms of marketing budgets, social media receives an average of 14.9% of company resources. It’s safe to say that $72.2 billion may be attributed to the social media sector.