The global media planning and buying market is expected to grow by $52.5 billion between 2018 and 2021, according to new research.
Figures from procurement firm Beroe suggest that the market will expand by 4 per cent during the period, while it is currently worth $424.9 billion.
The report found that the main growth driver is increased global penetration globally, with marketers spending more of their budgets online.
The North American market dominates, at a total size of between $126 billion and $128 billion. APAC is the second biggest player at between $120 and $151 billion, but is growing annually at between 7 and 10 per cent – the highest rate recorded globally.
Beroe also found that the planning and buying landscape varies by continent. North America and Europe have the highest concentration of network agencies, while the APAC market is dominated by a smaller number of large buyers.
FMCG remains the dominant end-user industry, accounting for 28 per cent of spend globally. Automotive follows at 9 per cent, and e-commerce at 8 per cent.
Outsourcing is still the preferred route to planning and buying, with between 65 and 75 per cent of buyers choosing to use third-parties.