Oman Online Advertising Market Spending is Expected to Reach Close to USD 16 Million by the end of 2023

Ken Research

GURUGRAM, India, July 22, 2019 /PRNewswire/ --

• Percentage share of social media advertising in online advertising market is expected to positively incline registering a CAGR of close to 7% with growth in the number of social media users during 2019-2023. This would be facilitated by a proportionate rise in number of social media ads in the country in next 5 years.
• Retail sector is expected to increase spending on online advertisement at a a CAGR of over 7% similar to Telecommunication, Automotive and Healthcare industries during 2018-2023E.
• The expenditure on digital advertising is expected to increase as the economic condition of the country improves and the internet penetration surges. Advertisers from hospitality & tourism, banking, FMCG, automotive and real estate are expected to show surprising growth in the coming 5 years.

Oman Online Advertisement Industry will witness improved targeting of potential customers from the advertisers end. This would be supported by increased investment done on understanding consumer behavior through the usage of AI. The number of mobile users during 2018-2023 is expected to grow at a CAGR of 7.1%. Publishers will partner with mobile network operators and other internet providers to build an effective internet infrastructure to ensure better results. Increasing popularity of social media will eventually lead to more advertising through platforms such as Facebook, Instagram and LinkedIn. Expected rise in internet speed will encourage budding companies to invest in the sector as users will have faster access to media content like videos.

The concept of automated advertising platforms could trigger a revolution. It would help advertisers save time and resources by helping them manage countless ad campaigns. The automated platforms use data to bid on ad space, detects which ads are doing better and putting in more bids for the ones that result in more conversions. Need of the hour suggests to invest in automation so as to reach the derived ROI.

Analysts at Ken Research in their latest publication "Oman Online Advertising Market Outlook to 2023 - By Medium (Desktop and Mobile), By Type (Search Advertising, Social Media Advertising, Banner Advertising, Video Advertising, Online Classifieds), By Sectors (Hospitality & Tourism, FMCG, BFSI, Telecommunications, Healthcare, Automotive, Retail and others) and By Model (Cost Per Mile, Cost Per Click and Cost Per Action)" believe that rise in internet penetration, shifting trends towards online advertisement market will drive this market. The market is expected to register a positive CAGR of 6.7% in terms of advertisement spending during the forecast period of 2018–2023E.