Technological advancements, rising internet usage, and advertising agencies worldwide are continually increasing their advertising budgets, fueling the expansion of the insurance advertising market.
According to TechSci Research report, “Insurance Advertising Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027F”, Global insurance advertising market is expected to grow with an impressive rate during the forecast period due to technological advancements, rising internet usage, and increasing advertising agencies worldwide. Insurance advertising is any advertisement that aims to persuade people or businesses to purchase insurance. Insurance advertising seeks to draw in customers and make the most of them so that the insurance company can make more money.
Global insurance advertising helps advertisers inform customers about their new products and services while disseminating further helpful information. Additionally, those without insurance are contacted to spread messages. The reach of digital insurance advertising has also been expanded owing to the use of electronic devices such as laptops, tablets, and smartphones, as well as the rise in internet users. Alongside this technological advancement, other advertising business models and cloud advertising have also developed. Additionally, ad agencies consistently raise advertising budgets for the entertainment, out-of-home, and digital sectors. But there are lucrative growth opportunities due to technological advancements, the expanding use of Internet of Things (IoT) insurance components like sensors and Radio Frequency Identification (RFIDs), and the untapped potential in emerging markets is further expected to drive the growth of the insurance advertising market.
Some challenges are expected to restrain the market growth. The market’s growth is being constrained by factors such as a lack of integration with legacy systems and a lack of standards and protocols. The fact that legacy systems lack clear interfaces and have scant documentation suggests that they may have significant flaws. As legacy systems occasionally lack clearly defined interfaces, the possibility of errors such as insufficient data increases significantly. These could be obstacles to the overall expansion of the global insurance advertising market.
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The insurance advertising market is segmented based on the type, advertisement channel, application, region, and competitive landscape. On the basis of type, the market is segmented into life insurance and non-health insurance. Among these, the life insurance holds the largest share and is expected to continue its dominance during the forecast period owing to factors such as rising awareness of health insurance and untapped potential globally. On the basis of advertisement channels, the market is segmented into television, email, sales calls, and others (websites, blogs, etc.). Among these channels, sales calls are the fastest growing segment. Sales calls are affordable and cost-effective, which is expected to drive the expansion of the global insurance advertising market.
On the basis of application, the market is segmented into direct marketing, network marketing, mobile marketing, and others. Among these applications, direct marketing is expected to hold the largest market share during the forecast period as direct marketing is easy to quantify, insurance agents and businesses can quickly assess how well a campaign works for them. In the fiercely competitive insurance market, where companies are constantly vying for new customers, concealing direct mail marketing operations from rivals is a huge advantage.
On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these, the Asia-Pacific region dominated the insurance advertising market in 2021. The market in the APAC area is expected to be driven by rapid economic advancements, commercialization, digitalization, solid governmental initiatives, and continuing projects.
Key Market Players in Insurance Advertising Market include:
· United Health Group
· Liberty Mutual Insurance Company
· GEICO
· Nationwide Mutual Insurance Company
· Berkshire Hathaway Inc.
· Progressive Casualty Insurance Company
· MetLife Services and Solutions, LLC.
· State Farm Mutual Automobile Insurance Company
· Nationwide Mutual Insurance Company
· Admiral Group Plc
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“By learning about upcoming insurance from new market players and new products or services, consumers benefit from insurance advertising. Educating consumers about their latest goods and services also helps advertisers spread further and more helpful information. Electronic devices such as smartphones, laptops, and tablets and increased internet users have broadened the scope of digital insurance advertising. It is also used to spread messages to people through person-to-person chat. Cloud advertising and other ad-related business models have expanded due to technological advancements. The market is expected to grow more as a result.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Insurance Advertising Market, Global Industry Size, Share, Trends, Opportunity, and Forecast 2017-2027 Segmented By Type (Life Insurance Vs. Non-Health Insurance)), By Advertisement Channel (Television, Email, Sales Calls, and Others (Websites, Blogs, etc.), By Application (Direct Marketing, Network Marketing Mobile Marketing, and Others), By Region, By Competition, has evaluated the future growth potential of insurance advertising globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the insurance advertising market.
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