Africa Advertising market size is projected to grow at CAGR of 4.9% during 2023-2029

On the basis of types, the main revenue share in Africa Advertising Market was generated by televisions – 6Wresearch

The television segment attained the largest revenue share in the market since televisions were the main source of advertisement before the arrival of the Internet. In the future, the market will be dominated by the Internet segment since the audience has shifted to a number of Internet platforms and it is easier to connect with the target audience through the Internet. Currently, the market is dominated by the television segment. However, the trend is changing and the internet has more power and it shows the internet will dominate the market in the near future.

According to 6Wresearch, Africa Advertising market size is projected to grow at a CAGR of 4.9% during 2023-2029. Africa advertising market would witness growth in coming years due to rising internet and mobile penetration in the region along with increasing foreign and government investment in pan-Africa brands thus playing a crucial role in building brand awareness and establishing a strong market presence. The rising e-commerce sector would increase the online buying of goods and services, thereby, opening up new growth horizons for advertising agencies in the digital space to attract the attention of the potential consumer base and consequently convert them. Africa is to achieve universal connectivity by the year 2030, for this, it would need a humongous investment of around $100 billion in the next 10 years which seems a highly unrealistic scenario in the continent.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, South Africa will become the largest advertising market in the region over the forecast period.  It is owing to a relatively concentrated population along with high digital penetration, that the South Africa Advertising market would continue to dominate the African market.

The Africa Advertising Market (2023-2029) report provides an in-depth analysis with 45 figures and 6 tables, covered in 100 pages. The report comprehensively covers the market by type and country. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.