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IN THE NEWSIntroduction to Online Classified
Online classified is referred to the type of classified advertising and is usually cheaper than large display advertisements. Online classified advertisements are used by both individuals and businesses to raise awareness amongst the population for their products and thereby improve their sales. Historically, the concept of classified advertisement started from the short advertisement in newspapers. With the gradual advent in technology, the concept of classified ads expanded from print advertisements to online platforms.
Market Size and Forecast
The global online classified market is thriving on the back of growing internet penetration worldwide and the increasing number of internet users around the globe. With advent in technology, mobile and computer users around the globe are increasingly accessing information on the web. As online classifieds are placed in the internet, they can be accessed easily. Additionally, rising awareness for online classified and the need amongst consumers for searching goods over the internet are some of the factors considered that are promoting towards the growth of the global online classified market. According to the International Telecommunications Union (ITU), the total number of individuals using the internet around the world grew by 1.93 times achieving a total of 3924 million users around the globe in the year 2018 from 2035 million in the year 2010.
The global online classified market is anticipated to record a CAGR of around 4% throughout the forecast period, i.e. 2020-2028. The market is segmented by type into website, mobile, social media, search engine marketing, banner and others, out of which, social media ads segment is anticipated to hold the largest market share on the back of growing number of users of social media, which provides a platform for individuals and businesses to place their ads for better visibility and reach. Social media websites have significant traffic that runs in millions of visitors every month. As such, displaying classified ads on social media platforms proves to be a lucrative revenue source. Moreover, social media platforms provide both free and premium ad types, which helps the user to trial with a free ad and later upgrade to the premium ad for better reach. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers
Increasing Adoption of Online Classified Advertisements
Businesses and individuals are increasingly looking for platforms where they can target a mass audience for better reach by putting in low efforts and attain business needs at a comparatively cheaper cost. Backed by the growing adoption of smartphones and computer users around the globe, along with advent in internet technology, such as 5G technology, businesses have shifted the way they used to connect to their customers. Online classified advertisements help businesses to reach their target audience and market their products and services at an affordable cost. Moreover, it allows end users to connect to the advertisers directly for products that they are searching through digital marketing services which includes text, mail and others. With the presence of several social media platforms and the increasing number of users present in social media platforms, along with the advent of digital marketing tools, which include a wide array of mobile applications, search engine marketing, social media platforms, web-based applications and others, online classified advertisements are widely adopted by both end users and advertisers which is anticipated to drive the growth of the global online classified market throughout the forecast period.
Growing Need for Inexpensive Advertisements
Any businesses would like to achieve business at a low operational and advertising costs. Advertising mediums such as large print ads are often too costly for small businesses. As such, there is a rising concern for the costs associated with the promotional activities for the awareness of their products. With the revolutionary impact of technology across industry verticals, and the advent of numerous online platforms, businesses have been able to target a wide mass of audience at a comparatively affordable price. These online platforms have also helped to save time and thereby achieve targets. Increasing need amongst business owners to spend less on advertisements so as to minimize their overall costs and increase profits is anticipated to drive the growth of the global online classified market.
Restraints
Concern for Fraudulent Activities Amongst Businesses
Increasing cases of fraudulent activities occurring around the world with businesses and the rising concern for cybercrime and cyber threats is anticipated to act as a key restraint factor towards the growth of the global online classified market.
Market Segmentation
Our in-depth analysis of the global online classified market includes the following segments:
By Type
By Advertisement Type
By Application
By Region
On the basis of regional analysis, the global online classified market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to hold the largest market share on the back of rising awareness for online classified advertisements in the region, along with the increasing number of internet users in the region. Moreover, high adoption rate for innovative technologies amongst businesses as well as individuals, especially in nations such as United States and Canada are some of the factors anticipated to drive the growth of the online classified market in the region.
The global online classified market is further classified on the basis of region as follows:
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