Web Push Advertising - Bulgaria

Bulgaria

Highlights

Ad spending in the Web Push Advertising market in Bulgaria is forecasted to reach US$929.00k in 2024.
The ad spending is anticipated to exhibit an annual growth rate (CAGR 2024-2030) of 3.09%, leading to a projected market volume of US$1.11m by 2030.
When compared globally, the majority of ad spending will be generated the United States (US$1.21bn in 2024).
The average ad spending per internet user in the Web Push Advertising market is projected to be US$0.18 in 2024.
Bulgaria's burgeoning digital landscape sees a rise in Web Push Advertising adoption, reflecting a shift towards innovative marketing strategies in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Web Push Advertising market in Bulgaria is experiencing significant growth and development.

Customer preferences: Bulgarian customers are increasingly turning to web push advertising as a way to stay informed and engaged with their favorite brands and websites. This form of advertising allows businesses to reach their target audience directly through browser notifications, providing timely and relevant information. Customers appreciate the convenience and personalized nature of web push advertising, as it allows them to receive updates and offers without having to actively search for them. Additionally, web push advertising offers a non-intrusive way for customers to stay connected, as they can easily opt-in or opt-out of receiving notifications.

Trends in the market: One of the key trends in the Bulgarian Web Push Advertising market is the growing adoption of mobile devices. With the increasing popularity of smartphones and tablets, more and more customers are accessing the internet through these devices. This has led to a shift in advertising strategies, with businesses focusing on mobile-friendly campaigns that are optimized for smaller screens. Web push advertising is particularly well-suited for mobile devices, as it allows businesses to reach customers directly on their devices, regardless of whether they are using a mobile app or browsing the web. Another trend in the market is the rise of personalized advertising. Bulgarian customers are increasingly seeking personalized experiences, and web push advertising allows businesses to deliver targeted messages based on individual preferences and behaviors. By leveraging customer data and analytics, businesses can create highly personalized and relevant notifications that resonate with their audience. This trend is driven by the increasing availability of data and advanced targeting capabilities, which enable businesses to deliver more effective and personalized advertising campaigns.

Local special circumstances: Bulgaria has a rapidly growing digital economy, with a high internet penetration rate and a tech-savvy population. This provides a favorable environment for the development of the Web Push Advertising market. Additionally, the relatively low cost of web push advertising compared to traditional advertising channels makes it an attractive option for businesses, particularly small and medium-sized enterprises (SMEs) who may have limited marketing budgets.

Underlying macroeconomic factors: The Bulgarian economy has been growing steadily in recent years, with positive GDP growth and low unemployment rates. This has contributed to increased consumer spending power and a growing middle class, which in turn drives demand for products and services. As businesses seek to tap into this growing market, they are turning to innovative advertising strategies like web push advertising to reach and engage with customers effectively. Furthermore, the ongoing digital transformation in Bulgaria, with increased internet access and smartphone penetration, creates a favorable environment for the growth of the Web Push Advertising market. In conclusion, the Web Push Advertising market in Bulgaria is experiencing significant growth and development. Customer preferences for convenience and personalized experiences, along with the trends of mobile optimization and personalized advertising, are driving the adoption of web push advertising. The local special circumstances, such as the growing digital economy and relatively low cost of web push advertising, further contribute to the market's development. These trends are supported by the underlying macroeconomic factors of positive economic growth, increased consumer spending power, and ongoing digital transformation in Bulgaria.

Data coverage:

The data encompasses B2B enterprises. Figures are based on Web Push Advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers the advertising budget used for distributing web push advertisements.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet coverage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets. The main drivers are GDP per capita, consumer spending per capita, and internet users.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.