Search Advertising - Serbia

Serbia

Highlights

Ad spending in the Search Advertising market in Serbia is forecasted to reach US$29.01m in 2024.
The ad spending is anticipated to demonstrate an annual growth rate (CAGR 2024-2030) of 6.08%, leading to a projected market volume of US$41.33m by 2030.
When compared globally, the majority of ad spending will originate from the United States (US$137.00bn in 2024).
Within the Search Advertising market, 42% of total ad spending will come from mobile sources in 2030.
The average ad spending per internet user in the Search Advertising market is estimated to be US$4.93 in 2024.
Serbia's Search Advertising market is witnessing a surge in programmatic ad buying, transforming the advertising landscape in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Search Advertising market in Serbia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Serbia have increasingly turned to online platforms to search for products and services. This shift in behavior has led to a higher demand for search advertising, as businesses recognize the need to reach their target audience through online channels. Additionally, customers in Serbia have become more tech-savvy and are comfortable using search engines to find information and make purchasing decisions. As a result, businesses are investing more in search advertising to capture the attention of these digitally engaged customers.

Trends in the market: One of the key trends in the Serbian search advertising market is the growing adoption of mobile devices. With the increasing availability of affordable smartphones and improved internet connectivity, more people in Serbia are accessing the internet through their mobile devices. This trend has led to a shift in advertising budgets towards mobile search advertising, as businesses aim to reach consumers on the go. Additionally, the rise of voice search technology has also impacted the search advertising market in Serbia. As more people use voice assistants like Siri and Google Assistant, businesses are optimizing their search advertising strategies to target voice-based queries.

Local special circumstances: Serbia's relatively low labor costs and skilled workforce have attracted foreign companies to set up operations in the country. This influx of international businesses has created a competitive environment in the search advertising market, as companies strive to gain a competitive edge. Additionally, the Serbian government has been actively promoting the growth of the digital economy, offering incentives and support to businesses in the sector. These initiatives have further fueled the development of the search advertising market in Serbia.

Underlying macroeconomic factors: The Serbian economy has been growing steadily in recent years, with increasing disposable incomes and consumer spending. This growth has created a favorable environment for businesses to invest in advertising, including search advertising. Furthermore, the country's improving infrastructure and internet penetration have made it easier for businesses to reach their target audience through online channels. As the economy continues to develop, the search advertising market in Serbia is expected to further expand, driven by increased consumer demand and business investments. In conclusion, the Search Advertising market in Serbia is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Businesses are recognizing the importance of search advertising in reaching their target audience, and are adapting their strategies to meet the demands of digitally engaged customers. With the increasing adoption of mobile devices and voice search technology, as well as the supportive business environment and growing economy, the search advertising market in Serbia is expected to continue its upward trajectory.

Data coverage:

Data encompasses enterprises (B2B). Figures are based on search advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers search advertising that is displayed on search result pages or next to organic search results.

Modeling approach:

A combined top-down and bottom-up approach determines the market size. Starting with the top-down approach, we calculate global search advertising by aggregating advertising revenues from key players (Alphabet (Google), Microsoft (Bing), Baidu, Amazon, Alibaba, etc.). Followed by the bottom-up approach, we justify global, country, and region results using web traffic and the number of app downloads. Lastly, we distribute the results to each country individually with relevant indicators such as GDP, internet users, and digital consumer spending by country.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, 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.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.