Advertising - Singapore

Singapore

Ad spending in the Advertising market in Singapore is forecasted to reach US$2,600.00m in 2024.
The largest market is Search Advertising with a market volume of US$706.00m in 2024.
When compared globally, the United States is expected to lead in ad spending with US$425.90bn in 2024.
Within the Advertising market in Singapore, 82% of total ad spending is projected to come from digital advertising in 2029.
The average ad spending per capita in the Search Advertising market is estimated to be US$116.60 in 2024.
Additionally, within the Advertising market in Singapore, Advertising market of 78% revenue will be generated through programmatic advertising in 2029.
In Singapore, the Advertising market is increasingly leveraging digital platforms to target tech-savvy consumers, driving demand for programmatic advertising solutions.

Key regions: United States, China, Europe, Asia, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

The Advertising market in Singapore has been experiencing significant growth in recent years.

Customer preferences: Customers in Singapore have shown a strong preference for digital advertising channels. With the increasing use of smartphones and internet penetration, consumers are spending more time online, leading to a shift in advertising budgets towards digital platforms. This trend is driven by the convenience and personalization offered by digital advertising, allowing advertisers to target specific demographics and track the effectiveness of their campaigns in real-time.

Trends in the market: One of the key trends in the advertising market in Singapore is the rise of programmatic advertising. Programmatic advertising uses algorithms to automate the buying and selling of ad inventory, allowing advertisers to reach their target audience more efficiently and effectively. This trend is driven by the increasing availability of data and the use of artificial intelligence to analyze and optimize ad campaigns. Programmatic advertising also offers cost savings and greater transparency in ad buying, making it an attractive option for advertisers in Singapore. Another trend in the market is the growing importance of mobile advertising. With the majority of Singaporeans owning smartphones, advertisers are increasingly focusing on mobile advertising to reach their target audience. Mobile advertising offers unique opportunities for engagement, such as location-based targeting and interactive ad formats. Advertisers are also leveraging social media platforms, such as Facebook and Instagram, to reach their target audience on mobile devices.

Local special circumstances: Singapore is known for its highly developed infrastructure and advanced technology ecosystem. This has created a favorable environment for the growth of the advertising market. The city-state's strong digital infrastructure and high internet penetration rate provide a solid foundation for digital advertising to thrive. In addition, Singapore's multicultural and cosmopolitan population makes it an attractive market for advertisers looking to reach diverse audiences.

Underlying macroeconomic factors: Singapore's strong economic growth and high per capita income levels have contributed to the growth of the advertising market. As consumers have more disposable income, they are more likely to spend on products and services advertised to them. Furthermore, Singapore's strategic location as a regional hub for businesses has attracted multinational companies, leading to increased advertising spending in the country. In conclusion, the Advertising market in Singapore is experiencing growth due to customer preferences for digital advertising channels, the rise of programmatic advertising, the increasing importance of mobile advertising, and the local special circumstances of Singapore's advanced infrastructure and multicultural population. These trends are supported by Singapore's strong economic growth and high per capita income levels.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers advertising by businesses for traditional and digital advertisements.

Modeling approach:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party reports, and survey results from our primary research (e.g., Consumer Insights Global Survey). Next, we use relevant key market indicators and data from country-specific associations, such as GDP, internet users, consumer spending, and digital consumer spending. 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 particular 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.

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 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).