Advertising - Singapore | Statista Market Forecast

Ad spending in the Advertising market in Singapore is forecasted to reach US$2.60bn 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, 83% of total ad spending is projected to come from digital advertising in 2030.
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 2030.
In Singapore, the Advertising market is increasingly leveraging digital platforms to target tech-savvy consumers, driving demand for programmatic advertising solutions.

Definition:
Advertising spending refers to expenses for promotional strategies with which brands or businesses purchase advertising space to promote products or services. The primary purposes of advertising include creating awareness, generating interest, and persuading consumers to take a particular action such as purchasing a product, visiting a website, or supporting brands. Advertisers use advertising to reach their target audience while media companies and advertising agencies use it as a source of income.

Structure:
The advertising spending consists of two main channels (traditional advertising and digital advertising). Traditional Advertising refers to above-the-line media that delivers commercial messages to broad audiences. This includes mass media such as traditional TV, traditional radio, printed newspapers, printed magazines, and traditional out-of-home (OOH) advertising formats. Digital Advertising uses the internet to deliver marketing messages to internet users in various forms. This includes digital video, search engine, social media, digital out-of-home, digital banner, digital audio, digital classifieds, and influencer advertising.

Additional information:
The market comprises advertising spending, share by advertising channel, users, average revenue per user, advertising share by industry, ad spending by medium, and digital ad spending share (programmatic and non-programmatic). The market only displays B2B spending and users for the above-mentioned channels. Figures are based on advertising spending and exclude agency commissions, rebates, production costs, and taxes. Additional definitions for each market can be found on the respective pages. For more information on the data displayed, use the info button right next to the boxes.

Traditional advertising such as non-digital ads for TV and radio, as well as out-of-home advertising and print advertising
Digital advertising such as online ads for video, banner, audio, classifieds, and search engines, as well as digital out-of-home, social media, in-app, and connected TV advertising
Influencer advertising

Sponsorships/events and promotion
Product placement
Commission-based affiliate systems

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.

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).

This report presents a comprehensive analysis and additional information on the Advertising & Media market, in a PDF format.

All advertising markets across the globe win, yet some win more than others. Ad spending worldwide reached almost 733 billion U.S. dollars in 2023, up less than three percent from the previous year. For comparison, in 2022, Switzerland ranked 20th among the leading economies by gross domestic product (GDP) with a result exceeding 800 billion dollars. Whereas global ad revenues concentrate in areas with either large populations or high purchase power – preferably both – their evolution depends on a larger set of indicators. It was forecast that, in 2024, South Asia will be the world's fastest-growing ad market, and the only out of nine with a double-digit increase rate: 12.1 percent. The second-placed region, comprising the United States and Canada, was projected to see its ad expenditure rise 7.6 percent.