AR Advertising - Nordics

Nordics

Highlights

In the Nordics, revenue in the AR Advertising market market is projected to reach US$109.1m in 2024.
The revenue in this region is expected to show an annual growth rate (CAGR 2024-2029) of 9.26%, culminating in a projected market volume of US$169.8m by 2029.
Although the Nordics are experiencing growth, it is important to note that most revenue in the global AR Advertising market market is generated the United States, which has a projected market volume of US$1.2bn in 2024.
Norway's AR advertising market is experiencing significant innovation, driven by a strong emphasis on sustainability and immersive consumer engagement strategies across various industries.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The AR Advertising market in Nordics is experiencing significant growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Nordics are driving the growth of the AR Advertising market.

Consumers in this region are known for their high adoption of technology and digital solutions. They are open to new experiences and enjoy interactive and immersive advertising. AR Advertising provides them with a unique and engaging way to interact with brands and products, making it a popular choice among consumers in the Nordics.

Trends in the market also contribute to the development of the AR Advertising market in the Nordics. Companies are increasingly recognizing the potential of AR Advertising to reach and engage their target audience. They are investing in AR technologies and platforms to create innovative and captivating advertising campaigns.

The use of AR in advertising is becoming more widespread, with brands leveraging AR to showcase products, offer virtual try-ons, and provide interactive experiences to consumers. Local special circumstances in the Nordics further support the growth of the AR Advertising market. The region is known for its strong tech-savvy population and advanced digital infrastructure.

This provides a favorable environment for the adoption of AR Advertising. Additionally, the Nordics have a high smartphone penetration rate, which is a key device for AR experiences. This widespread smartphone usage enables a larger audience to engage with AR Advertising campaigns, further driving its growth.

Underlying macroeconomic factors also play a role in the development of the AR Advertising market in the Nordics. The region has a stable and prosperous economy, which encourages businesses to invest in innovative marketing strategies. Companies have the financial resources to explore and experiment with new advertising technologies, including AR.

Furthermore, the Nordics have a strong creative industry, which fosters the development of unique and compelling AR Advertising campaigns. In conclusion, the AR Advertising market in the Nordics is growing and evolving due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The region's tech-savvy population, advanced digital infrastructure, and stable economy create a favorable environment for the adoption and success of AR Advertising.

As companies continue to invest in AR technologies and platforms, the market is expected to further expand in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on AR advertising revenue, which includes pop-up advertising displayed in social media apps, gaming apps, and eCommerce apps as well as advertising that is integrated into the virtual world.

Modeling approach / market size:

The market size is determined through a top-down approach. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and historical developments.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are level of digitalization, adoption of technology, GDP per capita, and internet penetration.

Additional notes:

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