AR Advertising - Norway

Norway

Highlights

In Norway, revenue in the AR Advertising market market is projected to reach US$24.5m in 2024.
Revenue in this market is expected to show an annual growth rate (CAGR 2024-2029) of 9.26%, resulting in a projected market volume of US$38.1m by 2029.
Despite the growth in Norway's market, it is notable that most revenue is generated the United States, which has a projected market volume of US$1.2bn in 2024.
Norway is witnessing a surge in AR advertising adoption, driven by its advanced technology infrastructure and a strong emphasis on immersive consumer experiences.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The AR Advertising market in Norway is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Norway are increasingly drawn to immersive and interactive advertising experiences, which is driving the demand for AR advertising. AR advertising allows brands to engage with consumers in a unique and memorable way, creating a more personalized and interactive experience. This aligns with the preferences of Norwegian consumers, who value authenticity and innovation in advertising.

Trends in the market: One of the key trends in the AR Advertising market in Norway is the integration of AR technology into social media platforms. Social media platforms such as Facebook and Instagram have introduced AR advertising features, allowing brands to create AR experiences that can be accessed directly within the platforms. This trend is driven by the popularity of social media among Norwegian consumers, who spend a significant amount of time on these platforms. Another trend in the market is the use of AR advertising in the retail sector. Norwegian retailers are increasingly incorporating AR technology into their advertising strategies to enhance the shopping experience for customers. For example, AR-powered virtual try-on features are being used by fashion brands to allow customers to virtually try on clothes and accessories before making a purchase. This trend is driven by the desire to provide customers with a more convenient and personalized shopping experience.

Local special circumstances: Norway's high smartphone penetration rate and advanced digital infrastructure are contributing to the growth of the AR Advertising market. The majority of Norwegians own smartphones and have access to high-speed internet, making it easier for them to engage with AR advertising content. Additionally, Norway has a tech-savvy population that is open to adopting new technologies, further fueling the demand for AR advertising.

Underlying macroeconomic factors: Norway's strong economy and high disposable income levels are also driving the growth of the AR Advertising market. The country has a high standard of living and a relatively affluent population, which enables consumers to spend on luxury and high-end products. This creates opportunities for brands to leverage AR advertising to target affluent consumers and promote their products in a visually appealing and engaging way. In conclusion, the AR Advertising market in Norway is experiencing growth and development due to customer preferences for immersive and interactive advertising experiences, the integration of AR technology into social media platforms, the use of AR advertising in the retail sector, Norway's high smartphone penetration rate and advanced digital infrastructure, and the country's strong economy and high disposable income levels.

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).