AR Advertising - Serbia

Serbia

Highlights

In Serbia, revenue in the AR Advertising market market is projected to reach US$4.0m in 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 9.26%, which will lead to a projected market volume of US$6.3m by 2029.
Although most revenue is generated the United States, in Serbia is also expected to contribute to the projected market volume of US$1.2bn in 2024.
In Serbia, the burgeoning AR advertising sector is increasingly attracting local startups, signaling a shift towards innovative digital marketing strategies among businesses.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The AR Advertising market in Serbia has been experiencing significant growth in recent years, driven by changing customer preferences and technological advancements.

Customer preferences: Customers in Serbia are increasingly embracing augmented reality (AR) advertising due to its interactive and immersive nature. AR ads provide a unique and engaging experience that captures the attention of consumers, making them more likely to remember and engage with the brand. Additionally, AR ads allow customers to visualize products in real-time, helping them make more informed purchasing decisions. This personalized and interactive approach to advertising resonates well with the tech-savvy Serbian population, particularly the younger demographic who are early adopters of new technologies.

Trends in the market: One of the key trends in the AR Advertising market in Serbia is the integration of AR technology into various industries and sectors. For example, the retail sector has been quick to adopt AR advertising to enhance the shopping experience. Customers can use their smartphones or AR glasses to virtually try on clothes, visualize furniture in their homes, or even test out makeup products. This trend is not limited to retail, as other sectors such as automotive, real estate, and tourism are also leveraging AR advertising to showcase their products and services in a more interactive and engaging manner. Another trend in the market is the growing popularity of AR filters and lenses on social media platforms. With the rise of platforms like Instagram and Snapchat, brands are utilizing AR filters and lenses to create unique and shareable experiences for their customers. These filters and lenses allow users to transform their appearance, add virtual objects to their surroundings, or play interactive games. This form of AR advertising has proven to be highly effective in reaching and engaging with the younger demographic, who are avid users of social media.

Local special circumstances: Serbia's growing tech industry and skilled workforce have contributed to the development and adoption of AR advertising in the country. The presence of tech hubs and innovation centers has fostered collaboration between startups, technology companies, and advertisers, leading to the creation of cutting-edge AR advertising solutions. Additionally, the relatively low cost of living and favorable business environment in Serbia have attracted foreign investments, further fueling the growth of the AR Advertising market.

Underlying macroeconomic factors: The increasing smartphone penetration rate and improving internet infrastructure in Serbia have played a pivotal role in the growth of the AR Advertising market. With more people having access to smartphones and high-speed internet, the potential reach and impact of AR advertising have expanded significantly. Furthermore, the rising disposable income and changing consumer behavior have created a favorable environment for brands to invest in innovative advertising strategies like AR. In conclusion, the AR Advertising market in Serbia is experiencing growth due to changing customer preferences, integration of AR technology across industries, the popularity of AR filters on social media, the presence of a thriving tech industry, and favorable macroeconomic factors. As the market continues to evolve, we can expect to see further advancements and innovation in AR advertising in Serbia.

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).