The global brand management services market was valued at almost USD 852 billion in 2016 and is expected to reach around USD 1,146 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report brand management services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the brand management services market during the forecast period. Some of the top vendors listed in this industry analysis include Interbrand, Landor Associates, Brand Union, FutureBrand, and McCann.
In terms of geographical analysis, North America dominated the global market during 2016 by accounting for around 41% of the overall market share. The growth of the market in this region is attributable to the high-level of awareness among customers about brand values.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The rising relevance of digital channels is prompting brands to incorporate social media channels into their brand positioning strategies. Using social media brand equity enables buyers to measure the level of differentiation, relevance, and esteem; influence their brands, and use the feedback loop to carry out changes in their strategies.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Ability to enhance brand value
Brands often lose market share or experience a decline in sales as users engage with an alternative brand as they are unable to derive any brand value. Brands need to continually reinvent themselves to stay relevant and enforce the parameters of credibility, accessibility, and affordability in order to retain existing customers as well as attract new ones. As a result, they are increasingly relying on compelling campaigns to deliver brand value.
Growth in popularity of digital advertising
The growth of the Internet and ability to provide improved user experience through the use of digital mediums is spurring an increase in the advertising spend among companies. Furthermore, digital mediums offer a cost-effective option for brands to create viral advertising campaigns and expand their reach. For instance, digital advertising accounted for almost 30% of the global advertising spend in 2015, and it is likely to reach almost 39% by 2018.
Desire to expand geographical reach and product portfolios
Brands are currently focusing on increasing their geographic presence and introducing new product lines to strengthen their foothold in the market and increase product sales. Such initiatives mandate a certain degree of differentiation and minute tweaks to existing products to ensure its sustainability in new regions. In line with this, brands are seeking out agencies to craft effective go-to-market strategies which can help ensure that brand value is retained by communicating the cultural fit of the brand effectively to customers from new markets.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Brand Management Services – Procurement Market Intelligence 2017’.
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