Retail Media Networks Global Market Report 2024

The retail media networks market size has grown strongly in recent years. It will grow from $21.07 billion in 2023 to $22.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be linked to several factors, such as a shift in advertising budgets, the expansion of e-commerce, the adoption of data-driven advertising approaches, opportunities for brand collaborations, and the integration of in-store and online channels.

The retail media networks market size is expected to see strong growth in the next few years. It will grow to $31.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. Anticipated growth in the forecast period within the retail sector can be linked to several key factors. The rise of direct-to-consumer (DTC) brands is expected to play a significant role, indicating a shift toward brands selling their products directly to consumers, bypassing traditional intermediaries. Enhanced analytics and measurement capabilities will contribute to data-driven decision-making, allowing businesses to gain deeper insights into consumer behavior and preferences.

The anticipated surge in e-commerce is poised to drive the expansion of the retail media networks market in the coming years. E-commerce, the practice of buying and selling products and services through the internet, operates across various platforms such as computers, tablets, smartphones, and other smart devices. Retail media networks facilitate access to previously untapped digital spaces within e-commerce websites, allowing businesses to introduce sponsored ads and promote their products on these platforms. As an example, a report published by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization within the United Nations Secretariat, revealed that global e-commerce businesses generated $2.9 trillion in sales in 2020, with a further one-third growth in 2021, reaching $3.9 trillion. Consequently, the swift expansion of e-commerce is expected to be a driving force behind the growth of the retail media network market.

The escalating expansion of the media and entertainment industry is also anticipated to contribute to the growth of the retail media networks market. This industry encompasses the creation, production, and distribution of diverse content, including audio, visual, and interactive media, aimed at entertaining, informing, and engaging audiences through various platforms and channels. Retail media networks are strategically utilized by the media and entertainment sector to enhance brand visibility, target specific audience segments, and optimize advertising efforts by seamlessly integrating promotional content within retail environments. For instance, the Federation of Indian Chambers of Commerce & Industry (FICCI), an India-based trade association, projected that the Indian Media & Entertainment sector would reach Rs. 2.83 trillion by 2025, with digital media accounting for 27% growth in 2022. Hence, the flourishing media and entertainment industry is expected to be a driving factor in the growth of the retail media network market.

The retail media network market is witnessing a notable trend in the adoption of technological advancements, with major companies in the sector actively working on developing innovative solutions to maintain their market standing. An example of this is seen in the actions of Criteo S.A., a France-based advertising company, which, in September 2023, introduced Commerce Max DSP. This platform serves as a centralized entry point for retail media inventory across various retailers, offering a suite of solutions that address fragmentation and enhance commerce outcomes throughout the open internet.

Strategic partnerships have become a prevalent strategy among major players in the retail media network market to accelerate growth in eCommerce and retail media. These partnerships involve collaborative efforts between two or more organizations, combining resources and expertise for mutually beneficial goals. A case in point is the collaboration between Mirakl SAS, a France-based cloud-based e-commerce software company, and Havas SA, a France-based communication company. This strategic alliance, established in May 2022, aims to create a robust independent retail media network by leveraging Mirakl's AI-powered advertising technology, specifically optimized for marketplaces and eCommerce.

In January 2022, Stingray Group Inc., a Canada-based media and technology company, acquired InStore Audio Network for $44 million (CA$ 59 million). This acquisition allows Stingray to expand its presence in retail-based digital advertising in the United States, solidifying its position as a leading global provider of digital media solutions. InStore Audio Network, a US-based company, specializes in offering video and audio advertising services for large grocery and drug chains.

Major companies operating in the retail media networks market report are Walmart Inc., Amazon.com Inc., Google LLC, Home Depot Product Authority LLC, The Kroger Co., Verizon Communications Inc., Alibaba Group Holding Limited, Walgreens Boots Alliance Inc., Target Brands Inc., Lowe's Companies Inc., Carrefour SA, Tesco PLC, Best Buy Co. Inc., Inter IKEA Systems B.V., Macy's Inc., Wakefern Food Corp., METRO Inc., Adobe Inc., Wayfair LLC, Ulta Beauty Inc., eBay Inc., Petco Animal Supplies Inc., Maplebear Inc., Criteo Corporation, dunnhumby Ltd., Costco Wholesale Corporation, MediaMath Inc., Flex IT Rent BV, CitrusAd Pty Ltd., Amobee Inc.

North America was the largest region in the retail media networks market in 2023. The regions covered in the retail media networks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the retail media networks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The major categories of retail media networks comprise search ads and display ads. Search advertising involves displaying advertisements in search engine results when users search for specific services or products. These ads can be deployed in different clouds, including public cloud, private cloud, and hybrid cloud, catering to applications in consumer goods and other sectorors.

The retail media networks market research report is one of a series of new reports that provides retail media networks market statistics, including retail media networks industry global market size, regional shares, competitors with retail media networks market share, detailed retail media networks market segments, market trends, and opportunities, and any further data you may need to thrive in the retail media networks industry. This retail media networks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The retail media networks market includes revenues earned by entities by providing on-site media, off-site media, digital incentives, chat-based media, influencer marketing, and in-store media. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.