Increase in sophisticated SEO campaigns and availability of more data online than before is fueling market revenue growth
Market Size – USD 58.19 Billion in 2020, Market Growth – at a CAGR of 9.6%, Market Trends – Rapid penetration of high-speed internet.
The global SEO (Search Engine Optimization) market size is expected to reach USD 122.11 billion in 2028 and register a CAGR of 9.6% over the forecast period, according to the latest report by Reports and Data. SEO market is growing due to increase in the number of searches per user. Rapid digitalization and availability of high-speed internet is propelling usage of internet among younger generation which is driving market revenue growth.
The number of daily online searches has increased from 1 Billion in 2010 to 7 Billion in 2020. Internet has become more affordable in various demographics and availability of more outlets for search visibility is also driving SEO market growth. Areas where the market witnessed radical growth has digital assistants who bridge gap between online and offline searches and search engines specific to individual platforms such as YouTube and Amazon.com.
SEO is focused on attracting online visitors who are searching for information about products or services, which makes it excellent for lead generation. Companies have observed that after using SEO, leads have an average conversion rate of 14.6% as compared to traditional strategies which have a conversion rate of 1.7%.
Return on investment is a critical consideration while accessing digital marketing channels. SEO helps in improving traffic flow to a website exhibiting business offerings, and thus delivers substantial return on investment. First Google listing receives 33% of all search traffic on internet. Therefore, search engine visibility directly corresponds to rise in web traffic and increase in revenue, making return on investment a key SEO benefits for several firms.
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Some Key Highlights in the Report
- Local SEO strategy helps businesses become more visible in search engine’s result. Business that run a physical store or serve a particular area can benefit from local SEO. One of the frequently used marketing strategy is to attract more customers such that people can find their required products and services both online and offline. Local SEO aims for higher ranking in specific areas such as region or towns. Search engines have an understanding whether searchers are looking for local solution for their query or not. Investing in local SEO can help small businesses to show up in the results.
- Cloud segment accounted for a larger revenue share in 2020 due to its many benefits. It reduces the possibility of server downtime and it provides competitive advantage with site responsiveness. Websites hosted on cloud are able to access advanced data and analytics and with these data companies are able to craft effective SEO strategies.
- Hospitality segment accounted for a significant revenue share in 2020 as they are increasingly using SEO to drive reliable bookings and conversion optimization on websites to turn visitors into possible customers. In 2019, 48% of hotels were booked through their websites. Hospitality SEO is also very cost-effective and it is more about investing time and expertize rather than large sum of money.
- North America accounted for largest revenue share in 2020 as most of the companies in the U.S. use SEO to boost sales and attract more customers. The region has high adoption rate of advance technologies and advent of artificial intelligence for SEO is further driving demand for SEO. High disposable income of companies in North America enables them to invest in advance SEO software and services which is further propelling market growth.
- Major companies in the market include Ahrefs, Google, SEMRush, KWFinder, Moz Pro, Ubersuggest, SpyFu, Woorank, Majestic, and SEOQuake.
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For the purpose of this report, Reports and Data has segmented global SEO market based on component, product, deployment, platform, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Services
Product Outlook (Revenue, USD Billion; 2018–2028)
- Content SEO
- Technical SEO
- Product Page SEO
- Voice Search SEO
- Local SEO
Deployment Outlook (Revenue, USD Billion; 2018–2028)
- Cloud
- On-Premises
Platform Outlook (Revenue, USD Billion; 2018–2028)
- Desktop
- Mobile
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Ecommerce
- Real Estate
- IT
- Recreation
- Hospitality
- Others
Regional Outlook (Revenue, USD billion; 2018–2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
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