In today‘s digital age, marketing is more important than ever for businesses looking to promote their products and services, build brand awareness, and connect with customers across a variety of channels and platforms. While small boutique agencies can provide creative, targeted campaigns, large global marketing conglomerates wield huge budgets and manpower that allow them to drive major initiatives for Fortune 500 companies worldwide.
These massive agency networks and holding companies dominate the industry, though consulting firms and digital specialists are increasingly encroaching on their territory. The lines delineating what constitutes a marketing services agency are growing ever-fuzzier.
However, there is no denying the meteoric rise of the marketing industry following a pandemic-related slump in 2020. Projections put the market size at $769.9 billion by 2024. Meanwhile, AI is supercharging capabilities when leveraged properly to glean consumer insights.
Here are the 10 largest marketing companies in the 2021 fiscal year, ranked by most recent annual revenues:
#10: Hakuhodo – $2.27 Billion
Founded in 1895 and headquartered in Tokyo, Japan, Hakuhodo is the second largest advertising company in Japan behind Dentsu. With over 3,800 employees, Hakuhodo provides a range of advertisement planning, design, production, and promotion services while operating a robust domestic network along with international affiliates.
Though it has partnerships with Korean agency Cheil Worldwide and the global TBWA network, Hakuhodo struggles to keep pace with chief rival Dentsu in scale and presence abroad. Yet despite the gap, Hakuhodo maintains a solid foothold.
The vast majority of the group‘s $3.05 billion revenue in FY 2020 stemmed from Japan with a 21.9% share of domestic ad billings. China stands out as Hakuhodo‘s secondary market.
#9: BlueFocus Communication Group – $5.917 Billion
Founded in 1996, BlueFocus Communication Group has emerged as China‘s largest marketing services provider. A series of acquisitions provided BlueFocus with an impressive foothold in Western countries. While best known for PR services, BlueFocus also oversees divisions specializing in digital marketing including social media along with more traditional advertising and events planning.
Backbone subsidiary Blue Digital is joined by an array of additional agencies like the 2011 acquired interactive advertising firm SNK and a joint PR venture with Dentsu in China.
Overseas, BlueFocus gained heat with the 2014 purchases of Silicon Valley social media agency We Are Social and the North American assets of Vision7 – including PR network Citizen Relations and ad agency Cossette. Despite acquiring UK PR firm Huntsworth in 2013, BlueFocus sold off its 20% stake by 2017.
With substantial revenue growth in the four years preceding 2018 propelling it over the $3.5 billion mark, BlueFocus entered the upper ranks of marketing heavyweights.
#8: Dentsu Group Inc – $7.88 Billion
As Japan‘s foremost advertising leader, Dentsu maintains considerable command of its domestic market with over 30% Japanese mass media ad control. Having provided services since 1901, Dentsu boasts an enormous client roster numbering over 6,000.
Unlike Western counterparts that split creative and media departments decades ago, both remain housed jointly under the Dentsu umbrella along with additional capabilities like PR, Web 3.0 marketing, HR solutions, and research.
While competitors pursued service line expansion, Dentsu focused chiefly on bringing specialized players like digital marketing teammate Cyber Communications (CCI) and sales promotion expert Dentsu TEC into the fold.
Dentsu also retains powerful footing in sports marketing and sponsorships.
The pandemic took its toll with nine straight quarters of revenue decline by Q1 2021 before rebounding at last. Bolstered especially by Japanese market tailwinds, Dentsu generated record revenue of $8.9 billion in FY 2021 while swinging from heavy losses to $987 million net profit. CEO Toshihiro Yamamoto has since resigned with Hiroshi Igarashi taking over.
Today, over 300 successful ecommerce launches with marquee brands position Dentsu as a commerce leader. Its Product Engineering unit integrates Japanese and global digital prowess.
#7: Interpublic Group (IPG) – $10.24 Billion
With a presence spanning over 100 countries and 58,000+ employees, IPG operates as one of the largest multi-brand marketing services holding companies. It offers a variety of communications, advertising, marketing solutions and more across its portfolio after 40+ years in business.
IPG battled difficulties stemming largely from pricey acquisitions made in 1999 and 2000 that saddled the firm with goodwill writedowns. Although IPG avoids mega-deals today, key acquisitions in recent years helped expand service capabilities – including digital agency Huge in 2008 and data giant Acxiom in 2018.
Following slight pandemic dips, IPG achieved record high revenue of $9.1 billion in 2020.
#6: Publicis Groupe – $10.72 Billion
In operation since 1926, Publicis Groupe has long outgrown its Parisian roots to rank among global marketing titans with over 80,000 employees spread across more than 130 countries.
Publicis made early strides through acquisitions like Saatchi & Saatchi in 2000 followed by Leo Burnett two years later. Digitas in 2006 and Razorfish in 2009 provided digital firepower while 2012 saw the addition of leading creative shop Bartle Bogle Hegarty to complete Publicis’ transformation.
Today, Publicis houses several prominent specialty marketing agencies spanning PR, creative, digital, luxury marketing, healthcare communications and more.
Most notable recently was Publicis’ $4 billion-plus purchase of data/CRM expert Epsilon in 2019 – now operating as Epsilon PeopleCloud subsequent to a 2021 rebrand.
Through the pandemic turbulence, Publicis returned to organic growth in early 2021 en route to €10.5 billion annual revenue and €1 billion net income last year.
#5: Omnicom Group Inc – $14.289 Billion
Boasting 5,000+ clients in over 70 countries, Omnicom Group ranks among the most prestigious communications, advertising, and specialty marketing services groups worldwide. Its branded agency networks and specialty firms operate relatively autonomously while benefiting from shared resources within the publicly traded group.
Unlike rivals eagerly growing via acquisition, Omnicom opts largely for organic expansion that has consistently driven top line improvement. Strategic exceptions included buying digital ad platform Omnicom Media Group OM in 2008 along with consulting giant Willis Towers Watson’s marketing services division to enhance consulting competencies.
While its proposed 2013 Publicis merger that would have created an indisputable industry leader fell through over structural disagreements, Omnicom rebounded fast on new business momentum.
When COVID-related spending cuts severely hampered agency revenues, Omnicom experienced uncharacteristic sales declines despite years of steady growth. But higher client investment in 2021 boosted annual figures to $14.28 billion revenue and $1.4 billion profit.
As marketing budgets face pressure, integration opportunities between Omnicom’s portfolio of 1,500+ agencies may help streamline operations and reduce costs while improving client offerings.
#4: Accenture Interactive – $15 Billion
While better known for technology consulting and managed services spanning nearly every industry vertical, Accenture made waves by aggressively growing advertising and marketing capabilities geared to help C-suite executives chart digital transformations. While initial demand stemmed from existing relationships in its client roster comprised primarily of 90% of the Fortune Global 500, Accenture also increasingly competes for new accounts against traditional agency holding groups.
Following the 2021 rebranding of Accenture Interactive, the fast-growing organization doubled down on leveraging AI, data, cloud computing and other innovations to fuel ideation, enhance CX/UX and derive actionable insights from analysis around evolving consumer expectations and preferences. As businesses across sectors rushed to pivot strategies and operations in response to the ongoing digitization of customer journeys, Accenture Interactive and its Song creative agency have proven well-positioned to not only plan but actively power changes.
Given its substantial resources and technology DNA, Accenture’s market entrance poses a significant threat to established players. Yearly revenue topping $15 billion affirms massive early traction.
#3: Deloitte Digital – $16 Billion
While accounting and consulting conglomerate Deloitte continues covering clients’ risks, taxes, auditing, financial advisory and cybersecurity needs among other services including its technology development arm Deloitte Digital spans strategy, design, creative, technology integration and implementation.
Since formally launching in 2012, Deloitte Digital amassed an impressive portfolio of digital agencies and specialty firms across five continents – culminating in an ecosystem whose breadth rivals Accenture. Spanning advertising, mobile apps and platforms, AI/ML, cloud adoption, CRM, advanced analytics and more, Deloitte Digital helps modernize systems and processes so clients can make data-driven decisions to transform digitally.
Working with clients across an array of industries, Deloitte Digital aims to merge functional utility with engaging experiences connecting companies and audiences. And business is booming.
Powered both by long-time client relationships and an aggressive acquisition strategy, Deloitte’s 2021 revenue of $16 billion affirms fierce competitiveness with Accenture. As technology’s role in everyday operations and consumer engagement escalates across sectors, expect heavy ongoing investment in emerging capabilities.
#2: WPP plc – $17.603 Billion
Following decades of expansion, London-headquartered WPP cemented itself as the world’s largest advertising and PR group – before getting dethroned last year. It boasts a portfolio spanning communications services, media investment management, data analytics and digital transformation consulting across 112 countries.
Numerous high-profile subsidiaries like creative juggernaut Ogilvy and GroupM media outfit operate under the WPP umbrella alongside acquired specialty firms covering healthcare marketing, experiential engagements, sports sponsorships and more.
A shopping spree over this century grew WPP into a marketing services juggernaut matching the world’s largest agency groups. But complex operating structures also brought cost and agility challenges to light when clients began requesting consolidated services from simpler partner ecosystems.
While economic uncertainty triggered by the pandemic initially pinched marketing budgets across sectors, many came back strong in 2021 as vaccines rolled out – lifting WPP’s annual revenues up 3.8% to $17.6 billion as remote work and digital adoption trends persisted.
Yet despite ending its multi-year reign, WPP remains a formidable force armed with vast data and creative talent. New CEO Mark Read continues working to better integrate offerings for more seamless, impactful client engagements.
#1: PwC Digital Services – $45 Billion
Boasting a global workforce nearing 300,000, PwC network firms are best recognized for auditing services, consultations, and tax advisory catering to 90% of the Fortune 500. But digital transformation projects for clients also proved a lucrative service line.
Encompassing strategy, architecture, design and implementation around advancing technologies, PwC Digital Services champions innovation helping enterprises adapt to new competitive conditions where digitization underpins everything. Offerings embed cutting-edge AI, VR/AR, blockchain, cloud platforms and more.
Although PwC doesn’t directly compete against traditional creative agencies, its regional SWAT teams enable large organizations to keep pace with change through personalized strategies merging incumbent strengths with emerging tech – especially across customer experiences. Partnerships expand service options.
Surging client demand around integrated transformation programs emphasizing seamless omni-channel engagement powered PwC’s 2021 haul to $45 billion as the world’s largest marketing services firm. But with digital saturation still seemingly scratching the surface across sectors, expect the innovation push to persist regardless of economic gyrations.
The leaders certainly have their work cut out.
