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Global digital advertising market to reach $667 billion in 2024, report
According to the latest media consumption statistics, US consumers have been spending increasingly more time-consuming digital media year after year. Digital ad spending is projected to grow significantly through 2027.
Marketing and advertising are key components of a business's growth. With more and more internet users year after year, many brands have increased their digital marketing spend in an effort to reach more consumers.
An article in Oberlo.com projected that the global digital advertising market in 2023 is valued at $601.8 billion—67.1% of the overall expenditure on media ads.
This refers to advertising on internet-connected devices such as computers, mobile devices, and smart devices. Media ads include everything from email marketing and video content to search engine results and more. The article said: "The digital advertising spend in 2023 marks a 9.5% rise from the $549.5 billion spent in 2022. The largest annual growth from 2021 to 2027 came in 2021, when digital ad spend increased by 29.8% year over year. The following year, its growth slowed by nearly one-third to 8.5%.
Digital advertising growth is showing no signs of stopping. Experts' projections indicate that the digital advertising market will continue to grow over the next few years, albeit with a slight slowdown in its pace.
Oberlo.com : "2023 is the first year global digital ad spend is set to cross the $600 billion mark. If that's not impressive enough, the digital advertising market is forecast to continue growing and reach $667.6 billion in 2024 and surpass $730 billion in 2025. Experts predict that in 2026, global digital ad spend will exceed $8 billion. By 2027, this figure will have risen to $870.9 billion. Not only is this a 72% overall increase from 2021, but it will also make up 73.8% of the overall expenditure on media ads. In other words, in 2027, for every $4 spent on ads, nearly $1 will be on digital ads.
From 2021 to 2027, digital ad spend worldwide is forecast to grow at an average annual growth rate of 12.4%. As digital ad spend grows, expenditure on print media advertising declines. Research results already suggest that the coronavirus pandemic in 2020 has accelerated the shift to digital advertising.
Media consumption data in the United States alone shows that people have been spending increasing amounts of time on digital media. Print media is being impacted badly by this shift, with the effect particularly hard felt on print newspapers and magazines."
