Digital Advertising Market Report 2024

The digital advertising market size has grown strongly in recent years. It will grow from $45.78 billion in 2023 to $48.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historical period can be attributed to an increase in advertising expenditure, the rise in e-commerce penetration, increased availability of smartphones, and growth in social media usage.

The digital advertising market size is expected to see strong growth in the next few years. It will grow to $63.87 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to increasing internet penetration, growing government support for digital advertising, and rising urbanization. Major trends in the forecast period include a focus on strategic collaborations and partnerships to enhance financial strength, emphasis on AI-powered apps for digital advertising, the use of digital out-of-home (DOOH) advertising campaigns to deliver messages to the target audience, a rising demand for interactive advertising to provide a unique and engaging personalized experience, and the introduction of 3D solutions in advertising campaigns.

The expansion of the internet user base, coupled with the availability of self-service platforms, is fueling the global digital advertising market. The internet is widely utilized for various purposes such as e-commerce, e-learning, social connectivity, media consumption, communication, and file transfers. As of June 2022, the number of global internet users stands at 5.385 billion, representing over 67.9% of the world's population, according to Internet World Stats. The increasing popularity of self-service advertising platforms significantly contributes to the digital advertising market, providing advertisers with greater convenience in ad placement. The ease of setting up and managing campaigns without the need for human intermediaries attracts advertisers to digital marketing. Hence, the growth in the internet user base and the adoption of self-service platforms are key drivers of the market.

The anticipated growth of content marketing is poised to drive the digital advertising market further. Content marketing is a strategic approach that emphasizes creating and disseminating valuable, relevant, and consistent content to engage a target audience. In the dynamic digital landscape, content marketing has become an integral part of digital advertising strategies, with brands recognizing its importance in building connections with the target audience. For instance, a survey by Wyzowl, a UK-based video marketing agency and software company, revealed that businesses' adoption of video content marketing increased to 91% in a survey of 528 unique respondents in February 2023, up from the 86% observed in 2022. Therefore, the increasing use of content marketing is expected to propel the growth of the digital advertising market.

The global digital advertising market is witnessing the increasing popularity of technological advancements, with augmented reality (AR) emerging as a major trend. Advertisers are incorporating augmented reality into their strategies to elevate the user experience. For example, in October 2021, Snapchat, a US-based messaging services company recognized for pioneering AR ads, introduced a studio to aid clients in crafting augmented reality advertising and experiences. This initiative aims to promote the utilization of technology that overlays computer-generated images onto a person's real-world perspective. AR ads go beyond providing information, enabling users to interact with the content rather than merely observing it.

Prominent companies in the digital advertising market are actively exploring innovative AI-based advertising tools such as Link AI for Digital to expand their customer base and gain a competitive edge. Link AI for Digital is an AI-powered advertising testing tool that predicts the performance of digital ads using real-world data. In May 2022, Kantar, a UK-based marketing data and analytics company, unveiled Link AI for Digital, specifically designed for digital advertising formats. This solution forecasts the in-market performance of digital ads and has been trained on more than 230,000 survey-enabled ad tests and 30 million real-world interactions.

In November 2021, Entravision, a US-based media, marketing, and technology company, acquired 365 Digital for an undisclosed amount. Through this strategic acquisition, Entravision aims to expand and strengthen its digital services in emerging markets, including Africa. 365 Digital, based in South Africa, specializes in digital advertising solutions, particularly in ad serving technology and solutions.

Major companies operating in the digital advertising market report are Google, Meta Platforms, Inc. (Facebook), Amazon.com, Inc., Microsoft Corporation, Alibaba Group Holdings Limited, HULU LLC, Tencent, Saga Communications, Inc., Twitter, Inc., AdChina, Baidu Advertising and Sina Corp, S4 Capital, Dentsu International, PwC's Digital Services, Accenture Interactive, Boostability (Berlin), SQ Digital, Gorilla Marketing, OTM, RMAA Group, Netpeak (Moscow), Webrentic, Slon Media (Moscow), 25wat, Jstokes, Thrive Agency, Sizmek Technologies Inc., ArnoldStreet, SocialMedia55, Hawk Media, El Cielo Digital - Sabemos de Marketing Digital, DieciseisOnce.com, SEOnet, Dicore Digital, Punto Rojo, Sherlock Communications, Centrico Digital, FP7 McCANN, Tonic International, MullenLowe MENA, Elephant Nation, BPG Group, Mars Media Group, Intango, Executive Digital, Pyramedia Group, 3points, Boopin, Maat Marcom Agency, Borarong Consulting, SyberGrupe, BlueMagnet, Rushing Tap, Watson Ferguson Marketing Agency.

Digital advertising encompasses services that promote businesses online, utilizing platforms such as search engines, social media, websites, and other digitally accessible programs. Its versatility allows businesses to achieve various objectives along the marketing funnel, including brand awareness, customer engagement, product launches, and driving repeat sales.

The primary platforms for digital advertising include mobile advertising (both in-app and mobile web), desktop advertising, digital TV, and others. Digital television involves transmitting television signals through digital technologies rather than analog methods. Various ad formats, such as digital display ads (encompassing programmatic and non-programmatic transactions), internet paid search, social media, and online video, are employed across diverse industries, including media and entertainment, consumer goods and retail, banking, financial services, insurance, telecommunications, IT, travel, healthcare, manufacturing, supply chain, transportation, logistics, energy, power, utilities, and others.

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

North America was the largest region in the digital advertising market in 2023. Asia-Pacific was the second largest region in the digital advertising market report. The regions covered in the digital advertising market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the digital advertising market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The digital advertising market consists of revenue earned by entities by providing services such as planning, developing, creating, and managing advertisement and promotional activities in digital 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.


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