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Digital Ad Spending Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players
Digital Ad Spending Market
According to The Business Research Company's, The digital ad spending market size has grown rapidly in recent years. It will grow from $0.6 billion in 2023 to $0.67 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to increased internet penetration, mobile device proliferation, social media growth, data analytics and targeting, e-commerce expansion, video content consumption.
The digital ad spending market size is expected to see rapid growth in the next few years. It will grow to $1.05 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to increasing connected tv advertising, increasing interactive and shoppable ads, privacy regulations and compliance, sustainability and social responsibility, emerging markets growth. Major trends in the forecast period include programmatic advertising, ad fraud prevention, emergence of new ad formats, content marketing integration, cross-channel integration, ai and machine learning integration.
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Market Drivers and Trends:
The increase in tablet and smartphone penetration is expected to propel the growth of the digital ad spending market going forward. Tablets and smartphones refer to mobile devices that allow users to access the internet, run applications, and perform other tasks such as watching videos, gaming, and video calling. The usage of tablets and smartphones for digital content consumption, including digital advertising such as display ads, videos, social media ads, and in-app ads, has significantly increased the importance of mobile devices in the advertising landscape. Advertisers have adapted their strategies to engage their audiences through mobile devices which will drive the growth for the digital ad spending market. For instance, in February 2023, according to Uswitch Limited, a UK-based price comparison and switching service company, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Moreover, 95% of the 68.3 million UK population, which is 65 million individuals, are expected to own a smartphone by 2025. Therefore, the increase in tablet and smartphone penetration is driving the growth of the digital ad market.
Advancements in technology are the key trend gaining popularity in the digital ad spending market. Major companies operating in the market are introducing new technologies such as artificial intelligence, augmented reality (AR), virtual reality (VR), machine learning, and blockchain technology to sustain position in the market. For instance, in January 2023, Verizon Media, a US-based technology company that provides technology, communications, information, and entertainment products and services, launched the Next-Gen Solutions suite, which provides relevant ad experiences independent of cookies or mobile app IDs. It uses content and real-time data signals, such as weather, location, and device types, to power machine-learning algorithms that connect advertisers with relevant audiences without the need for user-level profiles or browser storage. Furthermore, Verizon Media's Next-Gen Buying feature uses machine-learning algorithms to help advertisers connect with relevant audiences without needing cookies, mobile app IDs, browser storage, or creating user-level profiles.
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Major Key Players of the Market:
Microsoft corporation; Google LLC; Meta Platforms Inc.; Hulu LLC; Ignite Visibility LLC; L7 Creative; Alibaba Group Holdings Limited; Amazon Web Services Inc.; Baidu Inc.; Coalition Technologies LLC; Dentsu Group Inc.; Disruptive Advertising Inc.; Effective Spend; Omnicom Group; Publicis Groupe; Tencent Holdings Limited; Adobe Inc.; The Trade Desk Inc.; Verizon Communications Inc.; Twitter Inc.; Pinterest Inc.; Snap Inc.; Roku Inc.; Spotify Technology S.A.; Expedia Group; TripAdvisor Inc.; JD.com Inc.; Criteo SA; InterActiveCorp; Datorama Inc.; PubMatic Inc.; Magnite Inc.; Taboola; Outbrain Inc.; AdRoll Group; Rubicon Project Inc.; Xandr Inc.; OpenX; MediaMath Inc.
Digital Ad Spending Market 2024 Key Insights:
• The digital ad spending market size will grow to $1.05 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Mobile Revolution Drives Digital Ad Spending
• Tech-Driven Transformation Leads Digital Ad Spending
• North America was the largest region in the digital ad spending market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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