Dubai: Global brands and marketers are pouring money into digital advertising, with spending reaching staggering heights in recent years. A new report by OnlyAccounts.io reveals that companies have shelled out over $3 trillion on digital ads since 2019.
Search ads reign supreme
Search advertising is the king of the digital ad market, claiming over $1.2 trillion, or 41% of the total spending in the last five years. Video ads and banners followed closely, each generating over $700 billion in revenue.
Interestingly, the total digital ad spend has surpassed the GDPs of some developed economies. Statista Market Insights predicts that brands will spend a whopping $740 billion on digital advertising in 2024 alone, exceeding the GDP of countries like Poland, Argentina, or Sweden.
Big players
The big three - Google, Meta, and Amazon - continue to dominate the digital advertising landscape, collectively raking in over 60% of the total market revenue.
While the 2024 projection seems hefty, it's just a fraction of the digital ad spend in the past five years. The report highlights that influencer marketing, though a smaller segment, has seen significant growth, with brands spending over $130 billion since 2019. Classifieds and audio advertising follow with $101 billion and $43 billion, respectively.
US leads The United States holds the crown for the largest digital advertising industry, generating a staggering $1.2 trillion, or 40% of the total market revenue in the last five years. China and the United Kingdom trail behind with $770 billion and $184 billion, respectively.
Growth expected everywhere
Looking ahead, Statista expects the digital advertising boom to continue, with brands projected to spend another $3.5 trillion by 2028. The US is expected to maintain its 40% market share, contributing $1.45 trillion, while China's ad spend is expected to reach nearly $900 billion by 2028.