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.

The global digital advertising market in 2020 is valued at $332.84 billion—54.1 percent 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.

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Digital Advertising Growth

Digital advertising spend in 2020 marks a 2.4 percent rise from the $325.02 billion spent in 2019. It may only be a fraction of an increase, but digital advertising growth is expected to accelerate from 2020 to 2021.

2021’s digital ad spend is forecast at $389.29 billion—a 17 percent year-over-year increase. This is expected to be the largest annual growth between 2019 and 2024.

Digital advertising growth is also showing no signs of stopping. Experts’ projections indicate that the digital advertising market will continue to grow over the next few years. 

In fact, it’s expected to cross the $400 billion mark in 2022 with a 13.3 percent year-over-year increase. The digital advertising market is also expected to hit $526.17 billion by 2024. Not only is this a whopping 61.9 percent increase from 2019 but it will also make up 62.6 percent of the overall expenditure on media ads. In other words, in 2024, for every dollar spent on ads, more than 60 cents will be on digital ads. 

The pace of digital advertising growth will, however, slow down from 2021’s peak. Here are the digital advertising growth rates from 2022 to 2024:

  • 2022: 13.3 percent
  • 2023: 10.0 percent
  • 2024: 8.4 percent

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. 

Plus, with lockdowns in place across the world, people are spending a lot more time at home than usual and consuming increasing amounts of digital media. Print media is being impacted badly by this shift, with the effect particularly hard felt on print newspapers and magazines.

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