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 2022 is valued at $524.31 billion—63.6 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 2022 marks a 15.2 percent rise from the $455.30 billion spent in 2021. It may only be a fraction of an increase, but digital advertising growth is expected to continue from 2022 to 2023.

The largest annual growth between 2019 and 2024 came in 2021 when digital ad spend increased 20.4 percent year-over-year.

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. 

Here are the annual digital advertising growth rates forecast for 2023 and 2024:

  • 2022: 15.2 percent
  • 2023: 11.8 percent
  • 2024: 10.2 percent

2022 is the first time digital ad spend is expected to cross the $500 billion mark. Despite this milestone, the digital advertising market is forecast to grow and reach $585.96 billion in 2023. By 2024, it will reach $645.80 billion. Not only is this a whopping 92.4 percent increase from 2019, but it will also make up 67.8 percent of the overall expenditure on media ads. In other words, in 2024, for every dollar spent on ads, more than 67 cents will be on digital ads. 

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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