Just over HALF of global advertising expenditure will be spent on online marketing by 2021, a new report by Zenith finds.
Of the growth we have seen, the bulk is down to the US market, where growth continues to be strong. The other big players are China, boasting $4bn in extra ad spend, followed by the UK and India with $1bn each in extra ad spend.
Zenith found that much of the growth comes from smaller businesses, who are making effective use of highly targeted campaigns by using self-serving tools from platforms such as Google and Facebook.
Nevertheless, it isn't all good news as the report finds that the rate of growth for the online ad market is slowing down significantly.
Growth was at around 17% last year, and 12% early this year, and it is predicted to slow down to as low as 9% by 2021 - the lowest it has been for almost two decades.
On the bright side, 2 years is a long time in politics and the world of online marketing, and who knows whether 5G will disrupt any predictions which span the next 2-3 years.
Zenith has released its latest global adspend forecasts, predicting that more than half (52%) of global advertising expenditure will be spent on internet advertising for the first time in 2021. However, in spite of this upcoming milestone, the internet ad market's growth is expected to slow down rapidly year on year, declining from 17% growth last year to 12% in the first half of this year and dipping to just 9% by 2021.