US digital advertising market to grow by almost 15% in 2021 and reach $200bn in 2022
Ad spending in the US digital advertising market is the world’s largest and is projected to reach $190.43bn in 2021. This is a 14.8% growth from the year prior when digital advertising ad spending in the US only reached $165.81m. In 2022, the industry is set to cross the $200bn mark for the first time after a projected growth of an additional 10.7%.
When broken down into four main segments, Search Advertising is projected to have the highest spend in 2021, amounting to $78.51bn – an increase of 17.8% from 2020. Banner advertising is projected to have the next largest spend at $68.78bn after a projected growth of 10.1%. Video advertising is projected to grow the most in 2021 with an expected 18.5% increase from 2020.
Mobile advertising to reach 70% share by 2024; retail industry biggest ad spenders in 2021
In 2018, ad spending by device shifted from being desktop dominant to mobile dominant as digital advertising on mobile recorded a 54% share of all ad spend compared to just 49% the year prior. In 2021 share of digital advertising on mobile is projected to grow to 64% and reach the 70-30 split mark sometime in 2024.
The retail industry was the biggest digital ad spender in the US in 2021 with a 26% share of total ad spending. Pharma & Healthcare were the second largest spenders at 18.8% while financial services were the third at 16.3%.
Rex Pascual, editor at Wette.de, commented “Innovations such as more advanced localization techniques and data-driven targeting have made digital advertising a very lucrative industry in recent years. The US digital advertising industry generates the most revenue in the world and looks set for an even brighter future as it approaches the $200bn mark in 2022.”
For more, go to https://www.wette.de/us-digital-ad-spending-to-pass-200b-mark-by-2022-projected-to-reach-190b-in-2021/
