A recent research carried out by Statista has shown that digital advertising is projected to hit $646 billion by 2024. The increase is predicated on $378 billion recorded in 2021 in United States, Europe, Nigeria and other countries in the world.

The study further shows that mobile internet advertising spending is expected to increase from $276 billion to $495 billion in the coming year.

Digital Advertising market according to research, is growing in Nigeria due to variety of factors such as the shift in consumers’ behavior. This development is triggered by an exponential surge in the number of internet users which was said to have shifted consumers’ focus from the offline to the online space.

In the last 10 years, the number of internet users globally has reportedly grown from 2.3 billion in 2012 to 5.3 billion in 2023. As of January 2023, Nigerian active internet users rose to 123 million, which implies that half of the country’s total population have access to the internet.

To maximize the opportunity that abounds in the online space, many companies have adopted digital advertising, using several online platforms as the most effective way of promoting brands to both existing and new customers.

This has made it easier for people to access a wide variety of contents from anywhere and at any time as consumers no longer need to rely on traditional media channels, such as TV or print, to access any of these contents.

Recent research further reveals that Digital ads has the capacity to increase brand awareness by 80% as consumers are more likely in a good position to see brand-specific terms after they’ve been exposed to display ads. The report disclosed that customers are 70% more likely to make a purchase from a retargeting ad.

With the steady and significant growth recorded in the digital advertising industry within the last two to three years, brands have continued to see reason to leverage the advantage in penetrating the market, promoting their products, services and driving Return on Investment.

A number of factors which include targeted audience, compelling content, Search Engine Optimization (SEO), social media engagement, and data analytics have however been identified as the foundation of successful digital marketing.

In 2024, these factors are expected to drive the success of the digital ads as brands look forward to further seizing the opportunity it presents, to penetrate deeper into the market with a view to driving projected revenues.