US digital ad market to grow 15% in 2021 and cross $200bn in 2022
Digital ad spending in the United States’ advertising industry will exceed the $200bn mark in 2022 after reaching $190.43m in 2021.
According to a report by Wette.de, the US Digital Advertising industry is reportedly the largest in the world and is set to cross an important milestone in 2022.
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.”
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