Global digital ad spending could exceed $510 billion by 2023

The global online advertising market size was at $240 billion as of the end of 2018 and the final numbers for 2019 will undoubtedly be significantly higher. According to a report from Industry ARC, the market is set to grow at an impressive CAGR of 40% through 2025.

A additional report from Statista goes even further saying that the worldwide digital advertising market expenditures estimated the spending would further grow to $517 billion by the end of 2023. 

The ARC report said that the online advertising market, which includes online marketing, Internet advertising, or web advertising, uses Internet and web pages to reach the target customer, and with the recent upsurge in the number of Internet users across the globe, people watching television has significantly reduced, and so, the online advertising market revenue has surpassed the one through broadcast television.

Online advertising finds applications in social media, E-Commerce, displays, and other media. Now, mobile contains each of the mentioned segments in one single unit, and hence, the target customers prefer to use mobile instead of other sources to access the Internet.

Henceforth, the online advertising market will observe the application CAGR in mobile to be an outstanding 50-55%. Active companies in the markets this week include Versus Systems Inc. (CSE: VS) (OTCQB: VRSSF), Oracle Corporation (NYSE: ORCL), Domo, Inc. (NASDAQ: DOMO), Cloudera, Inc. (NYSE: CLDR), SeaChange International, Inc. (NASDAQ: SEAC).

The ARC report continued: “According to the Pew Research Center, 53% of the prospective customers across the globe use social media platforms such as Facebook, Instagram, Twitter, and others. Furthermore, the number of people on social media is only going to increase in the coming years.”  

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