Although the COVID-19 pandemic slowed the growth of digital advertising, online ads were still expected to increase their market share in 2020, according to data from Buy Shares. After a sharp fall in ad spending in March, the last few months of 2020 witnessed strong growth across all regions, as millions of consumers shifted to websites and online retailers from brick-and-mortar stores. According to the study, the trend is expected to continue in 2021, with global ad spending growing by 14% year over year to $395 billion.
In 2017, brands and media buyers spent $251.7 billion on digital advertising worldwide, revealed Statista Digital Market Outlook. Over the next two years, this figure jumped by 33% to $335.7 billion. However, the pandemic triggered a sharp fall in ad spending between January and March 2020, as one-quarter of media buyers and brands paused their budgets in a time of economic uncertainty. Nevertheless, many of them adapted to a new environment where businesses and consumers were getting used to living with COVID-19 and adjusted their budgets in response. As a result, global digital ad spending was expected to grow 3% year over year to $345.9 billion in 2020.
Statistics show that ad spending in the classifieds segment is expected to drop by 2.1% year over year to $18.5 billion in 2020. By the end of 2021, this figure will jump over $19.7 billion
Video ad spending was projected to rise by 4.1% year over year to $27.8 billion in 2020. Over the next 12 months, this figure is expected to jump to $30.9 billion. Banner ad spending is forecast to hit $58.6 billion in value in 2021, a $6.5 billion increase year over year.
Statista data indicate the search advertising segment is expected to witness the most significant boost in spending and grow from $148.5 billion in 2020 to $172.2 billion in 2021, a 16% jump year over year. The social media ad spending follows with a 15% year-over-yea...