Google, Meta and other search engines will continue to drive the worldwide growth of the advertising industry.
The global advertising industry is expected to grow faster than anticipated in 2021, according to two ad industry forecasts. This growth will continue through 2022, as companies use search engines and social media platforms to reach their customers directly from the home.
While the first forecast of the advertising agency Group M showed that ad spending will increase by 22.5% in 2021 compared to 2020, Zenith on the other hand estimated growth of 15.6%. According to reports, global ad spending is also expected to increase by 9% in 2022.
While Google, Meta and Amazon have largely benefited from this trend of advertising, retailers such as Walmart, Target and Kroger have also been forced to increase their ad sales as marketers push to reach consumers directly. As retailers developed their ad sales, it helped brands use their data to reach more customers, a trend that grew 47% this year and added up to $77 billion. Zenith estimates that this form of advertising is expected to grow by $124 billion by 2024.
For more information, read the original story in Reuters.