Digital Advertising to Hit $646 Billion in Nigeria, More by 2024 – Study

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Digital advertising expected to grow by 2024 and beyond

Digital advertising would grow to $646 billion by 2024, from $378 billion recorded in 2021 in the United States, Europe, Nigeria and other countries around the world, a new study by the research department has revealed. by Statista. In the new study, mobile internet ad spending is expected to grow from $276 billion in 2020 to nearly $495 billion in 2024.

The study revealed that digital advertising in Nigeria is expected to reach $188.30 million or 0.029% of the total amount in 2022. It noted that mobile internet advertising has become a heavily invested sub-sector of the industry digital advertising.

Following this trend, mobile ad spend in the US is expected to increase in the coming years, which explains why mobile ad spend in the US is expected to almost double between 2019 and 2020. In 2020, the study found that The internet was considered the most important medium for advertisers, accounting for 51% of total media ad spend in 2020 due to advances in technology and consumer preferences.

The study predicts that the bulk of revenue will be generated by video advertising with a market volume of $87.61 million in 2022. The average advertising spend per user in the network advertising segment is expected to benefits will rise to $1.15 in 2022.

The study predicted that 68% of total advertising spend would be generated via mobile in 2026, while 79% of digital advertising revenue would be generated via programmatic advertising in 2026. Digital advertising uses the Internet to deliver marketing messages through various sizes. Internet users. This includes search advertising, banner ads, video advertising as well as classified ads.

Further, the digital advertising market is segmented into desktop and mobile revenue based on delivery method, such as desktop computers (including laptops) or mobile devices (smartphones and tablet PCs).

According to the research platform, social media advertising includes all advertising revenue generated by social networks or corporate networks such as Facebook, Twitter and/or LinkedIn. Social media ads can appear as sponsored posts in organic content or alongside the News Feed. Meanwhile, in its own study, digital technology markets firm Juniper Research said global digital advertising spending would grow by 85%, from $407 billion in 2022 to $753 billion. in 2026.

The study, titled “Digital Advertising: Emerging Trends, Key Opportunities and Market Forecast 2022-2026,” noted that mobile app revenue will account for 56% of global spending by 2026. It notes that if privacy changes d ‘Apple and Google limit the potential for effective ad attribution, there are still major opportunities.

The availability of the SKAdNetwork on iOS, for example, is a major opportunity for advertisers to access aggregated data, allowing them to target areas ripe for growth, such as child-safe apps. Research author Scarlett Woodford said: “With recent data collection policy changes by tech giants creating new challenges for mobile attribution, companies need to adopt a code of best practice to maximize return on ad spend and support probabilistic attribution models”.

The report predicts that total mobile app advertising spending will grow from $201 billion in 2022 to $425 billion in 2026 as brands strive to earn consumer trust. He urged companies to clearly define their policies for collecting, storing and using data, in order to optimize opt-ins.

The report predicts that desktop ad spending will grow from $97 billion in 2022 to $142 billion in 2026, despite a diversion of spending to portable devices and the implementation of data protection regulations with a impact on cookie policies.

The study identifies video as a key channel for advertisers, with video ad spend expected to grow 63% over the next four years as the success of popular distribution channels, such as TikTok and YouTube Shorts, continues to drive video ad application. and justify the premium charges. The research therefore urges marketers to ensure video ads are optimized for smartphone and tablet consumption to maximize ROI.

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