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Digital advertising to hit $646bn in Nigeria, others by 2024 –Study

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Digital advertising is forecast to increase by 2024 and beyond

 

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

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

Following this pattern, mobile advertising spending in the United States was forecast to grow in the coming years, explaining that mobile advertising spending in the United States was projected to nearly double between 2019 and 2020. As of 2020, the study gathered that internet was considered the most important medium for advertisers, accounting for 51 per cent of total media ad spend in 2020 due to advance in technology and consumer preferences.

The study projects that the bulk of the revenue will be generated from video advertising with a market volume of $87.61 million in 2022. It is projected that the average advertising spending per user in the social media advertising segment will amount to $1.15 in 2022.

The study anticipated that 68 per cent of total advertising spending would be generated through mobile in 2026, while 79 per cent of the digital advertising revenue will be generated through programmatic advertising in 2026. Digital advertising uses the internet to deliver marketing messages via various formats to internet users. This includes search advertising, banner advertising, video advertising as well as classifieds.

Furthermore, the digital advertising market is segmented into desktop and mobile revenues depending on the delivery method such as desktop computers (including notebooks) or mobile devices (smartphones and tablet PCs).

According to the research platform, social media advertising includes all advertising revenue generated by social networks or business networks such as Facebook, Twitter, and/or LinkedIn. Adverts in social networks can appear as sponsored posts within organic content or alongside the news feed. Meanwhile, in its own study, digital technology markets firm, Juniper Research, has stated that the global digital advertising spending would experience 85 per cent growth from $407 billion in 2022 to $753 billion in 2026.

The study, titled: ‘Digital Advertising: Emerging Trends, Key Opportunities & Market Forecasts 2022–2026,’ noted that mobile in-app revenue will account for 56 per cent of global spending by 2026. It notes that while privacy changes from Apple and Google are restricting the potential for effective advert attribution, there are still major opportunities.

The availability of the SKAdNetwork on iOS, for example, is a major opportunity for advertisers to ac-cess aggregated data, allowing them to target areas primed for growth, such as child-safe applications. The research author, Scarlett Woodford, said: “With recent data collection policy changes by technology giants creating further challenges for mobile attribution, enterprises must adopt a code of best practice to maximise return on advertising spend and support probabilistic attribution models.”

 

The report predicts that total mobile in-app advertising spend would increase from $201 billion in 2022 to $425 billion in 2026, as brands strive to secure consumer trust. It urged enterprises to clearly outline their data collection, storage and usage policies, in order to optimise opt-ins.

 

The report anticipates that desktop advertising spend will increase from $97 billion in 2022 to $142 billion in 2026, despite a diversion of spend towards handheld devices and the implementation of data protection regulation impacting cookie policies.

 

The research identifies video as a key channel for advertisers, with video ad spend expected to grow by 63 per cent over the next four years, as the success of popular distribution channels, such as TikTok and YouTube Shorts, continues to drive demand for video advertising and justify premium charges. The research, therefore, urges marketers to ensure that video adverts are optimised for smartphone and tablet consumption in order to maximise return on investment

 

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