U.S. digital advertising is currently a $40.9 billion industry, with analysts projecting more than double the revenue – $83 billion – this year.
Source: Power Profit Trades
Google, owned by parent company Alphabet, is by far the biggest media owner in the world and attracted $79.4bn (£61.5bn) in ad revenues in 2016, three times more than the second-largest, Facebook, which pulled in $26.9bn
The challenges included everything from slowing global growth and technological disruption from the likes of Amazon.com Inc to uncertainty caused by looming elections in Europe and the Communist Party Congress in China.
Internet giants like Google provide many of the services needed for online marketing, putting pressure on traditional advertising companies to react to the change.
Consultants like KPMG and McKinsey & Co are also creating even more competition by offering similar services as ad agencies.
Digital media will take 44 percent, or $237 billion, of all ad money spent globally in 2018, with that figure reaching 50 percent, or $291 billion, by 2020.
Marketers are expected to spend $113 billion worldwide next year, a 12 percent increase on 2017. Most of this search ad spend is on mobile, which is due to take 63 percent.
Businesses are expected to spend $147 billion on mobile advertising of all types next year, up 27 percent on 2017.
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