The global advertising industry is on track for significant growth, with revenues expected to hit $989.8 billion in 2024 and exceed $1 trillion by 2025, a year earlier than previously predicted. This is according to the 2024 Global Midyear Advertising Forecast.
The report attributes the industry’s rapid expansion to key factors such as the increasing dominance of digital advertising, the recovery of major markets like China, and technological innovations, including the rise of artificial intelligence.
The global advertising market is forecast to grow by 7.8% in 2024, surpassing earlier projections of 5.3%. This growth will bring total revenue to $989.8 billion. By 2025, the market is expected to expand by a further 6.8%, reaching $1.1 trillion.
The United States and China are expected to lead this growth, together contributing 57.1% of global ad revenue in 2024. U.S. ad revenue is forecast to rise to $365.9 billion, a 5.8% increase from 2023, while China’s forecasted ad revenue has been revised upwards to $199.4 billion, significantly higher than the earlier estimate of $148.2 billion.
Together, the U.S. and China are set to add $44.5 billion to the global ad revenue in 2024—nearly 1.5 times the $27.5 billion in incremental growth expected from all other markets combined. Excluding these two countries, the global growth forecast for 2024 has been slightly adjusted upward from 6.5% to 6.9%.
The growth in advertising revenues reflects the increasing importance of marketing and digital strategies for global businesses. In particular, advancements in AI are expected to play a central role in shaping the future of digital advertising, enhancing targeting capabilities and driving greater efficiencies across the industry.
In Nigeria, companies across various sectors have also ramped up their advertising expenditures in recent years, aiming to maintain brand visibility and grow market share. From 2021 to 2022, advertising spending in Nigeria grew by 35.9%.
However, in 2023, there was a slight decline in overall spending, signaling a more cautious approach amid ongoing economic uncertainties.
