Online advertising refers to the dissemination of commercial messages through digital media channels to a large audience. Ecommerce, Non-Search, and Search are the various categories of online advertisement.
The market for online advertisement in North America stood at $138 billion in 2021. The Search segment in North America, with $66 billion, accounts for 48% of the region’s online advertisement market. This is followed by the Non-Search and Ecommerce segments with 45% and 7%, respectively.
Online advertisements grew 14% in 2021 following an increase in the number of internet users in the region and the recovery in demand in the post-COVID-19 pandemic period, which led to businesses resuming their operations full-scale. Growing consumerism provided support to the overall advertisement market. Many new companies adopted digital advertising platforms to promote their products and services.
The online advertisement market in North America grew at a CAGR of 15% during 2017–21. This explains the growth in alternative modes of advertisement, including digital advertising. Online advertising captures a greater share and budget of the advertising market on account of the increase in digital awareness among consumers and the use of digital devices such as smartphones and smart TVs.
Companies globally reported a decline in advertisement spending as the demand decreased owing to restrictions on non-essential services due to the outbreak of the pandemic in 2020.
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