According to the analysis, the worldwide advertising market would rise by 4.7% to $762.5 billion in 2024

According to a Dentsu analysis, the Indian ad market is expected to expand 14.5% to $12.0 billion in 2023, marking the country's third consecutive year of double-digit growth.

According to the research, it is also the fastest-growing ad industry in Asia Pacific.

"With a 36.6% increase and $5.0 billion in revenue, digital is the primary driving force in the Indian ad market, accounting for 41.4% of total spend." Digital is likely to overtake TV as India's major media platform for the first time in 2023. This growth is linked to "increased penetration of smart devices and internet connectivity," according to the report.

Looking ahead, the Indian advertising market is predicted to expand by 15.7% to $13.8 billion by 2024.

According to Dentsu's May ad expenditure worldwide research, global advertising spend is expected to rise by $23.0 billion in 2023 to $727.9 billion, a slowing from 7.9% in 2022 to 3.3% in 2023 due to economic challenges.

The worldwide advertising business is predicted to increase at a 4.7% annual rate to $762.5 billion in 2024, boosted by big events such as the Paris Olympics and Paralympics, UEFA Euro, and the US presidential elections.

"Something interesting is happening in the digital space," said Peter Huijboom, CEO of Media International Markets dentsu. This year, digital is not expected to increase by double digits. This has only happened twice in the last 20 years: in 2009 (as a result of the financial crisis) and in 2020 (as a result of the COVID-19 pandemic). To 2025, digital ad spend is predicted to expand at a 6.6% three-year compound annual growth rate (CAGR). The future will reveal if this is a blip or a true inflection point toward a substantially slower growth rate for digital.

This is not to say that everything is bleak. First, because we expect ad spend growth to resume in 2024, but most importantly, because the media ecosystem is investing in its reinvention."

Globally, total TV ad expenditure is expected to fall 3.1% in 2023 to $170.2 billion before rising 4.0% in 2024. The out-of-home (OOH) market is expected to rise 3.8% in 2023, fueled by digital OOH and programmatically purchased inventory.

According to the report, digital will expand 7.8% ($30.6 billion) year on year to reach $424.3 billion by the end of 2023. However, 2023 is expected to be the beginning of three years of single-digit growth.