Global mobile ad revenue set to climb 31.3% until 2024
A new study from Transparency Market Research finds that global mobile advertising revenue accounted for $13.05bn in 2014 and is set to climb 31.3% from 2016 to 2024. Among the key drivers for growth, the research firm notes that personal adoption of mobile devices alongside innovations within ad technology are leading the growth of the mobile advertising market. Social media and video ads are additional drivers for the rise in ad expenditure.
During 2014, the smartphone segment was the largest for the mobile ad market, accounting for 51.64% of the overall distribution.
Mobile ad market globally
The report notes that Banking, Financial and Insurance Services (BFSI) held the largest share in the global mobile ad market, whilst the hospitality and tourism sector ranked second largest, followed by energy & utility and media & entertainment during 2014.
Smartphone ads are easy to adapt to a wide range of formats including videos, in-app, in-game and on social media, which makes them attractive for both advertisers and consumers.
When it comes to type of ad, search ads were still dominating the market.
Major industry players include Amobee, Apple, Chartboost and Facebook among others.