Google’s share of search ad revenues will dwindle to a hair over 50% this year, down from about 55% two years earlier. Retail media search will capture the majority of new search ad dollars over the next few years. As the channel gains momentum, generative AI (genAI) and measurement are two areas to watch.

Key Question: Which retailers are capturing retail media search ad budgets, and what’s next in retail media search?

Key Stat: Traditional search ad spending growth will slow to just 0.9% YoY in 2028, while advertisers will continue to ramp up retail media search investment.