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After several years of double-digit increases, worldwide digital ad spending saw growth slow to 8.6% in 2022, for a total of $567.49 billion, according to our forecast. This year, growth will rebound to 10.5%, and spend will reach $626.86 billion.

Beyond the chart: Not all digital ad formats faced the same cutbacks in 2022. While turmoil at Meta and difficulties in ad targeting across social media brought down digital ad spending growth as a whole, 2022’s downturn was ultimately a setback, not a meltdown.

Overall media ad spend worldwide will cross the $1 trillion mark in 2024, fueled in part by digital ad spend growth in Latin America and India.

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Methodology: eMarketer estimates for US dollar ad spending include the impact of the weaker local currency in 2022 for the UK, Eurozone, Argentina, Turkey, and Russia. Estimates are based on the analysis of various elements related to the ad spending market, including macro-level economic conditions, historical trends of the advertising market, estimates from other research firms, and consumer media consumption trends.