Global media network Carat has released its updated forecast for worldwide advertising expenditure in 2015 and 2016, riding on continued optimism through positive global and regional outlook.
Based on the data received from 59 markets across America, Asia-Pacific and EMEA, Carat's latest forecast shows that global ad spends will grow by 4 per cent, which is a marginal decrease from 4.6 per cent predicted in March 2015. Meanwhile, global advertising revenues will rise by 4.7 per cent in 2016.
In Asia Pacific, the Indian advertising market is buoyant as growth prospects in the country remain high, being driven by the election of a pro-business government in 2014, and the revival in investment, with double digit growth figures pegged at 11 per cent in 2015 and 12 per cent in 2016.
Propelled by the rise of mobile and online video spending trends, the forecast reconfirms the continued growth of digital media at 24.3 per cent in 2015 and 26.5 per cent in 2016.
Globally, by media, digital is the only channel which promises double digit growth predictions at 15.7 per cent in 2015 and 14.3 per cent in 2016. Moreover, programmatic buying is also experiencing an upward growth at 20 per cent per year. TV remains buoyant with 42 per cent market share this year and is expected to grow by more than 3 per cent in 2016, with the upcoming Olympic Games and US Elections expected to drive viewership to a sizeable extent.
Whilst the steady decline in print is expected to continue, all other mediums are predicted to achieve year-on-year growth, like cinema at 4.7 per cent, radio at 1.3 per cent and outdoor at 3.4 per cent, wherein radio and outdoor have experienced a slight decrease from the March 2015 figures.
Commenting on the forecast, Ashish Bhasin, chairman and CEO, Dentsu Aegis Network, South Asia, says, "Carat's latest estimate shows that, in India, we should see a healthy growth of 11 per cent in ad spends. We see the scenario improving even further next year and hence have revised the 2016 growth rates to 12 per cent."