The Indian advertising market is projected to grow by 15.2% in 2023 and by 15.7% in 2024: dentsu Report

With a growth rate of 16% in 2022 and ad spending which will increase by 15.2% in 2023 and 15.7% in 2014, India is seeing the highest amount of growth in the Asia Pacific ad spending market says a dentsu Global Ad Spends Forecasts report.

Digital, in India, at a 33.4% share of spend, will be the key medium for digital-first brands and consumer tech companies in 2022. TV continues to garner a 41.8% share in 2022 and has recovered fully, boosted by the airing of new content and sports events such as the Indian Premier League.

Prerna Mehrotra, CEO Media APAC, dentsu international said in a release, “The latest Dentsu Ad Spend July 2022 points to a continued recovery despite another year of economic uncertainty, with APAC 2022 ad spend of US$250.0 billion, based on a growth forecast at 5.1%.”

“However, continued lockdowns in key markets, geopolitical tension and ongoing supply logistics issues could add pressure on businesses with a cascading impact on marketing spends.”

dentsu expects the 2023 global advertising market to increase by 5.4% to reach US$778.6 billion followed by a further 5.1% increase in 2024.

“Digital continues to drive growth accounting for 60.7% of all spending in the Asia Pacific with Social, video and search predicted to lead digital growth,” added Mehrotra.

“Advertisers increase focus and resources into e-commerce, display, and search budgets to respond to the new consumption habits. Use of first-party data to identify the most profitable customers, combined with third-party data to target the prospects in the most efficient channels will help drive efficiency and manage costs.”

Key sporting events such as the Indian Premier League, FIFA World Cup, Beijing 2022 Winter Olympics and Paralympics, and country elections in Australia and India boosted ad spending in Asia.