Global brands and companies are projected to spend a staggering $740 billion on digital advertising in 2024, a significant increase of $61 billion from the previous year. The majority of this expenditure is expected to be allocated to search ads, the largest and highest-grossing segment of the market. Brands are predicted to invest over $300 billion in search advertising in 2024, marking a 10% increase from the previous year.

Despite disruptions from social media, influencers, retail media, and artificial intelligence, search advertising continues to be the most significant revenue-generating machine in the digital advertising landscape. The advent of AI and natural language processing has triggered significant market changes. Just five years ago, total spending on search advertising was $167.5 billion. This figure has more than doubled in the past five years.

Statista predicts 2024 to set a new record, with brands and companies expected to pour an additional $27 billion into search ads compared to the previous year, pushing the total spending to $306.7 billion. Almost 45% of total search ad spending this year, or $132 billion, will come from the United States. China is the second-largest market with $61 billion in total spending.

Mobile ads are expected to account for 65% of total ad spending this year, with desktop search ads making up the remaining 35%. Search ads are the largest revenue stream in the digital advertising landscape and will make up 41% of the total digital advertising revenue in 2024. Video advertising will generate $191 billion or 25% of total market revenue, almost the same as banners.

Influencer ads, on the other hand, will bring in another $35 billion this year, making up less than 5% of the total revenue. As the digital advertising landscape continues to evolve, it's clear that search ads remain a dominant force.