India’s spend on digital advertisement would witness a steep climb and hit $21 billion by 2028, Redseer Strategy Consultants forecast on Monday.
Although the current fiscal is expected to see slower growth due to global economic slowdown, increasing interest rates and energy crisis, Redseer predicted that macroeconomic engines would pick up momentum again by FY24.
With users spending over seven hours a day on their smartphones, digital platforms would have a better engagement rate. Some of the most popular performances driving digital advertising platforms included eCommerce, short videos, OTT, social media, long-form videos, and news outlets, as per Redseer.
Of the $15 billion spent on advertising in FY22, 53% went into digital advertisements indicating a chunky growth of the digital space. Also, SMBs accounted for 30-35% of these digital ads and their share was expected to increase to 40% by FY’28, the consulting firm said.
