In 2007, this was $22.5 Billion for the US. This represents a 21.3% annual growth rate.
Compare this with traditional advertising and marketing such as the Yellow pages and you will you notice that they are expected to decrease by 1.4% annually over the same period.
Forrester Research is projecting similar growth rates for digital advertising (social media) in their projects through 2014. They claim that interactive budgets will grow at the expense of traditional marketing. Sixty percent of the respondents said they will grow their digital marketing budgets by shifting funds away from other marketing channels.
Newspaper and magazine advertisements, radio ads, yellow pages, outdoor and telemarketing advertisements are all expected to decline while internet marketing is expected to grow.
Categories expected to grow the most (Data from the Forrester Research revenue estimates for 2014)
- Search Marketing : $31.6 Billion (15% annual growth)
- Display Advertising: $16.9 Billion (17% annual growth)
- Social Media Marketing: $3.1 Billion (34% annual growth)
- Email Marketing: $2.1 Billion (11% annual growth)
- Mobile Marketing: $1.3 Billion (27% annual growth)
Search marketing will be the major marketing area that companies will be investing in to market their business online. This will be a combination of SMM (social media marketing), SEO (Search Engine Optimization) organic search and PPC (Pay Per Click) advertising. Companies are moving their advertising funds from traditional marketing to online marketing methods.
Leave a comment below if you require more information regarding the growth of internet marketing.