Indian ad industry's revenue growth will rise to 16.8% in 2023: Report

According to Group M report, the advertising industry in India is expected to grow at 15.8% to reach US$ 14.9 billion in 2022. In 2023, the growth is expected to be around 16.8%, which is led by the pure-play digital advertising. This segment accounts for the largest share of 48.8% in 2022 and is expected to rise above pre-pandemic levels.

India retail media market size is forecast to double by 2027 from US$ 551 million in 2022. TV advertising, which accounts for 36% of the advertising industry, is predicted to expand 10.8% in 2022 and will continue to grow in the double digits due to high growth in both traditional and connected TV.

The Indian advertising industry is very small compared to China's, which is anticipated to have advertising revenues of US$ 137.8 billion in 2022 despite the Covid-related lockdowns, however, unlike China, which is anticipated to experience a 0.6% de-growth in 2022 and an estimated 6.3% growth in 2023, India's prospects are much more promising.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.