Paid search spend is expected to hit $110 billion this year, representing 41.8% of total digital spending, and its growth is predicted to be slightly higher (at 8.2%) than overall US digital ad spend, according to a new eMarketer forecast. The report also highlighted retail media networks as a rising star in the search sector, with 18.7% growth, projected to reach around $30 billion in spending by 2023. Additionally, connected TV advertising was identified as a major growth area, with projected growth for 2023 at 21.2%. Overall media spend is expected to grow 3.8% this year, with digital media set to make up 74.6% of total US media spend.
source: U.S. paid search spend forecast to hit $110 billion in 2023
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