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In 2019, India's digital advertising spending had a ** percent growth rate. This was estimated to decline to about ** percent by 2023. However, the value of digital expenditure in advertising was estimated to grow exponentially by 2023. Advertising in the market far exceeded the value of subscriptions. The entire market's revenue stood at *** billion rupees that year.

Reasons for digital ad growth

A surge in internet penetration, widespread availability and affordability of ** services along with a growing popularity of smartphones have given stimulus to the digital advertising market in India. Moreover, cheaper ad rates and an ability to track the returns on investment have made it easier for even small business owners to craft their own ad budgets.

Social media ads hold center stage

Of the available digital media options in the country, social media ads garnered the highest share of digital advertising expenditure in 2019, followed by the paid search format. This is justifiable when over 351 million Indians could be reached via social media that year. With evolving tools for audience tracking and measurement on digital platforms, digital ad spends are projected to get a bigger share of the pie in the coming years.