The state of digital marketing: ETBrandEquity and Ipsos special report

The report encompasses estimates and forecasts of digital advertising spend in India, highlighting growth drivers and trends shaping the digital marketing landscape.

E-commerce is the fastest-growing segment, with an increase of 43 per cent(FY 22 vs. FY 23), and FMCG grew by 30 per cent, stated “The State of Digital Marketing in India 2023 – 24” report, a joint project between ET BrandEquity and Ipsos.

This comprehensive report provides an in-depth analysis of the digital marketing landscape in India, offering detailed estimates and forecasts on digital advertising spend and highlighting pivotal growth drivers and emerging trends. The report is a testament to the evolving and dynamic nature of the digital marketing industry in India.

Key Highlights of the report:

• Digital Advertising Spend: The report indicates that digital advertising spending in India has reached INR 31,500 crore in the fiscal year 2023, with an anticipated surge to INR 41,000 crore by FY 2024. This underscores the growing prominence of digital platforms in advertising strategies.
• Digital advertising spending in India is primarily driven by nine key sectors, with FMCG and e-commerce contr
• ibuting to over 60 per cent of the total digital spending.
• Internet adoption, data analysis and technological advancements are critical drivers of growth for digital advertising.

Amit Kumar Gupta, business head of The Economic Times Business Verticals, commented on the launch, stating, “The integration of digital media in marketing strategies is evident, yet there’s immense untapped potential. Our report aims to shed light on these trends for business leaders steering digital marketing in their organisations. We believe this report will further open the opportunities that digital platforms offer.”

eepak H, partner, strategy, Ipsos India, noted, “The digital marketing landscap is rapidly evolving with trends like generative AI, influencer marketing, machine learning, and multi-channel marketing taking centre stage. This report is instrumental in understanding these changes.”