Video ad tech market to generate $6BN in revenue by 2023 | Ad Tech | News | Rapid TV News
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Despite ongoing consolidation, overall growth in the in the advertising technology market continues as digital advertising spends increase and companies better utilise collected data says a study from ABI Research.

imagine 3 april 2019The study found that in total, the video ad tech space will reach close to US$6 billion by 2023, up from just under US$1.7 billion in 2018. It noted that even though updated standards such a VAST 4.1 and new initiatives are adding cohesion and interoperability, adoption is expected to be relatively gradual.

“Mobile video often garners a significant amount of attention, particularly attention devoted to 5G but connected TV viewing is growing at a faster rate and could reach parity in the coming years,” commented ABI principal analyst Michael Inouye. “Advertising, though, remains relatively siloed and as more ad spend moves to digital, the value in cross channel management and tracking will grow in kind – particularly when it includes traditional TV services, which remain the primary source of video viewing for a large number of households.”

ABI observed in in its Advertising Technologies in Video Services report that companies like ComScore, Comcast/FreeWheel, clpyd, Imagine Communications, and Taptica are starting to, or will, address cross-channel challenges, but believes that such type of campaign ad management is expected to develop over time. It predicted that opportunities on the longer-term horizon such as location-based tracking and augmented reality, are not yet targets for most companies. Privacy concerns or lack of consumer traction are generally cited for this.

“We’re hearing more and more that companies want to avoid the data lake and in turn are pushing to make the data actionable,” Inouye added. “Despite the attention devoted to privacy, the volume of data will continue to grow, particularly as elements of the IoT and 5G are added to the mix. Video will also reach new screens and be viewed in more places, all of which will increase the value for ad technologies.”