AI advertising spending is booming - expected to grow to $26 billion by 2029
Spending on search engine advertising, powered by artificial intelligence, is expected to grow to nearly $26 billion in the U.S. by 2029. That figure is forecast to be just over $1 billion this year.
Companies that rely on traditional, keyword-based advertising may see revenue decline due to the growing popularity of artificial intelligence in the sector. Ads powered by innovative technology offer more convenience and are more engaging for users.
Search giants like Google and Microsoft's Bing have added artificial intelligence capabilities to better compete with chatbots like ChatGPT and Perplexity AI, which provide users with direct information without having to click through multiple results.
Apple is exploring integrating artificial intelligence into its Safari browser, potentially moving away from its long-standing partnership with Google.
The report comes as concerns grow about users increasingly turning to chatbots for conversational search, and that artificial intelligence-powered search results could disrupt some companies' business models.
Online education firm Chegg said in May it would lay off about 248 employees as it seeks to cut costs and streamline operations. It said students are using new communication tools, including ChatGPT, instead of traditional educational technology platforms.
Spending on artificial intelligence-powered advertising is expected to account for nearly 1% of the sector's total spending this year and 13.6% by 2029 in the US.
Sectors such as financial services, technology, telecommunications, and healthcare have begun to use the new technology, as they are seeing clear advantages in improving advertising strategies.
Recently, Google announced the expansion of the capabilities enabled by this technology into the goods sector, through improvements to Google Shopping.
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