However by 2017 the growth is expected to slow to 3.7%.

Mobile formats are expected to be behind much of the growth, with Warc predicting $90bn will be spent on mobile-specific ads in 2017 – 44% of all online ad investment.

As media consumption changes, marketing budgets are being allocated accordingly: by 2017 Warc puts it at $40bn on search; $28bn on social and $10bn video.

Warc research analyst James McDonald said: "Despite an air of economic uncertainty, consumer spending will rise globally both this year and next, and with it the level of advertising investment aimed at influencing the flow. While the digital trend evolves, TV spot, an industry staple, will see record levels of investment this year as brands vie to secure ad space during major events such as the Summer Olympics and Euro 2016 football tournament."

Although net adspend growth will occur across all regions, Asia Pacific will record the biggest rise, 6.2% in 2016, compared with 4.7% increase in North America and 3.3% in Europe.