The report, developed with global media adviser MediaSense, found that it was the fourth year in a row where online video advertising grew in the double digits in the first half of the year.

The UK digital advertising market saw 16% year-on-year growth with spend of £16.22bn – outstripping UK gross domestic product during the same period. 

Meanwhile, search advertising was up 13% to £7.87bn, growing more than twice as fast as it did in the first half of 2023.

Search advertising continues to attract the largest portion of total digital advertising spend, but its share now accounts for 49% of the market versus 50% in the first six months of last year.

Mobile spend grew at almost three times the rate of non-mobile spend ( 22% and 8% respectively), while non-video display grew by 17%, with overall display up by 22%, and digital out-of-home grew by 7% to £424m.

IAB analysis suggested that total digital advertising spend growth would remain in double digits for the rest of 2024 and the first half of 2025, with video and retail media spend both set to see strong growth.

Jon Mew, chief executive at IAB UK, said: “This data shows that established trends – particularly the growth of video advertising and dominance of mobile spend – have accelerated in the first half of 2024.

“Advertisers are increasingly utilising digital channels to deliver across the marketing funnel and build brands, with recent effectiveness research showing that marketers believe online channels deliver more emotional impact than offline media.

“I see that reflected in the fact that video – a highly engaging and creative format – is leading the charge when it comes to spend growth.”