This is a rise of 27.5% on the previous year and the majority will be spent on social media platforms such as YouTube and Facebook, according to the latest Global Ad Trends report from Warc.

The report found that online accounts for 17.5% of global video spend this year – this compares with a 1.1% rise for linear TV ($140.2bn).

In the UK, online video is expected to account for 38.2% ($2.6bn) of all video adspend.

James McDonald, data editor, Warc, said: "The vast and continuing increase in video consumption via mobile devices has directed ad dollars to social platforms, despite the well documented and persistent risks around negative adjacency and ad fraud. Facebook hopes to regain the initiative with its Watch platform, which is being positioned as a safe brand environment offering advanced audience segmentation."

Online video’s share of daily consumption is rising across the board and is expected to reach almost half ( 46.7%) of all internet use and 17.1% of total daily media consumption by 2020.