Interactive, social media advertising to reach $55 billion

New figures from Forrester Research show the US interactive advertising market is set to reach $55 billion over the next five years.

The forecast also shows that marketers will go from spending just 12% of total advertising budgets online to 21% of advertising budgets by 2014.

The search and display advertisements will be the leader of the pack, recording $31.5 billion and $16.9 billion in spending respectively by 2014. However, the majority of the growth is set to come from social media and advertising on mobiles.

Advertisers will spend an estimated $716 million on social media advertising and marketing this year, but that will jump by a massive 34% to $3.1 billion in 2014.

Additionally, mobile advertising will grow by 27%, from $391 million this year to $1.2 billion in five years’ time.