Key trends highlighted in the report include:

• The global adtech market was valued at $886BN in 2022 and is estimated to see a CAGR of 13.7% during 2023-30 to reach $2.4TN by 2030: The growth is primarily driven by rising investment in data, automation, AI, and programmatic advertising. North America led the overall market in 2022 with a share of 35.7%
• Adtech firms are increasingly adopting Gen AI technologies such as natural language generation, ChatGPT, predictive analytics and recommendations to elevate different facets of ad campaigns, like content generation, personalization, ad placement & optimization, and contextual advertising. This has piqued the interest of financial investors, who are assessing the customization and scale potential that Gen AI brings to underlying ad-tech platforms, such as Creatopy ($10MM)
• Notable firms pursuing an M&A strategy1 to add complementary capabilities include Azerion (completed six acquisitions including Hawk, Hybrid Theory, advertise), DoubleVerify (acquired Scibids, OpenSlate, Meetrics), Digital Turbine (acquired Fyber and AdColony), Affle (acquired YouAppi and Jampp), OpenWeb (acquired Adyoulike and Hive Media), and iSpot.tv (acquired 605 TV)
• The last few quarters have witnessed active participation from financial investors in the ad tech M&A space. Notable transactions include Vista Equity Partners acquiring TripleLift for $1.4BN in Q1’21, BC Partners acquiring Madison Logic for $750MM in Q4’22, and Nova cap’s $600MM acquisition of Cadent in Q3’23
• Following a meteoric growth in the RMN sector in recent years due to the shift towards using first-party data for advertising, the industry appears poised for consolidation2. This trend is notably illustrated by recent transactions, such as Neptune Retail’s acquisition of Quotient Technology in Q2’23 ($506MM), CommerceHub’s acquisition of ChannelAdvisor in Q3’22 ($733MM), and Aki Technologies’ acquisition by Inmar in Q3’21
• With the expansion of the CTV ad industry (driven by rising ad rates and demand), there is anticipation for more M&A deals focused on integrating diverse technologies and services. Such deals will likely boost resources and competencies for CTV advertisers, enabling them to maximize campaign potential and reach a broader audience. Recent notable M&A deal in the space include SpotX’s-Magnite ($1.1BN), Amobee-Tremor ($239MM), and TVSquared-Innovid ($156MM)
• Global DOOH spending accounted for 25.4% of total OOH spending in 2023, an increase from 17.8% in 2020. The market’s expansion is primarily fueled by the rapid growth of programmatic DOOH, with real-time bidding opportunities now becoming available via mainstream DSPs. The space has also seen some notable deals since Jan’21, including Clear Channel Espana-JCDecaux ($64MM) and Ocean Outdoor- Atairos Group ($594MM)

To provide a deeper understanding of the sector, our report includes key disruptors, the industry landscape, and notable M&A and fundraising transaction activity (including major deals within the last 12 months).