Global media owner ad revenues are forecast to grow by 4.8% in 2015, reaching $536bn, with digital revenues expected to account for 30% of the total – and finally catch up with TV adspend in 2019.

According to research by IPG Mediabrands’ media research arm Magna Global, a “stronger economic environment” is expected over the coming 12 months, with global GDP increasing 3.8%, compared to 3.3% in 2014.

The UK, Australia, India and Japan can expect faster growth than previously anticipated, but growth in markets such as China, Russia, Brazil and Germany will fall short of previous expectations.

However, any growth will be checked by the absence of major advertising events which boosted the industry 2014, such as a FIFA World Cup, Winter Olympics and US mid-term election.

Magna Global claims US ad revenues grew by 4% in 2014 to $165bn, up from a growth rate of 2.4% in 2013. However, with macro-economic improvements failing to drive an acceleration in marketing spend, it anticipates slower growth of 2.7% for the US in 2015.

Adspend in Western Europe returned to growth in 2014, up 3%, and a similar increase is expected over the coming 12 months. Asia Pacific is expected to continue “high-single-digit growth” of around 6.4% in 2015, while Latin America will enjoy growth of 13%.

Digital media continues to grow at a rapid pace, up 17.2% globally in 2014. Total digital adspend reached $142bn last year, thanks in part to soaring rise in mobile campaign spend, up 72%. Magna Global anticipates digital with reach adspend parity with TV in 2019, with both accounting for 38% of global revenues.

“In 2014, the long-awaited European recovery finally came in time to partly offset a weaker-than-expected growth in the US and the BRICs, said Vincent Letang, Magna Global’s director of global forecasting.

“In 2015, the lack of non-recurring events, the continued slowdown of the BRICs and the deflationary effects generated by the rise of digital media will inhibit global advertising growth, in a slight disconnect with the positive acceleration in the macro-economic environment”.