Global internet advertising spend could overtake television spend by as early as 2017, according to research from magazine media association FIPP.

FIPP’s ‘Insight Special Report: Global Digital Revenue Trends’ found that global ad revenues have grown by a year-on-year average of 5% since 2010, while total global ad spend is forecast to hit $700bn by 2019, with digital and mobile the main contributors to growth.

FIPP said that the internet is already the dominant ad platform in the UK, Australia, China, Czech Republic, Norway, Canada, France, Australia, Denmark, Estonia, Sweden, Finland, Germany, Hungary, the Netherlands and Ireland; with France and the United Arab Emirates set to be added to the list by the end of 2015.

In 2017, global spend on internet advertising is set to supplant TV as the dominant medium. Search advertising will continue to be the single most dominant ingredient in the mix at least until 2019 (the extent of FIPP’s forecast), followed by display and mobile.

Video continues to be a fast-growing platform in many global markets, with online TV and video advertising revenues reaching multi-billion-dollar levels in 2017, FIPP said.

Meanwhile, online retail will go from strength to strength in many global markets via both e-commerce and m-commerce channels. China boasts the highest proportion (80%) of internet users engaging in e-commerce, followed by the UK (72%), India and Germany (both 71%) and South Korea (69%).

The number of consumers shopping online has risen from 833m per month in 2012, to 971m a month in 2014. Smartphones are increasingly the device consumers make their purchases on – up from 420m people shopping on their phones in 2012, to 530m in 2014.

FIPP’s full report can be downloaded here.