Spending on online advertising in the US is set to grow by 10.8 per cent this year after dropping by 3.4 per cent in 2009, according to a new report.

The forecast from research specialist eMarketer predicts that investment in internet marketing services will reach $25.1 billion (£16.9 billion) by the end of 2010, up from $22.7 billion last year.

David Hallerman, a senior analyst at the company, said that when Google’s net revenues from US advertisers rose by 21 per cent during the first quarter of the year after climbing by just 5.3 per cent 12 months earlier, it was a "key signal that the tide was turning".

"As Google makes gains, so does a large slice of online advertising," he added.

In a separate report, the Internet Advertising Bureau and PricewaterhouseCoopers recently forecast that spending on online marketing in the UK topped £3.54 billion last year.

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