Online marketing expenditure could grow by more than 75 per cent within five years, according to a new report.

In its US Online Advertising Forecast 2007-2012, JupiterResearch predicts that spending on internet ads in the US could reach $35.4 billion (£17.8 billion) by 2012. The level in 2007 is $19.9 billion.

The research firm predicts that static image and text ads will be the most used display format this year, accounting for two-thirds of display revenue.

David Schatsky, president of JupiterResearch, said that the next few years represent a time of "considerable opportunity" for the online marketing sector.

"Making the most of the opportunity, though, requires tracking evolving consumer behaviour closely, employing appropriate targeting and measurement technologies and a willingness to experiment with evolving formats and tactics," he added.

The forecast comes after the UK was named by the Internet Advertising Board and PricewaterhouseCoopers as the largest spender on online marketing in Europe.

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