The research, presented at the IAB’s annual Interact conference in Berlin, revealed a fifth consecutive year of double digit growth.

All 27 markets that participated in the study recorded positive growth, while 20 markets saw double digit growth. The top three markets in terms of growth were Slovenia ( 43.1% growth); Ireland ( 33.3% growth) and Belarus ( 32.8% growth).

The study split the online ad market into three segments: display; search; and classifieds and directories. Display advertising outperformed the other categories with a growth rate of 15.2%, while search showed growth of 10.8% and classifieds and directories grew by 5.8%.

“Our study shows that even the most mature online advertising markets in Europe sustain double digit growth, clearly indicating the economic vibrancy of the sector,” said Daniel Knapp, director of advertising research at IHS Technology, and author of the study. “This growth is primarily enabled by the proliferation of intelligent data infrastructures. Data is the growth engine behind advertising that serves as a connective tissue between consumers, media and brands.”

The full report can be downloaded here.