SANDY, Utah — The retail media networks (RMN) market is rapidly expanding, with global revenues projected to grow from $4.4 billion in 2023 to $7.3 billion by 2032, representing a 20% compound annual growth rate (CAGR), according to Custom Market Insight. While Europe currently holds the largest share, the Asia-Pacific region is the fastest-growing, and the United States leads in innovation, commercialization, and scale.
RMNs allow brands to advertise directly within retailers’ digital ecosystems, from sponsored product listings and homepage banners to targeted display and video ads. These ads are powered by first-party data, enabling precise targeting and strong performance measurement. In the U.S., the model aligns with both the growth of e-commerce and retailers’ drive to diversify revenue streams.
Major U.S. players include Amazon Advertising, Walmart Connect, Kroger Precision Marketing, Target Media Network, and eBay Advertising. These companies are expanding capabilities across both online and in-store environments, often integrating loyalty program data to personalize campaigns. The approach is delivering high-margin revenue for retailers and giving brands a direct link to consumers at the point of purchase.
North America benefits from a mature e-commerce infrastructure, early adoption by retail leaders, and a large base of digitally engaged shoppers. The U.S. market is also shaping global best practices, with homegrown RMN platforms influencing strategies in other regions.
Challenges remain, including ad saturation, data privacy regulations such as CCPA, complex measurement across multiple networks, and the need to maintain a positive shopper experience. Still, momentum is strong, with future growth expected to include in-store digital media, connected TV tied to shopper data, and full-funnel campaign integration.
As RMNs scale, U.S. retailers are becoming not just merchants, but also major advertising platforms, helping to drive both domestic and global market expansion.
