Web ads became the third-largest market in 2007 from being the smallest in 2003.
In the UK advertising market, the Internet was the biggest driver of growth, according to a study by the Internet Advertising Bureau (IAB) -- the UK online advertising trade body -- in conjunction with PricewaterhouseCoopers and the World Advertising Research Centre.
"It doesn't surprise me that online advertising will overtake TV," Frederic Joseph, global CEO of Zed Digital told CNBC.com. "In media consumption, people spend 20 percent of their time on the Internet and although there is a gap between time spent online and advertising spend, it is likely to lessen."
"To grow 38 percent from 2 billion pounds to 2.8 billion pounds is a very powerful performance," IAB chief executive Guy Phillipson said in the report. "The UK is head and shoulders above all other major world markets."
Internet advertising spending in 2007 outpaced that of national and regional press classified ads as the UK online audience grew to 32.5 million people.
The UK Internet advertising market is accelerating nine times faster than the entire advertising sector, the study found. Comparable spending grew 38 percent from the year before to $5.5 billion and market share gained 3.9 percent from the previous year.
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