Retail media revenues are expected to surge from £95.54bn ($123bn) to £228.54bn($293bn) by 2029, more than doubling in revenue, according to new research from consultancy firm Omdia.

Notably, Omdia expects that non-retail players including media firms and ad tech vendors will generate over £58.5bn ($75bn) from retail media operations by 2029.

The research highlights that retailers are shifting attention to off-site formats and posting on third-party sites and app that use the retailer’s data. The move comes as advertisers are seeking alternative revenue opportunities across the technology, media and telecoms value chain (TMT).

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Amazon accounts for most of the world’s (except China) retail media advertising revenue, making up nearly 70% generated in total. While Omdia expects its shares to fall over the next five years as other players adopt retail media strategies of their own, ad-supported Amazon Prime and other strategies are expected to keep it in contention.

While China currently leads, with the Chinese retail media segment alone accounting for 50% of global retail media, its share will decrease to 40% as the market expands globally.

“Retail media will both grow faster and be bigger than almost all other ad segments over the next five years,” commented Omdia senior principal analyst Matthew Bailey.

“As retail media evolves and matures, it will provide retailers substantial opportunities to maximize profitability and monetize previously untapped data assets and platforms. And, crucially, it will also create new, additive revenue streams across the broader TMT ecosystem,” he added.