According to the report, from eMarketer and Starcom MediaVest Group, advertising will be worth $197.39 billion (£123.28 billion) in Asia-Pacific in 2014, when North America is predicted to be worth £192.84 billion.
China is expected to become the world's second-largest ad market in 2013, behind the US, and then the second-largest digital advertising market the following year, also behind the US.
Global adspend is expected to rise from an estimated $538.75 billion in 2012 to $676.17 billion by 2016 - an increase of 15.5 per cent.
Meanwhile, the Western European ad market is expected to rise from $120.64 billion in 2012 to $131.99 billion in 2016, but the region's share of global adspend will decline from 22.4 per cent to 19.5 per cent.
The report predicts that the proportion of ad budgets spent online in the UK will increase from 35.7 per cent of the ad market in 2012 to an estimated 44 per cent by 2016.Follow @MaisieMcCabe