If economic cycles turn on average every six to eight years - growth, leading to a tightening or even recession, then to a reset and regrowth - then 2018 was the crescendo in the first cycle of programmatic. Since its early days, programmatic has improved advertising in both process and efficiency, delivering targeted advertising and reducing wasted spend, but over the last year the sector saw rapid growth followed by a peak in the challenges facing it.

The programmatic industry is...