A new advertising forecast is claiming that global local search and online classified advertising revenues will be worth over $30 billion in 2010. The report by The Kelsey Group says this is about double the 2005 figure of $15.7 billion.

Neal Polachek, Kelsey Group senior vice president, added:

“The recent announcements that Google plans to broker advertising beyond the Internet to traditional media could further disrupt an already challenging local media market. Autos are a significant example because of the size of the advertising category. The Kelsey Group estimates that by 2010 almost 40 percent of an estimated $27 billion automobile advertising market will be allocated to local online and directional media.”

The report was written before Microsoft announced their push into the local search space with the introduction of billboards in their 3D Virtual Earth product. Time to revise the estimate upwards already?