Growth projections for online advertising received another knock to the knees on Monday, as analysts continued to lower their outlooks.

In taking such a bearish position, Friedland mainly pointed to a decline in online display advertising, which he expects will suffer from a high single-digit drop-off in ad budgets.

The online advertising industry is expected grow 11 percent in the U.S. and 9 percent worldwide next year, down from a previous estimate of 13 percent for both figures, according to a research note by analyst Jeff Lindsay of Sanford C. Bernstein & Co.

Earlier this the month, Jim Friedland of Cowen & Co. placed a much more dire outlook on the industry, predicting an anemic 3 percent growth in the U.S. next year, down from his previous forecast of 13 percent.

In Friedland’s prediction of paid search growing in the low double-digits, as compared with display advertising in the low single-digits, Google would do well, given that it’s a dominant player in paid-search ads.

Indeed. Yahoo, which holds a sizable presence in display advertising, last month posted a 64 percent drop in third-quarter earnings and ordered a round of layoffs.

Paid-search advertising in the U.S. is also expected to feel the pain next year, with that segment predicted to post a six-point decline to growth of 11 percent, Friedland said in his note.