The digital advertising world is dominated by Facebook (FB) - Get Report  and Alphabet (GOOG) - Get Report (GOOGL) - Get Report , with companies like Yahoo! (YHOO) , Twitter (TWTR) - Get Report and Snapchat fighting for scraps.

When Alphabet reports third-quarter earnings on October 27, investors will be looking to see whether Facebook or Alphabet's Google is winning the fight and what the outlook is for advertising this holiday season.

"The world of digital advertising can be neatly divided into Facebook, Google and everyone else," Pivotal Research analyst Brian Wieser wrote in a research note.

Excluding China, where Facebook is not currently allowed and Google left some years, the global advertising market grew by $18 billion in 2015 according to Magna Global or $17 billion from Zenith Optimedia. Wieser noted the two companies grew their ad revenues by $18 billion in 2015. "In other words, the two companies generated growth equal to 100% or more of global digital advertising outside of China last year," Wieser wrote.

Areas like YouTube, which has reportedly been working on launching its own over-the-top TV service to go along with its subscription business, YouTube Red; Google Play; and Google Cloud Platform, its competitor to Amazon (AMZN) - Get Report Web Services, will be areas of interest to investors as well.

Credit Suisse analyst Stephen Ju, who rates Alphabet "outperform" with a $1,070 price target, believes new ad products could help boost Google's website revenue growth into the holiday season.

"This acceleration is due to an array of products new and old - advertisers have most often cited the newly-released Expanded Text Ads as one of the contributors, as they are only too happy to purchase the incremental paid clicks generated from the rise in click thru rates, especially as the ROI has remained consistent," Ju wrote in a note to clients.

Analysts surveyed by Yahoo! Finance expect Alphabet earn $8.63 a share on $22.04 billion in revenues.

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Alphabet accounts for 6.82% of the $27 million CALAMOS FOCUS GROWTH ETF (CFGE) , which charges investors an 0.90% expense ratio.

Wieser, who has a "buy" rating and a $1,090 price target on Alphabet, expects the company to see rising growth in digital because of new products and continued dominance in the field. "Our updated growth expectations for Google equate to an ex-China digital share - on a gross basis - that rises from 54% in 2016 to 60% in 2021," the analyst wrote in a note to clients.

iShares U.S. Technology ETF

The iShares U.S. Technology ETF (IYW) - Get Report , which has $2.86 billion in assets under management, has Alphabet comprise 6.27% of its portfolio and has an expense ratio of 0.43%.

Credit Suisse's Ju believes that the multiple compression that happened in the third-quarter, as well as the easing of tougher comparisons has held back Alphabet shares and that should be abated with third-quarter results.

Technology Select Sector SPDR Fund ETF

The $12.98 billion Technology Select Sector SPDR Fund ETF (XLK) - Get Report has Alphabet account for 5.28% of its portfolio and charges investors an expense ratio of 0.14%.