What it is
The diagnostic-split metric.
Impression share is the only standard Google Ads metric that tells you what you are not getting. Every other metric describes what you captured; impression share describes what the market made available and what you missed.
Impression share is reported as a percentage: the impressions your ad actually received divided by the total eligible impressions in the auctions your campaigns were targeting. An impression share of 40% means your ad appeared in 40% of the auctions it was eligible for; 60% of the available demand was captured by competitors or missed entirely. The metric is reported at the campaign, ad-group, and keyword level in the Google Ads interface.
What makes impression share uniquely diagnostic is that Google also reports the reasons your ad did not appear in the auctions it missed: “Search impression share lost to rank” (Ad Rank was too low) and “Search impression share lost to budget” (campaign budget had already been spent for the day). The two numbers sum with your impression share to 100%, and they isolate cleanly which type of problem is capping your account.