The output of Advertising and Market Research in Canada has shown significant growth from 2013 to 2023, reaching 12.88 billion Canadian Dollars in 2023. The year-on-year variations have fluctuated, particularly with a noticeable dip in 2020 likely attributed to the COVID-19 pandemic, causing a decline of 13.79%. However, recovery was strong with double-digit growth in 2021 and steady increases thereafter. The compound annual growth rate (CAGR) over the last five years is 3.35%, indicating consistent growth despite short-term volatility.
Looking ahead, the forecasted output from 2024 to 2028 suggests continued growth in the sector, with the 5-year forecast CAGR expected at 2.74% and an overall forecasted growth rate of 14.49% by 2028. Key trends to watch for include the integration of advanced analytics, increased digital advertising investments, and the expanding role of artificial intelligence in market research methodologies.
