The turnover of the market research and public opinion polling industry in Spain saw significant fluctuations from 2013 to 2023. In 2013, the sector was valued at 999.2 million euros, experiencing a slight decline to 998.5 million euros in 2014. There was a notable drop to 930.6 million euros in 2015, followed by a recovery trend to 1170.0 million euros by 2019. However, the market faced a downturn again in 2020 due to external factors, decreasing to 1060.0 million euros. By 2023, the market had further declined to 1020.0 million euros.
Year-on-year variations illustrate the industry's volatility, with a hefty increase of 11.57% in 2018, propelled by industry demands, and a significant drop of 9.51% in 2020 due to macroeconomic factors. The recent years, particularly from 2021 through 2023, showed a consistent downward trend with year-on-year variations of -0.56%, -1.71%, and -1.64%, respectively.
The compound annual growth rate (CAGR) over this period has been reflective of this variability, with a recent five-year average of -1.41%. Forecasts from 2024 indicate a gradual decline, with the industry expected to drop annually by an average of 1.15%, culminating in a value of 944.9 million euros by 2028. This represents an overall forecasted five-year decline rate of 5.62% from 2023 values.
Future trends to watch for include technological advancements in data collection and analysis, which could offer new growth opportunities. Additionally, shifts in client demands and economic conditions will play a critical role in shaping the industry's path. Emphasis on localized studies and the integration of artificial intelligence in polling could be significant game-changers in the market research landscape.
