The production of advertising and market research in Slovakia has demonstrated significant growth from 2013 to 2023, with values increasing from 979.33 million Euros to 2060 million Euros. The data indicate a critical recovery period with a noticeable dip in 2020 likely due to the COVID-19 pandemic, followed by a robust recovery. From 2019 to 2023, the average annual growth rate (CAGR) stood at 3.06%, showing a steady rise. Year-on-year variations reinforce this trend, reflecting a 3.02% increase in 2023 compared to the previous year.
Key trends and observations:
- The market contracted by -13.17% in 2020 but rebounded sharply by 24.53% in 2021.
- From 2022 to 2023, the market grew consistently, though at a steady pace of around 3% yearly.
- The five-year CAGR forecast from 2024 to 2028 is anticipated to be 2.24%, signaling a more modest annual growth rate than historical data.
Future trends to watch for include increased digital transformation in advertising, the rise of data-driven market research methodologies, and potential impacts from economic fluctuations or regulatory changes. Staying abreast of technological advancements and consumer behavior shifts will be crucial for accurate forecasting and strategic planning.