The South Korean advertising and market research output has exhibited consistent growth from 2015 to 2023, increasing from 12.398 trillion KRW to 14.304 trillion KRW. This period experienced varied annual percentage changes, with notable increments in 2017, 2019, and 2017, reflecting dynamic growth spurts. A minor contraction was observed in 2020, potentially due to the economic impacts of the COVID-19 pandemic. Subsequently, the sector rebounded in 2021 and continued its upward trajectory into 2023.
For the future, the forecast from 2024 to 2028 anticipates a moderate but steady growth rate with a forecasted CAGR of 0.69%, leading to a projected output of 14.943 trillion KRW by 2028. This indicates a slower growth rate compared to the past five years but still demonstrates positive momentum.
Future trends to watch for:
- The impact of digital transformation and the evolution of digital advertising and market research methods.
- Potential market disruptions from emerging technologies such as AI and big data analytics.
- The influence of global economic conditions and domestic policy changes on market dynamics.
