The advertising and market research sector in Turkey has shown steady growth from 2013 to 2023, with the turnover increasing from 17.37 billion new Turkish Liras in 2013 to 47.62 billion in 2023. The average annual growth rate (CAGR) over the past 5 years was recorded at 10.52%, a clear indication of sustained sectoral expansion despite fluctuations in year-on-year growth rates, which ranged from 7.36% to 15.43% in recent years.
Looking forward, the industry is expected to continue its growth trajectory, reaching an estimated 64.77 billion new Turkish Liras by 2028. However, the forecasted annual growth rate (CAGR) over the next five years is projected to be lower at 4.85%, suggesting a deceleration in growth compared to previous decades but still a positive trend overall.
Future trends to watch for include:
- Increased digitalization and technological advancements influencing advertising methods and tools.
- Greater emphasis on data analytics and targeted marketing strategies to optimize campaign effectiveness.
- Continued investment in e-commerce and online platforms, spurring demand for market research services.
- Possible economic fluctuations impacting advertising budgets and market research spending.
