The value-added of advertising and market research in Colombia has demonstrated a consistent upward trend from actual data of 1.4912 trillion Colombian Pesos in 2014 to 3.1691 trillion Colombian Pesos in 2023. The notable fluctuations include a drop in 2015 by -10.19%, followed by significant increases such as in 2016 (63.68%) and 2018 (12.01%). The year-on-year growth rate for 2023 was 3.23%, with an average annual growth (CAGR) over the last five years standing at 3.5%. The long-term five-year CAGR forecast until 2028 is 2.38%, indicating a continued but slightly lower growth rate compared to recent years.
Anticipated future trends include:
- Increasing digital transformation driving market demand in advertising and research sectors.
- Continued economic recovery post-COVID boosting overall market growth.
- Technological advancements in data analytics further enhancing market research effectiveness.
- Potential market saturation leading to more sophisticated and targeted advertising strategies.
