The production volume of advertising and market research in the US has seen significant fluctuations over the past decade, highlighted by a notable dip in 2020 due to external factors such as the COVID-19 pandemic. Standing at $198.48 billion in 2023, the sector reflects a strong recovery post-2020, with a steady year-on-year increase of approximately 2% over the last two years. The Compound Annual Growth Rate (CAGR) for the past five years is documented at 2.63%, showcasing moderate yet stable growth.
Future trends suggest a consistent upward trajectory with a projected 5-year growth rate of 8.11%, culminating in a forecast CAGR of 1.57% by 2028. Notably, the industry's resilience and adaptability in post-pandemic recovery underscore potential areas for innovation and sustained investment.
Key trends to watch include:
- Increased digital transformation and data-driven marketing strategies
- Growing emphasis on consumer insights and personalized marketing
- Expansion of programmatic advertising and integrated marketing solutions
- Enhanced regulatory frameworks pertaining to consumer data privacy
