The production value in the Scientific Research and Development Sector in Turkey underwent significant variances over the last decade, seeing exponential growth especially between 2020 and 2023. The value stood at 7,090 million New Turkish Liras in 2023. Year-on-year variations show a robust increase, particularly marked by a 113.13% surge in 2020, followed by smaller yet steady growth rates. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) stands at an impressive 27.49%.
Looking ahead, the forecasted production values indicate a continual upward trend, with a forecasted 5-year CAGR of 8.38% from 2024 to 2028, suggesting a more moderate but stable growth compared to previous years. The sector is expected to grow by 49.5% over the next five years, reaching 12,130 million New Turkish Liras by 2028.
Future trends to watch for include:
- Government policies and investments in scientific research and development.
- Technological advancements and their adoption rate within the sector.
- International collaborations and foreign investments.
- Market demand for innovative and technological solutions.
- Potential economic fluctuations and their impact on research funding.
