The value-added of advertising and market research in Turkey has shown significant fluctuations over the past decade. As of 2023, the value stood at 9.49 Billion New Turkish Liras, marking a steady growth trajectory from previous years. Notably, the sector experienced a sharp decline in 2014 (-5.57%) and 2020 (-16.8%), whereas substantial positive growth was seen in years such as 2019 (22.9%) and 2021 (26.25%). The compounded annual growth rate (CAGR) over the last five years (2019-2023) is approximately 7.04%. Going forward, forecasted data indicate growth will continue at a moderate pace, with a 5-year CAGR of 3% anticipated, resulting in a total growth of 15.93% by 2028.
Future trends to watch for:
- The impact of digital transformation on advertising methods and data analytics within market research.
- The influence of economic stability and inflation on marketing budgets and spending patterns.
- Emerging technologies such as AI and machine learning, and their role in driving more personalized and efficient advertising strategies.
- Changing consumer behavior and preferences, which may shape new demand patterns in advertising and market research services.
