From 2013 to 2023, the number of employees in the US advertising and market research sector has shown a moderately fluctuating growth pattern, starting from 560 thousand employees to reach 594 thousand in 2023. The initial years saw a healthy growth rate with the highest year-on-year increase at 3.57% in 2014. However, post-2016, the growth slowed, reflected in minor fluctuations and minimal year-on-year variations, averaging around 0.34% in the last two years. The Compound Annual Growth Rate (CAGR) over the last 5 years (2019-2023) is around 0.20%, indicating a stabilized yet slow growth trend.
Future projections indicate a continuation of this stabilized growth with a forecasted 5-year CAGR of 0.20%, leading to 601 thousand employees by 2028. This trend suggests a steady but slow increment in employment in the sector.
Future trends to watch for:
- Technological advancements driving changes in skill requirements.
- The impact of digital transformation on employment numbers and roles within the sector.
- Potential disruptions due to economic fluctuations or regulatory changes.
- Evolving consumer behavior and preferences influencing market demand.