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Did they give you a good reason? Have they promised you a promotion before? Some people have to come to the difficult realization that they're being strung along by a company that keeps promising a promotion that never comes. So just keep that in mind if they keep delaying this promotion
Theyve dangled the opportunity but are citing a lack of market need
The problem with such situations is they give room for your employer to always find some reason in future as to why you haven't been promoted yet. My advice is to always put yourself out there and see what type of offers you can get. It will give you this assurance that if they ever fire you, you can always find a new job. You also get to develop your interviewee skills that will help you ace interviews for jobs when you're actually interested in moving on. Plus it will give you a sense of how much you’re worth. If you still wish to stay, I'd use it as leverage to ask for a counter offer.
I had a similar thing happen to me, and honestly it was a blessing in disguise. My company culture has been tanking and rewarding bad behavior, and my colleagues who got the promotion are even more overworked and barely compensated for it. it's made me reassess if this is the right place for me and I feel I might have dodged a bullet.
Start seeing what else is out there. They might not give you a raise/higher title but someone else might.