Why am I starting to feel like an underpaid and unappreciated employee

Hey guys! I have been working as a Business Analyst for Conduent for the past 2.5 years. I'm still at the same CTC they hired me on and everytime I brought up the topic to increase my compensation etc, my manager just tells me we are looking into it and it is because of budget issues. The excuses don't stop. its not like other people who joined with me aren't promoted. they did get a 20-30% raise. Can someone suggest me on how do I deal with this situation? Should I look for another job? or should I continue to fight here for the compensation I do deserve ?