Overview and Scope
Market research services refer to the services that help in the process of determining the viability of a new service or product through direct customer research. With market research, companies can figure out their target market and get opinions and feedback from consumers in real time.
Sizing and Forecast
The market research services market size has grown steadily in recent years. It will grow from $84.33 billion in 2023 to $87.68 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to rise in research and development (r&d) investments, political opinion polls, strong economic growth in emerging markets, increased internet penetration and growing awareness of market research in end use industries.
The market research services market size is expected to see steady growth in the next few years. It will grow to $102.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increasing focus on customer satisfaction, outsourcing back-end operations to low-cost economies, demand for opinion polls and increase in data driven businesses. Major trends in the forecast period include adopting advanced technologies such as eye-tracking technology, adopting agile market research, utilizing experimental research tools to generate accurate results, replacing traditional surveys with micro surveys, investing in virtual technologies, adopting artificial intelligence technologies to enable faster data collection, automating research processes to reduce labor costs, implementing blockchain technology to increase participation rates, consider adopting chatbots to increase efficiency, outsource in low-cost countries in asia to reduce the operational costs and consider adapting to longitudinal research and tracking.
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The market research services market covered in this report is segmented –
1) By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
2) By End Use Industry: FMCG, Media, Healthcare & Life Science, Professional Services, Others
North America was the largest region in the market research services market in 2023. Western Europe was the second largest region in the market research services market. The regions covered in the market research services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Stable economic growth is expected to propel the growth of the market research services market going forward. Sustainable economic growth refers to economic development that attempts to satisfy the needs of humans in a manner that sustains natural resources and the environment. Market research services can help businesses identify market trends and consumer behavior, which can help them make informed decisions about their products and services. This can help businesses stay competitive and adapt to changing market conditions, which can contribute to stable economic growth. For instance, according to the U.S. Bureau of Economic Analysis (BEA), a US-based government agency, real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023 in the US. Thus, stable economic growth is driving the growth of the market research services market.
Key Industry Players
Major companies operating in the market research services market report are Nielsen Holdings Inc., IQVIA Holdings Inc., Gartner, Kantar Group, Ipsos Group S.A., GfK SE, Information Resources, Inc., Dynata, INTAGE Holdings Inc., Westat Inc., Global Vox Populi, RNB Research, Market Xcel Data Matrix Private Limited, Majestic MRSS, Hub of China, SIS International Research, Escalent (formerly Morpace), CIPMR, Adept Research, Tiny CX Freeform, Populix, Dataspring, Inkwood Research, Consumer Behavior Research Co., Ltd (CBR), Euromonitor International, IFF Research, Pharma Intelligence, Mintel, Dunnhumby, AMR Advanced Market Research GmbH, Wood Mackenzie, VCIOM (Russian Public Opinion Research Center), Business Analytica, Ateliar Market Research, Inquiry Market research, MAP Marketing Research, MAGRAM Market Research, Prodege LLC, The NPD Group, Inc., Forrester Research, ORC International Inc., Proactive Worldwide, Comscore, Stitch Marketing Research, Bauman Research & Consulting, LLC, Criba Research SA, Fine Research, AG3 Consulting, OnTarget, Arellano, Datum Internacional S.A., StatMark Group S.A., Brazil Market research, Ad hoc research, Al bar research, Inverita research, Eksen Research, C&O Marketing, Insight Scouts Research & Consultancy, Research & Consulting House (REACH), 4sight, Amass Market Research, Synergy Marketing and Consulting, Brandman Research, Geocartography Knowledge Group, ERA Research & Consultancy, Research Konnection, IVC Research Center, Omnibus, Sixth factor, Nagy Research MEACRO, Acnielsen Marketing & Media (Pty) Ltd., NOI Polls Limited, George, Klein and Associates (GK&A), BMI Research (Pty) Ltd, Plus 94 Research, African Response, Ley Hausen.
The market research services market report table of contents includes:
1. Executive Summary
2. Market Research Services Characteristics
3. Market Research Services Trends And Strategies
4. Market Research Services – Macro Economic Scenario
5. Global Market Research Services Size and Growth
…..
32. Global Market Research Services Competitive Benchmarking
33. Global Market Research Services Competitive Dashboard
34. Key Mergers And Acquisitions In The Market Research Services
35. Market Research Services Future Outlook and Potential Analysis
36. Appendix
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