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Market Research Report
Product code
1091414
Market Research Services Global Market Opportunities And Strategies To 2030: COVID-19 Impact And Recovery |
Market Research Services Global Market Opportunities And Strategies To 2030: COVID-19 Impact And Recovery |
Published: June 17, 2022
The Business Research Company
Content info: 350 Pages
Delivery time: 2-3 business days
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“Market Research Services Global Market Opportunities And Strategies To 2030: COVID-19 Impact And Recovery” from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global market research services market as it emerges from the COVID-19 shut down.
Where is the largest and fastest growing market for market research services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? “The market research services market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider market research services market; and compares it with other markets.
This report describes and explains the market research services market and covers 2015 to 2020, termed the historic period, and 2020 to 2025 termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.
The market research services market reached a value of nearly $74.4 billion in 2020, having increased at a compound annual growth rate (CAGR) of 1.7% since 2015. The market is expected to grow from $74.4 billion in 2020 to $91.3 billion in 2025 at a rate of 4.2%. The market is then expected to grow at a CAGR of 4.0% from 2025 and reach $111.3 billion in 2030.
Growth in the historic period resulted from 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.
Going forward, increasing focus on customer satisfaction, outsourcing back-end operations to low-cost economies, demand for opinion polls and increase in data driven businesses will drive the growth. Factors that could hinder the growth of the market research services market in the future include intense competition, big data analytics and the COVID-19 pandemic.
The market research services market is segmented by segmented by type into marketing research and analysis services, and public opinion and election polling. The marketing research and analysis services market was the largest segment of the market research services market segmented by type, accounting for 88.8% of the total in 2020. Going forward, the public opinion and election polling market is expected to be the fastest growing segment in the market research services market segmented by type, at a CAGR of 5.2% during 2020-2025.
The market research services market is segmented by end use industry into FMCG, media, healthcare and life science, professional services, and others. The FMCG market was the largest segment of the market research services market segmented by end use industry, accounting for 30.5% of the total in 2020. Going forward, the healthcare and life science market is expected to be the fastest growing segment in the market research services market segmented by end use industry, at a CAGR of 6.9% during 2020-2025.
North America was the largest region in the market research services market, accounting for 32.5% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the market research services market will be South America, and, Middle East where growth will be at CAGRs of 10.6% and 6.7% respectively. These will be followed by Africa, and Eastern Europe, where the markets are expected to grow at CAGRs of 5.9% and 5.3% respectively.
The highly consequential coronavirus outbreak has had a significant impact on economies and industries across the globe. The pandemic will have long-lasting effects, not just on how economies function, but also on global consumer behavior. China, the epicenter of the disease, has always influenced consumer behavior in the Asia Pacific region, and will continue to do so as consumer lifestyle preferences shift and adapt to the virus.
In wake of COVID-19, the market research services market was impacted leading to the decline in the demand for services. This decreased demand for services was caused due to economic downturns and shutting down of end-user industries globally, meaning that companies are expected to be reluctant to spend on market research.
The market research services market is fairly concentrated. The top ten competitors in the market made up to 32.52% of the total market in 2020. The market is highly competitive. Companies in the market research service industry face intense competition from many direct and indirect companies such as companies conducting in-house research and advertising agencies, retailers that sell information directly or through brokers, information management and software companies, and consulting and accounting firms. Nielsen Holdings Inc. was the largest competitor with 8.45% of the market, followed by IQVIA Holdings Inc. with 6.10%, Gartner with 4.96%, Kantar Group with 3.81%, Ipsos Group S.A. with 2.91%, GfK SE with 2.15%, Information Resources, Inc. (IRI) with 1.61%, Dynata with 0.91%, INTAGE Holdings Inc. with 0.81% and Westat, Inc. with 0.79%.
The top opportunities in the market research services market segmented by type will arise in the marketing research and analysis services segment, which will gain $14.5 billion of global annual sales by 2025. The top opportunities in the market research services market segmented by end use industry will arise in the healthcare and life science segment, which will gain $5.0 billion of global annual sales by 2025. The market research services market size will gain the most in the USA at $2.8 billion.
Market-trend-based strategies for the market research services market 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.
Player-adopted strategies in the market research services market include continuing to grow existing services in local markets and emerging markets, enhancing research and data analytics capabilities through strategic acquisitions and acquiring similar companies to expand its service offerings.
To take advantage of these opportunities, The Business Research Company recommends the market research services companies to focus on adoption of advanced technologies, focus on agile market research for faster insights, focus on using experiential research tools, focus on virtual reality technology, focus on automation in marketing research and analysis, expand in developed markets, offer competitive pricing, penetration pricing, focus on reviews, increase visibility through websites, focus B2B promotions, partnership with end-users, and focus on post-purchase services.