Market Research in Canada - Industry Market Research Report

Research analysis: Market research will continue to remain central to business strategy

Market research operators in Canada endured wild swings in revenue growth due to a sharp incline in economic volatility and dampened demand for market research services. Between 2018 and 2019, operators endured a decline amid mixed economic conditions and a changing media landscape. In 2020, COVID-19 presented an additional disruption to demand for operators' services, as uncertainty clouded the outlook. Although the economy reopened, a spike in inflationary pressures severely harmed revenue in 2021 and 2023, as corporate clients endured volatility across their balance sheets, which dampened demand for operators' services. This economic volatility also dampened profit for operators, with lower consumer confidence playing a key role in this trend. Through the end of 2023, the analyst projects revenue to fall at a CAGR of 3.2% to an estimated $1.3 billion, including an estimated 10.3% fall in 2023 alone, as demand for operators' services remains uncertain.

The Market Research industry in Canada comprises operators that systematically gather, record, tabulate and present marketing and public opinion data. Examples of industry-relevant services include political polling, sampling and statistical services, broadcast media ratings and market analysis. Operators that conduct experimental or scientific research in fields such as economics or engineering are not included in this industry.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.