Marketing Research and Analysis Services Global Market Report 2024

The marketing research and analysis services market size has grown steadily in recent years. It will grow from $13.57 billion in 2023 to $13.97 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth observed in the historical period can be attributed to several factors, including a rise in research and development (R&D) investments, strong economic growth in emerging markets, increased internet penetration, an increase in the consumption of big data, and rapid urbanization.

The marketing research and analysis services market size is expected to see steady growth in the next few years. It will grow to $15.64 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The anticipated growth in the forecast period can be attributed to an increase in digitalization, the rise of data-driven businesses, a growing focus on customer satisfaction, and an increasing demand for sampling. Key trends expected in this period include leveraging artificial intelligence for efficient, accurate, and low-cost data collection, adopting agile market research methodologies for faster actionable data and insights, investing in virtual reality technology to understand customers’ decision-making processes, focusing on innovative and advanced sampling techniques, adopting micro-surveys for quick, real-time insights, embracing longitudinal research and tracking, utilizing social listening, and leveraging blockchain to increase participation rates, improve quality, and address privacy concerns.

Companies across various industries are prioritizing the enhancement of profits and the expansion of their consumer base through a strong focus on customer satisfaction. This strategic approach is expected to play a significant role in driving the growth of the marketing research and analysis services industry in the coming years. Customer satisfaction directly contributes to increased revenues, profitability, and improved customer retention levels. Marketing research and analysis services enable companies to achieve these objectives by providing insights into target customers, assessing key competitors, monitoring customer satisfaction across multiple channels, identifying areas for business improvement, and refining overall business strategies.

The growth of digitization is anticipated to be a key driver for the marketing research and analysis services market in the future. Digitization involves leveraging digital technologies to transform business models, create new revenue streams, and offer enhanced value. As businesses increasingly adopt digital approaches, the marketing research and analysis services sector is witnessing improved capabilities in market analytics, pricing strategies, and channel management. Notably, the International Data Corporation reports that global digitization spending is expected to grow at a compound annual growth rate (CAGR) of 16.3% over the next five years, reaching $3.4 trillion in 2026. The United States is projected to lead in digitization spending, surpassing $1 trillion by 2025, highlighting the global trend toward digitization and its impact on the marketing research and analysis services market.

Artificial intelligence emerges as a prominent trend in the marketing research and analysis services industry. The surge in internet usage has prompted companies to make their products available online, leading consumers to rely on reviews, surveys, and questionnaires before making purchase decisions. AI plays a crucial role in streamlining field engagement for these applications. Notable examples include Google Home, Amazon’s Echo, and other chatbots that incorporate AI into market analysis processes. The adoption of AI is significantly transforming market analysis by replacing traditional research methods with more efficient and data-driven approaches. As the reliance on AI tools and social media platforms grows, data scientists are expected to play a pivotal role in gathering valuable insights into consumer behavior patterns, further fueling the popularity of artificial intelligence in the marketing research and analysis services market.

Major companies in the marketing research and analysis services market are actively introducing AI-powered research tools to optimize their operations and maximize revenues. AI-powered research tools leverage algorithms to automate and enhance various aspects of the research process, facilitating more efficient data analysis and unbiased decision-making. For example, Prelaunch.com launched its AI Market Research Tool, an AI-powered assistant designed to help companies identify rivals by quickly evaluating customer feedback. The tool automates time-consuming tasks and offers features such as an AI page builder, survey summaries, and AI competitor research tools.

In June 2021, Cint, a Sweden-based digital insights gathering platform, acquired GapFish, a Germany-based market research company, enhancing its offerings with access to over 500,000 highly profiled, double-opt-in research respondents across Germany, Austria, and Switzerland. This acquisition strengthened Cint's supply quality, feasibility, and technology capabilities, providing valuable resources to its customers.

Major companies operating in the marketing research and analysis services market report are Gartner, Inc., Nielsen Holdings PLC, S&P Global Inc., Ipsos Group S.A., Moody's Corporation, GFK SE, Mintel, INTAGE Inc., Forrester Research Inc., GlobalData PLC, Global Vox Populi, Kantar IMRB, RNB Research, Market Xcel Data Matrix Private Limited, Majestic MRSS , Nielson, Hub of China, SIS International Research, Escalent, CIPMR, Adept Research, Tiny CX Freeform, Populix, Dataspring, Inkwood Research, Strategic Focus Research and Consultancy Ltd., QualWorld Asia, Acorn Marketing & Research Consultants Pte Ltd., Blackbox Research, My Source Solutions, Stitch Marketing Research, Dynamic Search Sdn. Bhd., Cardas Research & Consulting Sdn Bhd, The Research Alliance, Axanteus Research and Consumer Behavior Research Co., Ltd., Euromonitor International, IFF Research, Pharma Intelligence, Dunnhumby, AMR Advanced Market Research GmbH, Business Analytica, Ateliar Market Research, Inquiry Market research, MAP Marketing Research, MAGRAM Market Research, Prodege LLC, Westat, NPD Group, Inc., ORC International Inc., Dynata, IQVIA, Proactive Worldwide, Comscore, Information Resources, Inc., Bauman Research & Consulting LLC, Datum Internacional S.A., StatMark Group S.A., Brazil Market research, Ad hoc research and al bar research, C&O Marketing, Insight Scouts Research & Consultancy.

North America was the largest region in the marketing research and analysis services market in 2023. Western Europe was the second largest region in the marketing research and analysis services market share. The regions covered in the marketing research and analysis services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marketing research and analysis services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The main types of marketing research and analysis include quantitative and qualitative research. Quantitative research involves the systematic examination of phenomena through the collection of measurable data, utilizing statistical, mathematical, or computer methodologies. Sources in marketing research and analysis can be categorized as primary research (direct data collection) and secondary research (utilizing existing data). These activities span across various sectors, including IT services, manufacturing, financial services, construction, healthcare, and others.

The marketing research and analysis services market research report is one of a series of new reports that provides marketing research and analysis services market statistics, including marketing research and analysis services industry, global marketing research and analysis services market size, regional shares, competitors with a marketing research and analysis services market share, detailed marketing research and analysis services market segments, market trends and opportunities, and any further data you may need to thrive in the marketing research and analysis services industry. This market research and analysis services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marketing research and analysis services market consists of revenue earned by entities that are engaged in systematical gathering, recording, tabulating, and presenting marketing data. Marketing research and analysis services include marketing & management analytics and consumer insights The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.