Market Research Services Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including an increase in research and development (R&D) investments, the use of political opinion polls, strong economic growth in emerging markets, increased internet penetration, and a growing awareness of market research in various 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 anticipated growth in the forecast period can be attributed to an increasing focus on customer satisfaction, the outsourcing of back-end operations to low-cost economies, a demand for opinion polls, and the rise of data-driven businesses. Key trends expected in this period include the adoption of advanced technologies such as eye-tracking technology, the embrace of agile market research, the utilization of experimental research tools for more accurate results, the replacement of traditional surveys with micro-surveys, investments in virtual technologies, the adoption of artificial intelligence technologies for faster data collection, the automation of research processes to reduce labor costs, the implementation of blockchain technology to increase participation rates, the consideration of chatbots to enhance efficiency, outsourcing to low-cost countries in Asia to reduce operational costs, and the adaptation to longitudinal research and tracking.

The anticipated stable economic growth is set to drive the market research services market in the foreseeable future. Sustainable economic growth aims to fulfill human needs while preserving natural resources and the environment. Market research services play a crucial role in helping businesses discern market trends and consumer behavior, enabling informed decisions about their products and services. This adaptability to changing market conditions and staying competitive contributes to stable economic growth. For instance, the U.S. Bureau of Economic Analysis (BEA) reports a 2.1 percent increase in real gross domestic product (GDP) in the second quarter of 2023 in the United States, highlighting the role of stable economic growth in propelling the market research services market.

The growing demand for digital market research services is expected to be a key driver for the market research services market. Digital market research services involve the analysis and evaluation of information obtained from the Internet to support research or enhance knowledge for businesses and organizations. These services provide valuable insights into customer behavior, customized market research, data-driven decision-making, social media analytics, and monitoring. The digital economy in the United States witnessed a 6.9% annual growth rate in 2021, with digital services constituting 68.5% of the total digital economy, emphasizing the increasing demand for digital market research services and its impact on the market research services market.

Major players in the market research services sector are actively developing AI-driven real-time research platforms to enhance user experiences. One such example is Meta AI, a new assistant by Meta Platforms Inc., available on WhatsApp, Messenger, and Instagram. Powered by a custom model utilizing technology from Llama 2 and the latest large language model (LLM) research, Meta AI engages in text-based conversations, accesses real-time information through collaboration with Bing search, and offers image generation features.

Market research companies are advising clients to implement virtual reality technologies for a deeper understanding of customer decision-making processes. Virtual reality, a computer-generated simulation replicating a three-dimensional environment, allows companies to gain crucial consumer insights without the need for trial-and-error processes in physical stores. This technology efficiently collects data from a large sample size with minimal investment. Nestle's implementation of a Decision Insights virtual store to determine prices and placements for new ice cream cups resulted in a 53% increase in ice cream sales after incorporating research recommendations.

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.

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.

The countries covered in the market research services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The market research services market includes revenues earned by entities by providing services such as primary research, secondary research, qualitative and quantitative research, branding research, and customer research. 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 main types of market research services include market research and analysis services, public opinion research, and election polling. Electoral polling involves the sampling or gathering of thoughts on a subject, obtained from either a selected or a random group of people, for the purpose of evaluation. These services cater to various sectors, including IT services, manufacturing, financial services, construction, and others, and are utilized by enterprises of different sizes, such as large enterprises and small and medium-sized enterprises.

The market research services market research report is one of a series of new reports that provides market research services market statistics, including market research services industry global market size, regional shares, competitors with a market research services market share, detailed market research services market segments, market trends and opportunities, and any further data you may need to thrive in the market research services industry. This market research 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 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.