The Expanding Market Research Industry: Growth, Trends, and Key Players
Introduction
Given the growing market uncertainties and dynamicity, the global market research reports industry has shown a significant upward trend. The demand for reliable data to inform strategic decisions has never been more critical. According to Statista, the global research services market grew from USD 76.42 billion in 2021 to USD 82.62 billion in 2022. This growth reflects the increasing importance of market research in today's business landscape.
The Market Research Industry is Booming
The market research industry, having witnessed immense growth over the past few decades, is now integral to almost every sector-from politics to finance. Basic market and customer research are essential for businesses to maintain their competitive edge and navigate the global market. The industry has adopted numerous advanced technologies, such as the Internet of Things (IoT), big data, and smart devices, to facilitate data-driven decision-making. Consequently, every market segment is increasingly dependent on market research.
Key Players in the Market Research Industry
Some of the major companies driving the market research industry are Nielsen Holdings, U.S., IMS Health Holdings, U.S., Kantar, UK, GfK, Germany, and Ipsos, France. These companies have been at the forefront of advancing research methodologies and ensuring high-quality market analysis. However, it is not just these top-tier companies that are contributing to the growth. Numerous smaller firms are also entering the market, recognizing the significant demand for market research services. Additionally, the trend of companies conducting their own market analysis is on the rise, further expanding the scope of the market research industry.
Innovative Growth and Emerging Trends
A recent report, "TV Advertising Market Analysis Forecast Report 2019," exemplifies the expanding role of market research. This report showcases how market research is not limited to a handful of large companies but is becoming more accessible and valuable to a broader array of businesses. The growing trend of companies conducting their own research is reflective of the industry's expanding reach and the increasing demand for comprehensive market analysis.
Growth Drivers and Challenges
The growth of the market research industry is supported by several key drivers, including the Internet of Things (IoT), big data, the sharing economy, the increasing need for detailed market studies, and intense competition among market players. These factors have collectively contributed to a Compound Annual Growth Rate (CAGR) of 2.8% between 2010 and 2014, amounting to over 40 billion in research collections.
However, the industry has faced some challenges in the past. For instance, a decline in market research activity was observed in Europe, leading to a fall in revenue noted at 1.4% in 2013. Nonetheless, the trend is now upward, with North America leading the way, recording a revenue of 15 billion in 2014. The continuous emergence of new market research agencies underscores the significance and growth potential of the industry. Skilled support and advanced technologies will continue to be crucial in driving this industry forward.
Conclusion
The market research industry is a vibrant and expanding sector that plays a pivotal role in shaping strategic decisions and guiding market trends. With a growing demand for reliable and actionable insights, companies are increasingly investing in market research to navigate the complexities of the global market. As the industry continues to evolve, it is likely to remain a key driver of innovation and growth in various sectors.