Global Market Research Services Market Forecast 2024-2033: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The market research services market size has experienced steady growth, expanding from $84.33 billion in 2023 to $87.68 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period is attributed to the 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. Looking ahead to 2028, the market is projected to continue its steady growth, reaching $102.88 billion at a CAGR of 4.1%. Projected growth in the forecast period is linked to an increasing focus on customer satisfaction, outsourcing back-end operations to low-cost economies, demand for opinion polls, and an increase in data-driven businesses. Major trends in the forecast period include adopting advanced technologies such as eye-tracking technology, agile market research, utilizing experimental research tools, replacing traditional surveys with micro surveys, investing in virtual technologies, adopting artificial intelligence technologies for faster data collection, automating research processes to reduce labor costs, implementing blockchain technology to increase participation rates, and considering chatbots to increase efficiency, with outsourcing in low-cost countries in Asia to reduce operational costs and adapting to longitudinal research and tracking.
Anticipated stable economic growth is set to drive the expansion of the market research services market in the future. Sustainable economic development, which strives to meet human needs while preserving natural resources and the environment, is crucial for fostering long-term growth. Market research services play a pivotal role in assisting businesses in identifying market trends and understanding consumer behavior, enabling informed decision-making about products and services. This proactive approach helps businesses remain competitive and adapt to evolving market conditions. According to the U.S. Bureau of Economic Analysis (BEA), the real gross domestic product (GDP) in the United States exhibited a 2.1 percent annual growth rate in the second quarter of 2023. Thus, stable economic growth becomes a driving force behind the market research services market. In 2023, the market size for market research services is projected to align with this upward trend.
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What Are The Key Trends That Influence Market Research Services Market Share Analysis?
Companies in the market research services sector are developing AI-driven real-time research platforms to improve user experiences. Meta AI, launched by Meta Platforms Inc. in September 2023, is an example of such innovation. It operates across WhatsApp, Messenger, and Instagram, using a custom model based on Llama 2 and recent LLM research. Meta AI provides real-time information and image generation capabilities through its collaboration with Bing search.
Which Market Players Are Driving Growth In The Market Research Services Market?
Major companies operating in the market 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.
How Is The Global Market Research Services Market Segmented?
The market research services market covered in this report is segmented –
1) By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
2) By End Use Industry: FMCG, Media, Healthcare & Life Science, Professional Services, Others
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The Market Research Services Global Market Report 2024 provides an overview of the market research servicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The market research services market forecast analyzes market research services market size, market research services market share, leading competitor and their market positions.
The Table Of Content For The Market Research Services Market Include
1. Market Research Services Market Executive Summary
2. Market Research Services Market Segments
3. Market Research Services Market Size And Template Market Growth Rate
4. Key Market Research Services Market Trends
5. Major Market Research Services Market Drivers
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25. Key Mergers And Acquisitions In The Market Research Services Market
26. Top Market Research Services Companies
27. Market Research Services Market Opportunities And Strategies
28. Market Research Services Market, Conclusions And Recommendations
29. Appendix
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