The market research industry has grown steadily over the last five years. But innovations could rapidly increase potential market research revenue in the research industry in the future. What should companies in this Industry expect in the years to come? Here are a few market research stats and trends.
Here, we’ll look at key market research stats and trends from various new reports covering the market research industry. Read on to gain a quick overview of the Industry’s performance and important new trends to watch.
What is the market research industry?
The market research industry is a sector that focuses on gathering, analyzing, and interpreting data about markets, consumers, competitors, and various business-related trends.
Its primary goal is to provide valuable insights and information to businesses, organizations, and governments to make informed decisions about their products, services, marketing strategies, and overall business operations.
The global market research industry plays a crucial role in helping businesses understand their target audience, identify market opportunities, evaluate the potential demand for products or market analysis services, and assess the competitive landscape. It involves collecting and analyzing both qualitative and quantitative data to understand consumer behavior, preferences, attitudes, market trends, and dynamics.
The key drivers of market research demand
Companies that provide market research services help their clients gather and interpret information about individuals or organizations, with the insights (market size, competition, market need, consumer behavior, etc) leveraged to shape strategies and marketing/sales activities.
Also, studies like the 2018 Global Brand Health Report, where tech workers reveal the companies they want to work for and what they value in a job offer, are studies that are important to industries.
To arrive at their findings and infer insights, market researchers use a range of qualitative techniques such as in-depth interviews, focus groups, and ethnography, as well as quantitative techniques such as customer surveys, analysis of secondary data, and statistical/analytical research methods. Here are the key drivers of market research demand:
- Speed: Researchers need results fast, and with faster results, one sees more evidence-based decision-making.
- Cost: Costs have always been an issue. Making decisions based on accurate research studies helps eliminate unnecessary costs.
- Quality: Quality is particularly important in market research when the current offering is not good enough.
North America Dominates
- The market research stats and trends favor the U.S.
- According to a recent report by First Research Inc., the market research industry globally produces $45 billion in revenue each year.
- Europe and the United States lead the industry overall. Other countries such as China, Brazil, Russia, and India are experiencing increasing demand for market research-related statistical services.
How is the industry performing in the U.S.?
The Market Research industry in the U.S. has undergone strong growth over the five years. They conduct qualitative and quantitative research on behalf of customers to determine the needs and choices of specific demographics or consumer groups.
This has been supported by the increase in research and development (R&D) and internet advertising expenditure, which have driven demand for industry services.
There are 44,000 establishments offering market research services in the United States. They generate approximately $23 billion in combined annual revenue. In this case, “establishments” refer to market research companies with a single location as well as units of multi-location companies.
The increasing use of social media and the changing media landscape will revolutionize traditional market research methods. Between 2016 and 2020, industry revenue growth is expected to accelerate in the U.S. as more and more research firms adopt fresh, innovative methods.
2018 market research stats and trends
- Many of you know that 2016 gave way to wearable technology, big data, mobile research, and many more innovative market research trends.
- 2018 saw these trends grow, gaining traction, and we anticipate their growth further into 2019.
The future of market research is already here
According to the market research stats and trends, many of these industry trends have bubbled underneath the surface for the last few years. And are now ready to take center stage.
Getting a handle on the key trends for market research will position you well to assist your brand with sensible consumer insight. This keeps your organization competitive while building strong customer relationships that will endure for years to come.
LEARN ABOUT: market research trends
Also, expect to see more automation, standardization, and many claims about artificial intelligence. The key drivers of success for these systems are ease of use, speed, and cost. However, a key element in their success is the ability to leverage existing brands and reputations.
Conclusion
The market research industry is growing fast, and businesses now understand the importance of using data to make smart decisions. Market researchers play a crucial role in providing valuable insights to companies, helping them understand customers and the market better.
QuestionPro emerges as a key player in this changing landscape, offering a user-friendly platform that makes data collection and analysis easier. With automation and AI-powered features, QuestionPro simplifies the research process, saving time and effort for researchers.
It provides quick and accurate insights, enabling businesses to make informed choices. QuestionPro’s commitment to data security and compliance ensures that researchers can conduct ethical data collection, protecting the privacy of participants’ information. As the market research industry looks to the future, QuestionPro’s advanced analytics and A.I. capabilities will continue to shape its trajectory. Researchers can rely on QuestionPro to predict market trends and gain a competitive advantage.
With its user-friendly interface and dedication to providing meaningful results, QuestionPro remains a valuable asset for market researchers, empowering businesses to succeed in an ever-changing market.
Frequently Asking Questions (FAQ)
Key trends include AI-driven insights, mobile research, ethical data collection, and virtual reality integration.
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