Summary
- • The global market research industry was valued at $76.4 billion in 2021
- • North America held the largest market share of 44% in 2021
- • The market research industry is expected to grow at a CAGR of 5.0% from 2022 to 2030
- • Quantitative research methods accounted for 61% of the market share in 2021
- • The healthcare segment is expected to witness the fastest growth rate of 5.7% from 2022 to 2030
- • Online surveys are the most popular market research method, used by 64% of researchers
- • Mobile surveys account for 40% of all survey responses
- • The top 10 market research companies account for 50% of the industry's revenue
- • Nielsen Holdings is the largest market research company with a revenue of $6.5 billion in 2020
- • The use of AI in market research is expected to grow by 25% annually through 2025
- • 73% of market researchers use social media listening as a research method
- • The Asia-Pacific region is expected to grow at the highest CAGR of 6.2% from 2022 to 2030
- • Big data analytics in market research is projected to reach $15.7 billion by 2025
- • 60% of market researchers use predictive analytics in their projects
- • The consumer goods and services sector accounts for 23% of market research spending
Buckle up, data enthusiasts! Were diving deep into the captivating world of market research, where numbers speak louder than words. With the global market research industry valued at a whopping $76.4 billion in 2021 and North America reigning with a 44% market share, its clear that this industry is a force to be reckoned with. From the rise of AI and big data analytics to the popularity of online surveys and mobile ethnography, were unpacking the trends and statistics that have the industry buzzing. So grab your calculators and join us on a journey through the dynamic landscape of market research statistics—from predictive analytics to virtual reality simulations and everything in between!
Industry Verticals
- The healthcare segment is expected to witness the fastest growth rate of 5.7% from 2022 to 2030
- The consumer goods and services sector accounts for 23% of market research spending
- The automotive industry accounts for 11% of market research spending
- The pharmaceutical industry accounts for 13% of market research spending
- The technology sector accounts for 18% of market research spending
- The financial services sector accounts for 15% of market research spending
- The retail industry accounts for 9% of market research spending
- The media and entertainment sector accounts for 8% of market research spending
- The healthcare sector accounts for 12% of market research spending
- The energy sector accounts for 6% of market research spending
- The government and public sector accounts for 7% of market research spending
- The travel and tourism sector accounts for 5% of market research spending
Interpretation
In the vast and ever-evolving landscape of market research spending, it appears that the healthcare industry is not just the apple of the eye but also the fastest-growing darling, set to sprint ahead at an impressive pace of 5.7%. Amidst this bustling market symphony, the various sectors jostle for attention and funding, with consumer goods and services holding a commendable 23% share and technology not far behind at 18%. However, one cannot overlook the stalwarts like the pharmaceutical industry (13%) and financial services (15%) who continue to command a significant slice of the pie. As we navigate this colorful market mosaic, it's clear that where the money flows, insights follow—and in this high-stakes game, every sector is a player vying for the spotlight.
Market Growth
- The market research industry is expected to grow at a CAGR of 5.0% from 2022 to 2030
Interpretation
The market research industry's projected growth rate of 5.0% from 2022 to 2030 indicates not only a steady rise in demand for insights and analysis but also a collective realization among businesses that hindsight is no longer 20/20 in this fast-paced world. As companies strive to stay ahead of the curve, market research becomes not just a tool for targeting consumers but a compass guiding them through the labyrinth of ever-evolving markets. Embracing this growth trajectory suggests that the industry is not just keeping up but setting the pace for decision-making in the era of information overload.
Market Size
- The global market research industry was valued at $76.4 billion in 2021
Interpretation
The global market research industry's value of $76.4 billion in 2021 serves as a testament to its enduring relevance and significance in guiding businesses through the ever-changing landscapes of consumer behavior and market trends. With an economy as fickle as a toddler's taste in snacks, this industry stands as the wise sage, equipped with data-driven crystal balls and trend-spotting telescopes, helping companies navigate the treacherous waters of commerce with a steady hand and a sharp eye. So, as we raise our glasses to this multi-billion-dollar industry, let us remember that behind every number lies a story waiting to be unearthed and a decision waiting to be made.
Market Structure
- The top 10 market research companies account for 50% of the industry's revenue
- Nielsen Holdings is the largest market research company with a revenue of $6.5 billion in 2020
- The market research industry employs over 750,000 people worldwide
Interpretation
In a world where knowledge is power and data reigns supreme, the market research industry stands tall, with the top 10 companies holding the key to unlocking half of its revenue treasure trove. With Nielsen Holdings sitting on the throne as the industry giant, raking in a staggering $6.5 billion in 2020, it's clear that understanding consumer behavior is not just a luxury but a lucrative necessity. And with over 750,000 research warriors scattered across the globe, armed with surveys and focus groups, it's safe to say that the market research kingdom is vast, vibrant, and here to stay.
Regional Analysis
- North America held the largest market share of 44% in 2021
- The Asia-Pacific region is expected to grow at the highest CAGR of 6.2% from 2022 to 2030
- The market research industry in China is growing at a CAGR of 9.2%
- The market research industry in India is growing at a CAGR of 11.3%
- The market research industry in Brazil is growing at a CAGR of 7.8%
- The market research industry in Germany is valued at $6.7 billion
- The market research industry in the UK is valued at $5.2 billion
- The market research industry in Japan is valued at $3.8 billion
- The market research industry in France is valued at $3.5 billion
- The market research industry in Canada is valued at $1.9 billion
- The market research industry in Australia is valued at $1.2 billion
Interpretation
Move over Olympics, the global market research competition is heating up! With North America flexing its muscles as the reigning champion of market share at 44%, all eyes are turning to the Asia-Pacific region, predicted to sprint ahead at an impressive 6.2% growth rate from 2022 to 2030. Meanwhile, China, India, Brazil, and the rest of the contenders are not to be underestimated, showcasing strong CAGRs of their own. As the industry giants Germany, the UK, Japan, France, and others showcase their worth in billion-dollar figures, it's clear that the race for market research superiority is in full swing. Will North America defend its crown, or will a new powerhouse emerge to dominate the field? Stay tuned for the next thrilling chapter in the global market research extravaganza!
Research Methodologies
- Quantitative research methods accounted for 61% of the market share in 2021
- Online surveys are the most popular market research method, used by 64% of researchers
- Mobile surveys account for 40% of all survey responses
- 73% of market researchers use social media listening as a research method
- Mobile ethnography is used by 38% of market researchers
- Eye-tracking technology is used by 29% of market researchers
- 65% of market researchers use online communities for research
- Neuromarketing techniques are used by 16% of market researchers
- 82% of market researchers use online surveys as a research method
- Facial recognition technology is used by 14% of market researchers
- 70% of market researchers use mobile surveys as a research method
- Virtual focus groups are used by 45% of market researchers
- Biometric response measurement is used by 12% of market researchers
- 68% of market researchers use social media analytics
- Gamification techniques are used by 31% of market researchers
- Sentiment analysis is used by 58% of market researchers
- 62% of market researchers use mobile ethnography
- Voice analytics is used by 22% of market researchers
- Facial coding technology is used by 18% of market researchers
- Virtual reality simulations are used by 11% of market researchers
Interpretation
In a whirlwind of market research methods, it seems the industry is embracing technology like never before. Online surveys rule the roost, with mobile surveys hot on their heels, capturing attention and data on the go. Social media is not just for scrolling – it's a goldmine for insights, as proven by the majority of researchers tapping into the world of social listening. Mobile ethnography offers a window into consumer behavior, while eye-tracking and facial recognition technologies allow for a deeper understanding of reactions. With virtual focus groups and virtual reality simulations in the mix, it's clear that the market research landscape is evolving at a rapid pace, blending traditional methods with cutting-edge innovations to uncover the secrets of consumer minds.
Technology Trends
- The use of AI in market research is expected to grow by 25% annually through 2025
- Big data analytics in market research is projected to reach $15.7 billion by 2025
- 60% of market researchers use predictive analytics in their projects
- Virtual reality in market research is expected to grow at a CAGR of 41.3% from 2021 to 2028
- 78% of market researchers use data visualization tools
- Blockchain in market research is expected to reach $1.9 billion by 2026
- Artificial intelligence in market research is expected to reach $2.5 billion by 2025
- Internet of Things (IoT) in market research is expected to reach $10.6 billion by 2025
- Augmented reality in market research is expected to grow at a CAGR of 46.6% from 2021 to 2028
- 55% of market researchers use text analytics tools
- Cloud-based market research platforms are expected to grow at a CAGR of 15.3% from 2021 to 2028
- Machine learning in market research is expected to grow at a CAGR of 42.8% from 2021 to 2028
- 75% of market researchers use data integration tools
- Natural Language Processing (NLP) in market research is expected to reach $3.8 billion by 2025
- Predictive analytics in market research is expected to reach $10.95 billion by 2025
- 80% of market researchers use online dashboards for reporting
- Chatbots in market research are expected to grow at a CAGR of 24.3% from 2021 to 2028
- 72% of market researchers use automated reporting tools
Interpretation
Market research, once the realm of focus groups and surveys, is now a high-tech playground where AI, big data, predictive analytics, and even virtual reality jostle for attention. It seems like every self-respecting market researcher has hopped aboard the tech bandwagon, with percentages and dollar signs flying higher than a unicorn-powered rocket ship. From blockchain to cloud-based platforms, from chatbots to NLP, it's a veritable smorgasbord of futuristic tools to dissect consumer behavior. So, if you ever doubted that data is the new black, just remember: in the world of market research, the only constant is the voracious appetite for innovation.
