The Latest Market Research Industry Statistics Explained
The global market research industry was valued at 73.4 billion U.S. dollars in 2019.
The statistic indicates that the global market research industry had a monetary value of 73.4 billion U.S. dollars in the year 2019. This figure encompasses the total economic worth of the market research sector worldwide, highlighting the significant size and importance of this industry. Market research involves the collection and analysis of data to inform companies’ decision-making processes, product development, marketing strategies, and overall business operations. The substantial monetary value of 73.4 billion U.S. dollars underscores the scale of investment in market research activities by businesses around the world, reflecting the industry’s crucial role in guiding organizations towards informed and strategic decision-making.
The market research industry is expected to grow at a compound annual growth rate (CAGR) of 3.6% from 2021 to 2028.
This statistic indicates that the market research industry is projected to expand steadily over the seven-year period from 2021 to 2028, with a compound annual growth rate (CAGR) of 3.6%. The CAGR is a measure used to determine the annual growth rate of an investment or industry over a certain period of time, assuming that growth is steady and compounding. In this case, a CAGR of 3.6% suggests that the market research industry is anticipated to experience consistent growth over the forecasted period, reflecting a positive outlook for the industry’s development and potential opportunities for businesses operating within it.
The online market research segment held the largest revenue share of 49.7% in 2020.
The statistic states that the online market research segment accounted for the highest portion of total revenue, representing 49.7% of the market in 2020. This indicates that online market research services generated the most revenue compared to other segments within the industry during that year. These findings suggest a growing reliance on online methods for conducting market research, potentially due to the increasing digitization of business operations and the availability of digital tools and platforms for data collection and analysis. This trend highlights the importance of adapting to modern technological advancements in the market research industry to remain competitive and meet the evolving needs of clients and consumers.
In 2020, North America dominated the market research industry with a share of 40.4%.
The statistic states that in the year 2020, North America held a significant market share of 40.4% in the market research industry, indicating that it was the leading region in terms of market presence and influence. This dominance signifies that a large portion of market research activities, services, and revenues were generated in North America compared to other regions around the world. This could be attributed to factors such as the strong economy, technological advancements, skilled workforce, and the presence of leading market research firms in North America. The statistic highlights the region’s importance in shaping trends, guiding business decisions, and driving innovation within the global market research sector.
The service segment of the market research industry is expected to exhibit the highest CAGR over the forecast period.
This statistic indicates that within the market research industry, the service segment is projected to experience the highest Compound Annual Growth Rate (CAGR) over the forecast period compared to other segments within the industry. This suggests that there is a growing demand for services related to market research, such as data analysis, consulting, and custom research solutions. The high CAGR in the service segment indicates potential opportunities for growth and profitability, making it an attractive area for businesses operating in the market research industry to focus their resources and strategies on.
70% of companies have reported slight or significant increases in their market research budgets.
The statistic suggests that a majority of companies, specifically 70%, have experienced growth in their market research budgets to varying degrees, ranging from slight to significant increases. This indicates a positive trend in prioritizing market research activities among businesses, likely driven by a recognition of the importance of understanding consumer preferences, market trends, and competitive landscapes to make informed strategic decisions. The findings imply that companies are willing to invest more resources in gathering and analyzing market data, potentially indicating a growing emphasis on evidence-based decision-making and a commitment to staying competitive in an evolving business landscape.
Syndicated research accounted for the highest revenue share of 60.5% in 2020.
The statistic “Syndicated research accounted for the highest revenue share of 60.5% in 2020” indicates that within the research industry, syndicated research services generated the largest proportion of total revenue in the year 2020. Syndicated research involves collecting and analyzing data that is sold to multiple clients, typically covering broad industry trends or market segments. The fact that syndicated research accounted for 60.5% of the total revenue suggests that this particular type of research service was in high demand among clients and played a significant role in driving the financial performance of the research industry in 2020.
The market research industry in Asia Pacific is projected to witness the fastest CAGR of 6.1% from 2021 to 2028.
This statistic indicates that the market research industry in the Asia Pacific region is expected to experience significant growth with a Compound Annual Growth Rate (CAGR) of 6.1% between the years 2021 and 2028. This projection suggests a positive trend in the industry’s expansion over the specified time frame, reflecting increasing demand for market research services among businesses and organizations in the region. The fast-paced growth rate of 6.1% signals opportunities for market research companies and professionals to capitalize on the rising need for consumer insights, market analysis, and strategic decision-making support in the Asia Pacific market. This growth projection underscores the region’s potential as a lucrative market for market research services in the coming years.
74% of marketers are leveraging social media for market research.
The statistic ‘74% of marketers are leveraging social media for market research’ indicates that a significant majority of marketers are using social media platforms as a tool to gather insights and information for their market research activities. This high percentage suggests that social media has become a popular and valuable resource for marketers to understand consumer behavior, preferences, and trends in their respective industries. By leveraging social media for market research, marketers can access real-time data, engage with their target audience directly, monitor competitors, and identify opportunities for improving their marketing strategies. This statistic highlights the growing importance of social media as a key tool in the marketing research toolkit for businesses looking to stay competitive and informed in today’s digital landscape.
The retail sector accounted for a share of 8.5% in 2020 in market research spending.
This statistic indicates that out of the total market research spending in 2020, the retail sector contributed 8.5% towards that expenditure. This suggests that market research investments were allocated across various industries and sectors, with retail playing a significant role in shaping market research activities. This information reflects the importance of understanding consumer behavior, market trends, and competition within the retail sector, demonstrating a strategic focus on gathering insights to drive decision-making and optimize business performance within the retail industry.
The size of the Chinese market research industry was 2.3 billion U.S. dollars in 2019.
The statistic indicates that the Chinese market research industry generated a total revenue of 2.3 billion U.S. dollars in the year 2019. This figure represents the total value of services, products, and activities within the market research sector in China during that specific time period. The size of the market research industry is a crucial indicator of the level of demand for market intelligence, consumer insights, and strategic information by businesses operating in China. This statistic highlights the significant presence and importance of market research in helping organizations make informed decisions, understand consumer behavior, and develop effective strategies in the dynamic Chinese marketplace.
Approximately 58% of businesses worldwide conduct market research annually.
This statistic indicates that a majority of businesses globally, specifically around 58%, engage in market research on an annual basis. Market research is a crucial business practice that involves gathering, analyzing, and interpreting information about a market, its consumers, and its competitors to make informed business decisions. By conducting market research regularly, businesses can better understand market trends, consumer preferences, and competitive landscapes, which ultimately helps them identify opportunities for growth, optimize their products or services, and stay ahead in the market. The fact that a substantial proportion of businesses worldwide invest in market research annually underscores its importance as a strategic tool for driving business success and innovation.
72% of UK businesses use market research reports to guide their business strategy.
The statistic ‘72% of UK businesses use market research reports to guide their business strategy’ indicates that a significant majority of businesses in the UK rely on market research reports as a key tool in shaping their business strategies. Market research reports provide valuable insights into consumer preferences, market trends, competitive analysis, and other important data that can help businesses make informed decisions. By utilizing this information, businesses are able to better understand their target audience, identify potential growth opportunities, and mitigate risks, ultimately enhancing their overall strategic planning and decision-making processes.
90% of professionals rely on market research to get insights about the competitive scenario.
The statistic that 90% of professionals rely on market research to gain insights about the competitive scenario indicates a strong dependence on data-driven decision-making in the business world. Market research plays a crucial role in helping professionals understand market trends, customer preferences, competitor strategies, and industry dynamics. By conducting thorough market research, professionals can make informed decisions on product development, marketing strategies, pricing, and overall business planning. This high reliance on market research underscores the importance of staying informed and competitive in today’s fast-paced and dynamic business environment.
The top three players account for 26% of the global market research revenues.
This statistic indicates that the combined market share of the top three players in the global market research industry accounts for 26% of the total revenues generated within the sector. This suggests that a significant portion of market research activity is dominated by these three companies, highlighting their strong presence and influence in the industry. The concentration of market share among the top players could indicate a high level of competition between these firms, as well as potential barriers to entry for smaller companies trying to establish a foothold in the market research space. It also underscores the importance of these three companies in shaping and driving trends within the market research industry.
54% of businesses do not view market research as an expense but as a necessary investment.
The statistic highlights that a majority, specifically 54%, of businesses perceive market research not as a mere expense but rather as a vital and strategic investment for their operations. This suggests an evolving mindset among organizations recognizing the significance of understanding market trends, customer needs, and competitive landscapes as critical for making informed business decisions and gaining a competitive edge. By investing in market research, these businesses demonstrate a proactive approach towards minimizing risks, identifying opportunities for growth, and ultimately enhancing their overall performance and success in the marketplace.
The usage of artificial intelligence (AI) in market research platform services is expected to boost the market by a CAGR of 20% from 2021 to 2026.
The statistic indicates that the adoption of artificial intelligence in market research platform services is projected to drive significant growth, with a compound annual growth rate (CAGR) of 20% expected between 2021 and 2026. This means that the market research industry is increasingly recognizing the benefits of AI tools in enhancing data collection, analysis, and insights generation processes. AI technologies such as machine learning and natural language processing are likely to play a key role in transforming the way market research is conducted, leading to more efficient and accurate decision-making for businesses. As a result, companies offering AI-powered market research platforms are poised to experience substantial market expansion over the forecast period.
75% of businesses consider market research critical for keeping up with consumer trends.
The statistic that 75% of businesses consider market research critical for keeping up with consumer trends indicates a widespread recognition among companies of the importance of understanding and adapting to market changes. Market research plays a crucial role in enabling businesses to stay competitive by providing insights into consumer behaviors, preferences, and market dynamics. By leveraging market research effectively, businesses can make informed decisions regarding product development, marketing strategies, and overall business operations to better align with current consumer trends and enhance their market position. This statistic highlights the value that businesses place on staying informed and staying ahead in a constantly evolving marketplace.
67% of respondents viewed mobile surveys as the most successful data collection method.
In a survey conducted among respondents, it was found that 67% of them considered mobile surveys to be the most successful method for collecting data. This statistic suggests that a significant majority of the participants preferred using mobile devices to engage in survey activities. This preference could be attributed to the convenience and accessibility of mobile surveys, as they allow respondents to provide feedback on-the-go, anytime and anywhere. The high percentage indicates a strong preference for mobile surveys as a data collection method, highlighting their effectiveness in reaching and engaging respondents in today’s increasingly mobile-centric world.
Conclusion
Through analyzing the latest market research industry statistics, it is evident that the industry is continuously growing and evolving. With technological advancements and shifting consumer behaviors, market research professionals play a crucial role in helping businesses make informed decisions. By staying updated with industry trends and utilizing data-driven insights, companies can better understand their target market and stay ahead of the competition.
References
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8. – https://www.www.prnewswire.com
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