While navigating the complexities of data privacy, AI talent shortages, and the relentless demand for speed, the global market research industry has quietly swelled to an $82.6 billion behemoth, revealing through its numbers exactly where businesses are betting their insights budgets.
Key Takeaways
- The global market research industry was valued at $82.6 billion in 2023, reflecting a steady recovery post-pandemic
- In the US, the market research sector generated $25.4 billion in revenue in 2022, driven by consumer goods sectors
- Europe's market research market reached €28.5 billion in 2023, with Germany leading at €5.2 billion
- Global market research industry expected to grow at 5.4% CAGR from 2023-2030, reaching $131 billion by 2030
- US market research growth rate was 4.2% in 2023, projected to 5.1% annually through 2028
- Europe's market research expected to expand at 4.8% CAGR to €38 billion by 2028
- The industry employed 1.2 million professionals worldwide in 2023
- US market research workforce numbered 145,000 in 2023, with 60% women
- Average salary for market research analysts in US was $68,230 in 2023
- 67% of MR firms adopted AI tools by end of 2023
- Big data analytics used by 78% of top MR firms in 2023 survey
- Machine learning integration in 45% of predictive modeling projects 2023
- North America holds 35% of global MR market share in 2023
- Europe accounts for 30% of worldwide MR spending at $27B in 2023
- Asia-Pacific represents 25% share growing fastest at 7% YoY 2023
The marketing research industry is diversely sized, growing steadily, and grappling with modern data challenges.
Challenges and Future Outlook
- 62% of MR firms cite data privacy as top challenge in 2023
- Talent shortage in AI skills affects 71% of agencies per 2023 survey
- Budget constraints slowed 28% of projects in 2023
- 55% report rising costs for fieldwork due to inflation 2023
- Regulatory compliance (GDPR/CCPA) burdens 48% firms 2023
- Client demand for faster insights pressures 67% researchers 2023
- Data quality issues plague 59% of quantitative studies 2023
- 43% struggle with integrating multi-source data 2023
- Sustainability demands challenge 36% non-eco methods 2023
- 52% face ROI measurement difficulties for MR investments 2023
Challenges and Future Outlook Interpretation
The marketing research industry is currently navigating a perfect storm where protecting data, fighting for talent, and racing against the clock for clients all while budgets tighten, costs rise, and regulations loom, making even the cleanest insights feel like a miracle.
Growth Trends
- Global market research industry expected to grow at 5.4% CAGR from 2023-2030, reaching $131 billion by 2030
- US market research growth rate was 4.2% in 2023, projected to 5.1% annually through 2028
- Europe's market research expected to expand at 4.8% CAGR to €38 billion by 2028
- Asia-Pacific region to witness 7.2% CAGR in market research from 2024-2030
- Digital analytics subsector growth at 8.5% CAGR globally through 2027
- AI-driven market research projected to grow 12.3% CAGR to $15 billion by 2028
- Social media listening tools market to increase at 14.1% CAGR from 2023-2030
- Ethnographic research segment expected 6.2% growth annually to 2028
- Healthcare market research to grow at 7.8% CAGR globally through 2030
- B2B market research growth forecasted at 5.7% CAGR to $45 billion by 2028
- Neuromarketing research expected 11.5% CAGR from 2024-2030
- Sustainability research in marketing to surge 9.4% annually through 2027
- Voice of customer (VoC) programs growth at 10.2% CAGR globally
- Predictive analytics in MR projected 13.7% growth to 2028
- Mobile market research to expand at 8.9% CAGR through 2030
- Big data analytics for MR growth 15.6% annually
- DIY market research platforms expected 6.8% CAGR to $10B by 2028
- Video research methods growth at 9.1% through 2027
- CX research segment to grow 7.3% CAGR globally
Growth Trends Interpretation
It appears our collective anxiety about the future has created a booming, multi-billion dollar industry dedicated to predicting it, with the fastest growth coming from the tools—like AI and big data—that remind us we can now quantify everything except our own peace of mind.
Market Size
- The global market research industry was valued at $82.6 billion in 2023, reflecting a steady recovery post-pandemic
- In the US, the market research sector generated $25.4 billion in revenue in 2022, driven by consumer goods sectors
- Europe's market research market reached €28.5 billion in 2023, with Germany leading at €5.2 billion
- Asia-Pacific market research industry size stood at $22.1 billion in 2023, fueled by digital transformation in China and India
- The B2B market research segment accounted for 42% of the total industry revenue in 2023 globally
- Consumer insights division within market research generated $35.7 billion worldwide in 2023
- Advertising research services contributed $12.8 billion to the global market in 2023
- Product testing and development research market size was $18.4 billion in 2023
- Healthcare market research sector valued at $9.6 billion globally in 2023
- Automotive market research industry reached $4.2 billion in 2023
- Financial services market research generated $7.1 billion in 2023 worldwide
- Technology and IT market research market size was $11.3 billion in 2023
- Retail market research sector accounted for $14.5 billion globally in 2023
- Media and entertainment research market valued at $8.9 billion in 2023
- Energy and utilities market research size was $3.7 billion in 2023
- Travel and hospitality market research generated $5.2 billion worldwide in 2023
- Education market research industry reached $2.8 billion in 2023
- Telecom market research sector valued at $6.4 billion in 2023
- Food and beverage market research market size was $10.1 billion globally in 2023
- Real estate market research generated $4.9 billion in 2023
- Logistics and supply chain research market was $3.2 billion in 2023
- Nonprofit and social research sector size reached $2.1 billion worldwide in 2023
- Gaming market research industry valued at $4.5 billion in 2023
- Fashion and apparel research market was $7.3 billion globally in 2023
- Aerospace and defense market research generated $2.6 billion in 2023
- Chemicals market research sector size was $3.8 billion in 2023
- Construction market research industry reached $5.1 billion worldwide in 2023
- Insurance market research market valued at $6.7 billion in 2023
- Pharmaceuticals market research generated $8.4 billion globally in 2023
Market Size Interpretation
It seems we’re willing to pay billions globally to ask what people want, but still can’t decide whether to put the chocolate or the vanilla on the left side of the supermarket shelf.
Regional Distribution
- North America holds 35% of global MR market share in 2023
- Europe accounts for 30% of worldwide MR spending at $27B in 2023
- Asia-Pacific represents 25% share growing fastest at 7% YoY 2023
- Latin America MR market share 4.5% valued at $3.8B in 2023
- Middle East & Africa combined 5.5% of global MR revenue 2023
- China MR industry $12.4B in 2023, 55% digital methods
- India market research grew to $2.9B with 12% CAGR 2023
- Brazil leads LatAm with $1.2B MR spend in 2023
- UK MR market $6.1B, 4% growth in 2023
- Germany $5.2B dominating Europe MR landscape 2023
- Japan MR sector $4.8B with high tech adoption 2023
- Australia & NZ combined $1.1B MR revenue 2023
- Mexico $0.9B growing at 6.5% in LatAm 2023
- South Africa $0.7B leading Africa MR market 2023
- France $4.1B with focus on luxury goods research 2023
- Canada $2.3B closely tied to US trends 2023
- South Korea $1.9B high digital penetration 2023
- Russia $1.4B despite economic challenges 2023
- UAE $0.8B booming in MENA region 2023
- Indonesia $1.2B emerging SEA hub 2023
Regional Distribution Interpretation
Though North America and Europe still command the lion's share of market research revenue, the industry's pulse is increasingly set by the rapid digital adoption and blistering growth across Asia-Pacific, proving that the future of understanding consumers is being written far from traditional hubs.
Technological Adoption
- 67% of MR firms adopted AI tools by end of 2023
- Big data analytics used by 78% of top MR firms in 2023 survey
- Machine learning integration in 45% of predictive modeling projects 2023
- 89% researchers use cloud-based platforms daily in 2023
- VR/AR for consumer testing adopted by 22% firms in 2023
- Blockchain for data security implemented by 12% MR companies 2023
- Automation reduced survey processing time by 60% for 55% users in 2023
- Generative AI usage for report writing at 34% in mid-2023
- IoT data integration in MR at 28% adoption rate 2023
- Natural language processing (NLP) tools used by 71% for sentiment analysis 2023
- Mobile ethnography apps downloaded by 1.2M researchers in 2023
- 5G-enabled field research boosted speeds by 40% for 19% firms 2023
- API integrations for real-time data in 62% platforms 2023
- Computer vision for ad testing adopted by 15% agencies 2023
- Zero-party data collection tools used by 48% brands via MR 2023
- Robotic process automation (RPA) in data cleaning at 37% 2023
- Edge computing for MR field data at 8% early adoption 2023
- Biometric tools like eye-tracking in 26% usability studies 2023
- Low-code platforms for surveys adopted by 51% small firms 2023
- Quantum computing pilots in MR optimization by 2% top firms 2023
Technological Adoption Interpretation
The industry is now a cyborg, with AI whispering in the ear of nearly every researcher, while we collectively stumble toward a shiny, automated future, still awkwardly figuring out if blockchain is the lock for our data and if anyone truly wants to wear a VR headset to buy toothpaste.
Workforce Statistics
- The industry employed 1.2 million professionals worldwide in 2023
- US market research workforce numbered 145,000 in 2023, with 60% women
- Average salary for market research analysts in US was $68,230 in 2023
- 72% of market researchers hold bachelor's degrees, 22% master's in 2023 survey
- Top 10% of MR analysts earn over $120,000 annually in US 2023
- Global MR industry turnover rate stands at 15.2% in 2023
- 45% of workforce skilled in data analytics per 2023 ESOMAR report
- Female representation in MR leadership roles at 38% globally in 2023
- Entry-level MR positions grew 12% YoY in 2023
- 28% of researchers freelance in 2023 global survey
- Average age of MR professionals is 42 years in US 2023
- 65% of workforce uses AI tools daily in 2023 poll
- Diversity index in MR firms improved to 0.67 in 2023 from 0.62
- Remote work adoption at 55% full-time in MR industry 2023
- Training investment per employee averaged $2,500 in 2023
- 19,000 new jobs added in Asia MR workforce in 2023
- UK MR employment at 18,500 with 3% growth in 2023
- Certifications held by 41% of professionals in 2023
- Gen Z entry into MR field at 8% of workforce in 2023
- 52 AI/ML specialists shortage reported by 67% firms in 2023
Workforce Statistics Interpretation
Despite boasting a predominantly female and highly educated workforce that is rapidly adopting AI and remote work, the market research industry is still grappling with a leadership gender gap, a significant skills shortage, and the restless turnover of a field trying to decode the future while training for it on a shoestring budget.
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