GITNUX MARKETDATA REPORT 2024

Research Industry Statistics

Research Industry Statistics provide insights into the size, growth, trends, and competitive landscape of the research industry.

Last Updated: June 23, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore key statistics and trends in the research industry, shedding light on the market’s growth, regional contributions, dominant research methodologies, expenditure trends, and emerging opportunities. From the substantial market sizes to the evolving role of technologies like AI and big data, these statistics offer valuable insights into the dynamic landscape of market research.

Statistic 1

"The compound annual growth rate of the market research industry was 6% over 2018-2022."

Statistic 2

"Over 60% of global research industry sales come from Europe and North America."

Statistic 3

"In the USA market research industry, quantitative research dominates by 79%."

Statistic 4

"The U.S. market for market research was worth approximately $19.6 billion in 2019."

Statistic 5

"The Asia-Pacific region is expected to offer significant growth opportunities for the market research industry within the forecast period."

Statistic 6

"The pharmaceutical industry accounts for the largest share of the global research market."

Statistic 7

"The online-based market research is expected to reach a CAGR of 13.54% during the forecast period 2020-2025."

Statistic 8

"83% of market researchers report using research to drive strategic decision-making."

Statistic 9

"62.6% of all market research is spent on measuring customer satisfaction and loyalty."

Statistic 10

"AI in market research is predicted to increase by 15.2% from 2021 to 2028."

Statistic 11

"Global spending on AI and big data in pharmaceutical research and development will reach $5.0 billion by 2024."

Statistic 12

"71% of companies are expected to use big data and analytics in their research by 2023."

Statistic 13

"The average tenure of a market research professional is 5 years."

Statistic 14

"In 2019, the United States was the largest market for professional research services, with a market size of $59.57 billion."

Statistic 15

"The top three research priorities for businesses in 2021 are data-driven business intelligence, predictive analytics, and big data analytics."

Statistic 16

"Approximately 45.2% of all global market research expenditures are used for ad tracking and brand equity research."

The market research industry is experiencing steady growth, driven by technological advancements and the rising importance of data-driven decision-making. Europe and North America continue to be key players in the global market research landscape, with quantitative research dominating in the USA market. The Asia-Pacific region presents significant growth opportunities, particularly in online-based research. The rise of AI and big data is poised to revolutionize the industry, with a strong focus on customer satisfaction and strategic decision-making. As companies increasingly adopt data analytics and technologies, the future of market research looks promising for professionals seeking long-term career opportunities.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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