GITNUX MARKETDATA REPORT 2024

Research Industry Statistics

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

Highlights: Research Industry Statistics

  • The compound annual growth rate of the market research industry was 6% over 2018-2022.
  • Over 60% of global research industry sales come from Europe and North America.
  • In the USA market research industry, quantitative research dominates by 79%.
  • The U.S. market for market research was worth approximately $19.6 billion in 2019.
  • The Asia-Pacific region is expected to offer significant growth opportunities for the market research industry within the forecast period.
  • The pharmaceutical industry accounts for the largest share of the global research market.
  • The online-based market research is expected to reach a CAGR of 13.54% during the forecast period 2020-2025.
  • 83% of market researchers report using research to drive strategic decision-making.
  • 62.6% of all market research is spent on measuring customer satisfaction and loyalty.
  • AI in market research is predicted to increase by 15.2% from 2021 to 2028.
  • Global spending on AI and big data in pharmaceutical research and development will reach $5.0 billion by 2024.
  • 71% of companies are expected to use big data and analytics in their research by 2023.
  • The average tenure of a market research professional is 5 years.
  • In 2019, the United States was the largest market for professional research services, with a market size of $59.57 billion.
  • The top three research priorities for businesses in 2021 are data-driven business intelligence, predictive analytics, and big data analytics.
  • Approximately 45.2% of all global market research expenditures are used for ad tracking and brand equity research.

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The Latest Research Industry Statistics Explained

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

The compound annual growth rate (CAGR) of 6% over the period of 2018-2022 for the market research industry indicates that the industry experienced an average annual growth rate of 6% over the four-year period. The CAGR metric takes into account the effect of compounding growth over multiple years, providing a more accurate representation of the industry’s overall growth trajectory. In this case, a CAGR of 6% suggests that the market research industry steadily increased in size and revenue each year at a consistent rate over the specified period, reflecting positive performance and potential opportunities for continued growth in the future.

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

The statistic “Over 60% of global research industry sales come from Europe and North America” indicates that the majority of revenue generated within the research industry worldwide is attributed to countries within Europe and North America. This suggests that these regions are key players in driving economic activity and innovation within the research sector. By accounting for over 60% of global sales, Europe and North America likely possess strong research infrastructures, well-established networks of researchers, and favorable market conditions that contribute to their leadership in research industry sales. Understanding the dominance of these regions in the research industry can provide insights into the global distribution of research funding, technological advancements, and collaborative opportunities within the field.

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

The statistic stating that quantitative research dominates the market research industry in the USA by 79% indicates that a vast majority of research conducted in this field relies heavily on numerical data and statistical analysis methods. Quantitative research involves collecting and analyzing measurable data to draw conclusions and make informed decisions. This high prevalence suggests that industry professionals place a strong emphasis on gathering quantitative data to understand consumer behavior, market trends, and other relevant insights. The dominance of quantitative research in the USA market research industry highlights the importance of data-driven decision-making and the reliance on statistical methods to inform strategic business choices.

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

The statistic “The U.S. market for market research was worth approximately $19.6 billion in 2019” indicates the total value of the market research industry within the United States during that specific year. This figure represents the combined revenue generated from various market research activities such as analyzing market trends, conducting surveys, and gathering customer insights. The size of the market suggests a significant demand for market research services and highlights the importance of data-driven decision-making for businesses operating in the U.S. economy. As a key component of the business landscape, the market research sector plays a crucial role in helping companies understand consumer behavior, competitive dynamics, and market opportunities to inform strategic planning and marketing efforts.

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

This statistic indicates that there is a strong likelihood of growth opportunities for the market research industry in the Asia-Pacific region in the upcoming forecast period. This suggests an anticipated increase in demand for market research services and insights in the region, driven by various factors such as economic development, changing consumer preferences, and increasing business activities. As companies seek to expand their operations in the Asia-Pacific region, the need for market research to understand local markets, consumer behavior, and competitive landscapes will also increase. Therefore, market research firms operating in this region are expected to benefit from this anticipated growth, presenting promising opportunities for business expansion and development in the market research industry in the Asia-Pacific region.

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

The statistic stating that the pharmaceutical industry accounts for the largest share of the global research market signifies that this particular sector invests a significant amount of resources in research and development activities compared to other industries worldwide. This investment is primarily directed towards creating new drugs, therapies, and medical innovations to address various health challenges and improve patient outcomes. The pharmaceutical industry’s dominance in the research market highlights its pivotal role in driving scientific advancements and technological innovations that can have profound impacts on public health and well-being on a global scale.

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

This statistic indicates that the internet-based market research industry is projected to experience a Compound Annual Growth Rate (CAGR) of 13.54% from 2020 to 2025. This means that the industry is expected to grow at an average annual rate of 13.54% over this five-year period. This growth rate suggests a significant expansion in the online-based market research sector, likely driven by increased digitalization, technological advancements, and the shift towards online data collection and analysis methods. Companies operating in this industry may need to adapt to these changes and invest in online market research tools and strategies to capitalize on the projected growth opportunities.

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

The statistic “83% of market researchers report using research to drive strategic decision-making” indicates that a large majority of professionals in the field of market research rely on data and insights from their research to inform and guide important strategic decisions within their organizations. This high percentage suggests that market researchers understand the value of empirical evidence and analysis in making informed choices regarding marketing strategies, product development, market segmentation, and other key business decisions. By utilizing research findings in this manner, companies can enhance their competitive edge and improve the effectiveness of their decision-making processes, ultimately leading to better outcomes and greater success in the marketplace.

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

The statistic ‘62.6% of all market research is spent on measuring customer satisfaction and loyalty’ indicates that a significant proportion of resources allocated to market research activities are dedicated to evaluating customers’ satisfaction levels and loyalty towards a particular product, service, or brand. This suggests a strong emphasis on understanding and improving customer experiences in order to drive business growth and success. By focusing the majority of market research efforts on these aspects, companies aim to build stronger relationships with customers, enhance retention rates, and ultimately maximize their competitiveness in the market by delivering products and services that align with customer preferences and expectations.

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

The statistic ‘AI in market research is predicted to increase by 15.2% from 2021 to 2028’ indicates the projected growth rate of artificial intelligence (AI) utilization within the field of market research over the specified time period. This means that the implementation and adoption of AI technologies in market research activities are expected to grow by 15.2% on average each year from 2021 to 2028. This growth rate suggests a significant uptrend in the integration of AI-driven tools and methodologies to enhance market research processes, including data collection, analysis, trend monitoring, and predictive modeling. The forecasted increase in AI adoption underscores the potential benefits and opportunities that AI can offer in optimizing market research outcomes, improving decision-making, and gaining competitive advantages in the rapidly evolving business landscape.

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

The statistic indicates that worldwide expenditures on artificial intelligence (AI) and big data specifically for pharmaceutical research and development (R&D) are projected to reach $5.0 billion by the year 2024. This suggests a significant increase in investments within the pharmaceutical industry to leverage advanced technologies like AI and big data for drug discovery, clinical trials, personalized medicine, and other R&D activities. The growing adoption of these technologies is expected to enhance efficiency, speed up the drug development process, improve decision-making, and ultimately lead to the development of more effective treatments for various diseases. This statistic reflects the industry’s recognition of the potential benefits that AI and big data can offer in revolutionizing pharmaceutical R&D practices and driving innovation in drug development.

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

The statistic states that by the year 2023, it is anticipated that 71% of companies will utilize big data and analytics in their research processes. This indicates a significant shift towards incorporating data-driven decision-making strategies among businesses. By leveraging big data and analytics, companies can gain valuable insights, identify trends, and make more informed choices, ultimately leading to improved efficiency, better customer service, and increased competitiveness. The growing adoption of big data and analytics highlights the importance of leveraging data as a strategic asset in decision-making processes to stay ahead in today’s data-driven business environment.

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

The statistic that the average tenure of a market research professional is 5 years indicates that, on average, individuals working in the field of market research stay in their positions for approximately 5 years before moving on to a new job or role. This information provides insight into the typical length of time that market research professionals remain in their careers, which can be useful for understanding trends in job stability and turnover within the industry. Factors influencing this average tenure may include career advancement opportunities, job satisfaction, market demand for research services, and individual career goals.

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

The statistic indicates that in 2019, the United States held the leading position as the largest market for professional research services, with a market size totaling $59.57 billion. This signifies the significant demand for professional research services within the country, encompassing a wide range of sectors and industries. The substantial market size suggests a high level of investment in research activities, reflecting the importance of acquiring insightful information for decision-making, innovation, and competitive advantage. The data underscores the United States’ role as a key player in the global research industry, highlighting the continued growth and relevance of professional research services within the country’s economy.

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

The statistic indicates that the top three research priorities for businesses in 2021 center around leveraging data analytics for strategic decision-making. Data-driven business intelligence refers to the process of using data to gain insights and drive business decisions effectively. Predictive analytics involves using historical data and statistical algorithms to forecast future trends and behaviors, helping businesses anticipate opportunities and challenges. Big data analytics focuses on uncovering patterns, correlations, and insights from large and complex datasets to drive performance improvements and competitive advantages. Overall, these priorities highlight the increasing importance of harnessing data to enhance organizational performance and competitiveness in the rapidly evolving business landscape of 2021.

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

The statistic stating that approximately 45.2% of all global market research expenditures are allocated towards ad tracking and brand equity research highlights the significant investment companies make in understanding consumer behavior and perceptions related to brands and advertising effectiveness. This indicates the importance businesses place on monitoring and enhancing their brand reputation and ensuring their advertising campaigns yield optimal results. By dedicating a notable portion of their market research budget to these areas, companies aim to stay competitive, maintain customer loyalty, and make informed strategic decisions to drive their marketing efforts and overall business success.

Conclusion

In conclusion, understanding research industry statistics is crucial for businesses and researchers alike in order to make informed decisions and stay ahead in today’s competitive landscape. By keeping up-to-date with the latest trends and data, organizations can leverage insights to drive innovation, strategy development, and ultimately, achieve success.

References

0. – https://www.www.forbes.com

1. – https://www.www.alliedmarketresearch.com

2. – https://www.www.grandviewresearch.com

3. – https://www.www.researchandmarkets.com

4. – https://www.www.statista.com

5. – https://www.www.greenbook.org

6. – https://www.www2.deloitte.com

7. – https://www.www.eulerhermes.com

8. – https://www.www.mordorintelligence.com

9. – https://www.www.ibisworld.com

10. – https://www.www.marketresearch.com

11. – https://www.www.workforce.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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