Segments covered: By Type – Quantitative, Qualitative, Primary, Secondary; By End Use Industry – IT Services, Manufacturing, Financial Services, Construction, Healthcare, Others
LONDON, July 27, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the marketing research and analysis services market, growth in the historic period for market research agency industries resulted from a rise in research and development (R&D) investments, strong economic growth in emerging markets, and growing awareness of market research in end use industries. Factors that negatively affected growth in the historic period were privacy and security issues, skilled workers shortage, and companies increasingly preferring third party surveying companies over market research.
Market Size And Growth
The global marketing research and analysis services market is expected to grow from $65.08 billion in 2020 to $68.73 billion in 2021 at a compound annual growth rate (CAGR) of 5.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $83.39 billion in 2025 at a CAGR of 5%.
North America was the largest region in the marketing research and analysis services market, accounting for 33.3% of the global market in 2020. It was followed by Western Europe, Asia Pacific and the other regions. Going forward, the fastest growing regions in the marketing research and analysis services market will be South America and the Middle East, where growth will be at CAGRs of 12.3% and 7.7% respectively from 2020-2025.
The Business Research Company’s report titled Marketing Research And Analysis Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030 covers major marketing research and analysis services companies, marketing research and analysis services market share by company, marketing research and analysis services manufacturers, marketing research and analysis services market size, and marketing research and analysis services market forecasts. The report also covers the global marketing research and analysis services market and its segments.
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Top Market Opportunities By Segment
The top growth potential in the marketing research and analysis services market segmented by type will arise in the quantitative research market, which will gain $14,048.0 million of global annual sales by 2025. The top growth potential for marketing agency market research segmented by research source will arise in the primary research market, which will gain $16,213.7 million of global annual sales by 2025, by end use industry will arise in the media and broadcasting market, which will gain $5,374.3 million of global annual sales by 2025.The marketing research and analysis services market will gain the most in the USA at $3,084.1 million.
Market Trends And Strategies
Market-trend-based strategies for the marketing research and analysis services market include adoption of advanced technologies, agile market research for faster insights, increased use of experimental research tools, virtual reality technology for conducting market research, AI powered market research for reduced costs and faster delivery, automation in marketing research and analysis services, blockchain, chatbots, employing skilled researchers from developing countries and longitudinal market research and tracking.
Such advanced technologies are seen, for example, in eye-tracking technology to generate consumer insights. Marketing research and analysis services companies are increasingly focusing on scrutinizing the emotional connection of customers with products. Market researchers are collecting and analyzing unconscious reactions of the customers’ brain through neuromarketing tools, such as emotion measurement, eye tracking, and other implicit priming tests.
Eye-tracking technology is helpful for gauging consumer reaction towards products, without any bias or errors. This technology is used in studying consumer behavior during shopping, where researchers can capture actual reaction and time spent gazing at a particular product or a group, which allows researchers to provide unbiased insights. An example of a successful implementation of eye-tracking technology includes Tobii Pro Glasses that help understand consumer behavior during shopping and give an understanding of consumer actions.
Marketing Research And Analysis Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Market Research Services Market – By Type (Marketing Research and Analysis services, Public Opinion And Election Polling), By End Use Industry (FMCG, Media, Professional Services, Healthcare, Others), And By Region, Opportunities And Strategies – Global Forecast To 2023
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