Global Market Research Services Market Trends And Strategies Of Major Players In The Market Research Services Market 2021-2030
6 Jul, 2021
The market research services market consists of the sales of market research services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage activities for studying and analyzing markets according to client’s specifications. Market research establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client.
Global Market Research Services Market Size And Drivers:
The global market research services market is expected to grow from $71.86 billion in 2020 to $75.66 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. 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 $90.79 billion in 2025 at a CAGR of 5%. The market research services market growth is aided by stable economic growth forecasted in many developed and developing countries.
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Trends In The Global Market Research Services Market
Many market research companies are suggesting their clients to implement virtual reality technologies to understand customer decision making process. Virtual reality is a computer-generated simulation of a three-dimensional image, sound and other sensations that replicate an environment and also simulates an individual’s presence in the environment. This technology enables companies to generate critical consumer insights without having to invest in trial and error processes in physical stores and collect opinions from target respondents. Virtual reality technology enable companies collect data efficiently from a large sample size with minimum investment. For instance, Nestle implemented Decision Insights virtual store to determine prices and placements of 15 new stock keeping units of ice cream cups. After implementing research recommendations ice cream sales increased by 53%.
Global Market Research Services Market Segments:
The global market research services market is further segmented based on type, end use industry and geography.
By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others
By Geography: The global market research services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global market research services market, accounting for 33% of the market in 2020.
Read More On The Report For The Global Market Research Services Market At:https://www.thebusinessresearchcompany.com/report/market-research-services-global-market-report
Market Research Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides market research services market overviews, analyzes and forecasts market size and growth for the global market research services market, market research services market share, market research services market players, market research services market segments and geographies, market research services market’s leading competitors’ revenues, profiles and market shares. The market research services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.