How Global Market Research Services Market Players Should Strategize For 2022-2031
3 Feb, 2022
The global market research services market is expected to grow from $76.42 billion in 2021 to $82.62 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The growth in the market research services market 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 research services market is expected to reach $108.61 billion in 2026 at a CAGR of 7.1%.
What is the Global Market Research Services Market?
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.
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What drives the Global Market Research Services Market?
The market research services market growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF) the global GDP growth reached 3.2% in 2019 and 3.5% in 2020. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India's GDP reached 7.2%, whereas China GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.
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Global Market Research Services Market Segments
The global market research services market is segmented:
By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Others
By Enterprise Size: Large Enterprise, Small and Medium Enterprise
By Geography: The regions covered in the market research services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global market research services market.
Market Research Services Global Market Report 2022provides market size and growth forecasts for the global market research services market, global market research services market share, market research services market segments and geographies, market research services market competitive landscape including 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.
Global Market Research Services Industry Playersinclude Nielsen Holdings PLC, WPP plc, Gartner Inc, Wood Mackenzie, Ipsos Group S.A., Moodys Corporation, S&P Global Inc, GFK SE, Thomson Reuters and Westat Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.