Market Research Services Market Characteristics
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 analysing markets according to client specifications. The market research services market does not include legal services, accounting, and other major general professional services. 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.
Competitive Landscape of the Market Research Services Market
Major players in the global Market Research Services market include Nielsen Holdings plc, WPP PLC, Ipsos SA, GfK GROUP, Westat Inc.
Market Research Services Market Size
The market research services market size is expected to reach around $230 Billion by 2022, significantly growing at a CAGR of around 4% during the forecast period. The growth in the Market Research Services market is due to increase emerging markets growth, globalization and political opinion polls.
However, the market for market research services is expected to face certain restraints from several factors such as privacy and security issues and skills shortage
Market Research Services Market Segmentation
The global market research services market is further segmented based on type and geography.
By Type - The market research services market is segmented into marketing research and analysis services, translation services, public opinion and election polling among these segments, the marketing research and analysis services market accounts for the largest share in the global Market Research Services market.
By Geography - The global market research services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe was the largest region in the global market research services market, accounting for 30% of the market in 2018
Trends in the Market Research Services Market
Market research companies are increasingly using advanced research technologies to generate consumer insights. For instance, eye tracking technology aids researchers in giving unbiased insights. This technology is used in studying consumer behaviour during shopping, wherein researchers can capture actual reaction and time spent gazing at a particular product or a group. Thus, eye tracking technology is helpful for gauging consumer reaction towards products, without any bias or errors.
Potential Opportunities in the Market Research Services Market
With increase in emerging markets growth, increasing focus on customer satisfaction and technological development, the scope and potential for the global Market Research Services market is expected to significantly rise in the forecast period.