The Market Research Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/market-research-services-global-market-report
According to The Business Research Company’s Market Research Services, The market research services market size has grown steadily in recent years. It will grow from $84.33 billion in 2023 to $87.68 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to rise in research and development (r&d) investments, political opinion polls, strong economic growth in emerging markets, increased internet penetration and growing awareness of market research in end use industries.
The market research services market size is expected to see steady growth in the next few years. It will grow to $102.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increasing focus on customer satisfaction, outsourcing back-end operations to low-cost economies, demand for opinion polls and increase in data driven businesses. Major trends in the forecast period include adopting advanced technologies such as eye-tracking technology, adopting agile market research, utilizing experimental research tools to generate accurate results, replacing traditional surveys with micro surveys, investing in virtual technologies, adopting artificial intelligence technologies to enable faster data collection, automating research processes to reduce labor costs, implementing blockchain technology to increase participation rates, consider adopting chatbots to increase efficiency, outsource in low-cost countries in asia to reduce the operational costs and consider adapting to longitudinal research and tracking.
Stable economic growth is expected to propel the growth of the market research services market going forward. Sustainable economic growth refers to economic development that attempts to satisfy the needs of humans in a manner that sustains natural resources and the environment. Market research services can help businesses identify market trends and consumer behavior, which can help them make informed decisions about their products and services. This can help businesses stay competitive and adapt to changing market conditions, which can contribute to stable economic growth. For instance, according to the U.S. Bureau of Economic Analysis (BEA), a US-based government agency, real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023 in the US. Thus, stable economic growth is driving the growth of the market research services market.
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The market research services market covered in this report is segmented –
1) By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
2) By End Use Industry: FMCG, Media, Healthcare & Life Science, Professional Services, Others
Major companies operating in the market research services are developing AI-driven real-time research platforms, such as Meta AI to enhance user experiences. Meta AI is a new assistant that can interact with users like a person, available on WhatsApp, Messenger, and Instagram. For instance, in September 2023, Meta Platforms Inc., a US-based technology company, launched Meta AI. It is powered by a custom model that leverages technology from Llama 2 and the latest large language model (LLM) research. During text-based conversations, Meta AI can access real-time information through its collaboration with Bing search and provides a feature for generating images.
The market research services market report table of contents includes:
1. Executive Summary
2. Market Research Services Market Characteristics
3. Market Research Services Product/Service Analysis -Product/Service Examples
4. Market Research Services Market Trends And Strategies
5. Market Research Services Market – Macro Economic Scenario
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26. Germany Market Research Services Market
27. France Market Research Services Market
28. Italy Market Research Services Market
29. Spain Market Research Services Market
30. Austria Market Research Services Market
Top Major Players:
- Nielsen Holdings Inc
- IQVIA Holdings Inc
- Gartner
- Kantar Group
- Ipsos Group S.A
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