DUBLIN, July 29, 2021--(BUSINESS WIRE)--The "Public Opinion and Election Polling Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global public opinion and election polling market as it emerges from the COVID-19 shut down.
The global public opinion and election polling market is expected to grow from $6.78 billion in 2020 to $6.93 billion in 2021 at a compound annual growth rate (CAGR) of 2.2%. 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 $7.4 billion in 2025 at a CAGR of 1.7%.
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Innovations and the launch of new techniques through partnerships and collaborations are gaining popularity in the public opinion and election polling market. Major companies operating in the industry and government organizations are introducing new technologies to make the surveys and voting more reliable, accessible, genuine, including the variability, and eliminating the errors. For instance, in December 2019, Luminoso, a text analytics company, has launched QuickLearn 2.0 that reduces bias in AI-powered text analysis and uncovers more accurate and easy-to-understand insights from concepts in text-based data. In February 2020, the Election Commission of India and IIT-M collaborated to develop a new voting technology, to allow electors to vote from distant cities without going to the designated polling stations of their respective electoral districts.
The public opinion and election polling market covered in this report is segmented by mode into online surveys; paper surveys; telephonic surveys; one-to-one interviews. It is also segmented by survey type into product survey; website survey; focus group survey; conference feedback survey; others and by application into public opinion; election polling.
In October 2019, Slingshot Insights Inc., a US-based expert network and market research firm has acquired Truth On Call, Inc. for an undisclosed amount. This acquisition has added surveys as an important tool for the market research framework of Slingshot Insights Inc., which furthers expands its network. Truth On Call, Inc. is a US-based healthcare survey and market research firm.
The increasing requirement for public opinion is anticipated to drive the demand for public opinion and election polling market. Public opinions and polls act as a measuring tool to find out what people think about a particular product, person, activity, company, or any other areas that are relevant to medical research and innovation. These polls help countries and companies to decide on a new leader, release a product, make changes to the organizational structure of activities, or make other important strategic decisions. The requirement for public opinion for making decisions in government and business activities aids in the growth of the market.
Erroneous polling results are expected to hinder public opinion and the electoral polling market. This is due to various reasons such as error due to sampling, negative response rate, response bias where answers given by respondents do not reflect their true beliefs, coverage issues and questions being posed by the surveyors. Also, the opinion of the public may change with time and other influences that result in a different outcome. According to the press release of the Hindustan Times on the exit polls and the actual results of elections in India published in May 2019, the margins of the exit polls and the actual elections were different for the last four times the elections were conducted, between 1998 and 2014. This unpredictable situation makes it difficult for companies and countries to reach a specific endpoint, which impacts the public opinion and election polling market's growth.
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