Market Research Services Global Market Report 2023: Sector to Reach $95.49 Billion by 2027 at a 3.3% CAGR

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Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Market Research Services Global Market Report 2023" report has been added to's offering.

The global market research services market grew from $81.13 billion in 2022 to $83.93 billion in 2023 at a compound annual growth rate (CAGR) of 3.4%. The market research services market is expected to grow from $95.49 billion in 2027 at a CAGR of 3.3%.

Market research services market growth is aided by the stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.5% in 2020, a 0.3% increase compared to previous year. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's 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 developed markets in the forecast period. For instance, India's GDP reached 7.2%, whereas China's GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.

Many market research companies are suggesting their clients implement virtual reality technologies to understand customer decision-making processes. Virtual reality is a computer-generated simulation of a three-dimensional image, sound, and other sensations that replicate an environment and also simulate 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 enables companies to collect data efficiently from a large sample size with a minimum investment.

For instance, Nestle implemented a 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%.

North America was the largest region in the market research services market in 2022. Western Europe was the second largest region in the market research services market. 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.

The countries covered in the market research services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.

Markets Covered:

1) By Type: Marketing Research And Analysis Services; Public Opinion And Election Polling
2) By End Use Industry: IT Services; Manufacturing; Financial Services; Construction; Other End Use Industries
3) By Enterprise Size: Large Enterprise; Small and Medium Enterprise

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Market Research Services Market Characteristics

4. Market Research Services Market Product Analysis

5. Market Research Services Market Supply Chain

6. Market Research Services Market Customer Information

7. Market Research Services Market Trends And Strategies

8. Market Research Services Market - Macro Economic Scenario

9. Market Research Services Market Size And Growth

10. Market Research Services Market Regional Analysis

11. Market Research Services Market Segmentation

12. Market Research Services Market Metrics

13. Asia-Pacific Market Research Services Market

14. Western Europe Market Research Services Market

15. Eastern Europe Market Research Services Market

16. North America Market Research Services Market

17. South America Market Research Services Market

18. Middle East Market Research Services Market

19. Africa Market Research Services Market

20. Market Research Services Market Competitive Landscape

21. Key Mergers And Acquisitions In The Market Research Services Market

22. Market Background: Design, Research, Promotional And Consulting Services Market

23. Recommendations

24. Appendix

A selection of companies mentioned in this report includes

  • 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.

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