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Marketing Research And Analysis Services Global Market Report 2023
Major players in the marketing research and analysis services market are Nielsen, Kantar, Ipsos, GfK, Westat Inc., Gartner, Intage Inc, Information Resources, Inc. (IRI), Mintel and Market Xcel Data Matrix Private Limited.
New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marketing Research And Analysis Services Global Market Report 2023" - https://www.reportlinker.com/p04442227/?utm_source=GNW
The global marketing research and analysis services market will grow from $73.19 billion in 2022 to $75.78 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The marketing research and analysis services market is expected to grow to $86.49 billion in 2027 at a CAGR of 3.4%.
The marketing research and analysis services market consists of revenue earned by entities that are engaged in systematical gathering, recording, tabulating, and presenting marketing data.Marketing research and analysis services include marketing & management analytics and consumer insights The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Marketing research is a process of systematically collecting, recording, and analyzing qualitative and quantitative data on marketing products and service issues. Marketing analysis is the process of analyzing data from a company’s marketing efforts to determine how effective they are.
North America was the largest region in the marketing research and analysis services market in 2022.Western Europe was the second largest region in marketing research and analysis services market.
The regions covered in the marketing research and analysis services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of marketing research and analysis are quantitative, qualitative, primary, and secondary.Quantitative research is described as the systematic examination of phenomena through the collection of measurable data and the application of statistical, mathematical, or computer methodologies.
The different sectors include IT services, manufacturing, financial services, construction, healthcare, and others and involve various sizes of enterprises such as large enterprises and small and medium-sized enterprises.
The companies operating in the various industries are concentrating on increasing profits and expanding their consumer base by focusing on customer satisfaction.This is likely to act as a major driver for the development of the marketing research and analysis services industry over the forthcoming years.
Customer satisfaction leads to increased revenues and profitability, along with improved levels of customer retention.Marketing research and analysis help companies achieve these goals.
For instance, marketing research helps companies to understand their target customers, access key competitors, track customer satisfaction across multiple channels, identify areas of improvement for their business, and redefine business strategies to improve the performance of the business.
The economic slowdown across countries attributed to the COVID-19 outbreak is expected to limit the growth of the market during 2020.The global economy has taken a huge hit from the devastating implications of COVID-19, as countries are imposing strict restrictions on the movement of people.
The market research industry is among other industries impacted by the coronavirus recession.According to the World Bank’s news published in June 2020, COVID19 will plunge the global economy into the worst recession since World War II.
The global economy is expected to shrink by 5.2% by the end of 2020. Economic activity in advanced and developing economies is expected to shrink by 7% and 2.5% in 2020, respectively. The US economy is predicted to contract 6.1% in 2020 on account of disruptions related to pandemic control measures. Moreover, the Euro area’s output is forecast to shrink by 9.1% in 2020.
Artificial intelligence is a leading trend in the market research and analysis services industry.Increasing usage of the internet is forcing companies to make their products available online.
Consumers rely on reviews, consumer surveys, and questionnaires before making a purchase.AI will ease the task of field engagement to perform these applications.
For instance, Google Home, Amazon’s Echo, and other chatbots are creating a wave of artificial intelligence (AI) in market analysis.Artificial intelligence is significantly contributing to the growth of market analysis by eliminating the traditional research methods, including surveys and qualitative research.
Moreover, data scientists are expected to play a crucial role in enterprises in gathering valuable insights on consumer behaviour patterns through AI tools and social media platforms. Thus, artificial intelligence is anticipated to gain popularity in the marketing research and analysis services market.
In June 2021, Cint, a Sweden-based company providing digital insights gathering platform, acquired GapFish, a market research company, for an undisclosed sum.Through the acquisition of GapFish, Cint customers would have access to more than 500,000 highly profiled, double-opt-in, quality research respondents across Germany, Austria, and Switzerland.
GapFishwould also brings best-in-class supply quality, feasibility, and technology to Cint.Through the acquisition of GapFish, Cint customers would have access to more than 500,000 highly profiled, double-opt-in, quality research respondents across Germany, Austria, and Switzerland.
GapFish brings best-in-class supply quality, feasibility, and technology.
The countries covered in the marketing research and analysis services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The marketing research and analysis services market research report is one of a series of new reports that provides marketing research and analysis services market statistics, including marketing research and analysis services industry global market size, regional shares, competitors with a marketing research and analysis services market share, detailed marketing research and analysis services market segments, market trends and opportunities, and any further data you may need to thrive in the marketing research and analysis services industry. This market research and analysis services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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