Market Research Market Size

Market research is an essential aspect of any business strategy as it provides valuable insights into market trends, consumer behavior, and competitive analysis. The market research market has experienced significant growth over the years and is expected to continue expanding in the future.

The global market research market size was valued at $52.1 billion in 2019 and is projected to reach $82.2 billion by 2027, growing at a CAGR of 6.0% from 2020 to 2027.

The market research industry is driven by the increasing importance of data-driven decision making in business, rising competition, and the need to understand customer preferences. The growing adoption of advanced analytics and market research techniques such as machine learning, artificial intelligence, and big data analytics is also contributing to market growth.

In terms of region, North America dominates the market research market due to the presence of a large number of market research firms, technological advancements, and the high demand for market research services. The Asia Pacific region is expected to witness significant growth owing to the increasing adoption of market research by small and medium-sized enterprises and the rapid expansion of industries such as healthcare, retail, and e-commerce.

The market research market is segmented based on the type of research, which includes quantitative research, qualitative research, and mixed research. Quantitative research holds the largest market share due to its ability to provide numerical data and statistical analysis. However, qualitative research is gaining popularity as it helps in understanding consumers' opinions, attitudes, and motivations.

On the basis of end-use industry, the market research market is divided into consumer goods and retail, healthcare, media and entertainment, BFSI, and others. The consumer goods and retail segment dominates the market due to the increasing need for understanding consumer buying behavior, launching new products, and staying competitive in the market.

Some of the key players in the market research market include Nielsen Holdings PLC, IQVIA, Ipsos S.A., GfK SE, The NPD Group, and Kantar Group. These companies are focusing on strategies such as mergers and acquisitions, partnerships, and expanding their service offerings to strengthen their market presence.

In conclusion, the market research market is witnessing significant growth and is expected to continue expanding in the future. Factors such as the increasing importance of data-driven decision making, adoption of advanced analytics, and rising competition are driving market growth. The market research market provides valuable insights into market trends, consumer behavior, and competitive analysis, making it an essential aspect of business strategy.