The major companies in the market are Nielsen Holdings PLC, WPP plc, Gartner Inc., Wood Mackenzie, Ipsos Group SA, Moodys Corporation, S&P Global Inc., GFK SE, Thomson Reuters and Westat Inc.
New York, Dec. 31 2021 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Market Research Services Global Market Report 2022” – https://www.reportlinker.com/p04280978/?utm_source=GNW
The global market research services market is expected to grow from $76.42 billion in 2021 to $82.62 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $108.61 billion in 2026 with a CAGR of 7.1%.
The market research services market comprises the sales of market research services and related goods by entities (organizations, sole proprietorships and partnerships) that plan, develop, create and manage research activities and market analysis according to customer specifications. Market research institutions undertake processes where human capital is the primary input.
They make available the knowledge and skills of their employees, often on an assignment basis, where one person or team is responsible for delivering services to the client.
The main types of market research services are marketing research and analysis services, public opinion, and election polls. electoral ballot.
The different sectors include IT services, manufacturing, financial services, construction, etc. and involve different sizes of companies such as large enterprises and small and medium-sized enterprises.
North America was the largest market research services market region in 2021. Western Europe was the second largest market research services market region.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market research services market growth is aided by steady economic growth predicted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.2% in 2019 and 3.5% in 2020. The recovery in commodity prices, after a significant drop in the historic period, is expected to further contribute to the growth of the market. Developed economies are also expected to record steady growth over the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets over the forecast period. For example, India’s GDP reached 7.2%, while China’s GDP growth reached 6.0% in 2020. Steady economic growth is expected to increase investment in end-user markets, boosting thus the market during the forecast period.
Many market research companies suggest their clients to implement virtual reality technologies to understand the decision-making process of customers. 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 allows businesses to generate critical consumer insights without having to invest in trial and error processes in physical stores and collecting the opinions of target respondents. Virtual reality technology allows companies to efficiently collect data from a large sample size with minimal investment.
For example, Nestlé set up the Decision Insights virtual store to determine the prices and locations of 15 new ice cream tub storage units. After implementing the research recommendations, ice cream sales increased by 53%.
The coronavirus disease (COVID-19) outbreak acted as a drag on the market research services market in 2020 as governments imposed shutdowns and restricted trade globally, limiting the need of professional services. like symptoms such as fever, cough and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in lower economic activity as countries enter a state of “lockdown” and the outbreak has negatively impacted businesses throughout 2020 and until 2021.
However, the market research services market is expected to recover from the shock during the forecast period as it is a “black swan” event and not related to any lingering weaknesses. or fundamentals of the market or the global economy.
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, United Arab Emirates, United Kingdom, United States, Venezuela , Viet Nam.
Read the full report: https://www.reportlinker.com/p04280978/?utm_source=GNW
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