Marketing research

Global Marketing Research and Analysis Services Market Report 2022

The 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, December 31, 2021 (GLOBE NEWSWIRE) – announces the publication of the report “Marketing Research And Analysis Services Global Market Report 2022” –

The global marketing research and analysis services market is expected to grow from $ 68.87 billion in 2021 to $ 74.58 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the shutdown of business activities that have resulted in operational challenges. The market is expected to reach $ 98.64 billion in 2026 at a CAGR of 7.2%.

The marketing research and analysis services market comprises the sales of marketing research and analysis services and related products by entities (organizations, independent marketers and partnerships) that are committed to collecting, recording, compiling and presenting systematically marketing data. analytics services include marketing and management analytics and consumer information.

Only goods and services traded between entities or sold to final consumers are included.

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 computational methodologies.

The different sectors include IT services, manufacturing, financial services, construction, healthcare, etc. and involve different sizes of businesses such as large companies and small and medium enterprises.

North America was the largest region in the marketing research and analysis services market in 2021. Western Europe was the second largest region in the marketing research and analysis services market.

The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.

Companies operating in the various industries are focused on increasing profits and expanding the consumer base by focusing on customer satisfaction. This is expected to be a major driver for the development of the marketing research and analysis services industry over the coming years.

Customer satisfaction leads to increased revenue and profitability as well as improved levels of customer retention. Marketing research and analysis help businesses achieve these goals.

For example, marketing research helps companies understand target customers, access key competitors, track customer satisfaction across multiple channels, identify areas for improvement for the business, and redefine business strategies to improve. company performance.

Artificial intelligence is a dominant trend in the market research and analysis services industry. The increasing use 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 make it easier to engage in the field to perform these applications.

For example, Google Home, Amazon’s Echo, and other chatbots are creating a wave of artificial intelligence (AI) in market analysis. Artificial intelligence contributes significantly to the growth of market analysis by eliminating traditional research methods including surveys and qualitative research.

Additionally, data scientists are expected to play a crucial role in businesses to gather valuable insight into consumer behavior patterns through AI tools and social media platforms. Thus, artificial intelligence is expected to gain popularity in the market for marketing research and analysis services.

The economic slowdown in countries attributed to the COVID19 outbreak is expected to limit market growth in 2020. The global economy has been hit hard by the devastating implications of COVID19 as countries impose strict restrictions on the movement of people.

Another industry affected by the coronavirus recession is the market research industry. According to World Bank news released in June 2020, COVID19 will plunge the global economy into the worst recession since World War II.

The global economy is expected to contract 5.2% by the end of 2020. Economic activity in advanced and developing economies is expected to contract 7% and 2.5% in 2020. The US economy is expected to contract by 6.1% in 2020, due to disruptions related to pandemic control measures. In addition, output in the euro area is expected to contract to 9.1% in 2020.

In January 2019, UserTesting, a human analytics platform, announced that the company had entered into a deal to acquire UserMuse, a market research services company for an undisclosed amount. The acquisition aims to create the world’s largest test panel for business-to-consumer (B2C) and business-to-business (B2B) business.

In addition, the agreement is likely to strengthen UserTesting’s position in customer experience management. UserMuse is a market research service designed for businesses that target businesses and institutions.

The countries covered by the market for marketing research and analysis services are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, Korea South, the United Kingdom and the United States.

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