Marketing research

Global Marketing Research and Analytics Services Market Report 2022

The major players in the market research and analytics 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, Dec. 31 2021 (GLOBE NEWSWIRE) — Announces Release of “Marketing Research And Analysis Services Global Market Report 2022” –

The global market research and analytics 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 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 $98.64 billion in 2026 with a CAGR of 7.2%.

The market for marketing research and analysis services includes sales of marketing research and analysis services and related goods by entities (organizations, independent marketers and partnerships) that engage in collecting, recording, tabulating and presenting systematically marketing data. analytics services include marketing and management analytics and consumer insights.

Only goods and services exchanged 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 companies such as large enterprises and small and medium-sized enterprises.

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

Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Companies operating in the different industries are focusing on increasing profits and expanding the consumer base by focusing on customer satisfaction, which is likely to act as a major driver for the development of the industry. marketing research and analysis services industry over the next few years.

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

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

Artificial intelligence is a major 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 facilitate the task of field engagement to run 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 is contributing 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 insights into consumer behavior patterns through AI tools and social media platforms. Thus, artificial intelligence is expected to gain popularity in the marketing research and analysis services market.

Economic downturn in the countries attributed to the COVID19 outbreak is expected to limit the 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.

The market research industry is among other industries affected by the coronavirus recession. 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 U.S. economy is expected to contract by 6.1% in 2020, due to disruptions related to pandemic measures. Moreover, eurozone output is expected to contract by 9.1% in 2020.

In January 2019, UserTesting, a human insights platform, announced that the company had reached an agreement to acquire UserMuse, a market research services company for an undisclosed amount. The acquisition aims to create the world’s highest quality and largest test panel for enterprises. -Consumer (B2C) and business-to-business (B2B) businesses.

Additionally, the deal is likely to strengthen UserTesting’s position in customer experience management. UserMuse is a market research service designed for businesses that targets businesses and institutions.

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

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