2020 Market Research Services Market Key Trends Analysis and Strategic Analysis Forecast 2023

The Business Research Company’s Market Research Services Market Report - Opportunities And Strategies - Global Forecast To 2030

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The global market research services market reached a value of nearly $75.76 billion in 2019, having increased at a compound annual growth rate (CAGR) of 2.6% since 2015. The market is expected to decline from $75.76 billion in 2019 to $73.94 billion in 2020 at a compound annual growth rate (CAGR) of -2.4%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and resulting economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 4.1% from 2021 ad reach $82.87 billion in 2023.

The Key drivers of the Market Research Services market include:-
The market research services market is expected to benefit from rising focus on customer satisfaction and experience surveys. The rise of competition among companies is forcing them to find new ways to retain their customers and attract new ones. To accomplish this goal, many companies are looking for continuous feedback from customers to deliver high quality goods or services. For example, according to Gartner, going forward, 89% of businesses will compete on customer experience.i The increasing focus on customer satisfaction of goods and services provided by companies is expected to drive the growth of the market research services market during 2019-2023.

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Market Research Services Market Segmentation:-
By Type
1.Marketing Research and Analysis services
2.Public Opinion And Election Polling

The marketing research and analysis services market was the largest segment of the market research services market segmented by type, accounting for 89.0% of the total in 2019. Going forward, the public opinion and election polling segment is expected to be the fastest growing segment in the market research services market, at a CAGR of 3.3% during 2019-2023.

By End Use Industry
1. FMCG
2. Media
3. Professional Services
4. Healthcare

The FMCG market research services market was the largest segment of the market research services market segmented by end use, accounting for 29.9% of the total in 2019. Going forward, the healthcare and life science segment is expected to be the fastest growing segment in the market research services market, at a CAGR of 5.2% during 2019-2023.

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By Geography - The Market Research Services market is segmented Into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

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Some of the major key players involved in the Market Research Services market are
1.Nielsen Holdings plc
2.Kantar Group
3.IQVIA Holdings Inc.
4.Ipsos Group S.A.
5.GfK SE

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.