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Marketing Research and Analytical Services: Global Trends 2024
Marketing Research And Analysis Services Market Trends
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According to The Business Research Company's, The marketing research and analysis services market size has grown steadily in recent years. It will grow from $13.57 billion in 2023 to $13.97 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to rise in research and development (r&d) investments, strong economic growth in emerging markets, increased internet penetration, increase in consumption of big data and rapid urbanization.
The marketing research and analysis services market size is expected to see steady growth in the next few years. It will grow to $15.64 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to increase in digitalization, increase in data driven businesses, increasing focus on customer satisfaction and increasing demand for sampling. Major trends in the forecast period include leveraging artificial intelligence for efficient, accurate and low-cost data collection, adopting agile market research methodologies to generate faster actionable data and insights, investing in virtual reality technology to understand customers' decision-making process, focusing on innovative and advanced sampling techniques and methods, adopting micro surveys, to garner quick, real-time insights from respondents, adopting longitudinal research and tracking, focusing on social listening and leveraging blockchain to increase participation rates, improve quality and to address privacy concerns.
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Market Drivers and Trends:
The companies operating in the various industries are concentrating on increasing profits and expanding their consumer base by focusing on customer satisfaction. This is likely to act as a major driver for the development of the marketing research and analysis services industry over the forthcoming years. Customer satisfaction leads to increased revenues and profitability, along with improved levels of customer retention. Marketing research and analysis help companies achieve these goals. For instance, marketing research helps companies to understand their target customers, access key competitors, track customer satisfaction across multiple channels, identify areas of improvement for their business, and redefine business strategies to improve the performance of the business.
Artificial intelligence is a leading trend in the market research and analysis services industry. Increasing usage 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 ease the task of field engagement to perform these applications. For instance, Google Home, Amazon's Echo, and other chatbots are creating a wave of artificial intelligence (AI) in market analysis. Artificial intelligence is significantly contributing to the growth of market analysis by eliminating the traditional research methods, including surveys and qualitative research. Moreover, data scientists are expected to play a crucial role in enterprises in gathering valuable insights on consumer behaviour patterns through AI tools and social media platforms. Thus, artificial intelligence is anticipated to gain popularity in the marketing research and analysis services market.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
United Rentals Inc, Tokyo Century, Ashtead Group Plc, Fuyo General Lease Co., Ltd., Berkshire Hathaway Inc., Aercap Holdings N.V., Rent-A-Center Inc, Air Lease Corporation, BOC Aviation, Kanamoto Co., Ltd., Liebherr International AG, Aktio Corporation, Nikken Corporation, Asia Machinery Solutions Vietnam Co. Ltd, Mahindra & Mahindra Limited, Infra Bazaar Private Limited, The Alta Group, Hitachi Construction Machinery Financial Leasing (China) Co., Ltd, Shandong Heavy Industry Group Co., Ltd, Lengshuijianghuiying Building Machinery Leasing Co., Ltd, Sanghvi Movers, Indiabulls, Jindal Infrastructure Pvt. Ltd, Finlease, Caterpillar Inc, Kobelco Construction Machinery Co. Ltd, Deere & Co, Komatsu Ltd, Volvo Group, Doosan Infracore, Liebherr Construction Machinery Rental, Battlefield Equipment Rentals, Ahern Rentals, Leaseplan, Enterprise, Oak Leasing, Sixt, Volkswagen Credit, Deutsche Leasing Vostok JSC, VTB Leasing Business Lease Group, KAMAZ Leasing Company, Volvo Finance Service Vostok, ALD Automotive, Interleasing Ltd., VEB-Leasing, Blueline, AIG Commercial Equipment Finance, Hitachi Capital America, TCF Equip, Great America Leasing Corporation, M & I Equipment Finance, People's Capital & Leasing, Relational Technology Solutions, Bigrentz, One Source Equipment Rentals, Inc., Diy Rentals, Scaffold King Rentals Inc, Allied Equipment Service Corporation, Macallister Rentals, Southside Rental Center Inc, Master Rental Center, Contractors Equipment & Supply, Transportation.Ae, Al Shola Transport Company, Andron Equipment LLC, MHJ Heavy Equipment Trading Co, Al Sahra Heavy Equipment, United Motors & Heavy Equipment, Al Bahar, Heavy Equipment & Construction Equipment, Al Qastal Trading, Al Walid Equipment Rental LLC, Tanzeem Heavy Equipment Rental LLC, Arabian Machinery & Heavy Equipment Co, Arabian Heavy Equipment Leasing Company, Age Corporation WLL, AGG - PRO, Al Darwish United Co WLL, Al Moasawi Trading And Contracting Co, Al Wazeeri Trading Contracting And Transport, Alaa For Industry (AFI) - Qatar, Alam Steel For Heavy Equipment WLL, Askar Industries WLL And Cameron Equipment Africa Ltd, Raubex, Kanu Equipment Africa, Teichmann South Africa (Pty) Ltd, Barloworld South Africa (Pty) Ltd, Manitou Southern Africa (Pty) Ltd, Torre Holdings (Pty) Ltd, Renttech South Africa (Pty) Ltd
Marketing Research And Analysis Services Market 2024 Key Insights:
• The marketing research and analysis services market size is expected to see steady growth in the next few years. It will grow to $15.64 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Customer Satisfaction As A Driver For The Marketing Research And Analysis Services Industry
• Rising Influence Of Artificial Intelligence In The Marketing Research And Analysis Services Market
• North America was the largest region in the marketing research and analysis services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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