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Soaring Demand Set to Propel Market Research Services Market to $109.67 Billion by 2029
Market Research Services Market
Market Research Services Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
Over the previous years, the market size of research services has seen a consistent increase. It is predicted to expand from $90.02 billion in 2024 to $93.29 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 3.6%. Multiple factors have accrued to the growth within the historic duration including heightened R&D investments, political opinion polls, robust economic progression in budding markets, rise in internet usage, and a growing understanding of market research within various end-use industries.
Market Research Services Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are set for a consistent expansion in the market research services market over the upcoming years. The market is projected to reach a value of $109.67 billion by 2029, with a compound annual growth rate (CAGR) of 4.1%. The predicted growth can be linked to several factors such as a stronger emphasis on customer satisfaction, the outsourcing of back-end work to economies with lower costs, the increasing necessity for opinion polls, and a surge in data-centric businesses. The forecast period is likely to witness major trends including the adoption of pioneering technologies like eye-tracking, the use of agile market research methods, experimental research tool utilization, substituting traditional surveys with micro ones, investments in virtual technologies, the deployment of artificial intelligence, automation of research procedures, the execution of blockchain technology, and the consideration of adopting chatbots for improving efficiency.
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What Are the Drivers Transforming the Market Research Services Market?
The anticipated steady economic expansion is projected to fuel the market research services market's advancement. Sustainable economic growth pertains to economic progress that strives to fulfill human needs while preserving environmental resources. Market research services assist firms in recognizing market patterns and consumer habits, enabling them to make knowledgeable decisions regarding their offerings. This aids businesses in maintaining competitiveness and adjusting to shifting market scenarios, potentially leading to economic stability. To illustrate, the U.S. Bureau of Economic Analysis (BEA), a US government entity, reported a 2.1 percent annual growth rate in real gross domestic product (GDP) in the second quarter of 2023 in the US. Consequently, steady economic growth is powering the expansion of the market research services market.
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What Long-Term Trends Will Define the Future of the Market Research Services Market?
Major players in the market research services sector are leveraging AI capabilities to create real-time research platforms such as Meta AI, aimed at augmenting user interactions. Meta AI is an innovative assistant capable of human-like engagement with users and is accessible on platforms like WhatsApp, Messenger, and Instagram. In September 2023, Meta Platforms Inc., a technology firm based in the United States, rolled out Meta AI. This system harnesses the power of a custom technology model integrating elements from Llama 2 and the most advanced large language model (LLM) research. During text-based dialogues, Meta AI draws on real-time data via its partnership with Bing search and includes an image generation feature.
Which Segments in the Market Research Services Market Offer the Most Profit Potential?
The market research services market covered in this report is segmented -
1) By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
2) By End Use Industry: FMCG, Media, Healthcare & Life Science, Professional Services, Others
Subsegments:
1) By Marketing Research And Analysis Services: Consumer Research And Behavior Analysis, Brand Perception And Awareness Studies, Product Testing And Development Research
2) By Public Opinion And Election Polling: Political Polling And Survey Services, Public Opinion Studies On Social Issues, Election Forecast Modeling And Analysis
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Which Firms Dominate the Market Research Services Market by Market Share and Revenue in 2025?
Major companies operating in the market research services market include Nielsen Holdings Inc., IQVIA Holdings Inc., Gartner, Kantar Group, Ipsos Group S.A., GfK SE, Information Resources, Inc., Dynata, INTAGE Holdings Inc., Westat Inc., Global Vox Populi, RNB Research, Market Xcel Data Matrix Private Limited, Majestic MRSS, Hub of China, SIS International Research, Escalent (formerly Morpace), CIPMR, Adept Research, Tiny CX Freeform, Populix, Dataspring, Inkwood Research, Consumer Behavior Research Co., Ltd (CBR), Euromonitor International, IFF Research, Pharma Intelligence, Mintel, Dunnhumby, AMR Advanced Market Research GmbH, Wood Mackenzie, VCIOM (Russian Public Opinion Research Center), Business Analytica, Ateliar Market Research, Inquiry Market research, MAP Marketing Research, MAGRAM Market Research, Prodege LLC, The NPD Group, Inc., Forrester Research, ORC International Inc., Proactive Worldwide, Comscore, Stitch Marketing Research, Bauman Research & Consulting, LLC, Criba Research SA, Fine Research, AG3 Consulting, OnTarget, Arellano, Datum Internacional S.A., StatMark Group S.A., Brazil Market research, Ad hoc research, Al bar research, Inverita research, Eksen Research, C&O Marketing, Insight Scouts Research & Consultancy, Research & Consulting House (REACH), 4sight, Amass Market Research, Synergy Marketing and Consulting, Brandman Research, Geocartography Knowledge Group, ERA Research & Consultancy, Research Konnection, IVC Research Center, Omnibus, Sixth factor, Nagy Research MEACRO, Acnielsen Marketing & Media (Pty) Ltd., NOI Polls Limited, George, Klein and Associates (GK&A), BMI Research (Pty) Ltd, Plus 94 Research, African Response, Ley Hausen.
Which Regions Offer the Highest Growth Potential in the Market Research Services Market?
North America was the largest region in the market research services market in 2024. Western Europe was the second largest region in the market research services market. The regions covered in the market research services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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