Market Research Services Market Expansion Continues, with Forecast Valuation of $110.77 Billion by 2029

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What Will the Market Research Services Industry Market Size Be by 2025?
In the past few years, there has been a consistent growth in the market size of market research services. The market size is expected to increase from $89.95 billion in 2024 to $93.37 billion in 2025, showing a compound annual growth rate (CAGR) of around 3.8%. The factors contributing to this historic period growth include an increase in research and development (R&D) investments, the impact of political opinion polls, the robust economic advancement in emerging markets, heightened internet accessibility, and a growing recognition of market research across various end-user industries.

What's the Long-Term Growth Forecast for the Market Research Services Market Size Through 2029?
In the coming years, the market for market research services is projected to exhibit consistent growth, reaching a valuation of $110.77 billion in 2029 with a CAGR of 4.4%. This growth within the forecasted period can be linked to an increased emphasis on customer satisfaction, the trend of outsourcing back-end operations to economies with lower costs, rising demand for opinion polls, and the surge in data-driven businesses. Furthermore, key trends throughout the predicted period consist of the implementation of advanced technologies such as eye-tracking, the adoption of agile market research techniques, the use of experimental research tools, substituting traditional surveys with micro surveys, investing in virtual technologies, integrating artificial intelligence technologies, the automation of research processes, incorporating blockchain technology, and the consideration of chatbots for enhanced efficiency.

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What Are the Key Growth Drivers Fueling the Market Research Services Market Expansion?
The predicted steady economic expansion is anticipated to fuel the advancement of the market research services industry. Steady economic growth is a concept encompassing economic development geared towards meeting human needs sustainably, preserving environmental and natural resources. Market research services aid businesses in recognizing market tendencies and consumer behavior, thereby enabling the making of insightful decisions related to their services and products. By fostering competitiveness and facilitating adaptability to fluctuating market circumstances, these market research services also promote stable economic growth. As evidence, the U.S. Bureau of Economic Analysis (BEA), a United States federal agency, has revealed that there was a surge in real gross domestic product (GDP) at an annual rate of 2.1 percent in the US during the second quarter of 2023. Hence, steady economic expansion is a significant propellant for the growth of the market research services market.

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Which Emerging Trends Are Transforming the Market Research Services Market in 2025?
Key players in the market research services sector are innovating AI-fueled real-time research platforms such as Meta AI to elevate user experiences. Meta AI is a novel assistant that mimics human interaction and is accessible through WhatsApp, Messenger, and Instagram. For example, in September 2023, US-based tech firm Meta Platforms Inc. unveiled Meta AI. This system utilizes a unique model deploying technology taken from Llama 2 and incorporates the latest findings from large language model (LLM) research. With the capability to procure real-time data during text-based interactions through a partnership with Bing search, Meta AI also incorporates an image generation feature.

How Is the Market Research Services Market Segmented?
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, Healare & 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 Companies Are Leading the Charge in Market Research Services Market Innovation?
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 Are Leading the Global Market Research Services Market in Revenue?
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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