Major companies in the market research services market include Nielsen Holdings plc; WPP PLC; Ipsos SA; GfK GROUP and Westat Inc. The global market research services market is expected to grow from $71.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Market Research Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025350/?utm_source=GNW
86 billion in 2020 to $75.66 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $90.79 billion in 2025 at a CAGR of 5%.
The market research services market consists of the sales of market research services and related goods by entities (organizations, sole traders and partnerships) that plan, develop, create and manage activities for studying and analyzing markets according to client’s specifications. Market research establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The market research services market is segmented into marketing research and analysis services and public opinion and election polling.
North America was the largest region in the global market research services market, accounting for 33% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global market research services market. Africa was the smallest region in the global market research services market.
Many market research companies are suggesting their clients to implement virtual reality technologies to understand customer decision making process. Virtual reality is a computer-generated simulation of a three-dimensional image, sound and other sensations that replicate an environment and also simulates an individual’s presence in the environment. This technology enables companies to generate critical consumer insights without having to invest in trial and error processes in physical stores and collect opinions from target respondents. Virtual reality technology enable companies collect data efficiently from a large sample size with minimum investment. For instance, Nestle implemented Decision Insights virtual store to determine prices and placements of 15 new stock keeping units of ice cream cups. After implementing research recommendations ice cream sales increased by 53%.
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the market research services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the market research services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The market research services market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.2% in 2019 and 3.5% in 2020. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India’s GDP is expected to grow at 7.2%, whereas China is forecasted to register GDP growth of 6.0% in 2020. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.
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