Global Market Research Services Market Report 2022
The main companies in the market are Nielsen Holdings PLC, WPP plc, Gartner Inc., Wood Mackenzie, Ipsos Group SA, Moodys Corporation, S&P Global Inc., GFK SE, Thomson Reuters and Westat Inc.
New York, December 31, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Market Research Services Global Market Report 2022” – https://www.reportlinker.com/p04280978/?utm_source=GNW
The global market research services market is expected to grow from $ 76.42 billion in 2021 to $ 82.62 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The growth is mainly driven by companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that have resulted in operational challenges. The market is expected to reach $ 108.61 billion in 2026 at a CAGR of 7.1%.
The market research services market comprises the sale of market research services and related goods by entities (organizations, independent traders and partnerships) that plan, develop, create and manage research and marketing activities. market analysis according to customer specifications. Market research institutions undertake processes where human capital is the primary input.
They make the knowledge and skills available to their employees, often on an assignment basis, where one person or team is responsible for delivering services to the client.
The main types of market research services are marketing research and analysis services, opinion polls, and election polls. election polls.
The different sectors include computer services, manufacturing, financial services, construction, etc. and involve different sizes of businesses such as large companies and small and medium enterprises.
North America was the largest region in the market research services market in 2021. Western Europe was the second largest region in the market research services market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The growth of the market research services market is aided by stable economic growth expected in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.2% in 2019 and 3.5% in 2020. The recovery in commodity prices, after a significant decline in the historical period, is expected further promote market growth. Developed economies are also expected to register stable growth over the forecast period. In addition, emerging markets are expected to continue to grow slightly faster than developed markets during the forecast period. For example, India’s GDP reached 7.2%, while China’s GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investment in end-user markets, resulting in thus the market during the forecast period.
Many market research companies suggest their clients to implement virtual reality technologies to understand the decision-making process of clients. Virtual reality is a computer-generated simulation of a three-dimensional image, sound, and other sensations that mimic an environment and also simulate an individual’s presence in the environment.
This technology allows companies to generate critical consumer information without having to invest in trial and error processes in physical stores and to collect the opinions of target respondents. Virtual reality technology enables businesses to collect data efficiently from a large sample size with minimal investment.
For example, Nestlé set up a Decision Insights virtual store to determine the prices and locations of 15 new cup of ice cream storage units. After implementing the research recommendations, ice cream sales increased 53%.
The coronavirus disease (COVID-19) outbreak has acted as a constraint on the market research services market in 2020 as governments have imposed lockdowns and trade restrictions globally, limiting the need professional services. COVID-19 is an infectious disease along with the flu. like symptoms such as fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in a decline in economic activity with countries entering a state of ‘containment’ and the outbreak negatively impacting businesses throughout 2020 and until 2021.
However, the market research services market is expected to recover from the shock during the forecast period as this is a ‘black swan’ event and not related to lingering weaknesses. or fundamentals of the global market or economy.
Countries covered by the market research services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark , Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela , Vietnam.
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