Dublin, Aug. 11, 2021 (GLOBE NEWSWIRE) -- The "Market Research Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
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 $71.86 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 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.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Market Research Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Market Research Services Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Market Research Services Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Market Research Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Market Research Services Market Trends and Strategies
8. Impact of COVID-19 on Market Research Services
9. Market Research Services Market Size and Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers of the Market
9.2.2. Restraints on the Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers of the Market
9.3.2. Restraints on the Market
10. Market Research Services Market Regional Analysis
10.1. Global Market Research Services Market, 2020, by Region, Value ($ Billion)
10.2. Global Market Research Services Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region
10.3. Global Market Research Services Market, Growth and Market Share Comparison, by Region
11. Market Research Services Market Segmentation
11.1. Global Market Research Services Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Marketing Research and Analysis Services
- Public Opinion and Election Polling
11.2. Global Market Research Services Market, Segmentation by End Use Industry, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- IT Services
- Manufacturing
- Financial Services
- Construction
- Others
12. Market Research Services Market Metrics
12.1. Market Research Services Market Size, Percentage of GDP, 2015-2025, Global
12.2. Per Capita Average Market Research Services Market Expenditure, 2015-2025, Global
Companies Mentioned
- Nielsen Holdings plc
- WPP PLC
- Ipsos SA
- GfK GROUP
- Westat Inc
For more information about this report visit https://www.researchandmarkets.com/r/tmcwby
