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Research Outline
Prepared for Nic D. | Delivered April 17, 2020
US Market Research
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Goals
To provide the market size, growth rate, future projections, and current trends in US Market Research. To also provide the profile of organizations that hire research companies, sponsor independent research, and/or subscribe to research products.
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Early Findings
Market Size and Growth
The US Market Research industry is currently valued at
$22.02 billion
. It is expected to grow by a CAGR of
2.2% in 2020
. On average, the US Market Research industry grew
1.1% annually
between 2015 and 2020.
The
primary negative factors
"affecting this industry are high competition and low barriers to entry." However, the "
increased R&D
expenditure is expected to positively affect industry revenue."
There are
42,029
businesses and
134,750
jobs in the US Market Research industry.
Future Projections
The total spend on social listening and analytics from market research budgets is expected to reach
$16 Billion
by 2023.
It is expected that "market research
online communities
will replace a lot of the asking questions part of market research."
Experts think that "
artificial intelligence
will become mainstream in analyzing data for customer insights" by 2022.
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