B2B Market Opportunity
To establish how much companies spend on market research each year, including information on the annual total market opportunity for market research and segmentation data as available - either by company type (B2B or B2C) or spend by market research type (surveys, focus groups, one-to-one interviews, etc.)
Market Research Spending
- According to Business Wire, in 2019, the global market research services market was anticipated to decline from $75.8 billion to $74 billion in 2020, declining at a compound annual growth rate (CAGR) of -2.4%.
- The drop is largely attributed to the global economic slowdown owing to the COVID-19 outbreak and the measures to contain it. However, the market is expected to rebound and grow at a CAGR of 4% from 2021 and reach $82.9 billion in 2023.
- The North American market held the biggest revenue share in the global market research services market, accounting for 32% of the market in 2019, followed by Western Europe at 28%, while Africa accounted for the smallest portion of the global market research services market.
In this regard, North America held approximately $24.26 billion.
- Market research vendors are increasingly adopting advanced research technologies to generate better consumer insights. Some are using eye tracking technologies to help researchers to deliver unbiased insights by examining consumer behavior during shopping to capture actual reaction and time spent staring at a particular product.
- Therefore, eye tracking technology has proved useful in gauging customer reaction towards products, without any bias or errors. Some key players in this segment include but is not limited to, Nielsen Holdings plc, IQVIA, Kantar, WPP PLC, Ipsos S.A., GfK GROUP, Westat Inc., among others.
- The market is segmented based on Type, Historic and Forecast, Marketing Research And Analysis Services, and Public Opinion & Election Polling
Summary of Findings
- The initial research has uncovered a few findings regarding market research services spending, including insights into some top players in this sector. Continued research would likely uncover more information by reviewing existing reports in the public domain, as most of the information is held behind paywalled resources.
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