New York, Dec. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release 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 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 $108.61 billion in 2026 at a CAGR of 7.1%.
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 main types of market research services are marketing research and analysis services, public opinion and election polling.A sampling or gathering of thoughts on a subject, obtained from either a selected or a random group of people for the purpose of evaluation, is known as electoral polling.
The different sectors include IT services, manufacturing, financial services, construction, others and involves various enterprise sizes such as large enterprise and small and medium enterprise.
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 market research services market growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF) the global GDP growth reached 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 reached 7.2%, whereas China GDP growth reached 6.0% in 2020. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.
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 had 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 countries covered in 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, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p04280978/?utm_source=GNW
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