Global Market Research Services Market Expands, Anticipated to Reach $95.49 Billion by 2027

The Business Research Company's Market Research Services Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, December 6, 2023 /EINPresswire.com/ -- The global market research services market demonstrates a steady growth trajectory, increasing from $81.13 billion in 2022 to $83.93 billion in 2023, marking a compound annual growth rate (CAGR) of 3.4%. Forecasts indicate sustained growth, propelling the market to an estimated $95.49 billion by 2027, maintaining a robust CAGR of 3.3%.

Factors Driving Market Growth

The market's growth is bolstered by the forecasted stable economic growth in both developed and developing countries. The International Monetary Fund (IMF) reports a global GDP growth of 3.5% in 2020, a 0.3% increase from the previous year. Recovering commodity prices and stable economic growth in developed economies contribute to the positive outlook. Emerging markets, such as India and China, are expected to grow faster than developed markets, fostering increased investments in end-user markets. This, in turn, drives the demand for market research services during the forecast period.

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Key Players Shaping the Market

Major companies playing a pivotal role in the market research services market include Nielsen Holdings PLC, WPP plc, Gartner Inc., Wood Mackenzie, Ipsos Group S.A., Moodys Corporation, S&P Global Inc., GFK SE, Thomson Reuters, and Westat Inc. These industry leaders contribute to innovation and set benchmarks within the market.

Integration of Virtual Reality Technologies

Innovative approaches, such as the integration of virtual reality (VR) technologies, are gaining prominence in the market research landscape. Market research companies are advising clients to leverage VR technologies to gain insights into customer decision-making processes. VR provides a computer-generated simulation of a three-dimensional environment, enabling companies to understand consumer behavior without resorting to trial-and-error processes in physical stores. Nestle, for example, implemented a Decision Insights virtual store to optimize the pricing and placement of new ice cream products, resulting in a significant sales increase.

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Regional Landscape

North America emerged as the largest region in the market research services market in 2022, with Western Europe securing the second-largest share. The comprehensive market analysis report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Segmentation Overview

The global market research services market is segmented based on:

• Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
• End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Other End Use Industries
• Enterprise Size: Large Enterprise, Small and Medium Enterprise

Market Research Services Global Market Report 2023 from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Market Research Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on market research services market size, market research services market drivers and trends, market research services market major players, market research services market competitors' revenues, market research services market positioning, and market research services market growth across geographies. The market research services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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