Primary Market Research Market Intelligence

Industry Outlook & Drivers

Global Primary Market Research Industry 

Analysis and Global Outlook

• The global market research industry was estimated at $44–45 billion during 2017
• North America, Western Europe, and several markets in Asia Pacific (APAC) such as China, Japan, and Australia have high market maturity
• Growth of APAC and Middle East was high in 2017 against the growth of LATAM, due to exchange rates and inflation that affected the performance of the region .According to Beroe Market Research, the top global service providers are Nielsen, Kantaripsos, GfK, and IRI.
• The KPIs of market research and market intelligence procurement market research include cost, delivery support, partnership and innovation, quality, risk and compliance and flexibility and ease of use.
• Market research industry trends show that industry payment period is 60–90 days and the contract period range from 1 to 3 years.
• High market maturity regions: The US, Canada, The UK, Germany, France, China and Japan.

Global Market Research Market Maturity

The penetration of market research is very low in Africa, parts of South America and Asian markets where buyers spend an average of 2–4 percent of their marketing spend on market research activities, while in developed markets the share of spend is between 10–20 percent of the marketing budgets

Global Primary Market Research Industry Trends

• Suppliers are increasing their geographic footprint as mature buyers move towards the consolidation of sourcing MR services and also widening their service portfolio to offer a wide range of client services and garner a bigger share of clients' market research spend
• Suppliers are increasing their geographic footprint as mature buyers move towards the consolidation of sourcing MR services and also widening their service portfolio to offer a wide range of client services and garner a bigger share of clients' market research spend

Global Drivers and Constraints

Growing expansion on modern retail in the emerging markets is expected to strongly drive market research budgets in these markets, also growth in nontraditional market research studies due to the increasing adoption of technology by the consumers and by the service providers will be a major growth driver in mature markets

Drivers

Growing Penetration of Smart Devices

• With increasing penetration of smartphones and Internet-enabled devices, data collection has become much easier and is also expected to reduce delivery lead times as well.

Segmented Market Research

• Companies are increasingly realising that the 'one-size fits all' approach does not work in today's market place where customers have so many options available, so market segmentation research will continue to be of great interest to marketers.

Ever-changing Consumer Preference

• One of the key drivers of consumer insights study is the significant need for buyers to stay up-to-date in understanding consumers' changing preference in addition to understanding the cultural difference. This mainly helps buyer to develop products and communicate better to their target audience

Constraints

Reusing Research

• Clients are looking at opportunities to reuse previous research by slicing and dicing data and carrying out research on only those portions of data that are absolutely required, so that unnecessary research need not be carried out from scratch or duplicated.

Data Reliability

• Majority of buyers face this serious challenge mainly due to lack of proper research design, unrepresentative sample selection, biased interviews, etc. This situation not only affects buyers' spend on market research but also force them to check for alternate solutions or engaging with consulting companies

Market Overview

Online research and mobile surveys were adopted widely in 2018 to prepare category intelligence report across the globe, due to its ability to provide rich insights at a shorter turnaround time. Global market research companies are strengthening their local networks in various countries by increasing their association with smaller regional players having extensive knowledge of the regional markets. Companies are offshoring their analytics to countries like India, China and the Philippines where low-cost yet superior quality output is available. This helps reduce the total cost of services by capitalizing on the cheap availability of labor in those regions. Access to cheap labor and the presence of numerous local market research service providers in emerging countries like India and China make service providers cut down on their profit margin to remain lucrative in these highly competitive markets.

Why You Should Buy This Report

This Beroe market intelligence report gives insight into the global and regional industry outlook, and supply-demand trends in the market research and market intelligence procurement market research. It lists out the drivers and constraints and provides Porter’s five force analysis of emerging and developed markets. This category intelligence report lists the key suppliers and offers SWOT analysis of major players like Nielsen, GfK, Ipsos, IRI, etc. It details and compares the best sourcing and pricing models and provides the Key Performance Indicators (KPIs) and end-industry update.