Market Research Services Market Estimated to be over $47 Billion, Says Beroe Inc

23 October, 2019

Market Research Services Market Estimated to be over $47 Billion, Says Beroe Inc
PR Newswire

RALEIGH, North Carolina, October 23, 2019 - The global market for market research services is growing at a steady pace, driven by demands from governments, pharmaceuticals, media, and advertising industries, according to Beroe Inc., a procurement intelligence firm. Buyers in developing markets spend an average of 2-4 percent of marketing spend on market research (MR) activities, while buyers in developed markets spend up to 10-20 percent of the marketing budgets. 

North America, Western Europe, and several markets in the Asia Pacific (APAC) such as China, Japan, and Australia have high market maturity for MR services while major parts of Africa and South America are low-maturity regions. Currently, North America has the largest market size, estimated to be worth over $19.2–20.2 billion and growing at a rate of 1-2 percent. However, the MEA has the fastest growth rate of 5-6 percent, with current market size of more than $1.0–1.1 billion. 

https://www.beroeinc.com/category-intelligence/market-research-services-market/

Beroe, which is based in North Carolina, further stated that procurement experts can access this report - on its recently launched market intelligence platform Beroe LiVE: https://live.beroeinc.com/ 

Growing expansion on modern retail in the emerging markets is expected to strongly drive market research budgets, with advancements in non-traditional market research studies due to the increasing adoption of technology by consumers and service providers acting as a major growth driver in mature markets Data reliability and the reuse of research is a serious challenge  for buyers due to lack of proper research design, unrepresentative sample selection, and biased interviews, affecting buyers spend on market research. 

Prominent trends in the MR services market are the growing geographic footprint of MR Agencies, usage of big data analytics and Artificial Intelligence (AI), consolidation of panels, social media research and communities, and wearable-based research. Smaller boutique agencies offering niche services are growing in popularity and are also actively engaged by full-service agencies through sub-contracting.

Key Findings:

  • In developed countries, traditional market research companies are facing competition from newer segments like data brokerage and analytics service providers that provide consumer data at a lower cost than market research companies.
  • In emerging markets, top buyers still prefer to engage with established suppliers rather than newer suppliers, especially for brand insights and benchmarking due to the need for high investments in terms of technology and infrastructure.
  • Global market research companies are strengthening their local networks in various countries by increasing their association with smaller regional players having extensive knowledge of regional markets, thereby expanding their geographical capabilities.
  • Companies are increasingly 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.
  • The available sourcing models are Full-service outsourcing, Unbundling approach, Data services outsourcing, and Subcontracting. Full-service outsourcing is the most commonly adopted model, where consolidation of requirements is possible with global agencies. 

The research methodology adopted for the report included:

  • Experts with twenty years of domain experience
  • Interaction with buyers
  • Inputs from supply chain partners

The project-based pricing model is the most commonly adopted approach in the pricing of MR services as it allows buyers flexibility in sourcing as per the demand, but limits the potential opportunities to drive cost savings. The rate-card model is followed by large buyers, who can estimate their MR services spend in a given period enabling buyers to better negotiate prices and work out cost savings.

The report includes:

Market Analysis:

  • Global MR Market Maturity
  • Global MR Industry Trends 
  • Regional Market Outlook
  • Porter’s Five Forces Analysis

Supply Analysis:

  • Supply Trends and Insights
  • Key Global and Regional suppliers
  • Supplier profiles
  • SWOT Analysis

Procurement Best Practices:

  • Sourcing Models Adoption
  • Comparative Analysis
  • Pros and Cons
  • Key KPI and SLA Components

End-user Industry Update:

  • Personal Products
  • Alcohol
  • Food and Soft Drinks

Billing Rates for Market Research Services:

  • Market Research Billing Rates for US
  • Market Research Billing Rates for UK

About Beroe Inc.:

Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.

To learn more about Beroe Inc., please visit: http://www.beroeinc.com

Media Contact:
Debobrata Hembram

debobrata.hembram@beroe-inc.com