23 October, 2019
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.
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.
The research methodology adopted for the report included:
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:
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
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