What Ails the Market Research Industry?

This paper is written at a time when the market research budgets across all industry sectors are expected to shrink by a whopping 3.2% in 2012.?? Below table indicates the expected change in market research budget in 2012 as against the budget in 2011 for critical industry sectors for market research. So what are the problems faced by market research buyers which has resulted in a major crisis that threatens to disrupt the lucrative market research industry? Let us understand the issue with respect to both buyers and suppliers perspective.