market research industry overview

• Skip to main content
• Skip to primary sidebar
• Skip to footer
• QuestionPro

• Solutions Industries Gaming Automotive Sports and events Education Government Travel & Hospitality Financial Services Healthcare Cannabis Technology Use Case NPS+ Communities Audience Contactless surveys Mobile LivePolls Member Experience GDPR Positive People Science 360 Feedback Surveys
• Resources Blog eBooks Survey Templates Case Studies Training Help center

Home Audience

Market Research Industry: Current Stats and Future Trends

The market research industry has grown steadily over the last five years. But innovations could rapidly increase potential market research revenue in the research industry in the future. What should companies in this Industry expect in the years to come? Here are a few market research stats and trends.

Here, we’ll look at key market research stats and trends from various new reports covering the market research industry. Read on to gain a quick overview of the Industry’s performance and important new trends to watch.

What is the market research industry?

The market research industry is a sector that focuses on gathering, analyzing, and interpreting data about markets, consumers, competitors, and various business-related trends. 

Its primary goal is to provide valuable insights and information to businesses, organizations, and governments to make informed decisions about their products, services, marketing strategies, and overall business operations.

The global market research industry plays a crucial role in helping businesses understand their target audience, identify market opportunities, evaluate the potential demand for products or market analysis services, and assess the competitive landscape. It involves collecting and analyzing both qualitative and quantitative data to understand consumer behavior, preferences, attitudes, market trends, and dynamics.

The key drivers of market research demand

Companies that provide market research services help their clients gather and interpret information about individuals or organizations, with the insights (market size, competition, market need, consumer behavior, etc) leveraged to shape strategies and marketing/sales activities. 

Also, studies like the 2018 Global Brand Health Report , where tech workers reveal the companies they want to work for and what they value in a job offer, are studies that are important to industries. 

To arrive at their findings and infer insights, market researchers use a range of qualitative techniques such as in-depth interviews, focus groups, and ethnography, as well as quantitative techniques such as customer surveys, analysis of secondary data, and statistical/ analytical research methods. Here are the key drivers of market research demand:

• Speed: Researchers need results fast, and with faster results, one sees more evidence-based decision-making.
• Cost: Costs have always been an issue. Making decisions based on accurate research studies helps eliminate unnecessary costs.
• Quality: Quality is particularly important in market research when the current offering is not good enough.

SELECT YOUR RESPONDENTS

North America Dominates

• The market research stats and trends favor the U.S.
• According to a recent report by First Research Inc. , the market research industry globally produces $45 billion in revenue each year.
• Europe and the United States lead the industry overall. Other countries such as China, Brazil, Russia, and India are experiencing increasing demand for market research-related statistical services.

How is the industry performing in the U.S.?

The Market Research industry in the U.S. has undergone strong growth over the five years. They conduct qualitative and quantitative research on behalf of customers to determine the needs and choices of specific demographics or consumer groups. 

This has been supported by the increase in research and development (R&D) and internet advertising expenditure, which have driven demand for industry services.

There are 44,000 establishments offering market research services in the United States. They generate approximately $23 billion in combined annual revenue. In this case, “establishments” refer to market research companies with a single location as well as units of multi-location companies. 

2018 market research stats and trends

• Many of you know that 2016 gave way to wearable technology, big data, mobile research, and many more innovative market research trends.
• 2018 saw these trends grow, gaining traction, and we anticipate their growth further into 2019.

The future of market research is already here

According to the market research stats and trends, many of these industry trends have bubbled underneath the surface for the last few years. And are now ready to take center stage. 

Getting a handle on the key trends for market research will position you well to assist your brand with sensible consumer insight. This keeps your organization competitive while building strong customer relationships that will endure for years to come.

LEARN ABOUT: market research trends

Also, expect to see more automation, standardization, and many claims about artificial intelligence. The key drivers of success for these systems are ease of use, speed, and cost. However, a key element in their success is the ability to leverage existing brands and reputations.

The market research industry is growing fast, and businesses now understand the importance of using data to make smart decisions. Market research tools play a crucial role in providing valuable insights to companies, helping them understand customers and the market better. 

QuestionPro emerges as a key player in this changing landscape, offering a user-friendly platform that makes data collection and analysis easier. With automation and AI-powered features, QuestionPro simplifies the research process, saving time and effort for researchers.

It provides quick and accurate insights, enabling businesses to make informed choices. QuestionPro’s commitment to data security and compliance ensures that researchers can conduct ethical data collection, protecting the privacy of participants’ information. As the market research industry looks to the future, QuestionPro’s advanced analytics and A.I. capabilities will continue to shape its trajectory. Researchers can rely on QuestionPro to predict market trends and gain a competitive advantage.

 With its user-friendly interface and dedication to providing meaningful results, QuestionPro remains a valuable asset for market researchers, empowering businesses to succeed in an ever-changing market.

FREE TRIAL         LEARN MORE

Frequently Asking Questions (FAQ)

Key trends include AI-driven insights, mobile research, ethical data collection, and virtual reality integration.

Media rating services help measure the popularity and effectiveness of media content, providing valuable insights for businesses and advertisers.

MORE LIKE THIS

Data Information vs Insight: Essential differences

May 14, 2024

Pricing Analytics Software: Optimize Your Pricing Strategy

May 13, 2024

Relationship Marketing: What It Is, Examples & Top 7 Benefits

May 8, 2024

The Best Email Survey Tool to Boost Your Feedback Game

May 7, 2024

Other categories

• Academic Research
• Artificial Intelligence
• Assessments
• Brand Awareness
• Case Studies
• Communities
• Consumer Insights
• Customer effort score
• Customer Engagement
• Customer Experience
• Customer Loyalty
• Customer Research
• Customer Satisfaction
• Employee Benefits
• Employee Engagement
• Employee Retention
• Friday Five
• General Data Protection Regulation
• Insights Hub
• Life@QuestionPro
• Market Research
• Mobile diaries
• Mobile Surveys
• New Features
• Online Communities
• Question Types
• Questionnaire
• QuestionPro Products
• Release Notes
• Research Tools and Apps
• Revenue at Risk
• Survey Templates
• Training Tips
• Uncategorized
• Video Learning Series
• What’s Coming Up
• Workforce Intelligence

Search Markets

• Report Store

• Airport Systems Research
• Aviation Research
• CNS Systems Research
• Components Research
• Defence Platforms & Systems Research
• Defense Platforms & Systems Research
• Electronic Warfare Research
• Homeland Security Research
• Maintenance, Repair, and Overhaul (MRO) Research
• Marine/Others Research
• Security Research
• Simulation & Training Research
• Space Research
• Unmanned Systems Research
• Agricultural Biologicals Research
• Agrochemicals & Fertilizers Research
• Animal Feed & Feed Additives Research
• Farm Equipment & Irrigations Research
• Feed & Animal Nutrition Research
• Life Sciences Research
• Precision Agriculture Research
• Seeds & Others Research
• Testing & Services Research
• Automotive Components Research
• Automotive Logistics Research
• Automotive Technology & Services Research
• Autonomous Vehicles Research
• Bikes And Motorcycles Research
• ICE, Electric, Hybrid, Autonomous Vehicles Research
• Off Road Vehicles, LCV, HCV Research
• Power Generation, Transmission & Distribution Research
• Railway Research
• Sensor And Control Research
• Telematics & Infotainment Research
• Testing, Inspection & Certification Research
• Tires & Wheels Research
• Banking Research
• FinTech Research
• Insurance Research
• Payments Research
• Accounting Services Research
• Architectural and Engineering Services Research
• Commercial Cleaning Services Research
• Corporate Training & Development Research
• Environmental Services Research
• Health and Safety Services Research
• Human Resources Services Research
• Information Technology Services Research
• Management Consulting Research
• Overhead, Consumables and Accessories Research
• Professional Services Research
• Real Estate Services Research
• Security Services Research
• Supply Chain Management Services Research
• Adhesives & Sealants Research
• Advanced Materials Research
• Basic Chemicals Research
• Disinfectants & Preservatives Research
• Inorganic Chemicals Research
• Metals & Alloys Research
• Nano Technology Research
• Organic Chemicals Research
• Packaging Research
• Petrochemicals Research
• Pharmaceutical Research
• Plastics, Polymers & Resins Research
• Polymers & Plastics Research
• Renewable Chemicals Research
• Specialty Chemicals Research
• Water Treatment Chemicals Research
• `Building Construction Research
• Construction Equipment & Machinery Research
• Construction Materials Research
• Engineering Services Research
• Green Construction Research
• Infrastructure Construction Research
• Machinery & Equipment Research
• Safety & Security Equipment Research
• Smart Infrastructure Research
• Specialty Construction Research
• Beauty & Personal Care Research
• Clothing, Footwear & Accessories Research
• Consumer Electronic Devices Research
• Consumer F&B Research
• Electronic & Electrical Research
• Electronics & Appliances Research
• Food & Beverage Research
• Food Packaging Research
• Homecare & Decor Research
• Luxury & Designer Research
• Sports & Leisure Research
• Sustainable Consumer Goods Research
• E-Learning & Online Education Research
• Higher Education Research
• K-12 Education Research
• Augmented/Virtual Reality Research
• Battery & Wireless Charging Research
• Camera, Display & Lighting Research
• Chipset And Processors Research
• Communication & Connectivity Technology Research
• Data Center & Networking Research
• Display Technology Research
• Drones & Robotics Research
• Electronics System & Components Research
• Energy Storage Research
• Industrial Automation Research
• Information System & Analytics Research
• Internet of Things & M2M Research
• Materials & Components Research
• Nanotechnology Research
• Next Generation Technologies Research
• Power & Energy Research
• Security, Access Control And Robotics Research
• Semiconductor Materials & Components Research
• Silicon, Wafer & Fabrication Research
• Wearable Technology Research
• Batteries Research
• Drilling, Intervention & Completion Research
• Industrial Motors, Pumps & Control Devices Research
• Offshore Oil & Gas Research
• Renewable Energy Research
• Smart Grid Research
• Alternative Food Sources Research
• Cold Chain Logistics Research
• Flavors, Colors & Fragrances Research
• Food Additives & Ingredients Research
• Food & Beverage Additives Research
• Food & Beverage Ingredients Research
• Food & Beverage Logistics Research
• Food & Beverage Logistics, Cold Chain & Packaging Research
• Food & Beverage Processing and Technology Research
• Food Processing Equipment & Technology Research
• Food Safety & Processing Research
• Food Safety & Standards Research
• Nutraceuticals & Dietary Supplements Research
• Nutraceuticals & Functional Foods Research
• Plant Based Alternatives/Ingredients Research
• Processed & Frozen Foods Research
• Proteins, Vitamins and Minerals Research
• Software & Services Research
• Analytics Research
• Application Software Research
• Artificial Intelligence (AI) Research
• Cloud Computing Research
• Communication Services Research
• Cyber Security Research
• Digital Media Research
• Digitalization & IoT Research
• E-commerce Research
• Endpoint Security Research
• Healthcare IT Research
• Healthcare Services Research
• Maintenance and Repair Services Research
• Materials Research
• Medical Devices Research
• Mobility & Telecom Research
• Network Security Research
• Public Safety Research
• Building Construction Research
• Chemicals & Pharmaceuticals Research
• Consumer Goods Research
• Electronics & Semiconductor Research
• Environmental Management Research
• Environmental & Safety Research
• Heavy Industry Research
• Recycling Research
• Recycling & Waste Management Research
• Safety Equipment Research
• Textiles & Apparel Research
• Valves & Actuators Research
• Metallic Minerals Research
• Metals Research Analysis
• Mining Equipment & Technology Research
• Mining Services Research
• Non-Metallic Minerals Research
• Biotechnology Research
• Cell Biology Research
• Medical Device Research
• Apparel & Footwear Research
• Brick And Mortar Research
• E-Commerce Research
• Home & Furniture Research
• Specialty Retail Research

Market Research Industry: Navigating Trends and Transformations

In the fast-paced world of business, where uncertainty is a constant, the market research industry stands as a lighthouse, guiding organizations through the turbulent seas of market dynamics.

This exploration delves into the intricate landscape of the market research industry, shedding light on its significance, evolving trends, methodologies, challenges, and the transformative impact it brings to businesses seeking a competitive edge.

Significance of the Market Research Industry

• Strategic Decision Support: The market research industry is a cornerstone for strategic decision-making. By providing in-depth insights into market trends, consumer behaviors, and competitive landscapes, this industry equips businesses with the knowledge needed to make informed and strategic decisions.
• Risk Mitigation and Opportunity Identification: Market research mitigates risks associated with uncertainty. Through rigorous analysis, the industry assists organizations in identifying potential challenges while uncovering opportunities that may otherwise remain hidden.
• Product and Service Innovation: The industry fosters innovation in product development and services. Market research enables businesses to innovate and align their offerings with evolving customer needs by gauging consumer preferences, assessing market demands, and identifying gaps.
• Competitive Intelligence: Market research provides invaluable competitive intelligence. Through competitor analysis, industry players gain insights into their rivals’ strategies, strengths, and weaknesses, allowing for strategic positioning in the market.
• Global Expansion Strategies: The industry facilitates global expansion strategies. By understanding diverse market dynamics, cultural nuances, and regulatory landscapes, businesses can navigate international markets successfully with market research guidance.

Key Components and Functions of the Market Research Industry

• Market Segmentation: The industry assists in market segmentation. By dividing the market into distinct segments based on demographics, psychographics, and behaviors, market research helps businesses tailor their strategies to specific target audiences.
• Technological Integration: Market research incorporates cutting-edge technologies. Artificial intelligence, machine learning, and advanced analytics are increasingly integrated into research methodologies, enhancing the industry’s data analysis and trend forecasting capabilities.
• Custom Research Solutions: The industry provides custom research solutions. Recognizing that each business is unique, market research firms tailor their methodologies to address specific challenges, ensuring that insights directly apply to clients’ strategic objectives.
• Cross-Industry Expertise: Market research firms offer cross-industry expertise. Their ability to work across diverse sectors allows businesses to benefit from insights that innovations or trends may inspire in unrelated industries.
• Consumer Insights and Behavior Studies: The industry delves into consumer insights and behavior studies. Market research professionals uncover consumer preferences, purchasing behaviors, and emerging trends through surveys, focus groups, and data analysis, enabling businesses to align with customer expectations.

Challenges in the Market Research Industry

• Data Privacy and Ethical Considerations: The industry must navigate data privacy and ethical concerns. As data collection intensifies, market research entities face the challenge of ensuring the ethical handling of sensitive consumer information and compliance with data protection regulations.
• Technological Adoption: Keeping pace with technological advancements is crucial. The industry must continually invest in and adopt emerging technologies to stay relevant and effectively deliver insights.
• Global Complexity: Operating in diverse global markets presents challenges. Market research entities must navigate language barriers, cultural nuances, and variations in data collection regulations when conducting international studies.
• Balancing Speed and Accuracy: The demand for quick insights may conflict with the need for accurate research. Striking a balance between speed and accuracy remains challenging for market research professionals striving to deliver timely yet reliable findings.
• Demonstrating Measurable Impact: Clients increasingly seek measurable returns on investment (ROI). The industry faces the challenge of developing robust methodologies to demonstrate the tangible impact of its insights on clients’ strategic decision-making.

Trends Shaping the Market Research Industry

• Increased Use of Artificial Intelligence (AI): AI is integral to market research. Automated data analysis, predictive modeling, and chatbots for surveys are examples of AI applications enhancing the efficiency and scope of market research.
• Focus on Predictive Analytics: Predictive analytics is gaining prominence. Market research is evolving to describe current trends and predict future market movements, enabling businesses to respond to changes proactively.
• Integration of Big Data: Big data is being integrated into research methodologies. The vast amounts of data available are leveraged for comprehensive analyses, providing more nuanced insights into consumer behaviors and market trends.
• Mobile Research and Real-Time Feedback: Mobile research is on the rise. With the ubiquity of smartphones, market research is increasingly conducted through mobile platforms, enabling real-time feedback and reaching a broader and more diverse audience.
• Sustainability and Social Responsibility Focus: Sustainability and social responsibility are becoming integral considerations. Market research is expanding to include assessments of consumer attitudes towards sustainable practices and social responsibility, shaping businesses’ strategies.

Best Practices in the Market Research Industry

• Continuous Skill Development: Professionals in the industry should invest in continuous learning. Staying abreast of technological advancements, research methodologies, and industry trends ensures that market research remains effective and relevant.
• Client Collaboration and Communication: Foster open collaboration and communication with clients. Regular updates, progress reports, and client feedback sessions ensure that both parties are aligned throughout the research process.
• Innovation in Methodologies: Incorporate innovative research methodologies. Market research professionals should strive to stay ahead by adopting cutting-edge methodologies and enhancing the depth and breadth of insights provided to clients.
• Transparency in Reporting: Maintain transparency in research methodologies and reporting. Articulating the research process, including data collection methods, sample sizes, and statistical analyses, builds trust and confidence with clients.
• Customization for Client Needs: Tailor research approaches to meet specific client needs. A customized approach ensures that research outcomes directly apply to clients’ strategic objectives, fostering the relevance of insights.

Strategic Considerations in the Market Research Industry

• Investment in Technology: Prioritize investments in cutting-edge research technologies. The industry should embrace and invest in emerging technologies, ensuring that research capabilities remain at the forefront.
• Global Expansion and Local Expertise: Develop capabilities for global expansion with local expertise. Establishing a global presence with a network of experts allows market research entities to offer nuanced insights into diverse markets.
• Brand Positioning as Industry Leaders: Position the industry as an industry leader. Demonstrating thought leadership through publications, conference presentations, and innovative research methodologies attracts clients seeking pioneering insights.
• Adaptive Research Models: Embrace adaptive research models to respond to dynamic market conditions. Agile methodologies that allow adjustments during the research process enable the industry to deliver timely and relevant insights.
• Client-Centric Approach: Prioritize a client-centric approach in all engagements. Aligning research efforts with the strategic objectives and business challenges of clients enhances the value proposition of the market research industry.

Conclusion:

The market research industry serves as a linchpin for businesses navigating the complexities of the market, offering a compass for informed decision-making. Its significance lies in providing current insights and predicting future trends, empowering organizations to stay ahead in a rapidly changing landscape.

By addressing challenges, embracing emerging trends, and adhering to best practices, the market research industry remains at the forefront of strategic excellence, ensuring businesses have the knowledge to thrive in an ever-evolving global marketplace.

About Verified Market Research

Verified Market Research is a global market research and consulting firm that has been delivering exhaustive market research studies and business intelligence for its clients since its establishment.

We focus on pushing our clients to achieve their business goals – with the fuel of in-depth business insights, including the latest market trends, customer behavior, and competitive analysis. Our transparent approach and high-rated market research reports have offered us a credible position in the eyes of most Fortune 500 companies.

Since our inception, we have formed fruitful and long-lasting relationships with each one of the clients whom we have serviced so far. It explains our performance when it comes to market research. We use client requirements and desired outcomes as our quality assurance measures to offer a precise and concise report on each market aspect.

Related Articles

Steering business frontiers: the strategic imperative of competitive intelligence in market research, delving deeper: unveiling the power of primary research in market research, exploring the power of online surveys in market research, data deluge: exploring data analysis software for market research, dependence on market research consultants: need of fast growing market, ace matrix analysis in market research: decoding advertising and brand effectiveness, unearthing the gems: how market research unlocks customer insights, the strategic landscape of customer surveys in market research, illuminating insights: the art and impact of data visualization in market research, turning likes into insights: market research for social media with social listening, influencer marketing, and sentiment analysis.

View More Articles

Market Research Trends to Conquer 2023

Market Research trends didn’t shift all that much over the course of the year. But, there are some that became far more prominent than others.

As an essential component of any business strategy, Market research is knowledge. And as we all know, knowledge is power. The right research tells you who your customers are, what they need and want, and what they expect from your business. While market research itself is extensive, knowing market research trends is almost equally important.

Surely, you can’t rely solely on in-person audience questionnaires and surveys as your entire strategy anymore. This isn’t the 60s. We’ve evolved and so has the world, so you can’t expect to use the same strategies forever.

That’s where knowledge of trends in market research can help you. Let’s cover some of the top market research trends for 2023 so you can meet your customers where they are and grow your business.

Trend 1. Artificial Intelligence (AI)

Businesses are blessed with massive amounts of data to analyze customer needs. But the vastness is a double-edged sword. How do you collect and analyze such vast amounts of information promptly while still conducting other essential business tasks?

Shocker: AI isn’t one of the most recent trends in the market research industry. Companies have used it for the past decade, but it is now more commonplace, more widely adopted, and smarter than ever.

Human capital isn’t enough to compile, organize, and analyze datasets from every possible source; that’s where AI can help. AI and machine learning do the heavy lifting, saving you both time and money in labor costs. Imagine seeing deep insights across millions of datasets laid out for you within minutes. Magic.

On top of the improved efficiency, AI offers more room for innovation in the types of data you can collect in your research. Today, Emotion AI analyzes facial expressions, eye movements, voices, and other non-verbal cues to figure out how a customer feels about something. These valuable insights can complement a customer survey – or replace it if it’s found to be more accurate.

Innovators beware, though. AI isn’t a complete replacement for human capital, it’s a supplementary tool. You still need people to brainstorm growth strategies and apply insights to business day-to-day. And yes, this even applies to the latest craze to rock the internet, ChatGPT.

Bottom line? AI is one of the most important market research industry trends to scale your business and reach your customers, but use it in tandem with strong talent.

Trend 2. Mobile app intelligence

With the average person opening a mobile app 11 times per day, and over 90% of mobile time now being spent on apps – there’s no doubt that apps can impact almost every business, in one way or another. The ability for organizations to monitor and track app intelligence is no longer a nice-to-have, but a must. The need for mobile app intelligence is rising across all industries, globally.

With the ability to see web and app traffic together, it’s easy to spot how consumer behaviors are changing: and it allows leaders and analysts to measure the impact of apps in their market. For those looking to rule in (or out) app investments, this provides the data needed to inform those decisions. With a complete view across the digital landscape, organizations can track how the new era of mobile-first consumers spend their time and money online.

With technology driving increased demand for apps and disruptive start-ups entering almost every sector, rapid market shifts are fast becoming the norm. App intelligence gives people the ability to spot emerging threats and take action when and where it’s needed. Without the complete picture, decisions around growth and strategy are only partially informed, which could impact outcomes further down the road.

Trend 3. Humanity in customer experience

Market research trends sometimes shift the type of data we collect from our customers. In 2023, it’s not enough to capture technical markers like age, location, and gender. Today’s customer expects a personalized customer experience, and you can’t give it to them without knowing psychographic data . What’s their attitude towards, well, everything? Are they introverted or extroverted? You also want to learn where their values lie and align yours with theirs.

After that, you use those deep personal insights to infuse more humanity into their experience. You might send a check-in email asking them if their last purchase helped them solve a problem. Or, you’ll refer to them by name when your chatbot addresses them online.

The result?

Bigger shopping carts, higher sales, and improved profit margins, according to 40% of executives surveyed by Forbes .

Trend 4. Social listening

Social listening tools have been around for a while. So, why is social listening one of the latest trends in the market research industry? One reason is the emergence of the Metaverse, which may plug your customers online even more.

Another key qualifier is real-time. Real-time social media competitive analysis will set you apart from the competition. You should always be aware if your customers attribute your content to a negative social issue, for example.

Find actionable insights from online conversations and monitor social engagement metrics . Keep track of brand mentions of course, but also common search terms and phrases. Reminders and alerts will help you stay on top of the ever-awake social media landscape.

Trend 5. Inclusive research

ESG (environmental, social, and governance) is becoming a must for businesses, with government provisions of ESG growing to 74%. But the important part is the return – environment, social criteria, and ethical governance considerations add up to 63% in equity returns . One way to promote stronger social consideration is through more inclusivity in hiring and research.

Market research inclusivity is one of the latest trends in the market research industry. The truth is, old ways of market research didn’t adequately capture a diverse audience. You can’t use the same panel provider every time and expect diverse results. Nor can you ask the same survey questions and use the same demographic markers to categorize your audience.

Inclusive research requires curiosity.

• Who are your unique visitors ?
• Which groups seem omitted from your analysis?
• How can you uncover more diverse audiences with your current tactics?

See Similarweb In Action

Stay ahead of trends. Get the latest data and insights.

Trend 6. Monitoring adjacent markets

You might not expect new trends in market research to include consideration of an entirely new market altogether. But COVID-19 showed us the importance of a business’s quick ability to pivot, and you can’t do that if you don’t understand adjacent markets.

Pro Tip: Similarweb has the freshest data available to show you real market trends in almost real time so you can see what’s happening before your competitors.

Consider this: A world event destroys your business. Your target audience can’t afford your product anymore, or they don’t need it. How do you recover? Maybe you focus on a new, niche audience . Or, you figure out how you can change your product offering to better meet your current customer needs.

Uber is a great example of a business that included adjacent markets in its research. While traditional ridesharing became less common throughout the pandemic, the adjacent food delivery market boomed – and Uber took full advantage.

Lesson to learn? When you conduct your market research, squeeze in time and budget to learn about customers in adjacent markets – it could save your business

Trend 7. Market-tech audits

How many platforms do you use to conduct market research? Martech continues to emerge with new companies offering the latest innovations – but that doesn’t warrant jumping on all of them.

A market-tech audit is one of the most essential trends in market research today. The last two years have made it so easy to adopt multiple techniques and software to no avail – it’s time for an audit.

Think about which solutions overlap in function. Are you doubling the work and struggling to cut out redundancies throughout your research? Is the tech you invested in to find efficiencies actually slowing down your workflow?

Dissect every solution and focus on ones that provide robust data analytics.

Trend 8. Consumer and brand value alignment

The latest generation of customers (Gen Z) cares about your brand identity and business values.

Today, customers want to invest in businesses with values aligned with their own. If your target audience values environmental sustainability, you better demonstrate that in your brand values and policies.

A fancy mission statement isn’t sufficient. Customers will catch on quickly if your outward appearance doesn’t match your daily operations. One way to keep up with this market research trend is with social listening. Keep track of how your brand values are being discussed on social media – maybe there’s room for some revision, or a renewal of vows, if you will.

The result? Customer loyalty overdrive.

Trend 9. Automation and efficiency

Companies can find more efficiencies by hopping on market research trends of AI and market tech audits, of course. But there’s more to automation than those two tools. AI helps you sift through more information to find insights, sure. But where else can you find efficiency?

One way is to cater to the mobile-first generation with shorter, smarter surveys. The average person doesn’t have the capacity or interest to sit through a 30-question questionnaire. Find your mobile audience and give them the shortest, yet richest survey possible. You’ll find more efficiency if you narrow down your data to the most important.

Back to AI. Market research isn’t all exciting insights and analysis. A lot of it is tedious – collecting research, organizing and categorizing information, sending follow-up emails, and much more. The latest trends in market research demand that you automate these time-consuming tasks. Free up your time to do more meaningful work.

Market research trends: in summary

The latest trends in the market research industry echo slowly-building trends from the last couple of years as well as introduce completely new ways of conducting market research.

Here’s the truth: market research has never been so exciting! Implementing AI, inclusivity, social listening, and humanity within strategies will take your market research to new levels. But without keeping track of market research trends, you can’t use any of it to your advantage.

The solution? Leverage market research trends to propel your business forward. You’ll find new customers and show your current ones that they’re important.

Related Posts

US Financial Outlook: Top Trends to Watch in 2024

Top Economic Trends in Australia to Watch in 2024

What Is Data Management and Why Is It Important?

What is a Niche Market? And How to Find the Right One

The Future of UK Finance: Top Trends to Watch in 2024

From AI to Buy: The Role of Artificial Intelligence in Retail

Wondering what similarweb can do for your business.

Give it a try or talk to our insights team — don’t worry, it’s free!

Market Research in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Instant access to hundreds of data points and trends.

• Market estimates from
• Competitive analysis, industry segmentation, financial benchmarks
• Incorporates SWOT, Porter's Five Forces and risk management frameworks
• PDF report or online database with Word, Excel and PowerPoint export options

100% money back guarantee

Industry statistics and trends.

Access all data and statistics with purchase. View purchase options.

Market Research in the US

Industry Revenue

Total value and annual change from . Includes 5-year outlook.

Access the 5-year outlook with purchase. View purchase options

Trends and Insights

Market size is projected to over the next five years.

Market share concentration for the Market Research industry in the US is , which means the top four companies generate of industry revenue.

The average concentration in the sector in the United States is .

Products & Services Segmentation

Industry revenue broken down by key product and services lines.

Ready to keep reading?

Unlock the full report for instant access to 30+ charts and tables paired with detailed analysis..

Or contact us for multi-user and corporate license options

Table of Contents

About this industry, industry definition, what's included in this industry, industry code, related industries, domestic industries, competitors, complementors, international industries, performance, key takeaways, revenue highlights, employment highlights, business highlights, profit highlights, current performance.

What's driving current industry performance in the Market Research in the US industry?

What's driving the Market Research in the US industry outlook?

What influences volatility in the Market Research in the US industry?

• Industry Volatility vs. Revenue Growth Matrix

What determines the industry life cycle stage in the Market Research in the US industry?

• Industry Life Cycle Matrix

Products and Markets

Products and services.

• Products and Services Segmentation

How are the Market Research in the US industry's products and services performing?

What are innovations in the Market Research in the US industry's products and services?

Major Markets

• Major Market Segmentation

What influences demand in the Market Research in the US industry?

International Trade

• Industry Concentration of Imports by Country
• Industry Concentration of Exports by Country
• Industry Trade Balance by Country

What are the import trends in the Market Research in the US industry?

What are the export trends in the Market Research in the US industry?

Geographic Breakdown

Business locations.

• Share of Total Industry Establishments by Region ( )

Data Tables

• Number of Establishments by Region ( )
• Share of Establishments vs. Population of Each Region

What regions are businesses in the Market Research in the US industry located?

Competitive Forces

Concentration.

• Combined Market Share of the Four Largest Companies in This Industry ( )
• Share of Total Enterprises by Employment Size

What impacts market share in the Market Research in the US industry?

Barriers to Entry

What challenges do potential entrants in the Market Research in the US industry?

Substitutes

What are substitutes in the Market Research in the US industry?

Buyer and Supplier Power

• Upstream Buyers and Downstream Suppliers in the Market Research in the US industry

What power do buyers and suppliers have over the Market Research industry in the US?

Market Share

Top companies by market share:

• Market share
• Profit Margin

Company Snapshots

Company details, summary, charts and analysis available for

Company Details

• Total revenue
• Total operating income
• Total employees
• Industry market share

Company Summary

• Description
• Brands and trading names
• Other industries

What's influencing the company's performance?

External Environment

External drivers.

What demographic and macroeconomic factors impact the Market Research in the US industry?

Regulation and Policy

What regulations impact the Market Research in the US industry?

What assistance is available to the Market Research in the US industry?

Financial Benchmarks

Cost structure.

• Share of Economy vs. Investment Matrix
• Depreciation

What trends impact cost in the Market Research in the US industry?

Financial Ratios

• 3-4 Industry Multiples (2018-2023)
• 15-20 Income Statement Line Items (2018-2023)
• 20-30 Balance Sheet Line Items (2018-2023)
• 7-10 Liquidity Ratios (2018-2023)
• 1-5 Coverage Ratios (2018-2023)
• 3-4 Leverage Ratios (2018-2023)
• 3-5 Operating Ratios (2018-2023)
• 5 Cash Flow and Debt Service Ratios (2018-2023)
• 1 Tax Structure Ratio (2018-2023)

Data tables

• IVA/Revenue ( )
• Imports/Demand ( )
• Exports/Revenue ( )
• Revenue per Employee ( )
• Wages/Revenue ( )
• Employees per Establishment ( )
• Average Wage ( )

Key Statistics

Industry data.

Including values and annual change:

• Revenue ( )
• Establishments ( )
• Enterprises ( )
• Employment ( )
• Exports ( )
• Imports ( )

Frequently Asked Questions

What is the market size of the market research industry in the us.

The market size of the Market Research industry in the US is measured at in .

How fast is the Market Research in the US market projected to grow in the future?

Over the next five years, the Market Research in the US market is expected to . See purchase options to view the full report and get access to IBISWorld's forecast for the Market Research in the US from up to .

What factors are influencing the Market Research industry in the US market trends?

Key drivers of the Market Research in the US market include .

What are the main product lines for the Market Research in the US market?

The Market Research in the US market offers products and services including .

Which companies are the largest players in the Market Research industry in the US?

Top companies in the Market Research industry in the US, based on the revenue generated within the industry, includes .

How many people are employed in the Market Research industry in the US?

The Market Research industry in the US has employees in United States in .

How concentrated is the Market Research market in the United States?

Market share concentration is for the Market Research industry in the US, with the top four companies generating of market revenue in United States in . The level of competition is overall, but is highest among smaller industry players.

Methodology

Where does ibisworld source its data.

IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights. 

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.

To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.

Deeper industry insights drive better business outcomes. See for yourself with your report or membership purchase.

Discover how 30+ pages of industry data and analysis can give you the edge you need..

• Services ›
• Business Services

Market research in U.S. - statistics & facts

The market research industry includes any organized activity to gather information about a specific target market or group of customers. It includes traditional methods of information gathering such as surveys, as well as newer methods of data analytics that have emerged with the increasing digitization of society. In 2019, in the United States, market research companies generated over 47 billion U.S. dollars in revenue, more than half of the total revenue of the market research industry globally . The vast majority of money spent on market research in the U.S. in 2019 was for quantitative research , which accounted for 64 percent of the market. Within the quantitative segment, online research and phone interviews were the most dominant research methods, while face-to-face interviews accounted for only two percent of spending. Customer satisfaction investigations were the main type of project conducted in 2019, constituting 20 percent of of revenue received by market research companies. The next largest source of revenue was media audience measurement, which accounted for 16 percent of revenue. Within the U.S., the market leader was Nielsen Holdings, who reported 3.9 billion U.S. dollars in domestic revenue for 2019. There is a significant difference in revenue to the next largest company in the U.S. market, IQVIA , which reported approximately 2.2 billion U.S. dollars in revenue for the same period. However, this gap is not surprising given IQVIA specializes in research for the healthcare sector, while Nielson provide services regarding goods, consumers. and the media across a broad range of sectors. Other leaders in the U.S. market research industry include Kantar , Information Resources Inc , and Ipsos , each of which generated under one billion of U.S. revenue in that year. This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text. Show more - Description Published by Statista Research Department , Dec 19, 2023

Key insights

Detailed statistics

Revenue of the market research industry worldwide 2008-2023

Distribution of global market research revenue by region 2022

Market research revenue in the U.S. 2009-2022 with 2023 forecast

Editor’s Picks Current statistics on this topic

Market Research

Leading market research companies by U.S. research revenue in 2021

Further recommended statistics

Market overview.

• Premium Statistic Revenue of the market research industry worldwide 2008-2023
• Premium Statistic Distribution of global market research revenue by region 2022
• Premium Statistic Market research revenue in the U.S. 2009-2022 with 2023 forecast
• Premium Statistic Market research revenue in the U.S. by segment 2013-2018
• Premium Statistic Full-time U.S. employees of the leading market research companies 2005-2020
• Premium Statistic Market research companies leading client sectors in the U.S. 2022
• Premium Statistic Leading market research companies by U.S. research revenue in 2021
• Premium Statistic Number of full-time employees at the leading U.S. market research companies in 2020

Revenue of the market research industry worldwide from 2008 to 2023 with a forecast for 2024 (in billion U.S. dollars)

Distribution of global market research revenue in 2022, by region

Revenue of market research companies in the United States from 2009 to 2022, with a forecast for 2023 (in billion U.S. dollars)

Market research revenue in the U.S. by segment 2013-2018

Revenue of market research companies in the United States from 2013 to 2018, by segment (in billion U.S. dollars)

Full-time U.S. employees of the leading market research companies 2005-2020

Number of full-time employees in the United States of the leading market research companies from 2005 to 2020

Market research companies leading client sectors in the U.S. 2022

Leading client sectors of market research companies in the United States in 2022, by share of research sales

Leading market research companies in 2021, by U.S. research revenue (in million U.S. dollars)

Number of full-time employees at the leading U.S. market research companies in 2020

Number of full-time employees at the leading market research companies in the United States in 2020

U.S. market leaders

• Premium Statistic Market research revenue of Nielsen in the U.S. 2013-2021
• Premium Statistic Market research revenue of IQVIA in the U.S. 2013-2021
• Basic Statistic Market research revenue of Kantar in the U.S. 2013-2021
• Premium Statistic Information Resources Inc. market research revenue in the U.S. 2013-2021
• Premium Statistic Ipsos's market research revenue U.S. 2013-2021
• Premium Statistic GfK's market research revenue U.S. 2013-2021
• Premium Statistic Westat's market research revenue U.S. 2013-2021

Market research revenue of Nielsen in the U.S. 2013-2021

Market research revenue of Nielsen Holdings in the United States from 2013 to 2021 (in billion U.S. dollars)

Market research revenue of IQVIA in the U.S. 2013-2021

Research revenue of IQVIA in the United States from 2013 to 2021 (in billion U.S. dollars)

Market research revenue of Kantar in the U.S. 2013-2021

Market research revenue of Kantar in the United States from 2013 to 2021 (in million U.S. dollars)

Information Resources Inc. market research revenue in the U.S. 2013-2021

Market research revenue of Information Resources Inc. (IRI) in the United States from 2013 to 2021 (in million U.S. dollars)

Ipsos's market research revenue U.S. 2013-2021

Market research revenue of Ipsos in the United States from 2013 to 2021 (in million U.S. dollars)

GfK's market research revenue U.S. 2013-2021

Market research revenue of GfK in the United States from 2013 to 2021 (in million U.S. dollars)

Westat's market research revenue U.S. 2013-2021

Market research revenue of Westat in the United States from 2013 to 2021 (in million U.S. dollars)

Market research methods

• Premium Statistic Market research spend in the U.S. by research project type 2022
• Premium Statistic Market research spend in the U.S. by method of survey 2022
• Premium Statistic Market research spend in the U.S. by research method 2022
• Premium Statistic Market research spend in the U.S. by research design 2022

Market research spend in the U.S. by research project type 2022

Distribution of market research spend in the United States in 2022, by research project type

Market research spend in the U.S. by method of survey 2022

Distribution of market research spending in the United States in 2022, by method of survey

Market research spend in the U.S. by research method 2022

Share of market research spend in the United States in 2022, by research method

Market research spend in the U.S. by research design 2022

Distribution of market research spend in the United States in 2022, by research design

Further reports

Get the best reports to understand your industry.

• Advertising worldwide
• Mobile advertising and marketing in the U.S.
• Market research industry
• Email marketing worldwide

Mon - Fri, 9am - 6pm (EST)

Mon - Fri, 9am - 5pm (SGT)

Mon - Fri, 10:00am - 6:00pm (JST)

Mon - Fri, 9:30am - 5pm (GMT)

Root out friction in every digital experience, super-charge conversion rates, and optimize digital self-service

Uncover insights from any interaction, deliver AI-powered agent coaching, and reduce cost to serve

Increase revenue and loyalty with real-time insights and recommendations delivered to teams on the ground

Know how your people feel and empower managers to improve employee engagement, productivity, and retention

Take action in the moments that matter most along the employee journey and drive bottom line growth

Whatever they’re are saying, wherever they’re saying it, know exactly what’s going on with your people

Get faster, richer insights with qual and quant tools that make powerful market research available to everyone

Run concept tests, pricing studies, prototyping + more with fast, powerful studies designed by UX research experts

Track your brand performance 24/7 and act quickly to respond to opportunities and challenges in your market

Explore the platform powering Experience Management

• Free Account
• For Digital
• For Customer Care
• For Human Resources
• For Researchers
• Financial Services
• All Industries

Popular Use Cases

• Customer Experience
• Employee Experience
• Net Promoter Score
• Voice of Customer
• Customer Success Hub
• Product Documentation
• Training & Certification
• XM Institute
• Popular Resources
• Customer Stories
• Artificial Intelligence
• Market Research
• Partnerships
• Marketplace

The annual gathering of the experience leaders at the world’s iconic brands building breakthrough business results, live in Salt Lake City.

• English/AU & NZ
• Español/Europa
• Español/América Latina
• Português Brasileiro
• REQUEST DEMO

Market Research Report

2021 market research global trends.

For market researchers, COVID-19 accelerated a transformation that’s been a decade in the making — and it will completely reshape the industry in the coming years.

In our first annual study into the state of the market research industry, we surveyed more than 2,000 market research professionals from 16 countries to better understand how the industry reacted to COVID-19 in 2020 and how the dynamics of market research have changed.

Explore how organizations are adapting their approach to market research and what their top priorities and challenges are for 2021 as they look to design the experiences people want next.

Download Now

In this report you’ll learn:.

• Key priorities for research leaders in 2021
• How technology is transforming how researchers work
• Market research’s role in helping organizations move forward

12,000+ brands and the top 100 business schools have switched to Qualtrics

Request demo.

Ready to learn more about Qualtrics?

Find Keyword Ideas in Seconds

Boost SEO results with powerful keyword research

19 Key Market Research Statistics

Written by Backlinko Team In collaboration with Semrush

Market research is a growing multi-billion-dollar industry.

Brands leverage market research insights to introduce customer-focused offerings and improve their experiences.

From mobile-first surveys to social media analytics, researchers have access to a growing toolkit helping companies make data-driven business decisions.

Here’s a breakdown of what you’ll find on this page:

• Market Research Industry Statistics
• Market Research Methods Statistics
• AI in Market Research Statistics

Market Research Statistics (Highlights)

• The global market research industry is forecasted to bring in $140 billion in revenue in 2024.
• Online/mobile quantitative research services accounted for 35% of worldwide revenues of market research companies.
• Around 47% of researchers worldwide state that they use AI regularly in their market research activities.
• Online surveys rank as the most used quantitative method among market research professionals with 85% of respondents who say they use this method regularly.
• Online in-depth interviews with webcams rank as the most used qualitative research method, with over one-third ( 34% ) of researchers using it regularly.

1. Market Research Industry Statistics

This section presents key statistics to show market research industry revenues, leading players in the industry and revenue breakdown by market research services.

• Between 2021 and 2024, the market research industry grew by 37.25% from $102 billion to $140 billion – ESOMAR

2. Market Research Methods Statistics

There’s a growing number of market research methods from traditional surveys to eye tracking available to market research professionals. In this section, we’ll cover recent stats on most used market research methods.

• More than 6-in-10 (62%) researchers say that their “company depends on their research and insights significantly” – Qualtrics
• A majority of researchers have reported an increase in their budgets allocated for customer experience (CX) research (53%), consumer trends (52%), UX research (51%), qualitative research (51%) and brand strategy (50%) – Qualtrics

3. AI in Market Research Statistics

AI is disrupting nearly every industry and job function. Market research is no exception and there are various AI use cases to apply in the everyday work of market researchers. We’ll explore the latest stats on AI adoption rate among market researchers in this section.

• The vast majority (73%) of researchers worldwide claim they’re “very confident” or “extremely confident” on how to apply AI to their market research activities – Qualtrics
• Around 1-in-4 researchers state they’re concerned about AI impact outpacing their personal or team skills – Qualtrics

That’s it for my list of market research statistics.

While market research has been around for a while, it has been undergoing constant transformation. It will be interesting to see how AI impacts market research projects.

We update this list of statistics from time to time so feel free to check it later for new insights.