New York, Dec. 31, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Marketing Research And Analysis Services Global Market Report 2022” – https://www.reportlinker.com/p04442227/?utm_source=GNW
The global marketing research and analysis services market is expected to grow from $68.87 billion in 2021 to $74.58 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $98.64 billion in 2026 at a CAGR of 7.2%.
The marketing research and analysis services market consists of the sales of marketing research and analysis services and related goods by entities (organizations, sole traders, and partnerships) that are engaged in systematically gathering, recording, tabulating, and presenting marketing data.Marketing research and analysis services include marketing and management analytics and consumer insights.
Only goods and services traded between entities or sold to end consumers are included.
The main types of marketing research and analysis are quantitative, qualitative, primary, and secondary.Quantitative research is described as the systematic examination of phenomena through the collection of measurable data and the application of statistical, mathematical, or computer methodologies.
The different sectors include IT services, manufacturing, financial services, construction, healthcare, others and involves various sizes of enterprises such as large enterprise and small and medium enterprise.
North America was the largest region in the marketing research and analysis services market in 2021.Western Europe was the second largest region in marketing research and analysis services market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The companies operating in the various industries are concentrating on increased profits and expanding consumer base by focusing on customer satisfaction.This is likely to act as a major driver for the development of the marketing research and analysis services industry over the forthcoming years.
Customer satisfaction leads to increased revenues and profitability along with improved levels of customer retention.Marketing research and analysis help companies achieve these goals.
For instance, marketing research help companies to understand the target customers, access key competitors, track customer satisfaction across multiple channels, identify areas of improvement for business, and to redefine business strategies to improve the performance of the business.
Artificial intelligence is a leading trend in the market research and analysis services industry.Increasing usage of the internet is forcing companies to make their product available online.
The consumers rely on reviews, consumer surveys, and questionnaires before making a purchase.AI will ease the task of field engagement to perform these applications.
For instance, Google Home, Amazon’s Echo, and other chatbots are creating a wave of artificial intelligence (AI) in market analysis.Artificial intelligence is significantly contributing to the growth of market analysis by eliminating the traditional research methods including surveys and qualitative research.
Moreover, data scientists are expected to play a crucial role in enterprises to gather valuable insights on consumer behavior patterns through AI tools and social media platforms. Thus, artificial intelligence is anticipated to gain popularity in the marketing research and analysis services market.
Economic slowdown across countries attributing to the COVID19 outbreak is expected to limit the growth of the market during 2020.The global economy has taken a huge hit from the devastating implications of COVID19, as countries are imposing strict restrictions on the movement of people.
The market research industry is among other industries impacted by the coronavirus recession.According to the World Bank’s news published in June 2020, COVID19 to plunge the global economy into the Worst Recession since World War II.
The global economy is expected to shrink by 5.2% by the end of 2020. Economic activity in advanced and developing economies are expected to shrink by 7% and 2.5% during 2020. The USA economy is predicted to contract 6.1% in 2020, on account of disruptions related to the pandemic control measures. Moreover, the Euro area output is forecast to shrink to 9.1% in 2020.
In January 2019, UserTesting, a human insight platform announced that the company has entered an agreement to acquire UserMuse, a market research service company for an undisclosed amount.The acquisition is aimed at creating the highest quality and largest global testing panel for Business-to-Consumer (B2C) and Business-to-Business (B2B) companies.
Moreover, the agreement is likely to strengthen UserTesting’s position in customer experience management. UserMuse is a market research service designed for businesses that target corporate customers and institutions.
The countries covered in the marketing research and analysis services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p04442227/?utm_source=GNW
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