LONDON, November 24, 2022 /PRNewswire/ — Rising digitization is expected to propel market demand for marketing research and analytics services. Digitization highlights the socio-economic context as a process, involving a significant change in the way digital and IT technologies can be used by society, business entities in marketing research and government administrations. In marketing research and analysis services, there is a unique organizational shift of the business, industry and overall service offerings, to improve their performance through the application of digital technology and new business models. It provides customer relationship modeling including customer experience insight, cross-channel consistency, and self-service in the digital transformation of the market research and analytics services market.
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The size of the global market research and analysis services market has grown from $68.87 billion in 2021 for $73.7 billion in 2022 at a compound annual growth rate (CAGR) of 7.0%. The Russia–Ukraine the war has disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, a spike in commodity prices and supply chain disruptions, affecting many markets around the world. The market share of marketing research and analysis services is expected to reach $85.01 billion in 2026 at a CAGR of 3.6%.
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Blockchain technology is increasingly used in the marketing research and analysis services market
According to the Marketing Research and Analytics Services Market forecast, marketing research and analytics service providers are increasingly using blockchain to increase engagement rates, improve quality, and address privacy issues. Market research companies use blockchain to compensate respondents with tokens proportional to the quantity and quality of data provided by respondents. Marketing research and analytics services companies use blockchain smart contracts to create a compensation framework to detect and disburse payments only when all pre-agreed conditions are met by survey respondents.
North America was the largest region in the marketing research and analytics services market in 2021
North America was the largest region in the marketing research and analytics services market and was worth $22,864.6 million in 2021. The market for marketing research and analysis services in North America is supported by the presence of a large economy and end-user industries such as automotive, aerospace, electronics, food and beverage, pharmaceuticals, IT and telecommunications. High business spending on research is also supporting the consumption of market research services. In 2019, the the United States and from Canada gross expenditure on research and development was $581.03 billion and $10.49 billion respectively.
Marketing Research and Analytics Services Market Segmentation
Global Marketing Research and Analytics Services Market Analysis is Segmented –
1) By type: Quantitative, Qualitative, Primary, Secondary
2) By end-use sector: IT services, manufacturing, financial services, construction, healthcare, other
3) By company size: large company, small and medium-sized company
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