Global Market Research Growth Trends
The year 2014 saw a significant growth in the global market research industry at $ 40.3 U.S. billion dollars in spite of inflation. This figure speaks for itself to prove that Global Market Research is one of the significantly fastest growing industries in the world. Even though Europe managed to be the biggest spender in the year 2014, the market report analysis showed an industry decline in the overall region resulting in a consecutive loss in the third year.
A biggest surprise in the market research industry was found to be North America as it turned out to be the fastest growing sector in more than a decade. Asia pacific registered a significant annual growth at 1.6% making it one of the two regions along with North America for posting a net gain in the global market research industry.
Following the trend of Europe, the region of Latin America, Africa and Middle East posted losses. Though the Indian economy was seen to be sluggish in the beginning of the year 2014, the change of government after the elections saw an improvement in the market research industry which is further expected to see an upward growth trend due to positive business mood in the country.
The Future of Market Research Industry
Gartner’s recent study predicted that about 1/3rd of the Fortune 100 companies would face an information crisis by 2017, unable to convert data into insights. Even though when our new data collection rates touches 10 ‘zettabyte’ a year which is 2,000 times more in one year than in the whole off human history when compared to 5 ‘exabytes’ of data until 2003.
However, the current overall lull in the market research industry was kindled with a ray of hope from the performance strength of North America and Asia pacific. This has instilled a new level of confidence in business and governments as they have understood the importance of market research information at the global level.
Almost all the nations surveyed expect a significant growth in Market Research Industry in the following years to come. The industry is expected to take 4 possible strategic directions in the coming years to accommodate itself with the current economy.
Lifting on DIY instruments, determined by rate and tech base
Boding well from ever greater information, determined by size and tech foundation
Bypassing the discerning cerebrum, determined by system
Taking advantage of shopper coordinated effort, determined by trust, assorted qualities, development and imagination
The map highlights the top 20 innovators in research.
The overall future of the market research industry looks bright provided the organizations make best use of technological innovations that are expected to drive drastic economic transformations. There is absolutely no alternative for any market research company.