Industry Overview Services: Facts & Likely Market Research Industry Trends in 2017
Market research industry has shown steady growth since the time of its start in the 20th century. The last decade has seen consistency in its growth and performance. But there is scope for more potential growth and increase in the revenue in future with newer innovations. Dissection of market research industrial analysis takes place in many ways. The broad classification ranges from consumer satisfaction, competitor analysis, market study, and product and surveys analysis to name a few.
Different industry overview service study and reports covering varied key analysis and statistics of the market research industry gets published often. Based on the same, a summarized overview of the performance of the industry, the existing facts and industry trends that one can expect in the year 2017 is given below:
1. Global Annual Revenue of the market research industry
The global annual revenue of the market research Industry is estimated around 45 billion dollars. Though the United States of America and Europe continue to lead till now, other countries of the world including India, China, Brazil, and Russia are showing greater promise as the demand in these countries for the market research related services are increasing consistently.
2. Performance analysis of the market research Industry in the last few years
With the economy having stabilized after the recession, there was a sudden rise in the profits made by corporate post-2010. This encouraged more and more companies to invest in market research with a motive to increase the leads and also to introduce newer products. Unfortunately, the market research industry is seeing a slow but steady and consistent growth.
3. Sudden spurt of technological changes
The industry overview services study reveals a sudden spurt of technological changes that are likely to take place in the year of 2017 that is likely to impact the market research work. The study further emphasizes that the market research industry might struggle with the handling and implementation of the entire research aspects.
4. Greater need for research given the global uncertain scenario
The year 2017 predicts a very favorable scenario for the market research industry in spite of the uncertainties prevailing at varied levels of micro-macro, political, economic and monetary. The market research industry as per the industry overview studies can expect a major shift in their business.
The leading giants of the market research industry as per the industry overview studies outsource their research needs to primary and secondary research to research firms. This step by the leading market research giants of the market research industry would be done to understand the complexity of the factors that drive the ever-evolving nature of the consumers, the supply chain, and the competitor’s motive including the macro dynamics.
Over and above the above-mentioned facts and trends for the year 2017, another big attraction that is likely to take place is that of Artificial Intelligence and increased growth in automation. Things in the market research industry are likely to get standardized, cheaper and even available faster. It is likely that greater emphasis on demand for research that can produce quicker results for business would be seen in the year 2017 in the market research industry.