Market Research Services Market Report 2025

The market research services market size has grown steadily in recent years. It will grow from $90.02 billion in 2024 to $93.29 billion in 2025 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to rise in research and development (R&D) investments, political opinion polls, strong economic growth in emerging markets, increased internet penetration and growing awareness of market research in end use industries.

The market research services market size is expected to see steady growth in the next few years. It will grow to $109.67 billion in 2029 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to increasing focus on customer satisfaction, outsourcing back-end operations to low-cost economies, demand for opinion polls and increase in data driven businesses. Major trends in the forecast period include adopting advanced technologies such as eye-tracking technology, adopting agile market research, utilizing experimental research tools, replacing traditional surveys with micro surveys, investing in virtual technologies, adopting artificial intelligence technologies, automating research processes, implementing blockchain technology, consider adopting chatbots to increase efficiency.

The anticipated stable economic growth is set to drive the market research services market in the foreseeable future. Sustainable economic growth aims to fulfill human needs while preserving natural resources and the environment. Market research services play a crucial role in helping businesses discern market trends and consumer behavior, enabling informed decisions about their products and services. This adaptability to changing market conditions and staying competitive contributes to stable economic growth. For instance, the U.S. Bureau of Economic Analysis (BEA) reports a 2.1 percent increase in real gross domestic product (GDP) in the second quarter of 2023 in the United States, highlighting the role of stable economic growth in propelling the market research services market.

The growing demand for digital market research services is expected to fuel the expansion of the market research services market. Digital market research services involve the analysis and evaluation of information gathered online to support research or expand knowledge for businesses and organizations. These services benefit the market research sector by offering customer insights, tailored research solutions, data-driven decision-making, social media analytics, and monitoring capabilities. For instance, the Central Digital and Data Office, a UK-based government agency, reported in November 2023 that digital transformation in government could save over £1 billion ($1.17 billion) by eliminating paper-based costs. By 2025, a competitive digital remuneration framework could save £101 million ($122.12 million) annually by reducing attrition rates and lowering dependency on costly labor. Consequently, the rising demand for digital market research services is driving growth in the overall market research services market.

Major players in the market research services sector are actively developing AI-driven real-time research platforms to enhance user experiences. One such example is Meta AI, a new assistant by Meta Platforms Inc., available on WhatsApp, Messenger, and Instagram. Powered by a custom model utilizing technology from Llama 2 and the latest large language model (LLM) research, Meta AI engages in text-based conversations, accesses real-time information through collaboration with Bing search, and offers image generation features.

Market research companies are advising clients to implement virtual reality technologies for a deeper understanding of customer decision-making processes. Virtual reality, a computer-generated simulation replicating a three-dimensional environment, allows companies to gain crucial consumer insights without the need for trial-and-error processes in physical stores. This technology efficiently collects data from a large sample size with minimal investment. Nestle's implementation of a Decision Insights virtual store to determine prices and placements for new ice cream cups resulted in a 53% increase in ice cream sales after incorporating research recommendations.

Major companies operating in the market research services market include Nielsen Holdings Inc., IQVIA Holdings Inc., Gartner, Kantar Group, Ipsos Group S.A., GfK SE, Information Resources, Inc., Dynata, INTAGE Holdings Inc., Westat Inc., Global Vox Populi, RNB Research, Market Xcel Data Matrix Private Limited, Majestic MRSS, Hub of China, SIS International Research, Escalent (formerly Morpace), CIPMR, Adept Research, Tiny CX Freeform, Populix, Dataspring, Inkwood Research, Consumer Behavior Research Co., Ltd (CBR), Euromonitor International, IFF Research, Pharma Intelligence, Mintel, Dunnhumby, AMR Advanced Market Research GmbH, Wood Mackenzie, VCIOM (Russian Public Opinion Research Center), Business Analytica, Ateliar Market Research, Inquiry Market research, MAP Marketing Research, MAGRAM Market Research, Prodege LLC, The NPD Group, Inc., Forrester Research, ORC International Inc., Proactive Worldwide, Comscore, Stitch Marketing Research, Bauman Research & Consulting, LLC, Criba Research SA, Fine Research, AG3 Consulting, OnTarget, Arellano, Datum Internacional S.A., StatMark Group S.A., Brazil Market research, Ad hoc research, Al bar research, Inverita research, Eksen Research, C&O Marketing, Insight Scouts Research & Consultancy, Research & Consulting House (REACH), 4sight, Amass Market Research, Synergy Marketing and Consulting, Brandman Research, Geocartography Knowledge Group, ERA Research & Consultancy, Research Konnection, IVC Research Center, Omnibus, Sixth factor, Nagy Research MEACRO, Acnielsen Marketing & Media (Pty) Ltd., NOI Polls Limited, George, Klein and Associates (GK&A), BMI Research (Pty) Ltd, Plus 94 Research, African Response, Ley Hausen.

North America was the largest region in the market research services market in 2024. Western Europe was the second largest region in the market research services market. The regions covered in the market research services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the market research services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The market research services market includes revenues earned by entities by providing services such as primary research, secondary research, qualitative and quantitative research, branding research, and customer research. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Market research services encompass the processes that aid in determining the viability of a new service or product through direct customer research. These services assist companies in identifying their target market and gathering opinions and feedback from consumers in real-time.

The main types of market research services include market research and analysis services, public opinion research, and election polling. Electoral polling involves the sampling or gathering of thoughts on a subject, obtained from either a selected or a random group of people, for the purpose of evaluation. These services cater to various sectors, including IT services, manufacturing, financial services, construction, and others, and are utilized by enterprises of different sizes, such as large enterprises and small and medium-sized enterprises.

The market research services market research report is one of a series of new reports that provides market research services market statistics, including market research services industry global market size, regional shares, competitors with a market research services market share, detailed market research services market segments, market trends and opportunities, and any further data you may need to thrive in the market research services industry. This market research services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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