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According to The Business Research Company’s research report on the market research services market, from a business perspective, market research and analysis services firms themselves are undergoing changes in their methodologies to adapt to the new and changing consumer needs. The traditional face-to-face interview methodology will be replaced with online surveys, which the West has already adapted to as 90% of their research is conducted online. According to the president of the South Asian branch of Nielsen, at least 30% of the research industry will move online, and digital research will see rapid growth. Nielsen itself has already moved retail data, modern trade data and media measurement online, and has launched 10-12 digital services for clients.
On the other hand, some marketing research and analysis services firms worry that response rates during a crisis may fluctuate, and respondents themselves may change their answers in context of the pandemic. Particularly in the healthcare and pharmaceuticals sector, answers may be dependent on the current situation, and these must be carefully analyzed and used for context.
North America was the largest region in the market research services market, accounting for 32.5% of the total in 2020. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the market research services market will be South America and the Middle East where growth will be at CAGRs of 10.6% and 6.7% respectively. These will be followed by Africa and Eastern Europe, where the markets are expected to grow at CAGRs of 5.9% and 5.3% respectively.
The Business Research Company’s report titled Market Research Services Global Market Report 2023 – By Type (Marketing Research And Analysis Services, Public Opinion And Election Polling), By End Use Industry (IT Services, Manufacturing, Financial Services, Construction), COVID-19 Impact and Recovery covers major market research services companies, market research services market share by company, market research services manufacturers, market research services market size, and market research services market forecasts. The report also covers the global market research services market and its segments.
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Marketing research and analysis services companies should quickly adapt to the digital consumerism and devise methodologies ad processes to survey/track consumer behavior and advice clients effectively. Going forward, the further rise in internet adoption and consumption of digital services is expected to offer new avenues of research opportunities for market research companies.
Market research companies are adopting chatbots to conduct market research. A chatbot is an automated program that simulates human behavior through text or voice command. Chatbots are programmed to self-learn as they get introduced to new texts. Chatbots are used to carry out research conversations that businesses have with their customers/respondents. They are used to address customer/respondents’ requests by effectively mimicking human behavior. Chatbots leverage Natural Language Processing (NLP) and are quick, unobtrusive, and can run natively inside other apps. Companies are using chatbots to send tailored questions to respondents based on the respondents’ answers, thereby increasing the efficiency of surveys conducted. SurveySparrow, Wizu, Acebot are some examples of chatbot software platforms.
The global market research services market is expected to grow from $71.86 billion in 2020 to $75.66 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. 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 $90.79 billion in 2025 at a CAGR of 5%.
Market Research Services Global Market Report 2023 – COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provide market research services market overviews, market research services market analyze and forecast market size and growth for the whole market, market research services market segments and geographies, market research services market trends, market research services market drivers, market research services market restraints, market research services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Business Intelligence (BI) Software Global Market Report 2020 – By Deployment (On-Premise, On-Cloud), By Application (FSI, Telecomm, IT, Retail And Consumer Goods, Healthcare And Life Sciences, Manufacturing), By Type (Unstructured Data, Semi Structured Data, Structured Data), COVID-19 Impact And Recovery
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