market research industry overview

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Market Research Industry: Current Stats and Future Trends

The market research industry has grown steadily over the last five years. But innovations could rapidly increase potential market research revenue in the research industry in the future. What should companies in this Industry expect in the years to come? Here are a few market research stats and trends.

Here, we’ll look at key market research stats and trends from various new reports covering the market research industry. Read on to gain a quick overview of the Industry’s performance and important new trends to watch.

What is the market research industry?

The market research industry is a sector that focuses on gathering, analyzing, and interpreting data about markets, consumers, competitors, and various business-related trends.

Its primary goal is to provide valuable insights and information to businesses, organizations, and governments to make informed decisions about their products, services, marketing strategies, and overall business operations.

The global market research industry plays a crucial role in helping businesses understand their target audience, identify market opportunities, evaluate the potential demand for products or market analysis services, and assess the competitive landscape. It involves collecting and analyzing both qualitative and quantitative data to understand consumer behavior, preferences, attitudes, market trends, and dynamics.

The key drivers of market research demand

Companies that provide market research services help their clients gather and interpret information about individuals or organizations, with the insights (market size, competition, market need, consumer behavior, etc) leveraged to shape strategies and marketing/sales activities.

Also, studies like the 2018 Global Brand Health Report , where tech workers reveal the companies they want to work for and what they value in a job offer, are studies that are important to industries.

To arrive at their findings and infer insights, market researchers use a range of qualitative techniques such as in-depth interviews, focus groups, and ethnography, as well as quantitative techniques such as customer surveys, analysis of secondary data, and statistical/ analytical research methods. Here are the key drivers of market research demand:

Speed: Researchers need results fast, and with faster results, one sees more evidence-based decision-making.
Cost: Costs have always been an issue. Making decisions based on accurate research studies helps eliminate unnecessary costs.
Quality: Quality is particularly important in market research when the current offering is not good enough.

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North America Dominates

The market research stats and trends favor the U.S.
According to a recent report by First Research Inc. , the market research industry globally produces $45 billion in revenue each year.
Europe and the United States lead the industry overall. Other countries such as China, Brazil, Russia, and India are experiencing increasing demand for market research-related statistical services.

How is the industry performing in the U.S.?

The Market Research industry in the U.S. has undergone strong growth over the five years. They conduct qualitative and quantitative research on behalf of customers to determine the needs and choices of specific demographics or consumer groups.

This has been supported by the increase in research and development (R&D) and internet advertising expenditure, which have driven demand for industry services.

There are 44,000 establishments offering market research services in the United States. They generate approximately $23 billion in combined annual revenue. In this case, “establishments” refer to market research companies with a single location as well as units of multi-location companies.

2018 market research stats and trends

Many of you know that 2016 gave way to wearable technology, big data, mobile research, and many more innovative market research trends.
2018 saw these trends grow, gaining traction, and we anticipate their growth further into 2019.

The future of market research is already here

According to the market research stats and trends, many of these industry trends have bubbled underneath the surface for the last few years. And are now ready to take center stage.

Getting a handle on the key trends for market research will position you well to assist your brand with sensible consumer insight. This keeps your organization competitive while building strong customer relationships that will endure for years to come.

LEARN ABOUT: market research trends

Also, expect to see more automation, standardization, and many claims about artificial intelligence. The key drivers of success for these systems are ease of use, speed, and cost. However, a key element in their success is the ability to leverage existing brands and reputations.

The market research industry is growing fast, and businesses now understand the importance of using data to make smart decisions. Market research tools play a crucial role in providing valuable insights to companies, helping them understand customers and the market better.

QuestionPro emerges as a key player in this changing landscape, offering a user-friendly platform that makes data collection and analysis easier. With automation and AI-powered features, QuestionPro simplifies the research process, saving time and effort for researchers.

It provides quick and accurate insights, enabling businesses to make informed choices. QuestionPro’s commitment to data security and compliance ensures that researchers can conduct ethical data collection, protecting the privacy of participants’ information. As the market research industry looks to the future, QuestionPro’s advanced analytics and A.I. capabilities will continue to shape its trajectory. Researchers can rely on QuestionPro to predict market trends and gain a competitive advantage.

With its user-friendly interface and dedication to providing meaningful results, QuestionPro remains a valuable asset for market researchers, empowering businesses to succeed in an ever-changing market.

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Frequently Asking Questions (FAQ)

Key trends include AI-driven insights, mobile research, ethical data collection, and virtual reality integration.

Media rating services help measure the popularity and effectiveness of media content, providing valuable insights for businesses and advertisers.

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6 Key Market Research Industry Trends (2024)

1. Online surveys transition to mobile-first

In recent years, the market research industry has been sticking to what they know: online surveys work.

Today, nearly 90% of market researchers say they use online surveys regularly.

Market researchers have come to rely on online surveys because they’re fast and cost-effective .

Nearly all consumers are on the internet — only 37% of the world , including people in developing countries, has never been online.

Statistics show that 5.3 billion people use the internet as of late 2023, and that number is growing by 3.7% each year.

Experts expect the popularity of the online survey market to stay high, growing 16% each year through 2026.

With the popularity of online surveys, it’s logical to expect to see similar popularity in mobile surveys.

Across the globe, 68% of website visits in 2020 came from mobile devices. That’s nearly a 5% increase over 2019.

However, only 60% of market researchers say they use mobile surveys regularly.

Experts point to poor UX and survey length as reasons why consumers don’t complete surveys on their smartphones.

Searches for "UX design" have increased by 118% in the last 5 years.

At the end of 2018, 33% of online surveys were started via mobile.

That was a substantial increase from 2013 when only 3-7% of surveys were taken on smartphones .

SurveySparrow , a company founded in 2017, aims to make mobile-first surveys the future of market research.

The company’s founder was inspired by WhatsApp, keeping the tone of the platform’s surveys convenient and conversational.

SurveySparrow says their approach gets a 40% higher completion rate than traditional online surveys.

Pollfish , another mobile-first survey company, stresses that mobile surveys are a much better option than desktop online surveys.

They say mobile surveys provide a greater reach, especially to consumers in Gen Z, and drive an increased response rate.

Experts suggest that mobile-first surveys must optimize the user experience . Doing so can lead to data differences of 10 percentage points or more.

2. Redefining the representative sample

Market researchers have always been mindful to create their groups of research participants in proportion to the population of the market as a whole.

In other words, they recruit participants that mirror their target audience in terms of gender, age, and location.

In the past few years, there’s been a push to expand what a “ representative sample ” truly means.

In one survey, 80% of market researchers said they were interested in learning best practice solutions for multicultural insights, research, and strategy.

The CEO of ThinkNow , a cultural insights agency, described it this way:

“An inclusive approach to research relies on a diverse sample of respondents and employs cultural understanding to provide psychological safety for them. This enables you to gather open and honest responses”.

The inclusion standard extends beyond ethnicities to include people with physical disabilities, those with intellectual disabilities, and people in LGBTQ+ communities.

Inclusive market research doesn’t present an entirely new way of doing things. But it does include several meaningful changes that can drastically improve the quality of the data collected.

For example, researchers are becoming more mindful of the nature of their questions. Are they offensive or dismissive to certain groups of participants? Are they stereotypical or inclusive?

Conducting market research among Millennials is one example where diversity in the audience is essential.

When it comes to Millennials in the United States, Hispanics make up more than 20% of the group . In order to get accurate data, market researchers must ensure the makeup of their sample is 20% Hispanic.

LMD, a Maryland-based communications agency, recently completed market research for a multi-year anti-litter campaign for Prince George’s County.

They were careful to draw upon a diverse group of participants that matched the County’s actual population breakdown: 61% Black, 14% Hispanic/Latinx, 12% white, and 12% other races/ethnicities.

They also completed the research in English and Spanish , further serving the diverse group of research participants.

3. Video becomes the tool of choice for qualitative research

Research from Take Note found that 93% of market researchers are using online/video focus groups more often than three years ago .

They also discovered that 90% are using consumers’ online video submissions and in-depth video interviews more than they were three years ago.

The main reason behind this transition? Consumers are now much more comfortable being “on camera”.

Thanks to the pandemic, video conferencing platforms are now part of daily life for many people. In fact, more than 300 million people used Zoom every day during its peak.

They’re also ready and willing to create user-generated content . More than 5 million videos were shared when Instagram first debuted its video feature.

Experts agree that companies can gain more market insights through video than text.

Video is more interactive, more genuine, and provides “unspoken” data like body language, tone, and facial expressions.

Medallia’s LivingLens video software offers companies the opportunity to capture 6x more information with video surveys compared to open-ended text responses.

Nearly every industry is taking advantage of video-based market research , from automotive companies to the beverage industry, to healthcare organizations.

Del Taco recently launched a video feedback initiative. The company took advantage of more than 10 hours of customer video content in reaction to menu changes.

In the past, market researchers have been concerned about the scalability of video insights. Manually combing through hours of unedited video footage is nowhere near efficient.

But, in today’s market, video delivers fast results at scale.

Dozens of video analytics platforms exist.

Affectiva’s technology can “detect nuanced human emotions, complex cognitive states, activities, interactions, and objects people use”.

The company was recently acquired by Smart Eye , a Swedish technology company focused on eye-tracking systems, for $73.5 million.

Other companies, like Speak , use AI to transcribe consumer videos and analyze the text, creating a searchable database of media and insights.

4. Bringing market research in-house

Another response to the current demands placed on market researchers is bringing their efforts in-house.

Global consumer goods corporation P&G has cut its number of agency relationships by 60% over the past seven years. This has resulted in serious cash savings: $750 million.

One report by SurveyMonkey shows that more than half of market researchers estimate their use of full-service research vendors will decrease.

The same report said 70% of market researchers are very likely or somewhat likely to transition to more DIY tools in the next year.

In one example, Organic Valley adopted user-friendly tools that made it easier for coworkers outside of the research department to dive into the data and discover their own customer insights.

Companies that are investing in in-house research see it as a way to keep their efforts customer-centric and use new technologies to empower their brand.

In essence, brands want more transparency, more control, and a streamlined process for market research.

Investors are taking notice of this trend.

Research platform quantilope raised $28 million in a Series B funding round announced in July 2020.

The company commissioned the Forrester Consulting Total Economic Impact study , which found their market research platform provides an ROI of 319% over three years and $2.7 million in net benefits.

5. Faster, more cost-effective market research

Companies cannot afford to be slow in their market research.

In the post-pandemic world, businesses are acting 20-25x faster than usual when it comes to making certain changes.

As one CEO puts it, companies must have “accurate, up-to-the-minute research ” if they hope to gain useful insights about their consumers and their business.

Traditional market research methods like focus groups still have their place. But speed is not their strength.

That’s where agile market research excels.

This type of market research is defined by gathering consumer feedback, applying technology, and launching campaigns quickly . That way, companies can test and make decisions without extended periods of time being devoted to each step.

Zappi is one agile market research platform that’s showing incredible growth.

The company grew sales by more than 30% in 2021 and launched a new tool, Zappi Amplify TV .

At least part of this dedication to faster results is driven by budget constraints.

According to SurveyMonkey, 56% of companies have continued demand for market research but face limited or shrinking budgets.

Automated market research is one way to support the agile method and deliver quicker insights with fewer people on staff.

The results are pretty convincing : 60% of market researchers say automation allows them to deliver results faster, 50% say it’s allowed them to lower costs, and 80% of market researchers say they believe the trend will continue to grow.

6. Social media listening gives insights in real-time

Social media platforms are full of conversations, interactions, likes, and dislikes that are relevant to a business’ brand.

Each of these interactions is a window into the preferences and attitudes of a company’s target audience.

Social media listening involves gathering historical and real-time data from social media. Like other market research methods, this data can inform decisions and inspire new offerings.

Statistics show that 5.85 billion people worldwide will be using social media by 2027.

Better yet, 80% of what people post on social media is about themselves.

This means businesses that invest in social media research methods essentially have access to their target audience in real-time.

Those that can effectively monitor social media and make sense of the data will get a wealth of valuable information: what customers like, what they dislike, how they use products, what trends they’re interested in and much more.

With a variety of social media listening platforms and price points, this type of market research method is available to businesses of any size.

Talkwalker is one of the most comprehensive social media listening platforms and was recently featured in a Forrester report as one of the “ top 10 providers that matter most ”.

The Talkwalker platform crawls nearly 150 million websites, 30,000 podcasts, more than 10 social media platforms, and 187 different languages.

Businesses should take note, though, that one of the drawbacks of social media market research is the incidence of skewed results caused by herd mentality.

People on social media act impulsively and are largely swayed by other users. Which means the data isn’t always 100% accurate.

The market research trends that lie ahead on the horizon show us that social media, smartphones, and DIY data research should dominate the market in the near future.

Customer needs are constantly changing and that means market research will always be key to any successful organization.

The brands that can quickly and effectively anticipate customer wants and needs are the brands that will be able to surpass the competition and never look back.

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What Is Market Research?

How It Works
Primary vs. Secondary
How to Conduct Research

The Bottom Line

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How to Do Market Research, Types, and Example

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Market research examines consumer behavior and trends in the economy to help a business develop and fine-tune its business idea and strategy. It helps a business understand its target market by gathering and analyzing data.

Market research is the process of evaluating the viability of a new service or product through research conducted directly with potential customers. It allows a company to define its target market and get opinions and other feedback from consumers about their interest in a product or service.

Research may be conducted in-house or by a third party that specializes in market research. It can be done through surveys and focus groups, among other ways. Test subjects are usually compensated with product samples or a small stipend for their time.

Key Takeaways

Companies conduct market research before introducing new products to determine their appeal to potential customers.
Tools include focus groups, telephone interviews, and questionnaires.
The results of market research inform the final design of the product and determine how it will be positioned in the marketplace.
Market research usually combines primary information, gathered directly from consumers, and secondary information, which is data available from external sources.

Market Research

How market research works.

Market research is used to determine the viability of a new product or service. The results may be used to revise the product design and fine-tune the strategy for introducing it to the public. This can include information gathered for the purpose of determining market segmentation . It also informs product differentiation , which is used to tailor advertising.

A business engages in various tasks to complete the market research process. It gathers information based on the market sector being targeted by the product. This information is then analyzed and relevant data points are interpreted to draw conclusions about how the product may be optimally designed and marketed to the market segment for which it is intended.

It is a critical component in the research and development (R&D) phase of a new product or service introduction. Market research can be conducted in many different ways, including surveys, product testing, interviews, and focus groups.

Market research is a critical tool that companies use to understand what consumers want, develop products that those consumers will use, and maintain a competitive advantage over other companies in their industry.

Primary Market Research vs. Secondary Market Research

Market research usually consists of a combination of:

Primary research, gathered by the company or by an outside company that it hires
Secondary research, which draws on external sources of data

Primary Market Research

Primary research generally falls into two categories: exploratory and specific research.

Exploratory research is less structured and functions via open-ended questions. The questions may be posed in a focus group setting, telephone interviews, or questionnaires. It results in questions or issues that the company needs to address about a product that it has under development.
Specific research delves more deeply into the problems or issues identified in exploratory research.

Secondary Market Research

All market research is informed by the findings of other researchers about the needs and wants of consumers. Today, much of this research can be found online.

Secondary research can include population information from government census data , trade association research reports , polling results, and research from other businesses operating in the same market sector.

History of Market Research

Formal market research began in Germany during the 1920s. In the United States, it soon took off with the advent of the Golden Age of Radio.

Companies that created advertisements for this new entertainment medium began to look at the demographics of the audiences who listened to each of the radio plays, music programs, and comedy skits that were presented.

They had once tried to reach the widest possible audience by placing their messages on billboards or in the most popular magazines. With radio programming, they had the chance to target rural or urban consumers, teenagers or families, and judge the results by the sales numbers that followed.

Types of Market Research

Face-to-face interviews.

From their earliest days, market research companies would interview people on the street about the newspapers and magazines that they read regularly and ask whether they recalled any of the ads or brands that were published in them. Data collected from these interviews were compared to the circulation of the publication to determine the effectiveness of those ads.

Market research and surveys were adapted from these early techniques.

To get a strong understanding of your market, it’s essential to understand demand, market size, economic indicators, location, market saturation, and pricing.

Focus Groups

A focus group is a small number of representative consumers chosen to try a product or watch an advertisement.

Afterward, the group is asked for feedback on their perceptions of the product, the company’s brand, or competing products. The company then takes that information and makes decisions about what to do with the product or service, whether that's releasing it, making changes, or abandoning it altogether.

Phone Research

The man-on-the-street interview technique soon gave way to the telephone interview. A telephone interviewer could collect information in a more efficient and cost-effective fashion.

Telephone research was a preferred tactic of market researchers for many years. It has become much more difficult in recent years as landline phone service dwindles and is replaced by less accessible mobile phones.

Survey Research

As an alternative to focus groups, surveys represent a cost-effective way to determine consumer attitudes without having to interview anyone in person. Consumers are sent surveys in the mail, usually with a coupon or voucher to incentivize participation. These surveys help determine how consumers feel about the product, brand, and price point.

Online Market Research

With people spending more time online, market research activities have shifted online as well. Data collection still uses a survey-style form. But instead of companies actively seeking participants by finding them on the street or cold calling them on the phone, people can choose to sign up, take surveys, and offer opinions when they have time.

This makes the process far less intrusive and less rushed, since people can participate on their own time and of their own volition.

How to Conduct Market Research

The first step to effective market research is to determine the goals of the study. Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns.

After that, the next step is to determine who will be included in the research. Market research is an expensive process, and a company cannot waste resources collecting unnecessary data. The firm should decide in advance which types of consumers will be included in the research, and how the data will be collected. They should also account for the probability of statistical errors or sampling bias .

The next step is to collect the data and analyze the results. If the two previous steps have been completed accurately, this should be straightforward. The researchers will collect the results of their study, keeping track of the ages, gender, and other relevant data of each respondent. This is then analyzed in a marketing report that explains the results of their research.

The last step is for company executives to use their market research to make business decisions. Depending on the results of their research, they may choose to target a different group of consumers, or they may change their price point or some product features.

The results of these changes may eventually be measured in further market research, and the process will begin all over again.

Benefits of Market Research

Market research is essential for developing brand loyalty and customer satisfaction. Since it is unlikely for a product to appeal equally to every consumer, a strong market research program can help identify the key demographics and market segments that are most likely to use a given product.

Market research is also important for developing a company’s advertising efforts. For example, if a company’s market research determines that its consumers are more likely to use Facebook than X (formerly Twitter), it can then target its advertisements to one platform instead of another. Or, if they determine that their target market is value-sensitive rather than price-sensitive, they can work on improving the product rather than reducing their prices.

Market research only works when subjects are honest and open to participating.

Example of Market Research

Many companies use market research to test new products or get information from consumers about what kinds of products or services they need and don’t currently have.

For example, a company that’s considering starting a business might conduct market research to test the viability of its product or service. If the market research confirms consumer interest, the business can proceed confidently with its business plan . If not, the company can use the results of the market research to make adjustments to the product to bring it in line with customer desires.

What Are the Main Types of Market Research?

The main types of market research are primary research and secondary research. Primary research includes focus groups, polls, and surveys. Secondary research includes academic articles, infographics, and white papers.

Qualitative research gives insights into how customers feel and think. Quantitative research uses data and statistics such as website views, social media engagement, and subscriber numbers.

What Is Online Market Research?

Online market research uses the same strategies and techniques as traditional primary and secondary market research, but it is conducted on the Internet. Potential customers may be asked to participate in a survey or give feedback on a product. The responses may help the researchers create a profile of the likely customer for a new product.

What Are Paid Market Research Surveys?

Paid market research involves rewarding individuals who agree to participate in a study. They may be offered a small payment for their time or a discount coupon in return for filling out a questionnaire or participating in a focus group.

What Is a Market Study?

A market study is an analysis of consumer demand for a product or service. It looks at all of the factors that influence demand for a product or service. These include the product’s price, location, competition, and substitutes as well as general economic factors that could influence the new product’s adoption, for better or worse.

Market research is a key component of a company’s research and development (R&D) stage. It helps companies understand in advance the viability of a new product that they have in development and to see how it might perform in the real world.

Britannica Money. “ Market Research .”

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

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Market Research in the US - Market Research Report (2014-2029)

Past 5-Year Growth

Market research in the us industry analysis.

Market Research companies have benefited from research and development (R&D) expenditure growth as companies develop new products to satisfy consumer demand. Although revenue endured a slight dip in 2020 because of the pandemic, downstream companies continue to rely on market research to create new products and campaigns that fit ever-changing consumer preferences. The recent hike in economic uncertainty has supported demand for market research firms, as downstream companies aim to better understand the market and focus spending on campaigns with higher chances of succeeding. This era of economic uncertainty has underscored the importance of understanding consumer interaction, driving demand for both qualitative and quantitative research methods to shape business strategies. These trends have led to revenue growing at a CAGR of 3.3% to $34.7 billion over the next five years, including a 3.6% gain in 2024 alone.

Trends and Insights

Digital tools reshape market research. Volatile corporate profit and advertising expenditure have pushed companies to adopt cost-effective, digital market research methods. These tools offer quicker data collection and analysis, helping businesses navigate economic uncertainty.
Reliance on quantitative data increases alongside technology. Due to widespread internet use, quantitative data is becoming easier to collect, leading to a better understanding of consumer behavior.

Companies follow major markets. This has led market research companies to base operations in metropolitan cities, including Los Angeles and New York City.

Price and quality are the two main factors affecting competition. Companies that provide accurate insights on time and within budget benefit from repeat customers. Substitute competitors are building in-house teams, which lowers operational costs and gives these companies more power.

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Industry Overview

Table of contents, methodology, market size and recent performance (2014-2029).

Industry revenue has grown at a CAGR of 3.3 % over the past five years, to reach an estimated $34.7bn in 2024.

Pandemic effects push companies toward market research

During the 2020 pandemic, most companies faced significant challenges as consumer uncertainty skyrocketed. Work-from-home capabilities and lower consumer spending prevented many buyers from taking on new product development, hurting demand for market research services.
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Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Growth will continue as companies aim to understand customers

Consumer behavior and preferences are ever-changing, forcing companies to constantly invest in research and development (R&D) capabilities. By developing new products that align with consumer wants and needs, companies can grow and capture a larger portion of the market.

Biggest companies in the Market Research in the US

Company	Market Share (%)	Revenue ($m)	Profit ($m)	Profit Margin (%)

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Products & Services Segmentation

Market Research in the US

Products & Services

Industry revenue is measured across several distinct product and services lines, including Quantitative research, Qualitative research and Other. Quantitative research is the largest segment of the Market Research in the US.

Quantitative research is the most popular service

Quantitative research collects and analyses data to measure consumer responses to a product, issue, campaign or related event. Data is often collected through surveys, polls or questionnaires and is measured using statistical, mathematical or numerical analysis. Researchers also offer automated digital and electronic online traffic and audience measurement research services.
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Competitors.

Management Consulting in the US

Complementors

Advertising Agencies in the US
Media Buying Agencies in the US
Media Representative Firms in the US
Direct Mail Advertising in the US

International industries

Market Research in Canada
Market Research and Statistical Services in Australia
Advertising and Market Research Services in New Zealand
Market Research & Public Opinion Polling in the UK
Market Research in China

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About this industry

Industry definition.

Companies in this industry systematically gather, record, tabulate and present marketing and public opinion data. Examples of industry services include political polling, sampling and statistical services, broadcast media rating services and market analysis services. Operators that conduct experimental or scientific research in fields, such as economics or engineering, are not included in this industry.

What's included in this industry?

Purchase this report to view all 35 major companies in this industry.

Related Terms

Industry code.

NAICS 54191 - Market Research in the US

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

Digital tools reshape market research. Volatile corporate profit and advertising expenditure have pushed companies to adopt cost-effective, digital market research methods. T...

In this chapter (4)

Current Performance

Key metrics

Annual Revenue, Recent Growth, Forecast, Revenue Volatility
Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
Total Profit, Profit Margin, Profit per Business
Revenue, including historical (2014-2023) and forecast (2024-2029)
Employees, including historical (2014-2023) and forecast (2024-2029)
Businesses, including historical (2014-2023) and forecast (2024-2029)
Profit, including historical (2014-2024)
Industry Volatility vs. Revenue Growth
Industry Life Cycle

Detailed analysis

Trends in supply, demand and current events that are driving current industry performance
Expected trends, economic factors and ongoing events that drive the industry's outlook
Key success factors for businesses to overcome volatility
How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Reliance on quantitative data increases alongside technology. Due to widespread internet use, quantitative data is becoming easier to collect, leading to a better understandi...

In this chapter

Products & Services
Major Markets
Largest market segment and value in 2024
Product innovation level
Products & services segmentation in 2024
Major market segmentation in 2024
Trends impacting the recent performance of the industry's various segments
Innovations in the industry's product or service offering, specialization or delivery method
Key factors that successful businesses consider in their offerings
Buying segments and key trends influencing demand for industry products and services

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

In this chapter (1)

Business Locations
Share of revenue, establishment, wages and employment in each state
Share of population compared to establishments in each region in 2024
Number and share of establishments in each state in 2024
Number and share of revenue each state accounts for in 2024
Number and share of wages each state accounts for in 2024
Number and share of employees in each state in 2024
Geographic spread of the industry across North America, and trends associated with changes in the business landscape
Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Price and quality are the two main factors affecting competition. Companies that provide accurate insights on time and within budget benefit from repeat customers. Substitute...

Concentration
Barriers to Entry
Substitutes
Buyer & Supplier Analysis
Industry concentration level
Industry competition level and trend
Barriers to entry level and trend
Substitutes level and trend
Buyer power level and trend
Supplier power level and trend
Market share concentration among the top 4 suppliers from 2019-2024
Supply chain including upstream supplying industries and downstream buying industries, flow chart
Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
Key success factors for businesses to manage the competitive environment of the industry.
Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
Key success factors for potential entrants to overcome barriers to entry.
Competitive threats from potential substitutes for the industry’s own products and services.
Key success factors for how successful businesses can compete with substitutes.
Advantages that buyers have to keep favorable purchasing conditions.
Advantages that suppliers have to maintain favorable selling conditions.
Key success factors for how businesses can navigate buyer and supplier power.

Learn about the performance of the top companies in the industry.

IQVIA has fully acquired Q2 Diagnostics from Quest Diagnostics, enhancing its service offerings. Shortly after, it secured a deal to purchase Rules Based Medicine from Myriad...

Market Share Concentration
Company Spotlights
Industry market share by company in 2020 through 2024
Major companies in the industry, including market share, revenue, profit and profit margin in 2024
Overview of Iqvia Holdings Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
Overview of Nielsen Holdings Plc's performance by revenue, market share and profit margin from 2018 through 2024
Overview of Ipsos's performance by revenue, market share and profit margin from 2018 through 2024
Overview of revenue, market share and profit margin trend for 32 additional companies
Description and key data for Iqvia Holdings Inc., and factors influencing its performance in the industry
Description and key data for Nielsen Holdings Plc, and factors influencing its performance in the industry
Description and key data for Ipsos, and factors influencing its performance in the industry
Description, key data and performance trends for 32 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.

An improving economy leads to revenue growth. Rising consumer spending and corporate profit have boosted advertising and research and development expenditures, both of which ...

External Drivers
Regulation & Policy
Regulation & policy level and trend
Assistance level and trend
Regulation & Policy historical data and forecast (2014-2029)
Assistance historical data and forecast (2014-2029)
Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.

Market research firms are under pressure from DIY tools. Self-service platforms offer affordable market research options, forcing traditional agencies to lower prices and cut...

Cost Structure
Financial Ratios
Profit margin, and how it compares to the sector-wide margin
Average wages, and how it compares to the sector-wide average wage
Largest cost component as a percentage of revenue
Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
Investment vs. share of economy

Data tables

Industry Multiples (2017-2022)
Industry Tax Structure (2017-2022)
Income Statement (2017-2022)
Balance Sheet (2017-2022)
Liquidity Ratios (2017-2022)
Coverage Ratios (2017-2022)
Leverage Ratios (2017-2022)
Operating Ratios (2017-2022)
Cash Flow & Debt Service Ratios (2014-2029)
Revenue per Employee (2014-2029)
Revenue per Enterprise (2014-2029)
Employees per Establishment (2014-2029)
Employees per Enterprise (2014-2029)
Average Wage (2014-2029)
Wages/Revenue (2014-2029)
Establishments per Enterprise (2014-2029)
IVA/Revenue (2014-2029)
Imports/Demand (2014-2029)
Exports/Revenue (2014-2029)
Trends in the cost component for industry operators and their impact on industry costs and profitability

Key Statistics

Industry data, data tables.

Including values and annual change:

Revenue (2014-2029)
IVA (2014-2029)
Establishments (2014-2029)
Enterprises (2014-2029)
Employment (2014-2029)
Exports (2014-2029)
Imports (2014-2029)
Wages (2014-2029)

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in the US include:

US Census Bureau
US Bureau of Labor Statistics
US International Trade Commission

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

Industry and trade associations
Industry federations or regulators
Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

Learn more about our methodology and data sourcing on the Help Center .

Frequently Asked Questions

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Market Research in the US industry in United States in 2024?

The market size of the Market Research in the US industry in United States is $34.7bn in 2024.

How many businesses are there in the Market Research in the US industry in 2024?

There are 42,268 businesses in the Market Research in the US industry in United States, which has grown at a CAGR of 0.3 % between 2019 and 2024.

Has the Market Research in the US industry in United States grown or declined over the past 5 years?

The market size of the Market Research in the US industry in United States has been growing at a CAGR of 3.3 % between 2019 and 2024.

What is the forecast growth of the Market Research in the US industry in United States over the next 5 years?

Over the next five years, the Market Research in the US industry in United States is expected to grow.

What are the biggest companies in the Market Research in the US market in United States?

The biggest companies operating in the Market Research market in United States are Iqvia Holdings Inc., Nielsen Holdings Plc and Ipsos

What does the Market Research in the US in United States include?

Broadcast media rating and Marketing analysis or research are part of the Market Research in the US industry.

Which companies have the highest market share in the Market Research in the US in United States?

The company holding the most market share in United States is Iqvia Holdings Inc..

How competitive is the Market Research in the US industry in United States?

The level of competition is high and increasing in the Market Research in the US industry in United States.

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Market Research Industry: Navigating Trends and Transformations

In the fast-paced world of business, where uncertainty is a constant, the market research industry stands as a lighthouse, guiding organizations through the turbulent seas of market dynamics.

This exploration delves into the intricate landscape of the market research industry, shedding light on its significance, evolving trends, methodologies, challenges, and the transformative impact it brings to businesses seeking a competitive edge.

Significance of the Market Research Industry

Strategic Decision Support: The market research industry is a cornerstone for strategic decision-making. By providing in-depth insights into market trends, consumer behaviors, and competitive landscapes, this industry equips businesses with the knowledge needed to make informed and strategic decisions.
Risk Mitigation and Opportunity Identification: Market research mitigates risks associated with uncertainty. Through rigorous analysis, the industry assists organizations in identifying potential challenges while uncovering opportunities that may otherwise remain hidden.
Product and Service Innovation: The industry fosters innovation in product development and services. Market research enables businesses to innovate and align their offerings with evolving customer needs by gauging consumer preferences, assessing market demands, and identifying gaps.
Competitive Intelligence: Market research provides invaluable competitive intelligence. Through competitor analysis, industry players gain insights into their rivals’ strategies, strengths, and weaknesses, allowing for strategic positioning in the market.
Global Expansion Strategies: The industry facilitates global expansion strategies. By understanding diverse market dynamics, cultural nuances, and regulatory landscapes, businesses can navigate international markets successfully with market research guidance.

Key Components and Functions of the Market Research Industry

Market Segmentation: The industry assists in market segmentation. By dividing the market into distinct segments based on demographics, psychographics, and behaviors, market research helps businesses tailor their strategies to specific target audiences.
Technological Integration: Market research incorporates cutting-edge technologies. Artificial intelligence, machine learning, and advanced analytics are increasingly integrated into research methodologies, enhancing the industry’s data analysis and trend forecasting capabilities.
Custom Research Solutions: The industry provides custom research solutions. Recognizing that each business is unique, market research firms tailor their methodologies to address specific challenges, ensuring that insights directly apply to clients’ strategic objectives.
Cross-Industry Expertise: Market research firms offer cross-industry expertise. Their ability to work across diverse sectors allows businesses to benefit from insights that innovations or trends may inspire in unrelated industries.
Consumer Insights and Behavior Studies: The industry delves into consumer insights and behavior studies. Market research professionals uncover consumer preferences, purchasing behaviors, and emerging trends through surveys, focus groups, and data analysis, enabling businesses to align with customer expectations.

Challenges in the Market Research Industry

Data Privacy and Ethical Considerations: The industry must navigate data privacy and ethical concerns. As data collection intensifies, market research entities face the challenge of ensuring the ethical handling of sensitive consumer information and compliance with data protection regulations.
Technological Adoption: Keeping pace with technological advancements is crucial. The industry must continually invest in and adopt emerging technologies to stay relevant and effectively deliver insights.
Global Complexity: Operating in diverse global markets presents challenges. Market research entities must navigate language barriers, cultural nuances, and variations in data collection regulations when conducting international studies.
Balancing Speed and Accuracy: The demand for quick insights may conflict with the need for accurate research. Striking a balance between speed and accuracy remains challenging for market research professionals striving to deliver timely yet reliable findings.
Demonstrating Measurable Impact: Clients increasingly seek measurable returns on investment (ROI). The industry faces the challenge of developing robust methodologies to demonstrate the tangible impact of its insights on clients’ strategic decision-making.

Trends Shaping the Market Research Industry

Increased Use of Artificial Intelligence (AI): AI is integral to market research. Automated data analysis, predictive modeling, and chatbots for surveys are examples of AI applications enhancing the efficiency and scope of market research.
Focus on Predictive Analytics: Predictive analytics is gaining prominence. Market research is evolving to describe current trends and predict future market movements, enabling businesses to respond to changes proactively.
Integration of Big Data: Big data is being integrated into research methodologies. The vast amounts of data available are leveraged for comprehensive analyses, providing more nuanced insights into consumer behaviors and market trends.
Mobile Research and Real-Time Feedback: Mobile research is on the rise. With the ubiquity of smartphones, market research is increasingly conducted through mobile platforms, enabling real-time feedback and reaching a broader and more diverse audience.
Sustainability and Social Responsibility Focus: Sustainability and social responsibility are becoming integral considerations. Market research is expanding to include assessments of consumer attitudes towards sustainable practices and social responsibility, shaping businesses’ strategies.

Best Practices in the Market Research Industry

Continuous Skill Development: Professionals in the industry should invest in continuous learning. Staying abreast of technological advancements, research methodologies, and industry trends ensures that market research remains effective and relevant.
Client Collaboration and Communication: Foster open collaboration and communication with clients. Regular updates, progress reports, and client feedback sessions ensure that both parties are aligned throughout the research process.
Innovation in Methodologies: Incorporate innovative research methodologies. Market research professionals should strive to stay ahead by adopting cutting-edge methodologies and enhancing the depth and breadth of insights provided to clients.
Transparency in Reporting: Maintain transparency in research methodologies and reporting. Articulating the research process, including data collection methods, sample sizes, and statistical analyses, builds trust and confidence with clients.
Customization for Client Needs: Tailor research approaches to meet specific client needs. A customized approach ensures that research outcomes directly apply to clients’ strategic objectives, fostering the relevance of insights.

Strategic Considerations in the Market Research Industry

Investment in Technology: Prioritize investments in cutting-edge research technologies. The industry should embrace and invest in emerging technologies, ensuring that research capabilities remain at the forefront.
Global Expansion and Local Expertise: Develop capabilities for global expansion with local expertise. Establishing a global presence with a network of experts allows market research entities to offer nuanced insights into diverse markets.
Brand Positioning as Industry Leaders: Position the industry as an industry leader. Demonstrating thought leadership through publications, conference presentations, and innovative research methodologies attracts clients seeking pioneering insights.
Adaptive Research Models: Embrace adaptive research models to respond to dynamic market conditions. Agile methodologies that allow adjustments during the research process enable the industry to deliver timely and relevant insights.
Client-Centric Approach: Prioritize a client-centric approach in all engagements. Aligning research efforts with the strategic objectives and business challenges of clients enhances the value proposition of the market research industry.

Conclusion:

The market research industry serves as a linchpin for businesses navigating the complexities of the market, offering a compass for informed decision-making. Its significance lies in providing current insights and predicting future trends, empowering organizations to stay ahead in a rapidly changing landscape.

By addressing challenges, embracing emerging trends, and adhering to best practices, the market research industry remains at the forefront of strategic excellence, ensuring businesses have the knowledge to thrive in an ever-evolving global marketplace.

About Verified Market Research

Verified Market Research is a global market research and consulting firm that has been delivering exhaustive market research studies and business intelligence for its clients since its establishment.

We focus on pushing our clients to achieve their business goals – with the fuel of in-depth business insights, including the latest market trends, customer behavior, and competitive analysis. Our transparent approach and high-rated market research reports have offered us a credible position in the eyes of most Fortune 500 companies.

Since our inception, we have formed fruitful and long-lasting relationships with each one of the clients whom we have serviced so far. It explains our performance when it comes to market research. We use client requirements and desired outcomes as our quality assurance measures to offer a precise and concise report on each market aspect.

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