5+ Facts about doing market research in your industry
How big is the market research industry?
The global revenue of the market research industry exceeded 76.4 billion U.S. dollars in 2021, growing more than twofold since 2008. In 2020, North America generated the largest share of market research revenue, representing 54 percent of the total, followed by Europe with 23 percent.
What are the 4 types of market research?
Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
Which industries spend the most on market research?
Sectors concentrating the most spending on market research 2020, by client’s sector. As of 2020, about 18 percent of the global spending made on market research services came from the Pharma sector.
Is market research a dying industry?
The State Of Market Research And if you look at Google Trends, worldwide interest in market research has declined by nearly 80% since 2004. Sadly, Kantar may just be one of the best brands in a dying category.
What are the 5 types of market research?
While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business.
How much does Eli Lilly R&D cost?
Eli Lilly is one of the top global pharmaceutical companies and the world’s largest manufacturer and distributor of psychiatric medications. In 2021, spending on research and development came to around 7 billion U.S. dollars.
Is there a future for market research?
Conclusion. In conclusion, the market research industry confronts significant challenges and opportunities in the future. Faster analytics and report production will indeed be possible due to advances in technology such as artificial intelligence and machine learning.
Is market research in demand?
The agency projects that create demand for market research analysts is expected to grow by 20 percent by 2028, driven by the increase in data generated and the realization of the value of these roles in more industries.
Which industry will boom in future?
Some of the fastest-growing sectors in India are automobile, renewable energy, textile, retail, FinTech, pharmaceuticals, real estate, healthcare, and chemical.
What is the most common type of marketing research?
One of the most commonly used market research methods, Surveys are an easy way to understand your target audience and allow you to test a large sample size to determine if findings are true across a larger segment of your customers.