Editor’s note: Sarah Schmidt is a managing editor at MarketResearch.com, a provider of market intelligence products and services.
The global marketing research services market is forecast to reach $115 billion by 2020, growing at a compound annual growth rate of 6.3 percent, according to a report on MarketResearch.com titled Market Research Services Market Global Briefing 2017 by the Business Research Company.
Thanks to a strengthening global economy, the demand for marketing research services is expected to rise across all industries. Marketing researchers will see an increased need for customer satisfaction surveys, as companies seek data-driven strategies to deliver standout products and services.
Technological innovation will also expand the range of tools and techniques that researchers have at their disposal. The report cites Loop Survey and Survey Monkey as prime examples. These mobile applications integrate with smartphones and tablets to provide real-time feedback from consumers.
Mobile surveys aren’t the only technology-driven trends impacting the work researchers perform. The report also highlights the following:
Although new technologies will open some exciting possibilities for marketing researchers – potentially boosting revenue – it’s important to keep an eye on other factors that may restrain the market in the future.
In the past, globalization helped fuel the demand for research services. When companies expand into new markets, they often commission research to develop effective strategies to increase their global presence. However, the trend toward globalization may not be indefinite, as the report explains.
Brexit will likely result in more trade restrictions between the U.K. and other countries in Europe, and U.S. President Donald Trump has also expressed a desire to renegotiate many trade agreements, including NAFTA. Reductions in free trade could ...