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What Is The Projected Market Size & Growth Rate Of The Market Research Services Market?
The consistent expansion of the market research services market size has been noted in recent years. There is an expected growth from $89.95 billion in 2024 to $93.37 billion in 2025, representing a compound annual growth rate (CAGR) of 3.8%. The historical growth phase has been linked to factors like an increase in research and development (R&D) investments, the prevalence of political opinion polls, robust economic development in emerging markets, higher internet penetration, and increased recognition of market research's relevance in various end-user industries.

The market for research services is predicted to experience consistent expansion in the upcoming years, with the estimate reaching $110.77 billion by 2029 at a compound annual growth rate (CAGR) of 4.4%. The rise during this forecasted period can be credited to an enhancing emphasis on customer satisfaction, the practice of outsourcing backend processes to cheap labor markets, increased demand for opinion polls, and the escalation of data-driven businesses. Notable forecast period trends consist of incorporating advanced technologies like eye-tracking, embracing agile market research methods, usage of exploratory research tools, superseding traditional surveys with micro surveys, investment in virtual technologies, implementing AI technologies, research processes automation, the application of blockchain technology, and considering the inclusion of chatbots to augment efficiency.

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What Is The Crucial Factor Driving The Global Market Research Services Market?
The expected continual economic development is predicted to fuel the expansion of the market research services market. This kind of sustainable economic development aims to fulfill human needs while preserving natural resources and the environment. By identifying market trends and customer behavior, market research services enable businesses to make well-informed decisions about their offerings. This enables them to maintain competitiveness and adjust to evolving market conditions, significantly contributing to the economic stability. For example, the U.S. Bureau of Economic Analysis (BEA), a US government agency, has reported that the real gross domestic product (GDP) has seen a 2.1 percent annual growth rate in the second quarter of 2023 in the US. Therefore, consistent economic development serves as a catalyst in the growth of the market research services market.

Who Are The Emerging Players In The Market Research Services Market?
Major players in the Market Research Services 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.

What Are The Key Trends Shaping The Market Research Services Industry?
Major companies in the market research services sector are using AI to develop real-time research platforms like Meta AI to improve user experiences. Meta AI, functioning like a human assistant, can interact with users on WhatsApp, Messenger, and Instagram. For instance, in September 2023, Meta Platforms Inc., a US-based tech company, unveiled the platform. Enriched by a customized model that incorporates technology from Llama 2 and up-to-date large language model (LLM) research, Meta AI enables real-time information access during text-based interactions via its partnership with Bing search. Moreover, it has an image generation feature.

What Segments Are Covered In The Market Research Services Market Report?
The market research services market covered in this report is segmented –

1) By Type: Marketing Research And Analysis Services, Public Opinion And Election Polling
2) By End Use Industry: FMCG, Media, Healthcare & Life Science, Professional Services, Others

Subsegments:
1) By Marketing Research And Analysis Services: Consumer Research And Behavior Analysis, Brand Perception And Awareness Studies, Product Testing And Development Research
2) By Public Opinion And Election Polling: Political Polling And Survey Services, Public Opinion Studies On Social Issues, Election Forecast Modeling And Analysis

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Which Region Is Projected To Hold The Largest Market Share In The Global Market Research Services Market?
In 2024, North America led the market research services market, with Western Europe following as the second largest region. The report on the market research services market included regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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