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The global market research industry is estimated to be around $75 billion in annual turnover with the United States dominating the industry. Currently, there are more than 5000 market research services providers in the US with combined annual revenue of more than 33% of the total estimated turnover of the industry. According to various market research reports, it is estimated that the global market research services industry is expected to grow at a CAGR of 5% to reach $90.79 billion in 2025.
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Market Research Agency in USA The global market research industry is estimated to be around $75 billion in annual turnover with the United States dominating the industry. Currently, there are more than 5000 market research services providers in the US with combined annual revenue of more than 33% of the total estimated turnover of the industry. According to various market research reports, it is estimated that the global market research services industry is expected to grow at a CAGR of 5% to reach $90.79 billion in 2025. Leading market research companies benefit from economies of scale in marketing and automated operations, as well as the ability to provide a variety of research and supplementary services to large corporations. Whereas specializing in a research methodology or emerging specific knowledge areas might help small businesses compete successfully in the market research services sector. Gartner research is the largest secondary market research agency in USA, with a revenue margin of 4.25 billion USD. Other major players in the industry are GfK Kantar and Information Resources, Inc (IRI). However, over the last five years, the market research business in the United States has experienced rapid expansion which has seen a rising trend of start-ups entering the industry. This has been aided by growing research and development (R&D) and online advertising spending, both of which have increased demand for industrial services. Some of the promising market research firms which have seen rapid growth in the last few years are Strategy Here, Viable Fit, Phonic and Fieldwork. If you are a market research agency in USA, you would probably be interested in these key trends that are driving the market research industry: 1. Real-time social media listening - Social media listening in real-time is a trend that will distinguish brands that outlast their competitors. Doing business is like sprinting through a minefield, with social media's always-on mode reflecting social, economic, and political trends. These popular trends can help make strategic decisions about marketing campaigns and new product development. 2. AI Adoption over traditional tools - Traditional market research tools simply cannot keep up with the pace of change in today's global economy. Integrating artificial intelligence into your market research can help you gain insight quickly. Machine learning's speed and capability are increasing by the day, prompting a rush to use the technology as the quickest way to gain overall market intelligence. 3. Focus on Customer values and brand story - Brands are now seen as an extension of a user's personality by savvy consumers. They want products and services from a company that cares about the social and environmental issues that they care about. To develop your brand story and the customer experience, it's critical to showcase values that customers care about in your contacts with them, such as social media chats and marketing initiatives. Capitalizing on these key trends will put you in a good position to help your firm with useful customer intelligence. This maintains your business competitive while also establishing solid client relationships that will last for years.
