Market research, whether for startups, SMEs, or global enterprises, is fundamental to every business. Amid the highly dynamic business environment, companies cannot operate or make decisions based on instincts. They need solid market research and partnering with a trustworthy market research company or research reseller that offers them insights essential to driving strategies, forecasting, and making informed decisions.
It is always research that talks about facts and figures about a particular industry, product, or market. But as research report resellers, we thought of compiling some vital facts about the research market industry to help you understand the industry better.
Global Size of the Market Research Industry
Given the growing market uncertainties and dynamicity, market research, as an industry, will continue to grow. Companies will increasingly require reliable facts and figures to help them decide their business trajectory and make strategic and favorable decisions. Per Statista, in 2021, the global research services market valued at USD 76.42 billion grew to USD 82.62 billion in 2022.
Research Market Companies
It is the research market company, its resources, and its relentless efforts that make all the difference. These companies conduct extensive surveys and research across various markets to compile insights that contribute to tangible value. Some of the research market companies with a worldwide presence include Forrester Research, Nielsen, Gartner, Westat, Kantar, Ipsos, and Gallup.
The Need for Market Research
Companies don’t merely require numbers but insights that aid strategic practice. Market research for startups, SMEs, and global enterprises is thus necessary to help them provide information that enables them to decipher the market, determine the industry’s direction, understand customer behavior, identify buying trends, study competitor product performance, comprehend a particular market, etc.
All these prove to be strategically vital for a company to make profitable and sustainable decisions. Without research, companies will resemble a directionless ship attempting to sail through a storm. Market research provides the direction in which a company should potentially walk and thrive amidst challenges, competition, and uncertainties.
Market Research Trends
Again, if you say a market research company’s job is to only provide numbers, then you are looking at only half of the story. Companies expect more from market research companies, considering the money they invest in gaining trustworthy insights.
Thus, a market research company must adopt innovative methods and leverage technology to be more helpful to its clients. One of the initiatives is adopting sophisticated data analytics that helps companies understand the statistics they are looking at and derive value from them.
Are you looking for valuable market insights for your industry? Partner with CAGR.
We are one of India’s most reliable market report resellers, who work with many leading market research companies worldwide and facilitate extensive research reports useful for your business. Our scope covers reports for various industries like chemical, manufacturing, aerospace, food and beverage, IT, telecom, and many others.
Not only that, but our experts help you understand the report well, as they provide a detailed explanation of the report, the reasons for a particular movement, etc. Connect with us at +91 93590 38374 to talk to our experts and discuss your requirements in detail.