Market Research Services Market to Recover and Grow at a CAGR of 4% from 2021 to 2023

Strategic Insights -

The COVID-19 pandemic has significantly impacted the global market research services market, with a decline expected from $75.8 billion in 2019 to $74 billion in 2020 at a compound annual growth rate (CAGR) of -2.4%. However, the market is expected to recover and grow at a CAGR of 4% from 2021 and reach $82.9 billion in 2023. Market research companies are increasingly using advanced research technologies, such as eye tracking technology, to generate consumer insights.

Key Takeaways:

  • The global market research services market is expected to decline from $75.8 billion in 2019 to $74 billion in 2020 at a CAGR of -2.4% due to the economic slowdown caused by the COVID-19 outbreak.
  • The market research services market is expected to recover and grow at a CAGR of 4% from 2021 and reach $82.9 billion in 2023.
  • Market research companies are increasingly using advanced research technologies, such as eye tracking technology, to generate consumer insights.
  • Eye tracking technology is used to study consumer behavior during shopping, allowing researchers to capture actual reactions and time spent gazing at a particular product.
  • The global market research services market is segmented by type, including marketing research and analysis services, and public opinion and election polling.
  • The market is also segmented by end-use industry, including IT services, manufacturing, financial services, and construction.

Statistics:

  • The global market research services market is expected to reach $82.9 billion in 2023, growing at a CAGR of 4% from 2021.
  • The market is expected to decline from $75.8 billion in 2019 to $74 billion in 2020 at a CAGR of -2.4%.
  • The eye tracking technology market is expected to grow significantly, with the ability to provide unbiased insights into consumer behavior.

Sources:

  • M2 PRESSWIRE-August 18, 2020-The Business Research Company: Market Research Services Market Demand | Set For Stupendous Growth 2020-2023 | Global Covid-19 Pandemic
  • The Business Research Company: Market Research Services Global Market Report 2020
  • The Business Research Company: Market Research Services Global Market Report 2020 - Table 1: Historic Market Growth, Value ($ Billion)
  • The Business Research Company: Market Research Services Global Market Report 2020 - Table 2: Forecast Market Growth, Value ($ Billion)