LONDON, Nov. 24, 2022 /PRNewswire/ — The increase in digitalization is expected to propel demand in the marketing research and analysis services market. Digitalization brings forward the social-economic context as a process, involving a significant change in how digital and computer-based technologies can be employed by society, commercial entities in marketing research and government administrations. In marketing research and analysis services, there is a unique organizational shift of the enterprise, sector and entire service offerings, to improve their performance via the application of digital technology and new business models. It provides customer relationship modeling, including customer experience knowledge, cross-channel coherence and self-service in the digital transformation of the marketing research and analysis services market.
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The global marketing research and analysis services market size grew from $68.87 billion in 2021 to $73.7 billion in 2022 at a compound annual growth rate (CAGR) of 7.0%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The marketing research and analysis services market share is expected to grow to $85.01 billion in 2026 at a CAGR of 3.6%.
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Blockchain Technology Is Being Increasingly Used in The Marketing Research And Analysis Services Market
As per the marketing research and analysis services market forecast, marketing research and analysis services providers are increasingly using blockchain to increase participation rates, improve quality and to address privacy concerns. Market research companies are using blockchain to compensate respondents with tokens proportionate to the quantity and quality of data provided by the respondents. Marketing research and analysis services companies are using blockchain smart contracts to create a compensation framework in a way that it detects and disburses the payments only when all the prior agreed conditions are met by the survey respondents.
North America Was The Largest Region In The Marketing Research And Analysis Services Market In 2021
North America was the largest region in the marketing research and analysis services market and was worth $22,864.6 million in 2021. The marketing research and analysis services market in North America is supported by the presence of a large economy and end user industries such as automotive, aerospace, electronics, food and beverages, pharmaceuticals, IT and telecommunications. High corporate spending on research also supports the consumption of market research services. In 2019, the USA’s and Canada’s gross expenditures on research and development were $581.03 billion and $10.49 billion respectively.
Marketing Research And Analysis Services Market Segmentation
The global marketing research and analysis services market analysis is segmented –
1) By Type: Quantitative, Qualitative, Primary, Secondary
2) By End Use Industry: IT Services, Manufacturing, Financial Services, Construction, Healthcare, Others
3) By Enterprise Size: Large Enterprise, Small and Medium Enterprise
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