Market Research Industry

Market research is the organized effort to gather information about target markets and customers, understanding who they are and what they need, using both qualitative methods such as focus groups, interviews, and ethnography and quantitative methods such as surveys and data analysis. The global market research industry is projected to generate 150 billion dollars in revenue by the end of 2025, growing at roughly 8.4 percent a year, with the United States the largest single market at 48 billion dollars, followed by the United Kingdom at 9.1 billion dollars and China at 2.88 billion dollars. The field is a core component of business strategy, helping organizations size markets, analyze competitors, and identify unmet needs, and it increasingly overlaps with what is called the insights industry, where newer data-analytics vendors operate alongside traditional market research fieldwork.

Market research is the organized effort to gather information about target markets and customers, understanding who they are and what they need, using both qualitative methods such as focus groups, interviews, and ethnography and quantitative methods such as surveys and data analysis. The global market research industry is projected to generate 150 billion dollars in revenue by the end of 2025, growing at roughly 8.4 percent a year, with the United States the largest single market at 48 billion dollars, followed by the United Kingdom at 9.1 billion dollars and China at 2.88 billion dollars. The field is a core component of business strategy, helping organizations size markets, analyze competitors, and identify unmet needs, and it increasingly overlaps with what is called the insights industry, where newer data-analytics vendors operate alongside traditional market research fieldwork.