Market Research in the US
The Market Research industry has experienced slow growth over the past five years. As corporate profit began to rise, businesses emerged from their cost-conscious slump and began to develop new products and increase investment in attracting new customers. This alone, however, was not enough to jolt the industry back into growth. Instead, gains in research and development (R&D) expenditure prompted renewed industry growth. Major advertising agencies have also increasingly acquired market research companies to pursue value-added services in this complementary industry. Furthermore, the industry has observed the rise of do-it-yourself market research through increased nonemployer activity. Over the next five years, changes in media consumption and the growing use of social media and mobile devices will revolutionize traditional methods of conducting market research. The industry will need to adapt to evolving consumer patterns and purchasing behavior.
Companies in this industry systematically gather, record, tabulate and present marketing and public opinion data. Examples of industry services include political polling, sampling and statistical services, broadcast media rating services and market analysis services. Operators that conduct experimental or scientific research in fields such as economics or engineering are not included in this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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