19 Groundbreaking Market Research Statistics That Will Transform Your Strategy
Market research is the cornerstone of successful business strategies, enabling companies to make data-driven decisions that resonate with their target audience. The landscape of market research continues to evolve rapidly, presenting both challenges and opportunities for businesses across all sectors. At IncRev, we’ve compiled a comprehensive list of the most impactful market research statistics that will shape the industry this year and beyond.
The Booming Market Research Industry
The global market research industry is experiencing unprecedented growth, with revenues reaching an astounding $140 billion in 2024. This marks a significant 37.25% increase from $102 billion in 2021, highlighting the increasing value businesses place on data-driven insights.
Key players in the market research field are leading this charge, with Gartner topping the list at $5.48 billion in research revenue for 2022, closely followed by IQVIA and Salesforce. This competitive landscape is driving innovation and expanding the breadth of research methodologies available to businesses.
Evolving Research Methodologies
The digital transformation has revolutionized how market research is conducted. Online and mobile quantitative research services now account for a substantial 35% of worldwide market research revenues. This shift towards digital methodologies is further evidenced by the fact that 87% of market researchers globally report conducting at least half of their qualitative research remotely or online.
Online surveys have emerged as the dominant quantitative method, with 85% of research professionals using them regularly. For qualitative research, online in-depth interviews with webcams lead the pack, utilized by 34% of researchers.
The Mobile Revolution in Survey Responses
The prevalence of mobile devices has significantly impacted survey participation. In Q3 2024, a remarkable 57.2% of survey responses worldwide were submitted via mobile devices, showcasing the importance of mobile-optimized research tools.
This trend underscores the need for businesses to adapt their research strategies to accommodate mobile users, ensuring they capture insights from a broad and representative sample of their target audience.
AI: The Game-Changer in Market Research
Artificial Intelligence is rapidly transforming the market research landscape. Approximately 47% of researchers worldwide now regularly incorporate AI into their market research activities. This adoption rate varies by region, with Asia-Pacific and Japan leading at 58%, while North America lags slightly at 39%.
The integration of AI is not just a trend but a necessity, with 73% of researchers expressing high confidence in applying AI to their research endeavors. This technology promises to enhance data analysis, automate routine tasks, and uncover deeper insights from complex datasets.
Strategic Implications for Businesses
These statistics paint a clear picture: the market research industry is not just growing; it’s evolving at a rapid pace. For businesses looking to stay competitive, adapting to these trends is crucial. Here’s how companies can leverage these insights:
- Embrace digital and mobile-first research methodologies to reach a wider audience more effectively.
- Invest in AI and machine learning capabilities to enhance data analysis and uncover deeper insights.
- Focus on customer experience (CX) research, as budgets for this area are increasing across the board.
- Prioritize agile research methods that can quickly adapt to changing market conditions.
How IncRev Can Elevate Your Market Research Strategy
At IncRev, we specialize in cutting-edge market research techniques that align with these industry trends. Our expertise in SEO, digital methodologies, AI-driven analysis, and mobile-optimized surveys positions us to deliver unparalleled insights for your business.
By partnering with IncRev, you gain access to:
- State-of-the-art online and mobile research tools
- Advanced AI and machine learning algorithms for data analysis
- Expert researchers skilled in both quantitative and qualitative methodologies
- Customized research strategies tailored to your specific business needs
Don’t let your business fall behind in the rapidly evolving market research landscape. Contact IncRev today to discover how our innovative approaches can drive your business forward with data-driven decisions and deep market insights.
FAQ
What is the projected size of the global market research industry in 2024?
The global market research industry is forecasted to generate $140 billion in revenue in 2024, up from $130 billion in 2023.
What percentage of qualitative research is conducted online or remotely?
According to a survey, 87% of market researchers worldwide state that at least half of their qualitative research is carried out remotely or online.
What is the most commonly used quantitative research method?
Online surveys rank as the most used quantitative method among market research professionals, with 85% of respondents claiming they use this method regularly.
How prevalent is AI usage in market research?
Around 47% of researchers worldwide claim that they use AI regularly in their market research activities, with adoption rates varying by region.
What percentage of survey responses come from mobile devices?
Nearly 6-in-10 (57.2%) survey responses worldwide were submitted from mobile devices in Q3 2024, highlighting the importance of mobile-optimized research tools.
