Size of the Global Market Research industry
Market research is a booming multi-billion-dollar industry.
Brands use market research insights to introduce customer-centric offerings and enhance their experiences.
From mobile surveys to social media analytics, researchers have an expanding toolkit for making data-driven decisions.
Breakdown of This Page:
- Market Research Industry Statistics
- Market Research Methods Statistics
- AI in Market Research Statistics
Market Research Statistics (Highlights):
- The global market research industry is projected to generate $140 billion in 2024.
- Online/mobile quantitative research services accounted for 35% of global market research revenues.
- 47% of researchers globally use AI regularly in their market research activities.
- Online surveys are the most common quantitative method, with 85% of professionals using them regularly.
- Online in-depth interviews with webcams are the most used qualitative method, with over one-third (34%) of researchers using them regularly.
1. Market Research Industry Statistics:
This section presents key statistics on industry revenues, leading players, and revenue breakdown by services.
- The global market research industry is expected to generate $140 billion in 2024, up from $130 billion in 2023 (ESOMAR).
- From 2021 to 2024, the industry grew by 37.25%, from $102 billion to $140 billion.
- The US leads the market research industry with $48 billion in turnover, followed by the UK ($9.1 billion) and China ($2.88 billion) (ESOMAR).
Top Market Research Companies:
- Gartner leads with $5.48 billion in research revenue in 2022, followed by IQVIA ($5.43 billion) and Salesforce ($4.52 billion)
Market Research Service Revenue Shares:
- Online/mobile quantitative research: 35%
- Reporting: 20.2%
- Online traffic/web analytics: 9.7%
- Online/mobile qualitative research: 6%
2. Market Research Methods Statistics:
A variety of methods are available, from traditional surveys to eye tracking. Here are some recent stats:
- 87% of market researchers conduct at least half of their qualitative research online
- Online surveys are the most used quantitative method (85%), followed by mobile surveys (47%) and proprietary panels (32%)
- Online in-depth interviews with webcams (34%) and online focus groups with webcams (28%) are the most commonly used qualitative methods
Survey Types and Spending:
- Customer satisfaction: 16.4%
- Market measurement: 15%
- User experience surveys: 12.4%
- Usage and behavioral studies: 11%
- Audience research: 10.3%
Survey Response Trends:
- 57.2% of survey responses worldwide came from mobile devices in Q3 2023, up from 56.2% in Q3 2021
- In the US, mobile survey responses accounted for 47.6% in Q3 2023.
Survey Length:
- The average number of questions in online surveys was 11 in 2023, down from 11.8 in 2019
- 54% of online surveys feature 5 or fewer questions per page.
Importance of Research:
- 62% of researchers say their company significantly depends on their research and insights
- Many researchers report increased budgets for customer experience (53%), consumer trends (52%), UX research (51%), qualitative research (51%), and brand strategy (50%)
3. AI in Market Research Statistics:
AI is transforming market research. Here’s the latest on AI adoption:
- 47% of researchers globally use AI regularly in their market research.
- AI adoption is highest in Asia-Pacific & Japan (58%) and lowest in North America (39%).
- 73% of researchers are confident in applying AI to their activities.
- About 25% of researchers are concerned about AI outpacing their skills