Global Market research is expected to grow at a significant CAGR in the upcoming years as the scope, product types and its applications are increasing across the globe.
The Market research is referred to industrial research which is the process of systematic gathering, interpreting, analyzing the information about a market which can be any organized effort about client or customers. For the planning of the strategies of the market, the analysis, insights provide to customers. Furthermore, the process of assessing the viability of the service through research conducted directly
The factors that are playing a major role in the growth of market research are rapid urbanization & industrialization, developing economies, technological innovations, growing research & development activities, and improving marketing strategies.
Market research is categorized based on product type, applications, and geography.
Market research is categorized based on product types such as Information Communication Technology (ICT), Chemical Material Food and Energy (CMFE), and Healthcare (HC) domain which include
Ø Information & Communications Technology (IoT and Digitization, Cloud Computing).
Ø Semiconductor & Electronics (LED and Lighting, Security and Surveillance).
Ø Medical Devices (Therapeutic, Molecular Diagnostic).
Ø Chemicals (Green Chemicals, Bulk Chemicals and Inorganics).
Ø Advanced Materials (Resins and Polymers, Fibers and Composites).
Ø Energy and Power (Non-Renewable/Conventional).
Ø Food and Beverage (Food Ingredients, Food Processing & Equipment).
Ø Biotechnology (Biomaterials, Proteomics, Bioinformatics).
Ø Aerospace & Defense (Aviation, Marine).
Ø Automotive & Transportation [Engine and Exhaust Systems, Body (Interior and Exterior)].
Ø Automation & Process Control (Robotics, Electrical Systems and Components).
Ø Agriculture Industry (Agrochemicals, Feed and Animal Nutrition, Farm Equipment’s and Irrigation).
Ø Packaging (Packaging Materials, Labels and Tags).
Ø Pharmaceuticals (Sales and Marketing, Drug Development, Therapeutic/drugs).
Ø Building & Construction (Building Construction Materials, Construction Equipment, Construction Technology and Sustainability).
Ø Mining, Minerals and Metals (Mineral and Metal Mining, Industrial Gases).
Market research is categorized based on applications into Product Research, Concept Testing, Positioning Research, Marketing Due Diligence, Pricing Research, Customer Satisfaction Research, Brand Equity Research, Branding Research, Advertising Research
Market research is categorized based on geography into Asia Pacific (China, India, ASEAN, Australia & New Zealand), Japan, Middle East and Africa (GCC countries, S. Africa, Rest Of MEA), North America (U.S., Canada), Latin America (Brazil, Rest of Latin America), Western Europe (Germany, Italy, France, England, Spain, Rest of Western Europe), and Eastern Europe (Poland, Russia, Rest of Eastern Europe).
Some of the key players that fuel the growth of the Market Research include Nielsen, IMS Health, Kantar, IRI, Ipsos, Westat, GFK, comScore, the NPD Group and J.D. Power. The key players are focusing on inorganic growth to sustain themselves amidst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.