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    30 Market Research Statistics, Facts and Trends for 2024

    June 3, 2024

    30 Market Research Statistics, Facts and Trends for 2024

    Key Market Research Statistics for 2024

    1. 23% of organizations lack a clear market research strategy. (Source: Qualtrics)
    2. 22% of market researchers face challenges with data quality, despite having access to the right tools. (Source: Qualtrics)
    3. Only 1 in 3 customer surveys receive a response. (Source: Pointerpro)
    4. Market research clients prioritize business knowledge as the most demanded skill. (Source: GreenBook)
    5. Roughly 47% of researchers worldwide report regular use of AI in their market research activities. (Source: Backlinko)
    6. In market research, a large number of survey respondents doesn’t guarantee high-quality data. (Source: AIMultiple)
    7. 70% of market research spending is allocated to 5 key areas: CRM and customer satisfaction surveys (20.7%), user experience surveys (14.2%), audience research (13.4%), usage and behavioral studies (11.7%), and market measurement (11.6%).  (Source: Exploding Topics)

    Market Research Industry Growth Statistics

    1. The global market research industry grew by 8.4% annually. (Source: Statista)
    2. The revenue of the US Market Research Industry has increased at a 2.9% CAGR over five years, reaching an estimated $30.9 billion in 2023. (Source: IBISWorld)
    3. The United States saw the highest growth in market research revenue, while Africa, the Middle East, and the rest of the Americas experienced negative growth rates of -6% and -2.8%, respectively. (Source: Statista)
    4. Norway led European market research growth at almost 12%, followed by Ireland at 6.1%. (Source: Statista)

    Market Research Industry Size Statistics and Facts

    1. In 2023, the global market research industry reached a record market size of about $84.3 billion. (Source: Statista)
    2. In 2023, the Market Research industry in the US employed 129,000 individuals.  (Source: IBISWorld)
    3. Leading market research companies include Kantar (UK), Gartner (US), IQVIA (US), Ipsos (France), and Salesforce (US). (Source: Statista)
    4. Approximately 17% of market research spending came from the Pharma sector, and nearly 16% from media and entertainment. (Source: Statista)
    5. 26% anticipate that AI will generate more market research jobs, while 35% predict a decrease; and 39% foresee no change. (Source: Qualtrics)

    Market Research Industry Revenue Statistics

    1. The market research industry’s global revenue surpassed $84 billion in 2023, doubling since 2008. (Source: Statista)
    2. Ranked by market research turnover, the US market leads with $48 billion, followed by the UK ($9.1 billion) and China ($2.88 billion). (Source: Backlinko)
    3. North America leads in market research revenue, with over half of the total, followed by Europe with around one-quarter. (Source: Statista)
    4. Social media monitoring generated 2.7% of global market research revenue.  (Source: Statista)
    5. The global market research industry generates over $118 billion in annual revenue. (Source: Exploding Topics)

    Market Research Methods Statistics

    1. 85% of suppliers and clients regularly use online surveys among their top 3 methods. (Source: Statista)
    2. A study finds that the average online survey response rates are 46% in the US, 36% in the UK, and 33% in the Netherlands. (Source: AIMultiple)
    3. Online or mobile quantitative research claimed 36% of US market research spending, while social media monitoring constituted merely 1%. (Source: Statista)
    4. 95% of market researchers favored online surveys, while data visualization or dashboards ranked second with a 90% response rate. (Source: Statista)
    5. Only 24% of market research professionals integrate customer feedback data into their decision-making processes. (Source: AIMultiple)

    Market Research Industry Trends

    1. Research gamification emerged as the most used approach in the global market research industry, with nearly 40% of market researchers employing it. (Source: Statista)
    2. Online surveys dominated as the most used traditional qualitative methodology in the global market research industry. (Source: Statista)
    3. 90% of market researchers believe AI will significantly impact the industry within five years, but only 30% understand its potential outcome. (Source: Qualtrics)
    4. Market research shows that surveys are used by 95% of B2B firms to measure customer feedback. (Source: AIMultiple)