Overview
As the business environment changes at an unprecedented rate, it is crucial for organizations to be aware of actions and trends within their selected market. This makes market research an important tool in the process, providing the knowledge required in decision making and strategy formation in a business and the prospects for enriching the product portfolios. Market research services are also becoming more niche as companies and organizations continue to differentiate themselves and fragment, which has resulted in the rise of dedicated market research platforms, data research companies and providers who will offer specialized services in every industry.
This blog will cover trends that exist in the market research industry, review what the best market research companies are, and explain how various industries like the pharma and the business research industry are being positively impacted by market research.
The Scope and Importance of Market Research
One critical area of study in the management of organizations is market research, which forms the bedrock of decision making processes. Be it a new product, into new geographical space, or aiming for better customer satisfaction, firms need data to set their directions. Market researches’ services sector is currently a multibillion dollar market and is expected to keep growing as technology improves, demand for real time data increases and businesses seek to better understand consumers.
The market research industry around the world is anticipated to return to growth at a CAGR of 7.4% and will reach a market size of over USD 90 billion by 2027.1
Market Research Services
Marketing research services therefore encompass a broad and diverse area of work in efforts to acquire and evaluate information about the market environment. These services include
- Consumer Research: Consumers’ behavior, their choice and the way they decide to buy a product or service.
- Competitive Analysis: Evaluating competitors’ strategies and tactful strengths and invulnerable weaknesses.
- Market Segmentation: The process of segregating a particular market into subgroups according to demographic, psychographic or behavior characteristics.
- Product Research: Determining the market need and opportunity for the new products working or new features work.
- Brand Research: Brand awareness/Brand image, brand attitude, and brand commitment.
Nielsen, Kantar, and Ipsos are only some of the market researching companies that can offer large service packages that can be adapted to the needful company’s requirements.
Key Market Research Providers and Platforms
There has been a great deal of globalization in the market research industry, where many forms of new market research platforms have come to the market to offer business opportunities to everyday businesspersons with real-time and easy access to the market information they need for decision making.
- Market Research Services: Some of the key market research firms provide a range of services which includes market research, consumer research, competitive research, trend analysis, as well as research targeted to different industries. It has become easier for firms to get into such services due to advancement in technology and the reach across the world has been enhanced by the use of internet.
Market Research Platforms: Market research platforms are online research tools that allows data collection, analysis, and representation of market data. In essence these platforms which provide certain tools like survey creation, data capturing, analysis and reporting. There are many platforms market research help, some of them are as follows:
- SurveyMonkey: A highly suitable method for designing and sharing questionnaires.
- Qualtrics: A professional level solution, powering the advanced analysis and advanced reporting.
- Statista: Gives an opportunity to receive much and various information concerning the certain market and industry.
- Google Analytics: Supports organizations in comprehending website visitors and their activities.
- Data Research Companies: Some companies offer data research services with a focus on data analysis, filtering and displaying results in the form of trends. Such firms are especially beneficial for companies that encounter issues related to big data or the firms that need intricate reports to address their planning goals.
Specialized Market Research: Pharma, Business, and More
Even though the market research service is critical in every business, some industries need specialized service. Below is a brief of some of the market research subcategories:
- Pharma Market Research: Market research denotes an important source of information to the pharmaceutical industry to forecast market trends, demands and competition. Market research in pharma is frequently based on clinical data, patients’ behavior, regulators, as well as overall healthcare system tendencies.
- Business Research Companies: Business research firms play a role of assisting companies to achieve their potential by availing to them market data, customer information and competitors’ data. These research companies play a central role in strategy formation across the business spectrum right from market entry to positioning.
- Market Data Research Companies: Such firms provide extensive information about various sectors in operation which include details of markets, operations and consumers. Some of them are sector specific, and offer businesses tailored data solutions according to the specifics of the sector in question.
Market Research in India: A Growing Industry
And, owing to its fast growing economy India is becoming one of the most important countries in terms of industry of market research. In a survey conducted by the Indian Market Research Bureau in 2023, the compound annual growth rate of market research in India is said to be 10% because industries & sectors like e-commerce & technology, retail imaginary & much more need insights.2
India is always on the list of countries that hosts leading market research companies such as TNS India, Nielsen India, Lifescience Intellipedia, and IMRB International. These organizations are using complex analysis and data gathering instruments to assist firms in identifying consumer tendencies and new business trends. Lifescience Intellipedia leads in offering comprehensive market research analysis and market reports based on primary research in conjunction with secondary research. For general information and techno-commercial intelligence Chemxpert is their valuable database which helps to position Lifescience Intellipedia as a prominent database service provider in the sector.
Choosing the Best Market Research Providers
Choosing the right market research provider is a consideration of the business requirements that are specific to the business. Some of the factors that firms need to consider are these; How deep industry knowledge and analytical capability of the firm is, how effective the firm can gather data, and what benefits the firm can offer to its customers. There are many companies that are known all around the world, some of which are the following;
- Nielsen: A leading scholar of analyzing consumer behavior around the world.
- Kantar: Renowned for producing competitive market analysis services in numerous fields.
- Gartner: Covers the sectors of business and technology for market research information.
Conclusion:
The market research industry has been rapidly evolving over the past years due to technological development, increasing demand for timely information, and change in consumer behavior. Regardless of what industry you are in – pharma & biotech, a young business, or a market niche, getting to proper market information can make a lot of difference between gaining profit and losing everything.
While organizations will continue to adapt to the task of conducting business in the digital environment that is characterized by a growing significance of data, market research suppliers will play an even more important part in the process. Recognizing the shifting technology trend gives corporations an advantage resulting in better tools, platforms, and methodologies.
