Market Research

The coronavirus pandemic, which began in Wuhan, China, in late 2019, disrupted growth in the market research industry around the world. The global market research services industry had been growing at an annual rate of nearly 3 percent from 2015 through 2019, to reach $75.76 billion, according to a report by Research and Markets. This growth was halted by the economic slowdown, which lasted through 2021 due to business lockdowns and social distancing mandates. The market research industry is expected to grow in the next few years, however, as the global public health improves and the world shifts toward the endemic phase.

The global market research industry grew from $81.13 billion in 2022, to nearly $84 billion by early 2023, representing a compound annual growth rate of 3.4 percent, as reported by The Business Research Company. The war between Russia and Ukraine, causing cutoffs to supply chains and surges in commodity prices, has continued to affect the economic recovery from the pandemic. Growth is still predicted, however, in the global market research industry, at a compound annual rate of 3.3 percent from 2023 through 2027, reaching $95.49 billion.

As of 2022, the U.S. market research industry generated about $32 billion in revenue annually. There are 43,196 market research businesses in the United States, employing 134,700 people. Companies will continue to need marketing services as they aim to improve their corporate strategies and organizational designs. The increased use of mobile devices and social media is also expected to contribute to growth in this industry, giving market researchers more ways to conduct their research as well as more areas to study.

Marketing managers and directors can expect faster than average (10 percent) employment growth through 2031, according to the Department of Labor. The use of Internet and social media in marketing campaigns and market research continues to grow, and managers and directors who are digitally savvy and keep up with technological tools will have the advantage in the job market.

Market research analysts will have excellent employment opportunities in the coming years. The Department of Labor (DOL) predicts much faster than average employment growth for market research analysts through 2031, with the addition of 150,300 new jobs in the United States. A growing number of industries are using market research to learn more about their customers, the marketplace, and how to improve certain aspects of their businesses.

Aspects they may study include ways to improve their products or services, or how to bolster sales. Other areas for market research may be to help companies determine if current or new store locations are effective, and if product placement is working. Companies also have increased need of market research analysts to analyze "big data," which is large sets of information such as online product reviews and social media comments. Analysts who analyze this data can provide companies with insights into consumers' preferences and behaviors. Market research analysts with an advanced degree in marketing, market research, statistics, or business administration will have improved chances of securing work.

Survey researchers will have fair job opportunities in the immediate future. The DOL predicts average employment growth through 2031. Organizations will continue to need public opinion research to learn more about what's on people's minds and the issues that are of most concern to them. Governmental agencies, nonprofit organizations, and the media will look to survey research findings for this type of information. Businesses will also continue to use consumer and market research surveys to learn more about their customers. Survey researchers will be needed to design surveys for companies. New research methods and technologies may affect some areas of employment growth however. For instance, some companies are finding it easy to collect information from social media sites and data mining, without the need to conduct telephone or in-person interviews.

Statisticians will have the best employment opportunities of all the jobs in the market research field. The DOL expects 33 percent employment growth for statisticians through 2031; this is much faster than the average for all occupations. It’s now common for companies worldwide to use statistical data to help make informed decisions about business, health, and policy, which is creating more opportunities for statisticians. Also, with all the data that the Internet, social media, and mobile devices are generating, businesses will need statisticians’ expertise in organizing, analyzing, and reporting on the findings. Employment opportunities for statisticians are expected to be especially good in the pharmaceutical industry. Pharmaceutical companies are creating new treatments and products to help the aging population, and statisticians will be needed to help conduct research and clinical trials for product approvals from the Food and Drug Administration. Statisticians with strong quantitative and data analysis skills will have favorable job prospects.

As more computer-assisted research tools are introduced, competition for work will become even more intense in the market research industry. These research tools have made it easier for companies to access information on their own and to also create their own internal research departments. Many market research professionals predict that the best opportunities for employment will be in qualitative research and in new product development areas.

A growing number of people get their news and entertainment from smartphones, tablets, and other mobile devices. Companies have been hiring marketing companies to help them create personalized messages for mobile and video to reach their consumers online. With the widespread usage of mobile, companies will continue to want to learn more about their customers’ behavior online so they can target their products and services more effectively. According to a market research trends report in GreenBook Blog, companies will also want more research done on millennials’ use of mobile, as this generation tends to ignore marketing that does not relate directly to them. Of particular interest will also be studying what consumers are doing on their mobile devices while they are in stores or out and about in their daily life. Since people can now buy anything, at anytime and anywhere, retailers want to understand what is happening while customers are in their stores, and they will be looking to learn more about the whole shopping experience rather than individual interactions with certain products or categories.

Market research will also study more aspects of consumers’ shopping experience. The traditional consumer reactions will still be observed and analyzed, including shopper eye tracking and coding shoppers’ emotional responses and reactions to store displays, advertisements, company communications, etc. More companies expect market researchers to provide 360-degree views of consumers, however. The 360 view includes the emotional analysis of how consumers shop, interact with mobile devices, or watch advertisements. As one researcher described it, this view of the consumer is important because “subconscious effects that are difficult for consumers to recall about themselves (what exactly did they look at, how exactly did they feel) still make an impression on the consumer.” This is important information for companies to learn.

Digital video viewing has been growing slowly but steadily the past few years and is expected to continue growing in the coming years. According to a Statista report, the number of digital video viewers worldwide grew from 2.78 billion in 2019 to 3.48 billion as of May 2023. People also spend more time per day watching digital video than TV, and this is expected to continue in the coming years. According to an eMarketer report, the time that adults spent each day on digital video grew from one hour and 57 minutes in 2019, to three hours and 11 minutes by 2023. The report also noted that more people using connected devices such as smart TVs and game consoles to view digital videos. Sites such as YouTube, Hulu, Netflix, and Amazon Prime also continue to grow in popularity. More market research will be needed to measure how consumers engage with video on various devices and channels, to help companies to better target their products and services to specific audiences.