The market research industry continues to grow year over year and has done so for the past decade. It is in line to finish up again in 2024, creating optimism heading into 2025. According to a recent Statista study the market research industry has grown from a $46 billion dollar industry in 2014 to an estimated $87 billion in 2024. A few key factors point to a positive market research industry outlook for years to come.
Economic Outlook
Global economic conditions are expected to be relatively stable, with the International Monetary Fund (IMF) projecting global growth at 3.2% in 2025. This stability, combined with moderating inflation, creates a favorable environment for businesses to invest. The market research industry is poised to benefit from this environment as companies across various sectors seek to leverage data to navigate economic uncertainties and capitalize on growth opportunities.
Artificial Intelligence
Another key growth factor for the market research industry outlook is the increasing use of artificial intelligence (AI) and machine learning (ML) tools. These recent technological advancements continue to play a significant role in shaping the market research landscape. These technologies enable researchers to process vast amounts of data quickly, uncovering deeper insights and predictive trends that can inform business strategies. These technologies have a direct impact on accuracy and efficacy when sorting through large data sets. They allow companies to be more nimble in data analysis, opening up more time for the strategic implementation of insights. Also, AI and other tools will improve trends tracking across industries which will aid in better long-term planning for corporations and their consumers.
The market research industry outlook is sustained growth for 2025, supported by favorable economic conditions, technological innovations, and a myriad of other factors. As businesses continue to prioritize data-driven decision-making, the demand for market research services will likely remain strong, providing a solid foundation for the industry’s continued expansion.
Looking for a job or hiring in market research? Contact Smith Hanley Associates’ Market Research and Consumer Insights Executive Recruiter, Daniel Wilberschied at dwilberschied@smithhanley.com.
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