ESOMAR Global Market Research report reveals that traditionally defined market research is growing at a slower pace than data analytics and insights.
This piece says that while annual global turnover for research and insight grew to $80 billion, traditional market research sector grew marginally to over $47 billion. But data analytics and insights grew by around 10% at a faster rate than the global GDP.
Though all regions showed negative growth in the traditionally defined industry, Asia Pacific showed positive signs while growth in North America remained flat. Relative positions remained unchanged in the US, UK, Germany, France and China.
The study revealed that quantitative methods accounted for 78% of all spending in 2018. Consumer durables, pharmaceuticals, and media and entertainment accounted for half of all spending.
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