Market Research & Public Opinion Polling
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 3,800 market research and public opinion polling firms in the US gather, record, tabulate, analyze, and present marketing and public opinion data. Major market research service categories include research conducted over the Internet; research conducted by telephone; face-to-face methods; focus groups; and polling services. More specific types of services include audience measurement; custom research; syndicated research; advisory and consulting services; data collection; and data analytics.
Competition from Alternative Service Providers
Market research and public opinion polling firms face competition from a variety of sources, including strategy consulting firms, client in-house market research departments, publicly available information, and data providers, such as digital media measurement services and print and media firms.
Vulnerability to Economic Conditions
Demand for market research services is sensitive to economic conditions and typically drops during periods of uncertainty.
Industry size & Structure
The average market research firm operates out of a single location, employs fewer than 20 workers, and generates $7.6 million annually.
- The market research and public opinion polling industry consists of about 3,800 firms that employ 74,000 workers and generate $29 billion annually.
- The industry is concentrated at the top and fragmented at the bottom; the top 50 companies account for 58% of industry revenue.
- Large firms, which include Gartner, NPD, and Forrester Research, may have international operations.
Industry Forecast
Market Research & Public Opinion Polling Industry Growth
Recent Developments
Jul 12, 2024 - Industry Growth to Improve, Then Flatten
- The market research and public opinion polling industry is expected to see a slowdown in 2024 after posting solid gains in 2023. The industry’s year-over-year growth reached 7.3% in 2023 but is projected to fall to 3.1% in 2024, according to Inforum and the Interindustry Economic Research Fund, Inc. Growth in the market research and public opinion polling industry is forecast to rise to 5.1% in 2025, then post steady but flat average annual growth of about 5% through 2028, according to Inforum and the Interindustry Economic Research Fund, Inc.
- France-based market research and public opinion polling firm Ipsos has developed an AI-based tool called PersonaBot featuring “personas” that mimic targeted segments, according to ResearchLive. Accessing PersonaBot through secure, users can ask the tool questions about attitudes, behaviors, and communication channel preferences. The personas can be queried individually or in groups to create an effect similar to a focus group.
- According to Salesforce’s recent State of Marketing Report, over 60% of digital marketers still use third-party data. While the share of marketers using third-party data has fallen about 15 percentage points compared to 2022, the fact that most marketers still use it points to the challenges of gaining customer insights amid the phase-out of third-party cookies and the rise of AI. Just under one-third of digital marketers were satisfied with their ability to use their customer data to create customized experiences and campaigns. To address these issues, nearly a third of marketers use AI, and more than 40% are experimenting with it. However, more than 40% of chief marketing officers (CMOs) are worried about AI’s potential impact on data security and customer trust.
- US public trust in market research firms remains positive, according to the Global Research Business Network’s Global Trust Survey. Just under 40% of US survey respondents said they trust market research companies, yielding a Net Trust Index reading of +24 (42% were not sure, 15% don’t trust, and 4% don’t know). However, survey participants were less likely to trust election and opinion polling. The Net Trust Index reading for election and opinion polling was 0, as 33% of respondents said they trust election and opinion polling, 31% were not sure, 33% don’t trust, and 3% don’t know. While public trust in the market research industry is solid, industry use of artificial intelligence (AI) could undermine that trust. Nearly half of survey respondents said using AI would decrease trust in market research companies, 13% said trust would increase, 26% said it would have no impact, and 12% said they don’t know.
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