LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global market research services industry and the industry is poised to experience spend growth of more than USD 8 billion between 2018-2023 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
Read the 106-page research report with TOC and LOE on "The Global Market Research Services Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The momentum of spend growth in this industry will be directly proportional to the growing competition between various industries. This competition is expected to intensify in the coming years because of the geographic expansion and the emergence of newer players in the industries. To distinguish their brands, buyers across such competing industrial sectors are procuring market research services to optimize their strategies and enhance their product/service offerings and boost their revenue. This will play as the chief spend accelerator in the market research services industry.
The intensifying competition between sectors such as consumer packaged goods, pharmaceuticals, and media and advertising is driving procurement in the market research services industry in APAC. The growing demand for location-level customer experience management services from the automotive, FMCG, and advertising sectors in the US is propelling spend growth rate in the market research services industry. Suppliers are adopting big data analytics in automated research to secure concise market insights and provide value-added analysis to buyers. This is boosting the feasibility of these services, thereby driving spend growth in this industry in the US.
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Insights into the industry pricing trends
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The growing shortage of skilled labor and increasing salaries of employees is driving the operational costs of suppliers. This will have a subsequent inflationary impact on buyer’s procurement expenditure in the market research services industry.
- Suppliers are increasingly investing in the adoption of automation software. This is increasing their OPEX, which will be passed on to buyers in the form of slightly higher procurement costs.
What are the strategies to adopt to optimize procurement spend in this industry?
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Prior to finalizing contracts with suppliers, buyers are advised to conduct pilot projects with prospective suppliers to assess their capabilities. This will also help buyers to assess the cost benefits and value proposition of the proposal.
- The lead time of a market research project has a direct impact on buyers' strategic business decisions. Any delay in research outputs automatically postpones strategic decision-making processes, which can sometimes defeat the very purpose of the project. Therefore, buyers should prefer suppliers who operate on short lead time as it reduces billing rates. Buyers can also demand quick solutions that can be leveraged effectively to gain a competitive edge in the market.
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Some of the key topics covered in this report are:
- Market research services industry spend segmentation by region
- Total cost of ownership analysis in the market research services industry
- Regional spend opportunity for market research services suppliers
- Market research services suppliers cost structure
- Market research services pricing models analysis
- Market research services procurement best practices
- Category management objectives
- Cost saving opportunities in the market research services industry
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