As reported in the latest edition of Asia Research (Issue 9), the results of the recent ESOMAR Global Market Research Report show that the Market Research industry has experienced larger-than-expected growth for the year 2006.
It will also come as no surprise to learn that the countries demonstrating amongst the most marked increases in revenue have been the emerging markets of Brazil, China, India and Russia, all of which saw double-figure rises in net growth last year. The story below gives more detail about these and other global trends in the industry:
Global Market Research Industry Scores Good Report Card
The global market research industry has performed above expectations, according to ESOMAR’s Global Market Research Report. Findings have shown that the global market research turnover for 2006 exceeded US$24.6 billion with a growth rate of 6.8 percent over the previous year.
Europe is the leading region with 43 percent market share, followed by North America at 36 percent, Asia Pacific at 14 percent, Latin America at 5 percent and the Middle East and Africa at 2 percent.
The annual report also said that growth remained stable in Europe at 5 percent with the German market expanding at more than double the pace of France and the UK. North America has also witnessed healthy acceleration with a growth of 6.6 percent, despite much reported downward pressure on prices due to the ongoing adoption of online research. In line with expectations, strong growth was sighted in rapidly developing markets such as Latin America, Asia Pacific, Eastern Europe and the Middle East. Last year’s fastest growing region was Latin America, with a sharp increase of 17.1 percent; punching well above US$1 billion total turnover in the process.
Brazil, China, India and Russia also recorded double-digit net growth along with 19 other emerging markets around the world.
ESOMAR’s Director General, Veronique Jeannin, said: "Our latest Global Market Research Report provides a clear indication that the market research sector has an increasingly important role in everyday practical and strategic business activities. Market researchers are expanding their remit to meet the growing and varying needs of their clientele who require more comprehensive research and advisory services worldwide, whilst still being able to provide that necessary crucial local market insight."
The Global Market Research Report Study is conducted every year by ESOMAR in order to assess the main industry trends worldwide. ESOMAR, a global market research organisation, marked its 60th anniversary at the 2007 Annual Congress held in InterContinental Berlin on the 16 to 19 September 2007. The congress was the world’s largest annual market research conference that focused on the theme of excellence by highlighting the quality, achievements and potential of the market research industry and its role in business and society.