The global market research industry grew by 2.2% to in 2015 after adjusting for inflation, according to ESOMAR’s latest annual Global Market Research report. That 2.2% growth rate was the highest since 2010, and comes after net growth was essentially at a standstill the previous year.
The $44.3 billion in spending includes $4.6 billion in revenues from the analytics sector, according to press coverage of the report. Traditional research revenues (without accounting for data analytics) totaled $39.7 billion, up almost 3.7% year-over-year. “New” research revenues have also expanded to reach $28.2 billion, up from $26.5 billion the prior year.
Press coverage also notes that North America was both the largest region for market research and the fastest-growing. The US continued to be the single largest market in the world, with a 3% growth rate after inflation.
Within the US, slightly more than 4 in 10 CMOs report that marketing research is included in their marketing budgets, according to the latest edition of Duke University’s CMO Survey [pdf]. Research tends to be a higher priority at product than service companies, per the report, with it a budget item in 47% of B2C product and 45% of B2B product companies.
Highlights from the latest ESOMAR report include GfK falling back to the 5th spot in the market research company rankings, pushing Gartner back to 6th. A table containing the top 10 market research firms both in the US and globally can be found here.