Key Challenges in Quantifying the Global Growth of the Marketing Research Industry
Quantifying the size and growth of the marketing research industry globally presents a range of challenges, primarily due to the evolving nature of the industry, geographic variations, and the complexities in collecting data.
One significant challenge is the evolving definition of marketing research. The term “marketing research” is expanding to include new technologies like big data analytics and social media research, making it difficult to define what should be included in industry measurements. For instance, in 2017, the turnover for traditional marketing research was estimated at $46 billion. However, when incorporating newer research methodologies, this figure climbs to $76 billion. The shift toward digital and data-driven techniques means that traditional boundaries used for measuring industry size may no longer be adequate.
Another hurdle comes from the geographic differences in growth rates and the market's adoption of new research techniques. While certain regions like China, Asia-Pacific, and the Middle East are experiencing rapid growth, more mature markets such as Europe and the USA are seeing slower expansion. These regional disparities, coupled with varying adoption rates for modern research methods, complicate the global measurement of the industry's growth.
Logistical challenges also arise when trying to gather consistent and accurate data across countries. Industry organizations like ESOMAR aim to provide global insights, but issues like varying transparency, the maturity of research practices, and differences in data-sharing practices can distort the accuracy of global data.
The adoption of new technologies is another factor contributing to measurement challenges. With the rise of internet-based communication, mobile computing, and big data, the traditional research model is increasingly being replaced by more advanced techniques. This evolution makes it difficult to track and quantify industry growth consistently across different markets.
Moreover, accurately attributing changes in industry expenditure can be difficult. Are fluctuations in the market purely driven by economic shifts, or do new research trends like social media research and big data also play a role? The complexity of tracking multiple growth drivers further complicates the task of quantifying global marketing research growth.
Lastly, industry experts consistently note the difficulty in assessing the true size and growth of marketing research on a global scale, underscoring the inherent complexities in this area. The combination of evolving methodologies, regional disparities, technological innovations, and data collection challenges makes it clear that measuring the global marketing research industry's growth is far from straightforward.
