Jo Bowman. An overall picture of apparent stability in the global market research business emerges from ESOMAR’s just-released annual. Esomar Global Market Research Report Asia Research | October The global market research turnover grew to US.1 billion in , representing a . imperfections. Authors, editors and ESOMAR do not accept responsibility for the Welcome to the Global Market Research. Report, covering . %. Turnover US$m. Net growth (%). %. %.
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Yet behind this headline figure of seeming steadiness are hugely disparate stories of massive gains in some markets and severe pain in others.
ESOMAR-Global-Market-Research-Spending-Trends-inSept – Marketing Charts
The report is packed with industry data and analysis of the hottest growth markets, the fastest-growing companies, the most significant mergers and acquisitions, and the most promising signs of optimism. It also features interviews with respected industry figures on the changing shape of the research industry as advancing technology, economic flux and political upheaval transform the business landscape.
Star gazing There were plenty of surprises in the performances of individual markets, with some of the superstars of dropping right out of the ranks of the fastest-growing countries just 12 months later. At the same time, a number of markets which had braced for big falls because of broader economic instability were not as hard hit as might have been expected.
Brazil, which a year earlier rocketed up Peru, which had a national election in that boosted research investment, led growth in Latin America this year, with turnover rising Nicaragua, another nascent research market, recorded the second-fastest growth in the region, Brazil and its BRIC cousin China maintain their presence in the 10 biggest research markets in the world, though China, another boom market inslipped down the list of top-performing Asian markets in the latest survey.
The market there grew 5. Japan, repeatedly knocked by economic troubles and natural disaster, managed to post 1. Greece, a nation struggling with austerity budgets and real economic crisis, was not as hard hit as observers were expecting it to be. It was down 9. The Spanish market shrank 8.
Esomar Global Market Research Report 2013
The other rising star in Europe was Turkey, more than ten times the size of the Latvian research industry, and its The US remains the largest single research market in the world, and posted net growth of 2. Growth in qualitative and survey work slowed, but the business was lifted overall by increased reeearch in syndicated research.
The UK clings to second place in the world rankings by size of research market, despite a net decrease in turnover of 7. The economic recovery expected there in failed to materialise, government spending on research declined, clients brought a greater proportion of research in house, and a greater share of what remained was done online, with a dampening effect on earnings.
The Honomichl Top 50, ESOMAR Global 25 & The Need To Re-Define Market Research
As some of the excitement over the potential of the Globa markets calms down, plenty of businesses and investors are starting to wonder: The Global Market Research report looks at whether the BRIC markets really have gone off the boil, and where the biggest research buyers and suppliers are looking to move next. It looks at which of the so-called Next Eleven growth markets show the strongest growth potential. Turkey stands out, as do Mexico which is recovering from tough economic timesIndonesia which saw research turnover rise 9.
New horizons Research agencies naturally want to be where the big clients are going, but, as GfK consumer experiences COO and member of the management board Debbie Pruent explains, gesearch money is tight, there needs to be a balance between investment in new markets and the scale of business that is available there. Companies are probably going to be a bit more conservative with respect to developing in the Next Eleven versus what they would have done a few years ago.
In addition to having to get to grips with a new set of government regulations when entering a new market, there are also basic business questions about the rule of law and the movement of funds in and out that need answering.
There are operational differences specifically related to research, too, given that developing markets are advancing at a far faster pace than the developed world did, leapfrogging technology, skipping over land lines and desktop computers, and going straight to mobile and mobile internet. The relative role of online in different markets is hugely varied. Bulgaria features in the top 10 online markets because of its role as an outsourcing hub for work conducted in other countries.
While online research was once viewed with some scepticism by established maeket firms, the industry is coming to accept that it comprises a very different range of people and services than it did even a couple of years ago.
Clients are demanding quicker, more actionable insights for the same money or less, and these new dynamics are challenging existing definitions of research and putting stress on guidelines and standards designed for another age. This is what our clients want, so this is the direction it will go. Change is indeed being driven by clients. They get energised by it. People power One of the biggest challenges for research firms looking to new markets is finding the right people to hire.
Markets lacking a history in research are also likely to be lacking in trained talent, and flying in foreigners to start from scratch is an expensive strategy. Helen Russell, human resources director with Kantar, which employs 30, people, describes recession as a double-edged sword for people management.
Agencies are still poaching staff from one another, and Karen Morgan, head of Morgan Search International, says job specs for those vacancies that do come up are more demanding of candidates than ever. She says pared-down research departments are often looking for one person to do what a year or two would have been the work of two people, meaning roles often need a combination of hands-on research skills, strategic thinking, creativity and a hard business head.
The GMR report shows that some of the brightest minds from a diverse range of fields are making their way into research, but that public perceptions of what market research is are generally limited to blind soft-drink tastings and voting intention surveys. Becky Sandler is 23 and has been working in market research in New York for two years.
A World of Difference – ESOMAR Global Market Research – RW Connect
She still finds herself explaining what her job ressearch to friends and a broader public with little knowledge of research. The total number of acquisitions by the biggest 25 firms was 24, and there were three divestitures. Most of the companies snapped up were small, as the groups look to fill in gaps in selected markets. Growth for the biggest firms outstripped the overall performance of the industry, with the biggest 25 companies posting net growth after inflation of 2.
Sixteen firms in the top 25 grew faster than inflation, seven of them posting double-digit increases. An overwhelming majority of respondents to the GMR questionnaire see a stronger business year in We live in interesting times.
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Subscribe to our newsletter here. Top-line findings Market research turnover increases in 49 countries or sub-regions inand declines in North America continues the journey to recovery begun last year, posting 4. This puts it on a joint footing with Asia-Pacific, which grew 4. Latin America, buoyed by massive gains in Brazil last year, showed 7. This year, Peru and Nicaragua were esojar fastest-growing markets in this region.
Brazil, hit by ill economic winds blowing from Europe, failed to make the top 10 fastest-growing markets in Latin America this year. The Middle East and Africa continued to grow at 4. Global Market Research report. Read how ArtificialIntelligence is benefitting the retail sector with applications such as chatbots or drone deliv… https: Load More… Follow on Instagram.