Market research was a $31.2 billion industry last year, which was a 5.2 percent increase over the previous year, according to the latest Global Market Research report from ESOMAR.
The biggest area for growth: Latin America’s market research industry grew 13.9 percent, but still represents only 6 percent of the total market. While the report says this growth was stronger than anticipated, it makes sense given the general sentiment that emerging markets like Brazil will be key to economic recovery. (Hey, where there’s growth, there’s a need for MR!)
Every other world market (Europe, North America, Asia Pacific and Middle East/Africa) also saw increases, but all in the single digits.
Like past reports, this one found that Europe spends the most on research, followed by North America, then Asia. The $31.2 billion breaks down like this:
• Europe: $13.1 billion
• North America: $10.6 billion
• Asia: $5.1 billion
• Latin America: $1.8 billion
• Middle East and Africa: $573 million
To view the full report, you have to pay up, but ESOMAR’s preview does a nice job of giving us the big picture.