LONDON, Nov. 10, 2016 /PRNewswire/ -- Market research services comprise companies that offers services such as aiding in marketing activities, studying and analyzing the market as per client needs and specifications. The market research services market does not include legal services, accounting, and other major general professional services.
The Americas was the largest geographic market, accounting for $40 billion or 40% of the market in the market research services market in 2015. Europe was the second largest geographic market, accounting for $25 billion or 30% of the market. Asia was the third largest geographic market, accounting for $15 billion or 17% of the global market. The Middle East and Africa accounting for $5 billion or 6% of the market, while Oceania accounted for 3% of the global market research services market.
Global per capita market research services expenditure grew from $9 in 2011 to $12 in 2015 at a CAGR of 6% and is expected to grow to $14 in 2019 at a CAGR of 5%.
Many companies are replacing traditional lengthy surveys with micro surveys to garner quick, real time insights from respondents. Micro surveys offer more real time data with a scope to customize future insights. Micro survey companies also enable companies to quickly interpret and generate trends and patterns. For instance, Customer Thermometer is offering their micro survey tools to generate critical customer insights to organizations looking to identify consumer behavior trends and to enhance customer satisfaction and brand loyalty.
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