NEW YORK, Jan. 23, 2017 /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 USA was the largest country in the market research services market in 2016, accounting for about $30 billion or 25% of the global market. The UK was the second largest market, accounting for about $6 billion or 8% of the global market. China was the third largest market, accounting for about $6 billion or 7% of the global market. Germany accounted for about 5% and $4 billion, while Brazil accounted for 1.5% of the global market research services market.
Market research companies are increasingly using advanced research technologies to generate consumer insights. For instance eye tracking technology aids researchers in giving unbiased insights. This technology is used in studying consumer behavior during shopping, wherein researchers can capture actual reaction and time spent gazing at a particular product or a group. Thus, eye tracking technology is helpful for gauging consumer reaction towards products, without any bias or errors.
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