Theoretically, we could define it as the collection and analysis of information from a specific sector, carried out in a systematic way in order to make decisions at a strategic or operational level. In practical terms, we could say that such sectoral reports are examples of market research.
The market analysis focuses on 3 main content areas:
The most characteristic difference within market research is whether it is primary or secondary. Primary market research is based on fieldwork and is necessary when you want to obtain direct competitor data yourself, whereas secondary market research information is extracted from a public source and can therefore be accessed by anyone. In a sense, it is accessing other analysis that is already available. This is not to say that it is of lower quality, far from it, only that it is suitable for when time and budget are limited. These include:
1) Qualitative research
2) Quantitative research
3) Causal research
4) Descriptive and continuous research
5) Applied research
6) Experimental research
7) Point research
8) Motivational research
It is true that this is a consolidated market as it has been a trend for 10 years. However, in recent years this sector is reinventing itself and updating all the tools used to obtain information. Therefore, we could call this sector a consolidated sector but very much in line with technological trends and innovations.
Technology is playing a key role in market research, creating a new generation of faster, easier-to-use tools that help brands find out what consumers are really thinking.
Technology is playing a pivotal role in market research, creating a new generation of faster, easier-to-use tools that help companies discover what customers really want.
Here are some examples of technologies that have helped improve market research practices:
The trends within this sector are directly related to people. Although in recent years it seemed to be a mechanised sector, it turns out that the main trends we have found are these two:
The global leaders in the market research industry are Nielsen Holdings (US), Kantar (UK), IQVIA (formerly QuintilesIMS and IMS Health Holdings) (US), Ipsos (France) and GfK Group (Germany). New York-based Nielsen was by far the largest market research company in the world in terms of revenue in 2020. That year, the company's revenues amounted to $6.29 billion.
So, with this data we can see how the industry handles a lot of money and hence why mergers and acquisitions are becoming more and more frequent.
2021 was an exceptional year in all respects, both in terms of the number of companies acquired and the number of companies that started to buy. It is true that in 2022 everything has returned a little to normal, although the numbers are still higher than before 2021, in terms of M&A deals with companies in the sector.
On the other hand, with regard to the operations carried out by companies in the sector in 2022, they have shot up, achieving almost 25% more than in 2021, making it a record year.