Procurement of primary market research services is evolving as it has helped organizations, brands, and individual researchers to stay up to date with industry trends. The global market was valued at USD 72.56 billion in 2023. The industry is experiencing swift transformation driven by technological progress, shifting consumer preferences, and rising requests for practical insights, suggesting the strategies procurement leaders could adopt. There is a transition towards digital and mobile-centric survey techniques, a rising use of AI and ML technology, and a heightened focus on maintaining data quality and ethical research standards.
Companies are expected to pay attention to nearby markets and countries as they face competition from unforeseen places. Keeping a close eye helps companies spot potential risks and opportunities, allowing them to adjust their strategies and stay ahead of the competition.
In the current digital landscape, there is a growing emphasis on monitoring social media engagement and promotional initiatives. Given the emotive nature of social media, there's a wide range of insights to be gained, including understanding ideas, grievances, purchasing patterns, as well as macro and micro trends. Through social listening, companies can focus on specific data of interest and identify short-term indicators relevant to consumer research. This also helps companies develop new strategies to meet the changing needs.
Primary market research providers are increasingly adopting AI tools to derive insights from large data sets. For instance, AI is being employed to enhance conventional methodologies such as interviews, surveys, and discussions. This is done by integrating ML algorithms to gather real-time data and forecast patterns using predictive capabilities. The rise of Do-It-Yourself (DIY) research tools and platforms has simplified the process for small businesses and individuals. They can conduct their findings as it eliminates the necessity for specialized knowledge or significant budgets. These tools grant access to survey templates, data analysis features, and reporting functionalities. DIY tools have leveled the playing field in this category, enabling businesses and individuals-regardless of their size or budget-to participate. These tools empower companies to gather data, interpret results, and make educated choices without relying on costly external agencies.
Order your copy of the Primary Market Research Services Procurement Intelligence Report, 2024 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Personnel, technology and infrastructure, data collection, sample, and fieldwork expenses, marketing, and overheads are some of the key components in the total cost structure. Personnel forms the largest expense for companies as it includes the salaries, benefits, and training for analysts, project managers and associates. In many cases, companies may have to provide incentives and rewards to collect information via surveys, which, again, becomes part of the additional cost. Rewards and incentives may be in the form of cash, e-gift cards, or merchandise. Factors that impact the service cost are sample size, survey length and the methodology used.
As part of their procurement strategy, clients typically evaluate service providers based on several key parameters. These include the provider's experience and expertise, the research methodologies they employ, any industry-specific accreditations they may hold, past projects and case studies, client feedback and testimonials, and budget and timelines.
Primary Market Research Services Sourcing Intelligence Highlights
• Suppliers in these services could refer to full-service research firms, technology providers, data collection agencies, professionals with specific research skills, data reporting specialists, or survey platforms.
• After personnel costs, technology and infrastructure form the second largest component. Category vendors gather, analyze, and report data using different software technologies. Software for surveys, statistical analysis, data visualization, and project management are all included in this. Depending on licenses and features, the costs may vary.
• Secondary research methods, such as data mining and analysis of existing literature, can sometimes serve as substitutes for the primary method of conducting a study, especially for certain types of studies.
• Clients generally prefer outsourcing category-related activities to India, China, the Philippines, and Mexico to gather insights about new markets, assess risk, or understand consumer behavior.
Primary Market Research Services - Key Suppliers
• Ipsos SA
• Kantar Group
• The Nielsen Company (US), LLC.
• Gartner, Inc.
• Mintel Group Ltd
• INTAGE Inc.
• Prodege, LLC
• PT Populix Informasi Teknologi
• InterQ Research
• Gold Research Inc.
• NewtonX
• BrandIQ
• Forrester Research, Inc.
• IQVIA Inc.
• SIS International Market Research
Browse through Grand View Research’s collection of procurement intelligence studies:
• Blockchain Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Employee Background Screening Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Primary Market Research Services Procurement Intelligence Report Scope
• Growth Rate: CAGR of 4.4% from 2024 to 2030
• Pricing Growth Outlook: 8% - 9% increase (Annually)
• Pricing Models: Hourly rate, project-based pricing, retainer model, subscription model, and tiered pricing models
• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence
• Supplier Selection Criteria: Types of research (Quantitative, qualitative), services offered, platforms, technological and operational capabilities, and other functional capabilities.
• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization.
Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
