Market research industry continues to grow worldwide

by Sarah Woods, Brand Republic 07-Aug-06, 08:00

LONDON - The global market research industry remains healthy and has an estimated longer-term growth rate of 4%-6%, according to the latest edition of the Esomar global Market Research Report.

The report, covering 2005, reveals that the industry now represents an estimated global turnover of $23bn (£15.6bn) with a 7% growth rate in 2005 compared with 2004.

The new EU member states and Asia remain the most dynamic markets, showing a 7.4% growth rate.

Europe continues to generate the most market research turnover -- 45% of the total. This is followed by North America at an estimated $8.3bn (£4.4bn), which is 36% of total market research turnover.

The fastest-growing markets, according to the research, include Latvia, China, Thailand, Bulgaria and Malaysia.

Among the largest markets, France expanded the fastest at 3.2%, followed by Germany at 2.8%, the US at 2.1% and Japan at 2%. The UK remains stable with 0.7% growth.

The 2005 report also demonstrates that online research is now playing a key role in market research around the world, representing 20% of expenditure. This figure has nearly doubled in 2005 from 11% in 2004

Veronique Jeannin, Esomar director general, said: "We expect the industry's healthy growth rate to continue in the near-term driven by good economic conditions, increasing client demand for continuous multinational research projects and value-added, research-based consultancy."

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