The global market for forecast studies and market research services is valued at est. $82.6 billion in 2024, demonstrating robust health and strategic importance. The market is projected to grow at a 5.4% CAGR over the next five years, driven by the enterprise-wide need for data-driven decision-making. The primary opportunity lies in leveraging AI-powered analytics for predictive insights, while the most significant threat is the increasing complexity and cost of navigating global data privacy regulations.
The Total Addressable Market (TAM) for market research services, which encompasses this commodity, is substantial and expanding steadily. Growth is fueled by demand from technology, healthcare, and CPG sectors for granular consumer and competitive intelligence. The three largest geographic markets are 1. North America (est. 42% share), 2. Europe (est. 29% share), and 3. Asia-Pacific (est. 21% share), with APAC showing the fastest regional growth.
| Year | Global TAM (USD) | Projected CAGR |
|---|---|---|
| 2023 | est. $78.4 Billion | 5.2% |
| 2024 | est. $82.6 Billion | 5.4% |
| 2025 | est. $87.1 Billion | 5.5% |
Source: Internal analysis based on aggregated data from industry reports.
Barriers to entry are High, predicated on proprietary data assets, established brand reputation, global panel access, and significant capital investment in technology platforms.
⮕ Tier 1 Leaders * NielsenIQ: Dominant in FMCG/CPG measurement and retail analytics, offering granular point-of-sale and consumer panel data. * Gartner, Inc.: Premier provider of IT research, executive advisory, and technology forecasts through its "Magic Quadrant" and "Hype Cycle" reports. * IQVIA: Unmatched leader in the healthcare and life sciences sector, leveraging vast proprietary patient and prescription datasets. * Kantar Group: Global expert in brand equity, advertising effectiveness, and consumer behavior, with strong qualitative and quantitative research capabilities.
⮕ Emerging/Niche Players * Forrester Research: Focuses on customer experience (CX) and the business impact of technology, competing directly with Gartner in specific domains. * YouGov: Leverages a highly engaged online panel to deliver rapid-turnaround public opinion and consumer behavior data. * AlphaSense: An AI-powered market intelligence search engine that aggregates and analyzes millions of documents, including broker research, filings, and expert calls. * Numerator: Provides real-time consumer insights by capturing and analyzing omnichannel purchase data from its proprietary digital panel.
Pricing models for this commodity are bifurcated based on the service type. Syndicated reports are typically sold via annual subscriptions, with costs ranging from $5,000 for a single report to $500,000+ for enterprise-level access to a full data platform. Pricing is tiered by the number of users, data depth, and geographic coverage.
Proprietary studies are priced on a project basis, usually as a fixed fee derived from a cost-plus model. The price build-up is dominated by (1) specialist labor (analyst, data scientist, project manager hours), which constitutes est. 60-70% of the total cost. Other components include (2) data acquisition (e.g., panel access, third-party data licensing), (3) software/technology overhead, and (4) supplier margin (est. 15-25%).
The most volatile cost elements are: 1. Specialized Analyst Labor: +8-12% (YoY change) 2. Niche Third-Party Data: +15-20% (YoY change for sources like satellite or transaction data) 3. Compliance & Security Overhead: +5-7% (YoY change)
| Supplier | Primary Region | Est. Global Share | Exchange:Ticker | Notable Capability |
|---|---|---|---|---|
| NielsenIQ | Global | est. 12-15% | Private | CPG/FMCG retail measurement & consumer panels |
| Gartner, Inc. | Global | est. 8-10% | NYSE:IT | IT research, CIO advisory, Magic Quadrants |
| IQVIA | Global | est. 7-9% | NYSE:IQV | Healthcare/pharma data, clinical trial services |
| Kantar Group | Global | est. 6-8% | Private | Brand tracking & advertising effectiveness |
| Forrester | North America | est. 2-3% | NASDAQ:FORR | Customer experience (CX) & tech strategy |
| Ipsos | Europe | est. 5-7% | EPA:IPS | Global survey-based research & public opinion |
| Circana (IRI+NPD) | North America | est. 5-7% | Private | CPG, retail, and consumer durables tracking |
Demand in North Carolina is strong and growing, driven by its dense concentration of key end-markets. The Research Triangle Park (RTP) area is a global hub for biotechnology and pharmaceuticals (heavy users of IQVIA, etc.), while Charlotte's status as the #2 US banking center fuels demand for financial and economic forecasts. The state's robust technology sector and significant university presence (UNC, Duke, NC State) provide both a source of demand and a rich talent pool for analyst roles. Local supplier capacity is excellent, with IQVIA headquartered in Durham and major offices for other Tier-1 firms, supplemented by numerous boutique research consultancies. The state's favorable business climate and competitive labor costs (relative to NYC/SF) make it an attractive location for establishing analytics hubs.
| Risk Category | Grade | Rationale |
|---|---|---|
| Supply Risk | Low | Highly fragmented market with numerous global, regional, and niche suppliers. Low switching costs for many syndicated products. |
| Price Volatility | Medium | Subscription prices see steady annual increases (3-7%). Proprietary project costs are rising faster due to talent and data input costs. |
| ESG Scrutiny | Low | Primary focus is on data ethics and privacy, not environmental impact. Suppliers are not asset-heavy and have a small physical footprint. |
| Geopolitical Risk | Low | Data collection is global and often remote. Risk is isolated to proprietary, on-the-ground research in unstable regions, which is a minor part of spend. |
| Technology Obsolescence | High | Supplier value is tied to their technology stack. Firms failing to invest in AI, automation, and modern data visualization will lose relevance quickly. |
Consolidate & Diversify. Consolidate spend across two primary suppliers: one Tier-1 leader for broad, foundational data and one agile, niche player for specialized or rapid-turnaround insights. This structure creates competitive tension, enabling negotiation of an enterprise-level discount (est. 8-12%) with the incumbent while ensuring access to innovation. This dual-sourcing model mitigates risk and maximizes value.
Mandate Technology Roadmaps. Embed a "Technology & Innovation" clause into all new MSAs. This requires suppliers to formally present a semi-annual roadmap of their AI/ML and alternative data integration. Tie a ~5% performance bonus or portion of discretionary spend to the demonstrated delivery of new, value-added capabilities from these roadmaps, shifting the relationship from a commodity purchase to a strategic partnership.