Clara Matamala, Head of Sales at Hamilton Global Intelligence, shares her vision on the sectoral data published in the latest ESOMAR global report and at the “XIV Meeting: Research into Analysis” organized by Insights + Analytics in Madrid on October 19 .
In the current landscape, marked by an era of deep immersion in data analysis, marketing research is in a stage of significant metamorphosis. The latest trends and figures, highlighted in ESOMAR's "Global Market Research 2023" report and the conversations held on October 19 during the XIV Analysis Research Meeting in Madrid, confirm that the industry is not only experiencing robust expansion , but also a reinvention to stay at the forefront.
We see a growth projection that takes the market value from $129 billion in 2022 to $141 billion in 2023, suggesting robustness that defies global inflation and demonstrates the adaptability and crucial importance of marketing research in a climate turbulent economy.
A new approach to measuring the sector has been developed by the Insights + Analytics association, which integrates companies with more technological and reporting profiles. Thanks to this approach, promoted by ESOMAR, the industry's turnover has been recalculated to reach 1,257 million euros, not only improving the precision of measurements but also highlighting the growing role of market research in Spain's economy. placing it in ninth place worldwide. Other countries are expected to follow this example and update their measurement methods.
Data in millions of €. % variation vs. previous year (gross increase).
*IMPORTANT: In red, billing of technology companies. In blue, billing of established companies. In 2022, billing for technology companies will be introduced for the first time.
Fountain: Press release I+A XIV Meeting: Research to analysis
The global growth of the sector has an inextricable link with technology, where technology companies, with 39.5% of business volume, have surpassed traditional companies for the first time, which represent 38%. This trend is anticipated to prevail in the future.
However, the panorama in Spain shows a different reality. Here, traditional research prevails with a 42% compared to the 21% of technology companies. This reveals two realities: on the one hand, the increase in competition and the efforts of technology companies to capture a larger portion of the business in Spain; On the other hand, the maturity of the Spanish market, with a well-rooted history in market research, creates a more challenging environment for new technology companies to gain a foothold. Technology alone is not enough without a deep understanding of the specific needs of the market.
The report also highlights the transformative importance of Generative Artificial Intelligence, which is driving innovation by generating new data and patterns and improving information processing and analysis. This wind of change is encouraging the creation of new business models and the transformation of existing ones, which could catalyze significant growth in the future.
The consolidation of digital information sources is another cornerstone of current evolution. The digital environment has emerged as the primary source for data collection, whether through online questionnaires, digital qualitative methodologies or content analysis in digital media. The richness and diversity of these digital sources are opening new avenues for data-driven projects and providing deeper and more up-to-date insights.
However, the industry is not immune to contemporary challenges. Inflation and geopolitical instability, especially in Europe and the Middle East, are palpable concerns that could impact growth. Despite these obstacles, the Insights + Analytics industry maintains cautious optimism, projecting growth in the Spanish market in 3%, in line with other European projections.
Fountain: I+A press release: XIV Meeting: Research to Analysis 2023
Although at a global level we can observe an apparent transition towards a digital ecosystem in which the collection, processing and analysis of information is increasingly automated and improved by artificial intelligence. The direction that market research takes will be defined by its ability to integrate technology with the specific needs of each market, thus ensuring its relevance and effectiveness in the future.
November, 2023
