The rising trend of integrating ML technology with AI tools to forecast consumer behavior and patterns from large data sets spurs primary market research services

Primary Market Research Services - Procurement Intelligence

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.

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.

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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 Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape

• Market estimates and forecasts from 2024 to 2030

• Growth opportunities, trends, and driver analysis

• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments

• Porter’s 5 forces

• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis

• Engagement and operating models, KPI, and SLA elements

• LCC/BCC analysis and negotiation strategies

• Peer benchmarking and product analysis

• Market report in PDF, Excel, and PPT and online dashboard versions 

Cost Intelligence Highlights

As part of the primary market research services procurement intelligence report, Grand View Research has identified the following key cost components:

• Personnel

• Technology and infrastructure

• Data collection, sample, and fieldwork expenses

• Marketing

• Overheads

Personnel form the largest cost component in primary market research services. 

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