The global opinion polling services market was valued at more than USD 23 billion in 2016 and is expected to reach almost USD 27 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on opinion polling services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the opinion polling services market during the forecast period. Some of the top vendors listed in this industry analysis include Nielsen, Kantar, Ipsos, GfK, and Westat.
In terms of geographical analysis, North America was the dominant shareholder in the global market during 2016 with a market share of around 44%. The concentration of the dominant vendors of opinion polling services in the region is the key driving force behind growth of the opinion polling market in North America during the forecast period.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Marketers and researchers are increasingly adopting micro-surveys as it helps save time increase customer participation, and makes it possible to target the niche audience. Micro-surveys also help tackle the problem of shorter attention spans among customers, which often results in unfinished surveys. Besides, the growth of mobile survey techniques is propelling the need to design micro-surveys that are accurately designed to measure specific parameters that can convey maximum value.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growth in popularity of online polls
There is a noticeable shift in preference toward online surveys in the global market. Online polls are also cost-effective and provide a better ROI than other research methods. Furthermore, online surveys have a quick turn-around time along with real-time data analysis. The decline in number of landlines and surge in the adoption of smartphones and mobile devices is yet another factor propelling the adoption of online surveys globally.
Use of big data tools for better data mining
Big data enables companies to track consumer behavior across online networks such as websites, social media networks, and e-commerce websites. The large number of transactions and interactions that occur online provide useful insights pertaining to the purchasing patterns of customers. The adoption of big data tools also makes it possible to reduce bias as it is based on actual user data, helping to formulate accurate hypotheses.
Need for comprehensive market entry planning
Buyers are conducting comprehensive studies and research surveys prior to product launches or expanding into new geographies in an attempt to avoid poor sales volumes and reduces risks and complexities. Buyers in the market are making investments in research studies and surveys to understand consumer sentiment, demographic analysis, and business environment apart from studying the market size, growth opportunities, and competitor analysis.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Opinion Polling Services – Procurement Market Intelligence 2017’.
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