SpendEdge has been monitoring the global market research services industry and the industry is poised to experience spend growth of over USD 7 billion between 2019-2024 at a CAGR of more than 2% during the forecast period. Request Free Sample Pages.
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Read the 119-page research report with TOC and LOE on “The Global Market Research Services Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The intensifying competition across all the business sectors is compelling buyers to explore the functionality of analytical tools that can select and analyze data sets and prioritize business requirements based on inputs. This is driving spend growth in the market research industry to a significant extent.
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Insights into the supply market
- The majority of market research service providers are investing in proprietary data collection and analysis programs that are perfectly aligned to buyers’ business needs. This is helping them in meeting client requirements more effectively.
- The industry is experiencing consolidation, with large firms acquiring small firms, to enhance their service portfolios and increase their geographic presence. This is leading to the consolidation of the supply base.
Insights into category management strategies that will help buyers to achieve a beneficial partnership with service providers
Ensure that service providers maintain the confidentiality of data sources
Service providers should keep clients informed if the work being carried out on their behalf is to be combined or syndicated with work that is being carried out for other clients. They must also ensure that they do not disclose the identities of such clients without their permission. As per Esomar guidelines, researchers must not disclose the identities of clients or any confidential information about their businesses to third parties without the consent of the clients unless there is a legal obligation to do so.
Clearly specifying terms for subcontracting
Buyers must clearly define clauses related to ownership of subcontracting services that are not part of their preferred partners’ portfolios to ensure service consistency and control of sensitive data that are shared with subcontracted firms. For instance, sharing of business development or marketing plan with third-parties must be regulated by buyers, and this should be included in subcontracting terms.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the market research services industry.
Some of the key topics covered in this report are:
- Market research services industry spend segmentation by region
- Total cost of ownership analysis in the market research services industry
- Regional spend opportunity for market research service providers
- Market research service providers cost structure
- Market research services pricing models analysis
- Market research services procurement best practices
- Category management objectives
- Cost saving opportunities in the market research services industry
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