Market Research in the U.S.
In the United States, online surveys are a multi-billion dollar segment of the $22bn Market Research Industry. Currently accounting for 34% of market research spending, online surveys are the fastest growing form of quantitative research and have seen 14% annual revenue growth over the past five years.
The growth of online surveys is due to substantial increases in online traffic, mobile connections, corporate profit, advertising budgets, as well as faster internet speeds. Another notable factor is the shift away from traditional research methods, such as phone calls. It is easier than ever for businesses to conduct quantitative research through online survey software, and, in turn, growing allocations of market research budgets are being redirected into this technology.
Around the World
In developing countries, the future looks bright for the market research sector. For example, China’s Market Research Industry is only one third of the size of its U.S. counterpart, at a paltry $7bn. But this is despite the nation having four times the population of the United States, and despite the industry experiencing 11% annual growth over the past five years.
The developing world is the driving factor in why experts believe that the amount of services conducted online could increase by 40% within five years. If this is the case, it is only logical that higher advertising budgets would trickle into market research, and into online surveys specifically.
Tokenized Future
The above information on the current state of market research shows that there is room for growth, and for new startups to enter the fold. The market research industry is known to adopt the latest technology, and it is only a matter of time before it takes advantage blockchain technology. That is why Vey is moving to be the brand that provides peer-to-peer market research, along with the many benefits that blockchain tech can bring to market research. Thank you for reading, and you’ll be hearing more from us soon!
Sincerely,
The Vey Team
