Melbourne, Australia (PRWEB) May 02, 2012
The lifeblood of the Market Research Services industry is research into target markets of clients and government agencies that provide goods and services to consumers. Research provided by the industry commonly aims to provide information to help the development of new products, advertising strategies, and strategic decisions such as expansions into new markets, and garner voting intentions. According to IBISWorld industry analyst Alen Allday, ?The economic downturn in 2008-09 saw many consumer-focused businesses – particularly those with an emphasis on big-ticket or highly discretionary items – slash marketing budgets and investment in new products as revenue fell?. This flowed through to reduced market research spending, with industry revenue falling in two consecutive years to $ 991.5 million in 2009-10 as a result. Profits also fell, as margins were held low by price competition and as lower client budgets forced operators to engage in discounting of services.
With the turnaround expected to continue in 2011-12, industry revenue is forecast to grow 1.7% as government uncertainty along with concerns about general economic conditions dampen business confidence. Total revenue is forecast to reach $ 1.02 billion for the year, with annualised growth of 0.4% over the five years through 2011-12. ?The emergence and growth in the use of new online media presents both a challenge and an opportunity for the Market Research Services industry?, adds Allday. The opportunity lies in client needs for information on audience numbers and advertising effectiveness using new media. The challenge will be in developing effective measurement systems and competing with information technology specialists that will look to use their expertise to develop competing systems. Over the next five years, industry revenue is projected to rise as research demand increases steadily.
There is a low level of industry domination by major players in the Market Research Services in Australia. The largest players in the industry are Nielsen Company, Driving market share concentration down is a large number of small niche operators, declining technology costs and increases in data collection methods, such as via SMS and social media. Many people in the industry work as consultants, by either taking on projects or subcontracting themselves out to larger operators that require their specialist skills or expertise in particular industries. The market share concentration level has remained stable over the past five years with limited revenue growth levels and only small increases in the number of firms. The industry’s larger firms have been unable to significantly increase market share levels due to the highly fragmented nature of the industry. and the diverse range of clients and service segments within the industry. This trend is expected to continue in future years.
For more information, visit IBISWorld?s Market Research Services report in Australia industry page.
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IBISWorld industry Report Key Topics
Market researchers conduct public opinion polls, and qualitative and quantitative research on behalf of clients. The information gathered is usually for the purposes of understanding the opinions, needs and wants of particular demographics or targeted consumer groups.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalisation & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios
About IBISWorld Inc.
Recognised as the nation?s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.
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