Primary Market Research Services Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Every organization and its procurement team look forward to negotiating the best deal when procuring a set of products or subscribing to services. Rate benchmarking involves comparing prices/costs of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team get the optimum rate.

When analyzing rate benchmarking of primary market research services, the salary of the research analyst plays an important role. For instance, a primary market research analyst will earn more in developed countries like the U.S., the U.K., Singapore, and Japan compared to China, Mexico, and India. This can be attributed to a higher standard of living, higher labor costs, and better economic development. For instance, as of 2024, market research analysts earn on average between USD 78,000 - USD 85,000 per year in the U.S. compared to analysts in India who earn around USD 8,000 - USD 11,000 per year. The availability of cheap and skilled labor and low cost of living leads to this difference mainly apart from other factors. As a result, conducting research in developed nations can be more expensive as compared to emerging/low-cost nations.

Similarly, the average salary of a senior analyst in the U.S. is between USD 138,000 to USD 247,000 per year. Whereas, in India, the senior analyst earns on average between USD 13,500 - 17,000 each year. In Singapore, the research analyst earns around USD 56,000 - USD 60,000 per year.

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Labor cost is one of the key components of the total costs incurred while offering a product or service. Therefore, an organization must decide whether the focus industry should be retained in-house or outsourced if the organization is providing its products or services at competitive prices. If the organization decides in favor of outsourcing, it must understand the difference in the salary structures of suppliers before selecting a supplier and formulating a negotiation strategy.

According to our research, the market research analyst at The Nielsen Company (US), LLC, and Gartner, Inc. receives a 6%–10% higher base salary compared to the market research analyst working in companies such as Ipsos SA, and Kantar Group. However, the year-on-year increment rate in all these companies majorly depends on the Key Result Areas (KRAs).

Organizations may find it cumbersome to continuously track all the latest developments in their supplier landscape. Outsourcing the activities related to gathering intelligence allows organizations to focus on their core offerings. At this juncture, our newsletter service can help organizations stay updated with the latest developments and innovations and subsequently assist in preventing disruptions in the supply chain. We have identified the following developments within the primary market research services in 2023 and 2024.

In May 2024, Ipsos announced the acquisition of Crownit, which specializes in offering a mobile and online panel data collection platform. This strategy aimed to expand Ipsos’ data collection capabilities by using an online approach. Crownit's comprehensive platform simplifies data collection processes and includes research capabilities from Ipsos.

In January 2024, Ipsos acquired I&O Research, a public-sector research agency in the Netherlands. The companies will operate under the name Ipsos I&O. This organization aims to generate fresh business prospects for governments and international institutions, including the European Community. Notably, the Netherlands stands as Europe's fifth-largest research market. To further enhance its research and analytics capabilities, Ipsos also acquired Jarmany in the same month.

In July 2023, NewtonX launched NewtonX Prime, an intelligence platform for smarter investing. The platform offers the expansive reach of a survey, coupled with the thoroughness of an expert interview, all delivered with a search engine. This empowers investors to leverage large-scale primary data to validate hypotheses and arrive at swifter, more assured decisions. The platform will help the company serve more customers with proper data.

In February 2023, Ipsos announced the acquisition of Xperiti, a start-up focusing on B2B research with a presence across the U.S., the Philippines, and Israel. This acquisition will enhance Ipsos' operational efficiency, accelerate the process of expert recruitment and optimize and expand its B2B research capabilities on a global scale. This will also foster the growth of the company in complementary areas through the development of a comprehensive, worldwide B2B Expert Insights Platform.