1 dataset found
  1. Market Research in Canada - Market Research Report (2015-2030)

    • ibisworld.com
    Updated Jan 15, 2025
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    IBISWorld (2025). Market Research in Canada - Market Research Report (2015-2030) [Dataset]. https://www.ibisworld.com/canada/market-research-reports/market-research-industry/
    Explore at:
    Dataset updated
    Jan 15, 2025
    Dataset authored and provided by
    IBISWorld
    License

    https://www.ibisworld.com/about/termsofuse/https://www.ibisworld.com/about/termsofuse/

    Time period covered
    2015 - 2030
    Area covered
    Canada
    Description

    Market research operators in Canada suffered from modest swings in revenue stemming from economic volatility for most of the period. While the period started with a dip in revenue because of the pandemic, the changing media landscape and the ability to conduct online market research kept sales from dropping drastically. Market research is needed in times of economic uncertainty since it helps customers navigate unknown waters. Although the economy reopened, a spike in inflationary pressures severely harmed revenue in 2021 and 2023, as corporate clients endured volatility across their balance sheets, which dampened demand for operators' services. This economic volatility also dampened profit for operators, with lower consumer confidence playing a key role in this trend. Even so, with interest rates finally falling in the middle of 2024, revenue came back on track and is set to push up an estimated 8.3% in 2025 alone. Overall, revenue is set to swell at a CAGR of 1.3% to an estimated $1.5 billion as the need for market research has recovered. As the popularity of digital media and e-commerce has risen, operators have adapted their services to provide up-to-date and more granular analysis reflecting the data available from these channels. Smaller, less costly single-operator companies flooded the industry amid low barriers to entry and improving economic conditions. Even so, the shifting media landscape and rapidly changing consumer trends have encouraged some operators to consolidate and streamline their operations, bolstering competition among existing companies. As corporations endured upticks in sales, they sought the expertise of market research companies to expand operations and revamp their product and service offerings. By 2030, Canadians' consumption activity will change significantly, requiring more consumer research and new research methods. Operators are in a position to capitalize on emergent trends and business structures. Those who succeed in evolving alongside the ever-changing landscape will find new verticals and horizontals to climb into. As new technologies and innovations like real-time data and insights expand, market research will remain a central pillar of business strategy, ensuring revenue growth. Overall, revenue is set to expand at a CAGR of 3.9%, reaching $1.9 billion in 2030.

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Share
FacebookFacebook
TwitterTwitter
Email
Click to copy link
Link copied
Close
Cite
IBISWorld (2025). Market Research in Canada - Market Research Report (2015-2030) [Dataset]. https://www.ibisworld.com/canada/market-research-reports/market-research-industry/
Organization logo

Market Research in Canada - Market Research Report (2015-2030)

Explore at:
Dataset updated
Jan 15, 2025
Dataset authored and provided by
IBISWorld
License

https://www.ibisworld.com/about/termsofuse/https://www.ibisworld.com/about/termsofuse/

Time period covered
2015 - 2030
Area covered
Canada
Description

Market research operators in Canada suffered from modest swings in revenue stemming from economic volatility for most of the period. While the period started with a dip in revenue because of the pandemic, the changing media landscape and the ability to conduct online market research kept sales from dropping drastically. Market research is needed in times of economic uncertainty since it helps customers navigate unknown waters. Although the economy reopened, a spike in inflationary pressures severely harmed revenue in 2021 and 2023, as corporate clients endured volatility across their balance sheets, which dampened demand for operators' services. This economic volatility also dampened profit for operators, with lower consumer confidence playing a key role in this trend. Even so, with interest rates finally falling in the middle of 2024, revenue came back on track and is set to push up an estimated 8.3% in 2025 alone. Overall, revenue is set to swell at a CAGR of 1.3% to an estimated $1.5 billion as the need for market research has recovered. As the popularity of digital media and e-commerce has risen, operators have adapted their services to provide up-to-date and more granular analysis reflecting the data available from these channels. Smaller, less costly single-operator companies flooded the industry amid low barriers to entry and improving economic conditions. Even so, the shifting media landscape and rapidly changing consumer trends have encouraged some operators to consolidate and streamline their operations, bolstering competition among existing companies. As corporations endured upticks in sales, they sought the expertise of market research companies to expand operations and revamp their product and service offerings. By 2030, Canadians' consumption activity will change significantly, requiring more consumer research and new research methods. Operators are in a position to capitalize on emergent trends and business structures. Those who succeed in evolving alongside the ever-changing landscape will find new verticals and horizontals to climb into. As new technologies and innovations like real-time data and insights expand, market research will remain a central pillar of business strategy, ensuring revenue growth. Overall, revenue is set to expand at a CAGR of 3.9%, reaching $1.9 billion in 2030.

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