Please evaluate the market size of the global B2B survey industry (this does not include B2C or customer surveys)
Hi! Thank you for your question about evaluating the market size of the global B2B survey industry (this does not include B2C or customer surveys).
In short, since direct statistics are not available, we can indirectly calculate that the global B2B survey market was worth $2.82 billion in 2016. I have provided a deep dive of my findings below.
The research industry can be broken into B2B and B2C. While each meets a different need and requires different skills, more is spent on research on B2C than on B2B (16 times more according to ESOMAR). Furthermore, the Global Market Research Report of 2014 estimated that 6% of global research spend was on B2B. There are various reasons for the discrepancy in the spending amount – B2B companies being heavily sales and engineering led sidelining the marketing team, purchase decisions are more rational and relationships are paramount in B2B.
ESOMAR estimated the world research market to be worth $43 billion in 2014. This was the latest estimate available. Therefore, we will use this to estimate the current market size. Since 6% of global spend was on B2B research, the market size in 2014 on B2B research was 6% * 43 billion = $2.58 billion.
The top 25 research companies globally had growth rates varying from 2.2% to 6.9% in 2015. Since the growth of the industry is not known, we take an average of this growth rate as the growth rate for the B2B research market. The average growth rate is (2.2%+6.9%)/2 = 4.55%.
Using this, we can estimate the global market size of the B2B survey in 2016 as $2.58 billion * 1.0455^2 = $2.82 billion.
To conclude, we can estimate that the global B2B research market was worth $2.82 billion in 2016.
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