To help them identify the areas for the improvement as well as areas for the opportunity, every company needs to understand the market that they cater to. The research industry as a whole has gone through a lot of the standardization and consolidation due to the advancement of the technology. To the globalization, increasing competition, changing market demand the market research industry has changed over the years among the other factors. All of the changes paved the way for the greater outsourcing. To the other outsourcing segments, the market research outsourcing is relatively new compared to the other outsourcing segments. It has all the potential elements to grow into the unprecedented levels as current market conditions forced research cycles to be shortened in order to be more cost efficient. In conducting a market research, the organizations could either undertake the project themselves or choose a market research service provider, the value notes is a leading provider of research intelligence and information services, it released the results of their report titled.
The market Research Outsourcing-Buyer Survey, the market research services providers have been gaining prominence in the market research value chain. The offshorable industry for the market research is estimated at $4 billion in the year 2006. From different international markets finds close to two-thirds of the research agencies are already offfshoring to the companies in India, Eastern Europe and Latin America, the recent buyer survey of the market research agencies are already offshoring to the companies. In MRO, the interesting part of the ValueNotes finding is the reason for the increase. Some of the people would probably argue that doing the research internally is more efficient, but the risk is that there is one that would get no more than what they paid for, the restriction does not apply to the market research services providers as they are likely to produce more in a shorter period of the time without sacrificing quality to satisfy Service Level Agreements and going beyond their clients expectations that would results to the contract renewals.
The global market research industry is valued at $24.6 billion in 2007. The Europe managed to capture 43 percent market share, North America with 36 percent and Asia Pacific with 14 percent. The value notes principal analyst Pranav Dixit believes. For offshoring, while shortening research agencies where they provide greater, insight and foresight to their clients has to increased the inclination of the companies to the offshore larger portions of the research, execution to the service providers across the globe. The Project Management report writing and research design were determined to be the most difficult areas to offshore while the data collection processing and pannel service are the top outsourced activities due their high offshorability.
REFERENCE:
http://www.blog.infinit-o.com/research-agencies-to-boost-outsourcing-in-the-next-3-to-5-years/
