Asia Pacific, the fastest-growing insights industry in the world

The following article is an excerpt from ESOMAR’s Global Research Software 2024. This report provides the most comprehensive overview of the state of the insights industry and the evolving research software sector worldwide, using data collected by national research associations, leading companies, independent analysts, and ESOMAR representatives.

The Asia Pacific region had in 2023 the fastest-growing insights industry in the world at 9.5%, compared to 8.0% globally. The main engine of this growth was, patently, the research software industry, with an increase of 19.5% in absolute terms. This result was compounded with a comparatively low inflation rate, which managed to maintain high levels of growth even in net terms (5.8% for the insights industry, 3.3% for the market research sector, 15.4% for the research software one, and 4.0% for the reporting one).

Overall, the industry in Asia Pacific grew an estimated 9.5% during 2023 and is expected to maintain a similar trend throughout 2024 with an absolute growth of 8.6%, making it one of the fastest-growing regions in the world. If this steady growth rate materialises, Asia Pacific will continue to gain global market share, slowly nibbling away at the two largest regions: the US and Europe.

The research software market in the Asia Pacific region showed steady growth between 2019 and 2023, mainly driven by digital data analytics. In 2023, the digital data analytics segment reached US$3.8 billion, marking a significant growth of 22.1% from 2022, the highest growth among all regions. This segment dominated the Asia Pacific market, accounting for 70% of the total research software turnover. The region's reliance on analytics reflects global trends, albeit on a smaller scale compared to the US and Europe. This strong growth emphasises the increasing importance of data-driven tools for businesses in the Asia Pacific region.

Social listening and communities experienced a 13.0% growth from 2022 to 2023, reaching US$904 million. This segment represents 16% of the region's turnover, highlighting its role in understanding online consumer behaviour, a share that is similar to other regions like the US and Europe.

Self-serve research platforms, with a growth of almost 17.5%, reached US$526 million in 2023, accounting for almost 10% of the sector’s turnover in the region. The development of self-serve tools in Asia Pacific indicates a rising demand for flexible, cost-effective research solutions, a trend seen globally but slowly catching up in this region. Notably, Asia Pacific recorded the highest growth of this segment among all regions.

Enterprise feedback management (EFM) grew by 10.5% in 2022-2023, totalling US$285 million for the sector in the region, reflecting a growing but moderate adoption of feedback systems.

Although the Asia Pacific market is smaller than that of the US and Europe, it is experiencing similar trends, with digital data analytics leading the way and steady growth in self-serve platforms. It is the only region that experienced double-digit growth in all four segments of the research software sector, thereby propelling the growth of its broader insights industry.

The saga continues in ESOMAR’s Global Research Software 2024. Download your copy now!

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