The Remarkable Ascent of Asia Pacific in Global Insights

The following article is an excerpt from ESOMAR’s Global Market Research 2024. This flagship report of ESOMAR, often dubbed as the “Bible of Market Research”, provides you with the most comprehensive overview of the state of the insights industry and the market research sector around the world using data collected by national research associations, leading companies, independent analysts, and ESOMAR representatives.

In 2023, the Asia Pacific region had the fastest-growing insights industry globally, 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).

Similar to Europe, improvements in ESOMAR’s global survey have translated into a revised figure for the industry in the region and a relocation of turnover from the research software to the market research sector. The result is a slightly higher turnover for the market research sector (from US$8.6 billion for 2022 in last year’s publication to US$11.1 billion this year) and, conversely, a decline in the true value for the declared portion of the research software in the region, from US$2.0 billion for 2022 in last year’s report to this year’s US$0.

Only five countries managed to surpass the regional growth rate for the market research industry, at 7.0% in 2023.

Kazakhstan was the fastest-growing market in the region, at almost 24% in absolute terms. The country experienced tailwinds provided by a thriving industry, increased international investment and interest in understanding the local consumers. The situation was relatively similar in Vietnam, and the country managed to grow 17.2% benefitting from a favourable situation which is not expected to fade away in 2024 with an expectation of 9.5% in absolute terms.

India benefitted from a substantial expansion of its market research industry (14.8%) which is not expected to slow down significantly during 2024, as the industry in the country continues to expand and may grow a further 13.4% during the year. This is a similar situation to Australia, which grew 10.2% but may give some way throughout 2024 to a more moderate 5.9% in absolute terms.

Lastly, Indonesia grew 8.1% aided by increased government spending, which managed to support in an otherwise more difficult situation of mixed corporate results within the local market research industry.

The rest of the countries in the top 10 showed positive, though lower than regional, absolute growth. Unlike other regions, like Europe, these results remained positive even in net terms, thanks to the comparatively lower levels of inflation observed in this region.

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%, 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.

Are you interested in knowing how China, Australia and India view the performance of their insights industry? Download the latest edition of Global Market Research now!