Market research service providers have been gaining prominence in the market research value chain. The offshorable industry for market research is estimated at $4 billion in 2006. ValueNotes buyer survey helps to understand the buyer perceptions, opinions and experiences on outsourcing in the market research sector.
The Indian MRO space is experiencing a phase of rapid growth over the last few years. Newer services have been added to the offshored list, many new vendors have emerged and several existing vendors have developed greater capabilities. The recent report released by ValueNotes estimates the offshored Market Research services revenues from India to exceed domestic market research industry revenues.
The Indian vendor landscape ranges from Captives of large research agencies to pure-play MRO vendors, full service research firms, KPOs and large and medium BPO service providers. All major the vendors are rapidly evolving in terms of service offerings and have aggressive expansion plans in near future. The ValueNotes report: “Market Research Outsourcing: Buyer Survey” provides an indepth insights and analysis about offshoring awareness and apprehensions of the buyer community (Market Research Agencies). The report estimates that MRO revenues are slated to grow from $148 million for FY07 to reach $800 million by FY12 at CAGR of 47%. However the domestic market esearch industry is expected to have a modest growth rate of 20% in near future.
Arun Jethmalani, CEO, ValueNotes, “The large and fast growing opportunity in MRO services has led to a mushrooming of new vendors, even as existing players are rapidly ramping up capabilities and capacity. Going forward, we expect growth in both high value services like Data mining, Analytics, and Panels etc., as well as in high volume, low-value services.”
- Offshoring awareness amongst MR agencies
- Perception of MR agencies on offshoring various research activities
- Current levels of offshoring amongst different categories of MR agencies
- Opinion on offshoring drivers amongst different agency types
- Location preference for offshoring research activities
- Opinion on offshoring experience
- Quality of service at offshore locations
- Maturity of service providers
- General level of satisfaction
- Future trends in offshoring volumes for various services
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