Market research spend tops $30bn in 2008
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UK-- Companies around the world spent $30.6bn on market research last year, a 4.6% increase on 2007, according to business information provider ResearchRatings.
The firm said that $113bn was spent in 2008 on information such as credit ratings, databases, market research and analytics, 3.7% more than the previous year.
ResearchRatings said that companies spent most on data and analytics, followed by market research and then risk management information. These three sectors accounted for $85bn of total information spend.
Stuart Butler-Smith, founder of ResearchRatings, said that after an “ugly” first quarter in 2009, information spend would decline by between 5-10%. For the year as a whole, though, he is predicting 1-2% growth.
Author: James Verrinder
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