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The State of Insights – September 2023
Ray Poynter
Founder NewMR
NewMR Sponsors
State of Insights Study
Optimism Vs Pessimism
Pessimistic, 8% Pessimistic, 11%
Neutral, 28%
Neutral, 29%
Optimistic, 50%
Optimistic, 50%
Very Optimistic, 12% Very Optimistic, 8%
June 23 Sept 23
Very Pessimistic
62%
62%
Source NewMR
June N=212
Sept N=219
The Main Positives
Source NewMR
The Main Positives of Insights
1. Embracing new technologies like AI and machine learning
– AI, ML and advanced analytics could put insights back on centre stage
– Advances in leveraging AI
2. Increased demand for research and insights
– Despite several mergers within the industry, there are still a lot of companies existing
that are pushing the boundaries of research for their clients to collect insights.
– For the most part, proven research principles continue to drive quality research and
adapt into new technology and methods. Meanwhile, the need for insights continues to
grow.
3. Focus on the quality of research and human expertise
– Quality of research / insight is the best it's ever been and tech developments
(particularly AI) are exciting.
– The industry will finally move towards focusing more of providing thought leadership
and consultative feedback as opposed to focusing on data provision?
Most Negative or Worrying Things
Source NewMR
Most Negative or Worrying Things in 2023
1. Concerns about AI
– Reluctance to acknowledge the impact of ai on the industry
– AI is a worry - both on the quality and perception of conducting market research (e.g.
clients just thinking they can 'ChatGPT it') and lack of job security as.
2. Potential recession and impact on budgets
– Inflation, oncoming mortgage crisis might generate a recession
– Inflation and potential recession in Europe/UK constraining client budgets?
3. Need for better data quality and sample sources
– Data quality. We need better sample sources and I don’t trust the current players to do
the right thing. They are only looking to maximize profits.
– Poor data quality, lack of survey respondents, fraud, bots, lack of engagement, and
perhaps lack of representativeness of our sample universe
Using More – Next 18 Months
+ More qual and qual/quant, e.g. “Qualitative
research to contextualise the amount of
data we will collect automatically”
+ More platforms & digital tools, e.g. “Mostly
online/ digital mode for all kinds of qual
quant studies”
+ More analysis, e.g. “Online analytics, data
visualisation tools like Tableau”
More AI
Using Less – Next 18 Months
- Less in-person or face-to-face research, e.g. “Less
in-person focus groups are likely as they are
replaced by virtual groups or IDIs.”
- Less of everything traditional, e.g. “Agency-led
brand tracking - most enterprise insight teams can
do it themselves.”
- Less Manual Processing, e.g. “Manual coding of
open ended responses; building PowerPoint slides.”
Nothing
in
Particular
ESOMAR - Global Market Research Report
Revenue by Sector, US $billions
Established Market
Research, 42
Established Market
Research, 46
Established Market
Research, 47
Tech-Enabled, 35
Tech-Enabled, 44 Tech-Enabled, 50
Reporting, 25
Reporting, 28
Reporting, 31
2020 2021 2022
Source, ESOMAR GMR, 2023
$102 Billion
$118 Billion
$128 Billion
Revenue by Sector, US $billions
Established Market
Research, 42
Established Market
Research, 46
Established Market
Research, 47
Tech-Enabled, 35
Tech-Enabled, 44 Tech-Enabled, 50
Reporting, 25
Reporting, 28
Reporting, 31
2020 2021 2022
Source, ESOMAR GMR, 2023
$102 Billion
$118 Billion
$128 Billion
Revenue by Sector, US $billions
Established Market
Research, 42
Established Market
Research, 46
Established Market
Research, 47
Tech-Enabled, 35
Tech-Enabled, 44 Tech-Enabled, 50
Reporting, 25
Reporting, 28
Reporting, 31
2020 2021 2022
Source, ESOMAR GMR, 2023
$102 Billion
$118 Billion
$128 Billion
Revenue by Sector, US $billions
Established Market
Research, 42
Established Market
Research, 46
Established Market
Research, 47
Tech-Enabled, 35
Tech-Enabled, 44 Tech-Enabled, 50
Reporting, 25
Reporting, 28
Reporting, 31
2020 2021 2022
Source, ESOMAR GMR, 2023
$102 Billion
$118 Billion
$128 Billion
Revenue by Sector, US $billions
Europe, 13
Europe, 10 Europe, 8
US, 22
US, 33
US, 17
APAC, 9
APAC, 5
APAC, 4
Rest of World, 4
Rest of World, 3
Rest of World, 2
Established MR Tech-Enabled Reporting
Source, ESOMAR GMR, 2023
$47 Billion
$50 Billion
$31 Billion
Revenue by Sector, US $billions
Europe, 13
Europe, 10 Europe, 8
US, 22
US, 33
US, 17
APAC, 9
APAC, 5
APAC, 4
Rest of World, 4
Rest of World, 3
Rest of World, 2
Established MR Tech-Enabled Reporting
Source, ESOMAR GMR, 2023
$47 Billion
$50 Billion
$31 Billion
Revenue by Sector, US $billions
Europe, 13
Europe, 10 Europe, 8
US, 22
US, 33
US, 17
APAC, 9
APAC, 5
APAC, 4
Rest of World, 4
Rest of World, 3
Rest of World, 2
Established MR Tech-Enabled Reporting
Source, ESOMAR GMR, 2023
$47 Billion
$50 Billion
$31 Billion
Qual Growth +2% (to 16%)
Online/Mobile Qual,
6%
Research
Communities, 3%
F2F Focus Groups,
3%
F2F Depths, 2%
Ethnography, 1%
Other, 2%
Source, ESOMAR GMR, 2023
User and Buyer Study - 2023
The Balance of Internal/External
Source: User and Buyer Study, 2023
Internal,
48%
External,
52%
Change over next 12 months %
Internal increasing 51%
No major change 41%
Internal is declining 7%
User and Buyers Study - 2023
• The main internals:
CRM, simple, low risk, surveys, Ux, & Cx
• The main externals:
Large & complex surveys, Market, Strategic/High Risk
• Main issues for clients:
Actionable Insights, Influencing Change, More Agile
• Main asks from clients to agencies:
– 1) Understand/be a partner
– 2) Strategic Analysis/Consultancy
– 3) Expertise/Specialisation
GRIT
Key Trends in Adoption
Clients
• Agile methods and approaches
• Data Integration
• Text Analytics
Suppliers
• Alternatives to panel samples
• Agile methods and approaches
• Data Integration
• Text Analytics
• Mobile Qualitative
Specialists are becoming
more specialist
GRIT 2023
Buzz Topics
GRIT 2023
Buzz Topics
Generated by Word Cloud Plus
Key Client Views
Selecting Agencies
1. Data Quality
2. Service Quality
Key Elements Used
1. Online Surveys (no change)
2. Storytelling (big increase)
3. Data Visualisation/Dashboards (big increase)
Overall Satisfaction* with Suppliers 52%
– Value for cost 36%
– Recommending actions 35%
– Data Visualisation 32% GRIT 2023
* Completely or
Very Satisfied
And others
30%
The Economy
Listening to the Vibe
• Plenty of hiring freezes, some downsizing – but some are booming
• Companies are up for sale, but many of the vendors overvalue
• Live events are back, and many are doing well (over 1200 in
Amsterdam for ESOMAR Congress)
• Main worries
1. Economy
2. Negative effects from AI
3. Data Quality
Pandemics
Economic Crashes
War
Climate Catastrophe
Technology Crash/Hack
Legislation Straitjacket
Data Disaster
Antiscience Culture
AI Disruption
Black Swans
Artificial Intelligence
AI Today
• Some client-side organisations banning its current use
–Most in a ‘wait and see’ mode
• Lots of experiments
–Haters ‘proving’ it does not work
–Lovers ‘proving’ it works
• Plenty of new products/services
– Including co-pilots, synthetic data, and text analytics
• Associations are working on new codes and guidelines
Coming Soon
• Legislation
• Synthetic Data
• Smart DIY
• New Solutions
–Watch out for ResearchWiseAI
• Big Changes
– IMHO: ”Over the next 10 years this will be a bigger disruptor than the
internet was for insights and research was in its first 10 years”
Thank You
Ray Poynter
NewMR
Questions?
NewMR Sponsors

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The State of Insights – September 2023

  • 1. The State of Insights – September 2023 Ray Poynter Founder NewMR
  • 4. Optimism Vs Pessimism Pessimistic, 8% Pessimistic, 11% Neutral, 28% Neutral, 29% Optimistic, 50% Optimistic, 50% Very Optimistic, 12% Very Optimistic, 8% June 23 Sept 23 Very Pessimistic 62% 62% Source NewMR June N=212 Sept N=219
  • 6. The Main Positives of Insights 1. Embracing new technologies like AI and machine learning – AI, ML and advanced analytics could put insights back on centre stage – Advances in leveraging AI 2. Increased demand for research and insights – Despite several mergers within the industry, there are still a lot of companies existing that are pushing the boundaries of research for their clients to collect insights. – For the most part, proven research principles continue to drive quality research and adapt into new technology and methods. Meanwhile, the need for insights continues to grow. 3. Focus on the quality of research and human expertise – Quality of research / insight is the best it's ever been and tech developments (particularly AI) are exciting. – The industry will finally move towards focusing more of providing thought leadership and consultative feedback as opposed to focusing on data provision?
  • 7. Most Negative or Worrying Things Source NewMR
  • 8. Most Negative or Worrying Things in 2023 1. Concerns about AI – Reluctance to acknowledge the impact of ai on the industry – AI is a worry - both on the quality and perception of conducting market research (e.g. clients just thinking they can 'ChatGPT it') and lack of job security as. 2. Potential recession and impact on budgets – Inflation, oncoming mortgage crisis might generate a recession – Inflation and potential recession in Europe/UK constraining client budgets? 3. Need for better data quality and sample sources – Data quality. We need better sample sources and I don’t trust the current players to do the right thing. They are only looking to maximize profits. – Poor data quality, lack of survey respondents, fraud, bots, lack of engagement, and perhaps lack of representativeness of our sample universe
  • 9. Using More – Next 18 Months + More qual and qual/quant, e.g. “Qualitative research to contextualise the amount of data we will collect automatically” + More platforms & digital tools, e.g. “Mostly online/ digital mode for all kinds of qual quant studies” + More analysis, e.g. “Online analytics, data visualisation tools like Tableau” More AI
  • 10. Using Less – Next 18 Months - Less in-person or face-to-face research, e.g. “Less in-person focus groups are likely as they are replaced by virtual groups or IDIs.” - Less of everything traditional, e.g. “Agency-led brand tracking - most enterprise insight teams can do it themselves.” - Less Manual Processing, e.g. “Manual coding of open ended responses; building PowerPoint slides.” Nothing in Particular
  • 11. ESOMAR - Global Market Research Report
  • 12. Revenue by Sector, US $billions Established Market Research, 42 Established Market Research, 46 Established Market Research, 47 Tech-Enabled, 35 Tech-Enabled, 44 Tech-Enabled, 50 Reporting, 25 Reporting, 28 Reporting, 31 2020 2021 2022 Source, ESOMAR GMR, 2023 $102 Billion $118 Billion $128 Billion
  • 13. Revenue by Sector, US $billions Established Market Research, 42 Established Market Research, 46 Established Market Research, 47 Tech-Enabled, 35 Tech-Enabled, 44 Tech-Enabled, 50 Reporting, 25 Reporting, 28 Reporting, 31 2020 2021 2022 Source, ESOMAR GMR, 2023 $102 Billion $118 Billion $128 Billion
  • 14. Revenue by Sector, US $billions Established Market Research, 42 Established Market Research, 46 Established Market Research, 47 Tech-Enabled, 35 Tech-Enabled, 44 Tech-Enabled, 50 Reporting, 25 Reporting, 28 Reporting, 31 2020 2021 2022 Source, ESOMAR GMR, 2023 $102 Billion $118 Billion $128 Billion
  • 15. Revenue by Sector, US $billions Established Market Research, 42 Established Market Research, 46 Established Market Research, 47 Tech-Enabled, 35 Tech-Enabled, 44 Tech-Enabled, 50 Reporting, 25 Reporting, 28 Reporting, 31 2020 2021 2022 Source, ESOMAR GMR, 2023 $102 Billion $118 Billion $128 Billion
  • 16. Revenue by Sector, US $billions Europe, 13 Europe, 10 Europe, 8 US, 22 US, 33 US, 17 APAC, 9 APAC, 5 APAC, 4 Rest of World, 4 Rest of World, 3 Rest of World, 2 Established MR Tech-Enabled Reporting Source, ESOMAR GMR, 2023 $47 Billion $50 Billion $31 Billion
  • 17. Revenue by Sector, US $billions Europe, 13 Europe, 10 Europe, 8 US, 22 US, 33 US, 17 APAC, 9 APAC, 5 APAC, 4 Rest of World, 4 Rest of World, 3 Rest of World, 2 Established MR Tech-Enabled Reporting Source, ESOMAR GMR, 2023 $47 Billion $50 Billion $31 Billion
  • 18. Revenue by Sector, US $billions Europe, 13 Europe, 10 Europe, 8 US, 22 US, 33 US, 17 APAC, 9 APAC, 5 APAC, 4 Rest of World, 4 Rest of World, 3 Rest of World, 2 Established MR Tech-Enabled Reporting Source, ESOMAR GMR, 2023 $47 Billion $50 Billion $31 Billion
  • 19. Qual Growth +2% (to 16%) Online/Mobile Qual, 6% Research Communities, 3% F2F Focus Groups, 3% F2F Depths, 2% Ethnography, 1% Other, 2% Source, ESOMAR GMR, 2023
  • 20. User and Buyer Study - 2023
  • 21. The Balance of Internal/External Source: User and Buyer Study, 2023 Internal, 48% External, 52% Change over next 12 months % Internal increasing 51% No major change 41% Internal is declining 7%
  • 22. User and Buyers Study - 2023 • The main internals: CRM, simple, low risk, surveys, Ux, & Cx • The main externals: Large & complex surveys, Market, Strategic/High Risk • Main issues for clients: Actionable Insights, Influencing Change, More Agile • Main asks from clients to agencies: – 1) Understand/be a partner – 2) Strategic Analysis/Consultancy – 3) Expertise/Specialisation
  • 23. GRIT
  • 24. Key Trends in Adoption Clients • Agile methods and approaches • Data Integration • Text Analytics Suppliers • Alternatives to panel samples • Agile methods and approaches • Data Integration • Text Analytics • Mobile Qualitative Specialists are becoming more specialist GRIT 2023
  • 25. Buzz Topics GRIT 2023 Buzz Topics Generated by Word Cloud Plus
  • 26. Key Client Views Selecting Agencies 1. Data Quality 2. Service Quality Key Elements Used 1. Online Surveys (no change) 2. Storytelling (big increase) 3. Data Visualisation/Dashboards (big increase) Overall Satisfaction* with Suppliers 52% – Value for cost 36% – Recommending actions 35% – Data Visualisation 32% GRIT 2023 * Completely or Very Satisfied
  • 29.
  • 30. Listening to the Vibe • Plenty of hiring freezes, some downsizing – but some are booming • Companies are up for sale, but many of the vendors overvalue • Live events are back, and many are doing well (over 1200 in Amsterdam for ESOMAR Congress) • Main worries 1. Economy 2. Negative effects from AI 3. Data Quality
  • 31. Pandemics Economic Crashes War Climate Catastrophe Technology Crash/Hack Legislation Straitjacket Data Disaster Antiscience Culture AI Disruption Black Swans
  • 33. AI Today • Some client-side organisations banning its current use –Most in a ‘wait and see’ mode • Lots of experiments –Haters ‘proving’ it does not work –Lovers ‘proving’ it works • Plenty of new products/services – Including co-pilots, synthetic data, and text analytics • Associations are working on new codes and guidelines
  • 34. Coming Soon • Legislation • Synthetic Data • Smart DIY • New Solutions –Watch out for ResearchWiseAI • Big Changes – IMHO: ”Over the next 10 years this will be a bigger disruptor than the internet was for insights and research was in its first 10 years”