Blog

Market Research Industry Statistics in Canada


Market Research Industry Statistics in Canada

Market Research Industry Statistics

No Data Found

Market Size | Industry Analysis | Trends and Forecasts (2023-2028)

Canada Stats | 54191CA [3]

Revenue: $1.3 billion

Employees: 6,825

Businesses: 2,534

Growth:  (+)

Stats | Market Research Industry Statistics in Canada

Canada’s market research industry provides businesses and organizations with valuable insights and data to make informed decisions. Due to economic volatility and decreased demand for market research services, market research operators in Canada experienced significant fluctuations in revenue growth. The period between 2018 and 2019 saw a decline for operators amidst a mixed economic climate and changes in the media landscape.

The emergence of COVID-19 in 2020 further disrupted the demand for operators’ services as uncertainty clouded the outlook. While the economy eventually reopened, the spike in inflationary pressures in 2021 and 2023 severely impacted revenue as corporate clients faced volatility in their balance sheets, resulting in reduced demand for operators’ services. This economic volatility also led to lower profits for operators, with decreased consumer confidence playing a significant role in this trend.

Here are some statistics that highlight the importance and growth of the market research industry in Canada:

Market Size

The market research industry in Canada was valued at CAD 1.2 billion in 2020 and is expected to reach CAD 1.5 billion by 2025, growing at a CAGR of 4.6% during the forecast period. [1]

Industry Employment

The market research industry in Canada employed approximately 12,000 people in 2020, with a steady growth rate of 1.5% per year. [2]

Industry Segments

The market research industry in Canada is divided into various segments, including quantitative research, qualitative research, data collection, data analysis, and consulting services. Quantitative research holds the largest market share, accounting for approximately 40% of the industry revenue. [3]

Key Players

The market research industry in Canada is highly competitive, with several key players dominating the market. Some of Canada’s leading market research companies include: [4]

Industry Trends

The market research industry in Canada is witnessing several trends shaping its growth. These include the increasing use of artificial intelligence and machine learning in data analysis, the growing demand for real-time insights, and the rise of online market research platforms. [5]

These statistics highlight the significant role of the market research industry in Canada and its continued growth in the coming years. Businesses across various sectors rely on market research to understand consumer behaviour, identify market trends, and develop effective marketing strategies.


 

References: Canada Small Business – Statistics 

Market Research Industry Statistics in Canada
[1]: MarketsandMarkets – Canada Market Research
[2]: Statista – Employment in Market Research Services in Canada
[3]: IBISWorld – Market Research Industry in Canada
[4]: MarketResearch.com – Market Research Companies in Canada
[5]: Mintel – Canada Market Research Reports

Canada Small Business | » Canada’s Industry and Business Statistics

December 1, 2023