what is market trend research

How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry.

What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Why is market research important? 

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

• Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
• Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
• Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
• Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
• Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
• Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete. 

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research 

• Qualitative research
• Quantitative research
• Exploratory research
• Descriptive research
• Causal research
• Cross-sectional research
• Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research 

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

• Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
• Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
• Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research 

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

• Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant. 
• Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
• Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment. 

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. 

Market research methods

• Surveys and questionnaires
• Focus groups
• Observational research
• Online research tools
• Experiments
• Content analysis
• Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

• Set clear objectives
• Identify your target audience
• Choose your research methods
• Use the right market research tools
• Collect data
• Analyze data 
• Interpret your findings
• Identify opportunities and challenges
• Make informed business decisions
• Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? 

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. 

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. 

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

• Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

• Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
• Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
• Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
• Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

• Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

• Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
• Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
• Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
• Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends. 

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. 

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

• Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
• SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
• HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
• SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
• SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups. 

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. 

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

• Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
• Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
• Validate a concept prior to launch.
• Identify gaps in the market that your competitors have created or overlooked.
• Solve problems that have been left unresolved by the existing product/brand offerings.
• Identify opportunities and solutions for new products or services.
• Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

• Strengthen your market position.
• Help you identify your strengths and weaknesses.
• Help you identify your competitors’ strengths and weaknesses.
• Minimize risk.
• Center your customers’ experience from the get-go.
• Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

• What are you hoping to discover through your research?
• Who are you hoping to serve better because of your findings?
• What do you think your market is?
• Who are your competitors?
• Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
• Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

• Current customers
• Past customers
• Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

• “What is your age?”
• “Where do you live?”
• “What is your gender identity?”
• “What is your household income?”
• “What is your household size?”
• “What do you do for a living?”
• “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

• “How well does/would our product/service meet your needs?”
• “How does our product/service compare to similar products/services that you use?”
• “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

• “What are your biggest challenges?”
• “What’s most important to you?”
• “What do you do for fun (hobbies, interests, activities)?”
• “Where do you seek new information when researching a new product?”
• “How do you like to make purchases?”
• “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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What Is Trend Analysis in Research? Types, Methods, and Examples

This article looks at different types of trend data analysis, how to conduct this type of research, and how to act on emerging trends to stay ahead.

Jan 29, 2024

quantilope is the Consumer Intelligence Platform for all end-to-end research needs

Trends are everywhere. They are central to how businesses craft their product development, marketing, and dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268031">social media strategies, and how consumers go about purchasing decisions.

Trends are sometimes driven by dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268011">external factors (like a shortage of a certain product that creates a trend for something new), and other times trends are driven by internal consumer wants/needs (like plant-based dairy alternatives). Businesses that pay attention to and understand current/evolving trends (through dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis research ) are able to use dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268028">informed dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268003">decision dropdown#toggle" data-dropdown-menu-id-param="menu_term_289268003" data-dropdown-placement-param="top" data-term-id="289268003">-making in their operations. This article looks at different dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">types of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis , how to conduct it, and how to act on emerging trends to stay ahead of the competition.

Table of contents

• What is trend analysis?
• Importance of trend analysis in market research
• Types of trend analysis in research

Advanced methods for trend analysis

• How to do trend analysis

How to identify existing trends from your analysis

• How to use trends analysis for virtually any type of research 
• Example of trend analysis in market research
• Advantages of trend analysis
• Use quantilope for automated trend analysis

What is dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis ?

dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">Trend analysis is the process of using dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267999">historical data as well as current dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268001">data sets to determine how consumers behave and how businesses react; the same is true of the inverse: how businesses behave and how consumers react. dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">Trend analysis focuses on dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268004">market trends over a dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268006">period of time and can be used as an ongoing resource to keep ahead of market changes.

Whether it’s used in the dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268010">short term or the long term, dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis can reveal changes in consumer needs as well as changes in industry activity. These aren’t always going to be huge, industry-wide trends; they can be smaller ones too - such as small dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268021">fluctuations in consumer loyalty or satisfaction with a particular product, or dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268042">downtrends and dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268041">uptrends in certain product usage. Trends can also be temporary - around for a while and then gone in a flash, as is often the case with fashion or some hairstyles (unless they make a comeback...like flare jeans and bucket hats). Some trends might gain momentum slowly and grow steadily over time, like tech usage or certain diets. Businesses use dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis findings to act on emerging trends as well as to predict dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268039">future trends and plan dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268032">new products or marketing activity accordingly. Back to table of contents  

Importance of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis in market research

Trend analysis research empowers businesses to unlock valuable insights across various facets of their operations and market landscape. By examining historical and current data patterns, companies can gain a deeper understanding of their own performance over time - be it  financial metrics like revenue and profit margins, operational efficiency, or customer satisfaction trends.

Beyond internal usage, trend analysis research helps grasp the competitive landscape. By tracking rivals' performance and strategies, companies can identify opportunities to differentiate themselves and gain a competitive edge in their category. For instance, analyzing trends around competitive product launches or marketing strategies can point out what captures consumers' interest and what ends up being a 'miss' so that businesses can emulate or avoid those elements in their own initiatives. 

Trend analysis is key to understanding consumers. By examining patterns in purchasing decisions, preferences, and engagement with various brands, businesses can tailor their offerings to meet evolving customer needs and desires. This could involve developing new products or services , refining marketing messages, or optimizing customer experience. Trend analysis might even point out technological advancements that could disrupt entire markets or industries. By staying ahead of these trends, businesses can proactively adapt their strategies and capitalize on new opportunities for growth and innovation. Back to table of contents  

dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">Types of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis in research

There are various dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">types of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis available through market research. Below we’ll touch on a few of the most popular types that can guide businesses’ dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268003">decision making for different needs .

Consumer dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

This dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">type of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis relates to how consumers behave, think, and purchase within a certain sphere or market landscape. It could uncover consideration and usage of a product or service, consumer behavior in a specific product category, consumers’ dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268031">social media usage, or how consumers feel about political, social, or environmental issues. Information gathered from consumer dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis helps businesses leverage those consumer preferences in their current business operations and identify new growth opportunities.

Competitor dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Knowing where competitors are winning and losing is crucial information to feed into business decisions. Analyzing how competitors have performed at certain points in time, such as the launch of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268032">new products or advertising campaigns, reveals how positively the target market reacts to those types of business activities. This dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">type of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis helps identify strategies that will encourage consumers to choose your business over competitors, as well as to find new opportunities where competitors are weak.

Historical dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Looking at past dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268000">data points and tracking how consumer attitudes, consumer behaviors, or industry activities have changed in relation can provide valuable context for dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268013">future events . Say for example you sell beauty products and you’ve seen the popularity of vitamins in body cream grow over the past two years; this is a good indication that the trend will continue, which will help shape dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268032">new product development and future marketing messages.

Temporal dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Temporal dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis looks at a specific dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268006">period of time to see how consumer trends have changed in that dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268018">time frame alone. You could take one or more periods of time and compare them, or even analyze based on dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268009">seasonality (e.g. summer, the holiday dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268009">season ). This dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">type of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis helps identify trends at a set time which can be helpful when planning inventory stock, pricing strategies, or product promotions for similar time periods in the future.

Geographic dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Geographic dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis looks at changes within geographical locations and compares them with each other. For example, how have skincare preferences evolved in Asia, and how does this compare with preferences in North America? Trends in one region could give clues as to how trends will develop in another - especially today with global dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268031">social media platforms like Instagram and TikTok that can spread geographical trends in record speed. This dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">type of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis is useful for international businesses looking to shape their offer in each location they operate in.

dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268040">Demographic dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Knowing your target market is essential to running a successful business. You need to keep tabs on what your consumers want and need, and how those differ based on factors like age, gender, region, etc. Older consumers may have different dietary needs than younger ones; the same goes for cosmetics, footwear, haircare, technology, and so on. This dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268012">type of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis is great for understanding how a particular dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268040">demographic group has changed over time so brands can appeal to that audience with the right communication and product portfolios.

Economic dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Inflation and the general cost of living are examples of economic trends that give businesses a good idea of current consumer buying power and their likely willingness to spend. Economic trended dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268001">data sets are typically available publicly, along with a company’s own internal dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268008">financial statements . This type of data is helpful to reference when setting new price points or making upcoming production decisions.

Technological dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Technology is continuously evolving, and there’s no doubt it will continue to do so. In recent years alone it seems to be evolving faster than ever with things like self-driving cars, virtual reality, and the rise of AI. Technological dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis empowers organizations to make dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268028">informed decisions and gain a competitive advantage. Businesses can use technology trends to operate more efficiently, foster new innovations, and to understand consumer expectations better. Back to table of contents  

Trends are constantly shifting which can be a challenge for businesses to stay ahead. Those that want to act on (rather than react to) consumer or marketplace trends use advanced methodologies to go beyond standard usage and attitude metrics. Advanced methods provide deeper insights around why trends emerge, which are likely to endure, and how businesses can act on them for future success. 

Below are a few examples of advanced methods used for trend analysis - all of which are available on quantilope's Consumer Intelligence Platform: 

MaxDiff (Maximum Difference Scaling):

Pinpoint the most impactful features or aspects driving a specific trend with MaxDiff . Is it sustainability, convenience, or design that's impacting the way consumers feel currently (and over time)? 

TURF (Total Unduplicated Reach and Frequency):

When multiple trends emerge (say a change in feature preferences, marketing message relevancy, etc.) it can be hard to pinpoint which trends to focus the most attention on. TURF analysis helps businesses determine the optimal combination of elements to maximize your reach. Which trends, when paired together, create the most compelling offering for your target audience?

Choice-Based Conjoint analysis:

Quantify the value consumers place on emerging trends relative to existing product attributes. Is the trend worth investing in? How much are consumers willing to pay for products or services that align with that trend (e.g. sustainability, minimalism, personalization, etc.)

Price Sensitivity Meter (PSM):

Understand how much consumers are willing to pay for products or services related to a new or existing trend. Does the trend come with a premium price, or is it rather price-sensitive?

Implicit Association Tests (SIAT and MIAT):

Uncover subconscious connections between consumers and emerging trends. Are there hidden emotional drivers influencing the trend's popularity? What intrinsic associations arise related to the trend in question?

The above advanced methods just touch the surface of what businesses have at their disposal when it comes to leveraging these tools to explore trends. For more on this, check out quantilope's guide on the Importance of Advanced Methodologies in Consumer Research .  Back to table of contents  

How to do dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268025">trend dropdown#toggle" data-dropdown-menu-id-param="menu_term_289268005" data-dropdown-placement-param="top" data-term-id="289268005"> analysis

Below are a few simple steps to getting started with your trend analysis research study : 

1. Define your goals

dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268004">Market dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend dropdown#toggle" data-dropdown-menu-id-param="menu_term_289267998" data-dropdown-placement-param="top" data-term-id="289267998"> analysis requires a clear starting point and a clear end point. In other words, what do you know already and what do you hope to find out? The latter will determine your end goal(s).

Your goals will guide your dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis throughout each stage - from initial survey setup to final analysis. When you start looking through your dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268001">data set , your end research goal will help you focus on the trends that actually impact your business.

2. Invest in regular dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trends analysis

Identifying trends doesn’t happen overnight. Trends appear over continuous dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268018">timeframes - known as ‘waves’ in trend research. You need to collect data on an ongoing basis to find those trends, and the best way of doing so is setting up a consistent research tracker. Monthly, quarterly, twice-yearly, or annual tracking surveys are some of the most commonly-used cadences to identify trends over time. The frequency of your tracker will depend on how dynamic your industry is; CPG product preferences can change all the time whereas something like home/car insurance may be less wavering.

3. Find an easy-to-use survey tool

An intuitive survey tool - like an online research platform , can speed up your dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268005">data analysis process to act on insights faster. Easy-to-use survey tools offer things like research expert consultation, drag & drop modules, automated advanced methods , real-time reporting, and easily designed dashboard reports that can be shared around without the risk of version control. 

4. Identify your sample

For quality data, you need to find the right people and ask the right questions. This means launching a survey among respondents who accurately reflect your target audience and asking questions that relate to your previously-defined goals; the right survey tool will make sure you can achieve both of these by offering things like survey templates and panel agnostic capabilities.

5. Field and analyze your data

dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268005">Data analysis will highlight trends that arise from consumer behavior, competitive behavior, or general industry behavior. A good dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268005">data analysis platform will allow you to review results in real-time, as respondents complete your survey - rather than having to wait until the end of fieldwork for a data processing team to send over a final cross-tab file. As you review your data, you can cut dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268020">metrics by different parameters and dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268040">demographics to understand various trend perspectives. Your final data will go into a dashboard or report to share with dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268016">stakeholders for next steps.

6. Act on your findings

Once you’ve analyzed and reported on your trended data findings, it’s time to take action. This might mean immediate action, like putting a dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268032">new product into market, or waiting for another wave of data to confirm a suspected trend. Regardless, the insights you’ve gained from your dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis can feed into future business dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268003">decision-making to stay ‘on trend’ and ahead of competitors. Back to table of contents  

Uncovering trends in your data is a critical step to understand the dynamics of your market, category, or brand. Whether you're starting a new trend analysis study or tracking the evolution of established patterns from an existing tracker, trended insights are invaluable in shaping your strategic decision-making.

The first few waves of your trended insights study are exciting; with these results, focus on identifying emerging trends (i.e. shifts in your data) that hint at changing consumer behavior, preferences, or market forces. Recognizing these early signals can give you a competitive advantage, allowing you to adapt and innovate ahead of the curve. Once you have several waves of trended insights available, your goal might be to delve deeper into the trends you've earlier identified.  

Regardless of where you are in your trend analysis, below are a few key considerations to keep in mind:

Look for patterns: Scrutinize your captured data for recurring patterns. These could be increases or decreases in anything from sales figures, customer demographics, or customer preferences - just to name a few examples. Identifying these general patterns will serve as a starting point for deeper analysis.

Isolate anomalies: Don't dismiss data points that seem unusual or unexpected. These anomalies could be early indicators of emerging trends. Keep an eye on these data points to investigate further once you have new data available to see if it might become a long-term trend.

Compare with benchmarks: Compare any new data with industry benchmarks or historical data. This will help you determine whether any observed patterns are unique to your business or part of a wider industry trend.

Visualize your data: Sometimes the easiest way to identify patterns and shifts is through chart visualizations rather than staring solely at the numbers. Create graphs, charts, or other visual representations of your data to see trends more clearly and even make them easier to communicate/share with others.

Consult with others: Seek input from other team members or research consultants (if applicable). Other viewpoints may be able to identify trends you didn't see or add new context to see things from a different angle. 

By keeping the above steps in mind, you can effectively identify new and existing trends from your analysis and use this information to make informed business decisions.  Back to table of contents  

How to use dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trends analysis for virtually any type of research

dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">Trend analysis can be used to uncover almost any trends. Above we’ve already mentioned the benefits in exploring trends amongst consumers, competitors, and dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268040">demographics , along with using dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis to uncover geographic, economic, and technological changes. Other use cases of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis include:

Customer satisfaction. Understanding satisfaction levels with regards to a product or service, and how this relates to a brand’s activity or competitor performance. Part of this measurement might be tracking a brand’s NPS score over time.

Employee satisfaction. Identifying how employee turnover or loyalty relates to the company ethos or other factors.

Customer spend. Tracking how different customer types allocate budget to a product over time reveals trends in disposable cash levels as well as their willingness to spend. This feeds into determining dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268032">new product price points and planning dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268032">new product offers.

Financial dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268021">fluctuations and forecasts. Pinpointing where sales have peaked or dipped, and whether there has been an dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268034">upward trend or downward trend since then, provides crucial information on when businesses should explore new opportunities. It also helps predict how business activity will shape future growth.

The customer experience. Part of understanding your target audience means appreciating how their experience of your brand correlates to prevailing trends. This is separate from overall satisfaction; a customer might be satisfied with the end product or service but not the process in finding or purchasing it. Back to table of contents  

dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268027">Examples of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis in market research

Companies can use dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis to inform their spend, product development, advertising, and just about all other areas of business operations. Below are three examples of trend analysis findings from various quantilope syndicated studies. 

DTC Mattress Trends

quantilope runs an annual direct-to-consumer mattress tracker  that identifies trends around in-store vs. online mattress purchasing, direct-to-consumer mattress buying, the popularity of certain mattress brands, and so on. Over the past few years, consumers’ shopping experiences (in general) have shifted heavily online - and this tracker showed that mattresses were no exception. Between 2019 and 2020 onward, the study showed a significant dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268034">upward trend in online mattress purchasing.

Soda Trends

quantilope's quarterly Better Brand Health Tracking (BBHT) study in the soda category tracks metrics around 10 major soda brands. Aside from standard brand funnel metrics like awareness and usage, the BBHT model leverages Category Entry Points (CEPs) , Mental Availability Metrics, and Mental Advantage analysis to provide modernized, actionable insights at both the category and brand level.  Recently, the study has pointed to seasonal trends around soda - particularly diet varieties. In the warmer months of the year, trends for diet sodas like Diet Coke and Diet Pepsi significantly rise. As of wave 5 (April '24), Diet Coke's Mental Market Share (MMS - one of four major Mental Availability metrics) was the highest it's been since the start of tracking a year ago (9%).

With the simultaneous, statistically-significant rise in Diet Pepsi's MMS (7%), this is trend that soda brands should watch over time to plan for future seasonal campaigns, inventory needs, and more. 

To explore more of this study's data, check out the BBHT soda blog post here . 

Consumer Trends 

quantilope's Consumer NOW Index study ran for two years - from July 2020 to June 2022. Over that time, the study tracked trends around overall consumer well-being, shopping behaviors, social media platforms, consumers' finances, travel insights, food trends, and work environments. 

The study's chart visualizations clearly show where there were changes in trends over time - providing an understanding of the general market and consumer sentiment. As one example, the below chart shows that TikTok usage significantly increased between July '21 and the most recent wave of the study about a year later. The same can't be said for any other platform.  

As another example from this study, we can see the change in consumer trends over time on where they choose to stay when booking travel: 

Back to table of contents

Advantages of dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis

Trend analysis empowers businesses to make informed decisions, stay ahead of the curve, and thrive in a competitive landscape. Below are just a few key advantages of running this type of research. 

Proactive decision making:

Trend analysis helps you spot emerging trends before they become mainstream, giving you a head start in adapting your strategies. By understanding the underlying drivers of trends, you can make better decisions about new product development, marketing, and resource allocation.

Competitive advantage:

Staying ahead of trends allows you to offer innovative products and services that set you apart from competitors. By anticipating shifts in consumer preferences, you can position yourself as a trendsetter (rather than a follower) and gain a competitive edge in your market. 

Risk mitigation:

Trend analysis helps you identify potential risks, such as declining demand for certain products or shifting consumer attitudes. By understanding changing trends, you can proactively adapt your business strategies to mitigate risks and avoid obsolescence.

Improved resource allocation:

Trend analysis guides you in allocating resources effectively, ensuring that your investments align with emerging opportunities. By focusing on trends with the highest potential, you can avoid wasting resources on products or services that are losing relevance.

Enhanced marketing and sales:

Understanding trends enables you to create highly targeted marketing campaigns that resonate with your target audience. By aligning your products and services with emerging trends, you can attract new customers and drive sales growth.

Innovation and growth:

Trend analysis can inspire new product ideas and innovations that cater to evolving consumer needs. Identifying emerging markets or opportunities for growth can help your business expand into new areas.

Customer satisfaction and loyalty:

Use quantilope for automated dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis  .

quantilope offers intuitive and affordable dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis through its tracking solutions.

Choose between a category tracker or quantilope’s new Better brand Health Tracking approach that uses industry-praised concepts such as Category Entry Points and Mental Availability . Either way, quantilope users will start with the option to customize a pre-built survey template or build their own tracking study from scratch. Building your tracker is made easy through a library of pre-programmed questions and advanced dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268033">methodologies that you simply drag & drop into your survey builder. The platform even offers an AI co-pilot, quinn , to assist you in your survey creation, analysis, and reporting processes. Findings are available in real-time, with the option to start building report charts long before fieldwork wraps up. Once it does, all charts are automatically updated with final data and statistical testing. Cut the data any way you like, by any other variable within your dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289267998">trend analysis survey. Store all final charts in the reporting tab of the platform to use in a final dashboard deliverable, which is shareable with dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268016">stakeholders through a single link.

Subsequent waves of your dropdown#toggle" data-dropdown-placement-param="top" data-term-id="289268025">trend data research can be set live on the platform with a few clicks of a button, as often as you choose. Trended data is automatically added to existing charts in real-time, so you never have to go back to square one.

For more on how quantilope can help your business ahead of trends (and the competition), get in touch below!

Get in touch to learn more about trend analysis with quantilope!

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What is Trend Analysis? Definition, Formula, Examples

Appinio Research · 13.02.2024 · 38min read

Have you ever wondered how to uncover hidden insights within your data, predict future trends, and make informed decisions that can steer your business or projects toward success? In this guide on trend analysis, we'll unravel the intricacies of this powerful tool, helping you navigate the world of data patterns, forecasts, and informed strategies. Whether you're a data scientist, a business analyst, or simply curious about understanding and leveraging trends, this guide will equip you with the knowledge and techniques to harness the potential of trend analysis to your advantage.

What is Trend Analysis?

Trend analysis is a statistical technique used to identify and analyze patterns or trends in data over time. It involves examining historical data to uncover insights into past trends and predict future developments. Understanding the components of trend analysis is essential for conducting effective analysis:

Components of Trend Analysis

• Trend : The overall direction in which data is moving over time. Trends can be upward (positive), downward (negative), or flat (no significant change).
• Seasonality : Regular, predictable fluctuations in data that occur at fixed intervals, such as daily, weekly, or yearly patterns.
• Cyclical Patterns : Longer-term fluctuations in data that occur over multiple years, often driven by economic cycles or other external factors.
• Irregular or Random Fluctuations : Unpredictable variations in data that do not follow a discernible pattern. These fluctuations may be due to random events or measurement errors.

Understanding these components allows analysts to differentiate between various types of trends and apply appropriate methods for analysis.

Importance of Trend Analysis

Trend analysis is a crucial tool for decision-making and planning across diverse fields. Here are several reasons why trend analysis is essential:

• Strategic Planning : Trend analysis helps organizations identify emerging opportunities and threats, guiding strategic planning and resource allocation.
• Risk Management : By identifying trends and potential future scenarios, trend analysis enables organizations to mitigate risks and adapt to changing market conditions.
• Performance Evaluation : Trend analysis allows organizations to assess their performance over time, track progress toward goals, and identify areas for improvement.
• Forecasting : Trend analysis provides insights into future trends and developments, helping organizations anticipate changes and make proactive decisions.
• Resource Optimization : By understanding trends in demand, resource utilization, and consumer behavior, organizations can optimize operations and allocate resources efficiently.
• Informed Decision-Making : Trend analysis provides decision-makers with data-driven insights, reducing uncertainty and enabling informed decision-making.
• Competitive Advantage : Organizations that effectively utilize trend analysis gain a competitive advantage by staying ahead of market trends and customer preferences.
• Continuous Improvement : Trend analysis fosters a culture of continuous improvement by encouraging organizations to monitor performance, learn from past trends, and adapt strategies accordingly.

Overall, trend analysis is an indispensable tool for organizations seeking to navigate a dynamic and ever-changing environment effectively. By understanding past trends and anticipating future developments, organizations can position themselves for success and achieve their objectives.

Data Collection for Trend Analysis

In trend analysis, the journey begins with effectively collecting and managing your data . Your ability to make accurate predictions and draw meaningful insights heavily relies on the quality and relevance of the data you collect. Here's a closer look at the critical steps involved in this process.

Identifying Relevant Data Sources

Before you embark on any trend analysis, it's essential to pinpoint the most pertinent data sources for your specific objectives. This step requires a deep understanding of your subject matter and a keen eye for potential data goldmines. Consider the following when identifying data sources:

• Internal Data : Start by looking within your organization. This could include databases, CRM systems, financial records, or historical sales data. Internal data is often readily accessible and can provide valuable insights.
• External Data : Expand your horizons by exploring external data sources. Depending on your analysis goals, these might encompass public datasets, industry reports, social media data, economic indicators, or even weather data.
• Surveys and Feedback : If your analysis pertains to customer behavior or opinions, consider conducting surveys, interviews, or collecting feedback directly from your target audience. Qualitative data can be invaluable.
• Web Scraping : In the digital age, web scraping tools can be used to gather data from websites, forums, or online reviews, providing a wealth of information for analysis.

As you navigate the complexities of data collection for trend analysis, consider the seamless integration of Appinio into your research toolkit.

With its intuitive platform and global reach, Appinio streamlines the gathering of real-time consumer insights, ensuring you have the data you need to drive informed decisions. Embrace the power of Appinio to unlock a world of possibilities in trend analysis.

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Data Gathering and Preparation

Once you've identified your data sources, the next step is to collect and prepare the data for analysis. This process involves several crucial tasks:

• Data Cleaning : Raw data is often messy, containing errors, duplicates, missing values, and outliers. Data cleaning involves rectifying these issues to ensure the accuracy and integrity of your dataset.
• Data Transformation : Depending on your analysis goals, you may need to transform your data. This could involve aggregating data over time periods, converting units, or normalizing variables to make them comparable.
• Data Integration : If you're using data from multiple sources, integrate it into a single dataset. This requires matching and merging data based on common identifiers.
• Data Documentation : Keep detailed records of your data collection and preparation process. This documentation is invaluable for transparency and reproducibility.

Data Quality Assurance

Data quality is paramount in trend analysis. Poor-quality data can lead to erroneous conclusions and unreliable predictions. To ensure data quality, implement the following practices:

• Data Validation : Validate your data against predefined criteria to identify inconsistencies or errors. This includes checking for data type mismatches, range validations, and logical validations.
• Outlier Detection : Use statistical methods to identify outliers that may distort your analysis. Decide whether to remove, transform, or investigate these outliers based on their impact.
• Data Consistency : Ensure consistency in data formats, units, and measurements. Inconsistent data can lead to misinterpretation.
• Data Security and Privacy : Protect sensitive data through encryption and access controls. Compliance with data privacy regulations, such as GDPR or HIPAA, is crucial.
• Data Governance : Establish data governance policies and procedures within your organization to maintain data quality over time. This includes assigning responsibilities for data quality maintenance and documentation.

By diligently following these data collection and quality assurance steps, you set a solid foundation for meaningful trend analysis, allowing you to extract valuable insights confidently.

Types of Trends

Trend analysis is a versatile tool that can be applied to various types of data, depending on your specific objectives and the nature of the information you're working with. Understanding the different types of trends is crucial for tailoring your analysis approach.

Time Series Trends

Time series trends  are perhaps the most familiar and widely used type of trend analysis. This category focuses on data points collected sequentially over time. Time series data can exhibit various patterns and behaviors, including:

• Trends : These are long-term movements in data, indicating a consistent upward or downward direction. For example, monthly sales data for a retail store may exhibit an upward trend if sales are gradually increasing over several years.
• Seasonal Patterns : Seasonality involves repeating patterns within a specific time frame. For instance, ice cream sales tend to rise during the summer and drop during the winter.
• Cyclic Patterns : Cyclic patterns are longer-term fluctuations that don't have fixed durations. They often result from economic cycles and can be challenging to predict accurately.
• Random Noise : Random noise represents unpredictable variations in data. It's essential to filter out noise to identify meaningful trends.

Analyzing time series trends involves techniques like moving averages, exponential smoothing, and autoregressive models (ARIMA) . These methods help extract underlying trends and patterns from noisy time series data, facilitating better predictions and decision-making.

Cross-Sectional Trends

Cross-sectional trends , on the other hand, focus on data collected at a single point in time, often comparing different entities or groups. This type of analysis is prevalent in market research, social sciences, and many other fields.

• Comparative Analysis : Cross-sectional analysis allows you to compare different groups or entities at a specific moment. For instance, you might analyze the salaries of employees across various departments within a company to identify disparities or trends.
• Demographic Studies : In demographic research, cross-sectional data can reveal trends in population characteristics, such as income distribution, education levels, or healthcare access.
• Market Segmentation : In marketing, cross-sectional trends help identify consumer preferences and segment markets based on various attributes like age, gender, or location.

Analyzing cross-sectional trends often involves descriptive statistics, hypothesis testing, and data visualization techniques like bar charts, pie charts, and histograms to compare and contrast different groups.

Longitudinal Trends

Longitudinal trends , also known as panel data analysis, focus on changes within individual entities or subjects over an extended period. This type of analysis is prevalent in fields like healthcare, education, and social sciences. Here's a closer look at longitudinal trends:

• Individual Tracking : Longitudinal studies track the same subjects or entities over time to observe changes. For instance, a medical study may follow patients over several years to assess the effectiveness of a treatment.
• Growth and Development : Longitudinal analysis can reveal patterns of growth, development, or decline within individuals or entities. This is vital in understanding human development, product lifecycle, or organizational evolution.
• Event Impact : It allows for the evaluation of how specific events or interventions affect subjects over time. For example, assessing the long-term impact of an educational program on student performance.

Analyzing longitudinal trends often involves statistical methods like growth curve modeling, repeated measures analysis, and mixed-effects models to account for individual variations and changes over time.

Understanding these distinct types of trends equips you with the knowledge needed to choose the appropriate analysis methods and techniques based on your data and objectives. Whether you're dealing with time series, cross-sectional, or longitudinal data, the insights gained from trend analysis can drive informed decision-making and strategy development in various domains.

Trend Analysis Methods

Now that you have a solid foundation in understanding the types of trends, it's time to delve deeper into the various methods used for trend analysis. These methods serve as powerful tools to extract meaningful insights and make predictions based on historical data.

Moving Averages

Moving averages  are a fundamental technique in trend analysis, widely used in fields like finance, economics, and marketing. They help smooth out noisy data and identify underlying trends. Here's how moving averages work and how they can be applied:

• Smoothing Data : Moving averages involve calculating the average of a specified number of previous data points. This rolling average effectively filters out short-term fluctuations, highlighting longer-term trends.
• Types of Moving Averages : There are different types of moving averages, including Simple Moving Averages (SMA), Exponential Moving Averages (EMA), and Weighted Moving Averages (WMA). Each has its strengths and weaknesses.
• Application : Moving averages find applications in forecasting, trend identification, and anomaly detection. For example, in finance, analysts use moving averages to identify trends in stock prices and predict potential reversals.

Formula for Simple Moving Average (SMA):

SMA = (Sum of Data Points in a Period) / (Number of Data Points in the Period) 

Exponential Smoothing

Exponential smoothing  is another essential method for trend analysis, particularly suited for short-term forecasting and trend prediction. This technique assigns different weights to data points, with more significance given to recent observations. Here's how exponential smoothing works:

• Weighted Averaging : Exponential smoothing involves computing a weighted average of past data points with decreasing weights as you move further back in time. This reflects the belief that recent data is more relevant for predictions.
• Adaptive to Change : Exponential smoothing adapts to changes in data trends over time, making it valuable for scenarios where trends are subject to sudden shifts or fluctuations.
• Applications : This method is commonly used in demand forecasting, inventory management, and financial analysis for short-term predictions.

Formula for Exponential Smoothing (ETS):

Forecast(t+1) = α * Actual(t) + (1-α) * Forecast(t) 

Regression Analysis

Regression analysis  is a versatile statistical technique used to understand the relationship between one or more independent variables and a dependent variable. It's widely employed in trend analysis for various purposes:

• Linear Regression : Simple linear regression models the relationship between two variables using a straight line. It's used when you want to predict a continuous outcome variable based on one predictor variable.
• Multiple Regression : Multiple regression extends the concept to include multiple independent variables, enabling more complex trend analysis by considering numerous factors simultaneously.
• Applications : Regression analysis is used in fields like economics, marketing, and social sciences to identify trends, make predictions, and assess the impact of variables on an outcome.

Seasonal Decomposition

Seasonal decomposition  is a method used to break down time series data into its constituent components: trend, seasonality, and residuals. This helps you understand and analyze the different aspects of your data:

• Trend Component : The trend component represents the underlying long-term movement in the data, allowing you to identify overall trends.
• Seasonal Component : Seasonal decomposition helps isolate and quantify repeating patterns or seasonality within your data. This is crucial for understanding periodic fluctuations.
• Residual Component : The residual component captures the unexplained variations in your data, often considered as noise or random fluctuations.

Other Analytical Techniques

Apart from the core methods mentioned above, numerous other analytical techniques can be employed depending on your specific data and analysis goals. These may include:

• ARIMA Modeling : AutoRegressive Integrated Moving Average (ARIMA) models are used for time series forecasting. They combine autoregressive and moving average components to make predictions.
• Machine Learning Algorithms : Various machine learning algorithms, such as decision trees, random forests, and neural networks, can be applied for trend analysis, especially when dealing with complex datasets.
• Nonlinear Models : In cases where linear models don't fit the data, nonlinear models like polynomial regression or logistic regression may be appropriate.
• Time Series Clustering : Cluster analysis techniques can help group similar time series data, allowing for trend analysis within clusters.

The choice of trend analysis method depends on your data characteristics, objectives, and domain-specific considerations. By mastering these techniques, you'll be well-equipped to extract valuable insights from your data and make informed decisions.

Visualization of Trends

Visualizing trends is a crucial aspect of trend analysis, as it allows you to gain a deeper understanding of your data and convey insights effectively to stakeholders. We'll explore various methods and best practices for visualizing trends.

Graphical Representations

Graphical representations are perhaps the most intuitive and widely used way to visualize trends in data. They help you spot patterns, anomalies, and correlations at a glance. Here are some common graphical representations:

Line Charts

Line charts  are a fundamental tool for visualizing trends over time. They are beneficial for showcasing time series data. A line chart typically plots data points on the y-axis against time on the x-axis. The resulting line connects the data points, revealing trends and fluctuations.

Bar graphs  are effective for comparing data across categories or groups. You can use vertical or horizontal bars to represent data, making it easy to see variations and trends. Bar graphs are often used in market research, demographics, and sales analysis.

Scatter Plots

Scatter plots  are valuable for examining the relationships between two variables. Each data point is plotted on a two-dimensional grid, allowing you to visualize patterns, correlations, and outliers.

Area Charts

Area charts  are similar to line charts but provide a visual representation of the area beneath the lines. They are instrumental in showing cumulative data, such as the total sales over a period.

Heatmaps  use color gradients to represent data values within a matrix. They are excellent for visualizing large datasets and identifying patterns or trends in complex data.

Histograms  are used to depict the distribution of data. They divide data into bins and display the frequency or density of data points within each bin. Histograms are commonly used in statistical analysis .

Dashboards and Tools

While individual graphs and charts are valuable, creating interactive dashboards can provide a holistic view of trends. Dashboards allow you to combine multiple visualizations into a single interface, making it easier to explore and analyze your data. Some popular dashboard tools include:

• Appinio : Appinio's intuitive platform streamlines the process of gathering real-time consumer insights, making it a valuable addition to your toolkit for trend analysis. With its global reach and user-friendly interface, Appinio empowers you to visualize trends and make data-driven decisions effortlessly.
• Tableau : Tableau is a powerful data visualization tool that enables you to create interactive and shareable dashboards. It supports a wide range of data sources and offers drag-and-drop functionality.
• Power BI : Microsoft's Power BI offers robust dashboarding capabilities with seamless integration with other Microsoft products. It's known for its user-friendly interface and extensive data connectors.
• Google Data Studio : Google Data Studio is a free, cloud-based tool for creating interactive reports and dashboards. It integrates seamlessly with other Google services like Google Sheets and Google Analytics.

Interpretation of Visualizations

Creating visualizations is just the first step; interpreting them correctly is crucial. Here are some best practices for interpreting visualizations effectively:

• Understand the Data : Before interpreting a visualization, ensure you have a solid understanding of the data, its context, and the specific question you're trying to answer.
• Identify Trends : Look for patterns, trends, and anomalies in the data. Are there noticeable peaks, troughs, or recurring patterns? Do certain data points stand out?
• Correlations and Relationships : If you're working with multiple variables, analyze how they interact. Are there strong correlations or causal relationships?
• Context Matters : Always consider the broader context of your analysis. External factors, seasonal variations, or other variables may influence the observed trends.
• Be Critical : Question your findings and assumptions. Don't jump to conclusions based solely on visualizations; cross-reference them with other data sources and conduct further analysis if necessary.
• Effective Communication : When presenting visualizations to others, ensure that your message is clear and concise. Use labels, legends, and annotations to guide your audience's understanding.

By mastering the art of visualizing trends and interpreting visualizations effectively, you can unlock valuable insights from your data, share them with stakeholders, and make informed decisions based on a deeper understanding of the trends at hand.

How to Identify Patterns and Anomalies?

In trend analysis, recognizing patterns and detecting anomalies is akin to uncovering hidden gems within your data. These insights can lead to informed decision-making and a deeper understanding of underlying trends. Here are some techniques and best practices for identifying patterns and anomalies.

Pattern Recognition

Pattern recognition  involves identifying recurring structures or behaviors within your data. Patterns can take various forms, depending on your dataset and analysis goals. Here's a closer look at this crucial aspect of trend analysis:

• Types of Patterns : Patterns can manifest as trends (long-term movements), seasonality (repeating patterns), cycles (long-term fluctuations), or even more complex structures unique to your data.
• Visualization Tools : Data visualization tools and techniques, such as line charts, heatmaps, and scatter plots, are invaluable for spotting patterns. Visual representations can reveal trends that may not be apparent in raw data.
• Statistical Approaches : Statistical methods, such as time series decomposition or clustering, can help identify patterns. Decomposition separates data into trend, seasonality, and residuals while clustering groups similar data points based on patterns.
• Machine Learning : Machine learning algorithms, including clustering algorithms, neural networks, and decision trees, can be employed to automatically identify complex patterns in large datasets.

Outlier Detection

Outlier detection  is the process of identifying data points that deviate significantly from the norm or expected behavior. Outliers can distort your analysis and lead to inaccurate conclusions. Here's how to effectively detect and handle outliers:

• Visual Inspection : Start by visually inspecting your data using box plots, scatter plots, or histograms. Outliers often appear as data points far removed from the bulk of the data.
• X is the data point
• μ is the mean
• σ is the standard deviation
• Machine Learning : Machine learning models, such as Isolation Forests or One-Class SVMs, can be trained to detect outliers automatically. These models are advantageous for handling large and complex datasets.
• Domain Knowledge : Sometimes, outliers can be legitimate data points with meaningful insights. It's essential to consider domain knowledge and the specific context of your analysis before deciding whether to exclude or investigate outliers.

Statistical Significance

Ensuring that the trends and patterns you identify are statistically significant is crucial for drawing reliable conclusions. Statistical significance helps you differentiate between patterns that occur by chance and those with real-world relevance.

• Hypothesis Testing : Hypothesis testing is a common approach to assess statistical significance. It involves formulating null and alternative hypotheses and conducting tests (e.g., t-tests or chi-square tests) to determine if there's enough evidence to reject the null hypothesis.
• P-Values : P-values indicate the probability of observing the data if the null hypothesis is true. A low p-value (typically below 0.05) suggests that the observed results are statistically significant.
• Effect Sizes : In addition to statistical significance, consider the effect size, which quantifies the magnitude of the observed effect. A large effect size may be practically significant even if p-values are marginal.
• Multiple Comparisons : When conducting multiple tests or comparisons, be cautious of the multiple comparisons problem, which can inflate the likelihood of finding false positives. Adjustments like Bonferroni correction can be applied to mitigate this issue.

By employing these techniques for pattern recognition, outlier detection, and assessing statistical significance, you can confidently identify meaningful trends and anomalies within your data. These insights will serve as a solid foundation for making informed decisions and taking appropriate actions based on the patterns you've uncovered.

Forecasting Using Trends

Forecasting is a vital application of trend analysis, allowing us to peer into the future and make informed decisions based on historical data patterns.

Time Series Forecasting

Time series forecasting  is the art of predicting future values based on historical time series data. It's an indispensable tool in various domains, including finance, economics, and supply chain management. Here's a closer look at how time series forecasting works:

• Historical Data : Time series forecasting starts with historical data, typically collected at regular intervals (e.g., daily, monthly, annually). This data serves as the foundation for making predictions.
• Trend and Seasonality : Analysts often decompose time series data into trend, seasonal, and residual components. This decomposition helps identify underlying patterns, making it easier to create accurate forecasts.
• Moving Averages : Simple moving averages or weighted moving averages are often used for short-term forecasting.
• Exponential Smoothing : Exponential smoothing methods, such as Holt-Winters, are suitable for capturing trends and seasonality in the data.
• ARIMA Models : AutoRegressive Integrated Moving Average (ARIMA) models are powerful tools for forecasting, especially when dealing with non-stationary data.
• Prophet : Developed by Facebook, Prophet is a user-friendly tool for forecasting time series data that handles holidays, seasonality, and outliers effectively.
• Evaluation : To ensure the accuracy of your forecasts, it's essential to evaluate them using appropriate metrics like Mean Absolute Error (MAE), Mean Squared Error (MSE), or Root Mean Squared Error (RMSE).
• Continuous Monitoring : Time series forecasting is an ongoing process. Regularly update your models with new data to improve forecasting accuracy and adapt to changing trends.

Predictive Modeling

While time series forecasting focuses on one variable over time,  predictive modeling  expands the scope by considering multiple variables to make predictions. This approach is handy when dealing with complex datasets and scenarios. Here's how predictive modeling fits into trend analysis:

• Feature Selection : In predictive modeling, you'll typically work with multiple features (independent variables) that may influence the target variable (what you're trying to predict). Feature selection is crucial to identify the most relevant variables for your analysis.
• Machine Learning Algorithms : Predictive modeling often leverages machine learning algorithms, such as regression, decision trees, random forests, or neural networks. These algorithms can capture complex relationships between variables.
• Training and Testing : A crucial step in predictive modeling is splitting your dataset into training and testing sets. The training set is used to build and train the model, while the testing set evaluates its performance.
• Hyperparameter Tuning : Fine-tuning the model's hyperparameters is essential to achieve the best predictive performance. Techniques like cross-validation can help in this process.
• Evaluation : Similar to time series forecasting, predictive modeling requires evaluation metrics to assess model accuracy. Standard metrics include accuracy, precision, recall, F1-score, and ROC-AUC.

Forecast Evaluation

Evaluating your forecasts is a critical aspect of trend analysis. It ensures that your predictions are reliable and can be used for decision-making. Here's how you can effectively evaluate your forecasts:

• Mean Absolute Error (MAE) : The average of the absolute differences between predicted and actual values.
• Mean Squared Error (MSE) : The average of the squared differences between predicted and actual values.
• Root Mean Squared Error (RMSE) : The square root of the MSE, providing a measure in the original units of the data.
• Visual Inspection : Visualizing your forecasts alongside the actual data can help identify patterns of overestimation or underestimation and detect any systematic errors.
• Residual Analysis : Analyzing the residuals (the differences between predicted and actual values) can reveal whether your forecasts exhibit bias or randomness.
• Forecasting Intervals : Consider constructing prediction intervals (e.g., 95% prediction intervals) to provide a range of possible outcomes, accounting for uncertainty.
• Benchmarking : Compare your forecasts to benchmark models or historical averages to determine if your model adds value.

By rigorously applying time series forecasting, predictive modeling techniques , and thorough forecast evaluation, you can harness the power of trend analysis to make accurate predictions and informed decisions that can drive success in various domains.

Examples of Trend Analysis

To truly grasp the power and practical application of trend analysis, let's delve into a few real-world examples that showcase its relevance and impact across various domains:

Financial Market Trends

Financial analysts and traders heavily rely on trend analysis to make investment decisions. By examining historical stock prices, they can identify trends such as bullish (upward) or bearish (downward) markets.

Technical indicators like moving averages and Relative Strength Index (RSI) help traders spot entry and exit points. Additionally, trend analysis can be used to predict broader economic trends, helping policymakers and investors make strategic choices.

Epidemiological Trends

In the field of public health, trend analysis plays a critical role in monitoring and managing disease outbreaks. Epidemiologists track the spread of diseases like COVID-19 by analyzing infection rates, hospitalizations, and mortality data over time. This information guides the implementation of public health measures and vaccine distribution strategies.

Retail Sales and Consumer Behavior

Retailers use trend analysis to understand consumer behavior and optimize their business strategies. By analyzing sales data, they can identify seasonal buying patterns, determine the effectiveness of marketing campaigns, and forecast future demand. This enables them to adjust inventory levels, pricing, and promotional efforts accordingly.

Climate Change and Environmental Trends

Scientists and environmentalists utilize trend analysis to study long-term climate patterns and assess the impact of climate change. They can identify trends such as rising global temperatures and sea levels by analyzing temperature, precipitation, and greenhouse gas concentration data. This information is essential for policymakers and organizations working to mitigate climate change.

Social Media Engagement

Marketing professionals and social media managers use trend analysis to monitor online conversations and engagement. By tracking metrics like likes, shares, and comments, they can identify trending topics and content that resonates with their target audience. This helps them tailor their social media strategies for maximum impact.

These examples illustrate the versatility and significance of trend analysis in diverse fields. Whether you're making financial decisions, safeguarding public health, optimizing business strategies, addressing climate change, enhancing social media engagement, or improving education, trend analysis equips you with the insights needed to make informed choices and drive positive outcomes. Identifying, interpreting, and acting upon trends is a valuable skill that empowers individuals and organizations to thrive in an ever-changing world.

Trend Analysis Challenges

Trend analysis, while a powerful tool for deriving insights from data, is not without its challenges and potential pitfalls. Being aware of these challenges is crucial for conducting effective trend analysis.

Here's a list of common trend analysis challenges and pitfalls to watch out for:

• Data Quality : Inaccurate or incomplete data can lead to erroneous conclusions. Ensure data is clean, consistent, and relevant.
• Overfitting : Overfitting occurs when a model is too complex and fits the noise in the data rather than the underlying trend. It can result in poor generalization to new data.
• Assumption Violation : Many trend analysis methods make assumptions about data distribution or stationarity. Violating these assumptions can lead to incorrect results.
• Missing Data : Dealing with missing data is a common challenge. Ignoring missing data or using inappropriate imputation methods can skew results.
• Outliers : Outliers can significantly impact trend analysis. Failing to detect and handle outliers can lead to inaccurate trend identification.
• Selection Bias : Biased sampling or selection of data can introduce bias into trend analysis, leading to non-representative results.
• Data Snooping Bias : Repeated testing and tuning on the same dataset can lead to overly optimistic results. To mitigate this bias, use separate datasets for training, validation, and testing.
• Model Complexity : Using overly complex models can lead to difficulties in interpretation and may not necessarily yield better results.
• Overemphasis on Short-Term Trends : Focusing solely on short-term trends can lead to neglecting important long-term patterns and insights.
• Lack of Domain Knowledge : Trend analysis should be complemented with domain knowledge to ensure that trends are interpreted correctly and aligned with business objectives.

Best Practices for Effective Trend Analysis

To conduct effective trend analysis and mitigate the challenges and pitfalls mentioned above:

• Clearly Define Objectives : Begin with a clear understanding of your analysis goals and objectives. Define what you want to achieve with your trend analysis.
• Data Preprocessing : Invest time in data preprocessing, including data cleaning, transformation, and handling missing values. Quality data is the foundation of reliable analysis.
• Exploratory Data Analysis (EDA) : Use exploratory data analysis techniques to gain insights into your data's distribution, relationships, and potential outliers before applying trend analysis methods.
• Time Series Decomposition : When dealing with time series data, consider decomposing it into trend, seasonality, and residuals to better understand underlying patterns.
• Cross-Validation : Implement cross-validation techniques to assess the performance of your models and ensure they generalize well to new data.
• Benchmarking : Compare your analysis results against benchmark models or historical averages to gauge the added value of your trend analysis.
• Interpretability : Choose models and methods that are interpretable and align with your audience's level of understanding. Transparent models are often preferred.
• Regular Updates : Trend analysis is not a one-time task. Periodically update your analysis to capture evolving trends and changing patterns.
• Validation : Ensure the reliability of your analysis by seeking validation from domain experts or peers, especially when making critical decisions based on trends.
• Documentation : Maintain detailed documentation of your data sources, preprocessing steps, model choices, and assumptions. This documentation is invaluable for reproducibility.
• Continuous Learning : Stay informed about emerging trends in data analysis, machine learning, and statistical techniques to continually improve your trend analysis skills.

By adhering to these best practices and remaining vigilant about potential challenges and pitfalls, you can enhance the effectiveness and reliability of your trend analysis, ultimately leading to more informed decision-making and actionable insights.

Conclusion for Trend Analysis

Trend analysis is your compass in the vast sea of data. It helps you navigate uncertainty by identifying patterns, predicting future developments, and making well-informed decisions. By following the methods, best practices, and avoiding common pitfalls outlined in this guide, you can harness the power of trends and turn data into actionable insights. Remember, whether you're steering a business, solving real-world problems, or just satisfying your curiosity, trend analysis is a valuable tool that can guide you toward success. Now armed with the knowledge and skills needed to decipher data trends, you can embark on a journey of discovery, continuously learning, adapting, and making data-driven choices. As you traverse this landscape, keep in mind that trends are the threads connecting the past, present, and future, allowing you to confidently shape your path and navigate toward your desired destination.

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How to Conduct a Market Trend Analysis for Sublime Market Research

Conducting a market trend analysis is critical for a market research campaign, as it uncovers trends in both an industry and within a target market — the group of customers most likely to purchase from a company. 

Market trend analysis is valuable for data-driven decision-making , as it consolidates trends extracted from data and puts them and their key aspects, such as customer behavior, for example, into perspective. In turn, this helps businesses recognize patterns and make predictions on various strategies and campaigns, along with discovering future trends . 

Additionally, although trend analysis is chiefly used in the financial sector, its concept is also essential to market research, as it is used to make sense of survey data analysis , allowing researchers to understand their findings, thereby improving the market research process.

This article explores market trend analysis, why businesses must conduct it, how to conduct it for efficient market research and more.

Understanding Market Trend Analysis

A market trend analysis is a kind of trend analysis , except rather than focusing on the financial aspects of a sector or business, it refers to analyzing trends in a market or industry at large .

Specifically , a market trend analysis is a method of analysis on past and current market behavior, along with dominant patterns of the market and its consumers . This kind of analysis relies on examining statistical data and recorded market behavior over a defined period of time.

This kind of analysis covers a wide range of topics, as trends can appear within different aspects of a market. 

Businesses, therefore, use this kind of analysis to extract necessary information in order to map out and support the strategic planning process and forecast future trends within customers, campaigns and other business plans.  

Identifying the prominent traits of an industry and its target market , this kind of analysis acquaints businesses with key occurrences in the market, thus it is a vital practice in market research.

The Importance of Market Trend Analysis

Market trend analysis carries significant weight in market research, for a number of reasons, including the ones aforementioned.

First off, one of the greatest concerns in a business and virtually any entity is that of performance. A market trend analysis grants insights on performance, identifying areas of sufficient business performance, along with those that aren’t faring well.  

Thus, it helps businesses on the decision-making front, providing insights that boost long-term strategy and helping businesses avoid future setbacks . 

Given that in market research, trend analysis is used to better understand consumers, this kind of analysis provides insights into customer behavior trends, allowing businesses to cater to customers with data backing all of their decisions . This way, customers are more likely to engage with brand campaigns and make purchases. 

Moreover, market trend analysis can obtain valuable insights into the overall scenario of a market. For example, a SaaS company can discover the products, services and startups within a particular niche of their industry. 

Alternatively, a shoe brand can discover the latest trends in shoe designs and fashions by running various market research campaigns that capture customer sentiment, opinions, preferences and recognition of shoe brands and styles.

Market trend analysis also helps businesses gain an understanding of their market’s macro-environment , the holistic condition existing in an economy, rather than a specific sector of it. 

Conducting trend analysis helps businesses find and display long-term data in summary form. The data can be used to investigate changes across different points in time and find how both customers and markets respond to them . 

These variations can involve changes in demand levels in the market, allowing businesses to take appropriate action, as periods of high demand and low demand require different strategies. 

What Businesses Can Learn with Trend Analysis

Businesses can gain the various insights laid out above. In terms of market research, these insights provide information about three key aspects: customer preferences, the macroeconomic environment (market’s economy at large) and changes in the industry.

With the trend analysis report, you can compare historical data and get answers to questions like:

In market trend analysis report, businesses can understand the following:

• Changes in their NPS score over a period of time
• Levels of employee engagement and turnover
• Sales fluctuations and forecasts
• Change in customer experience in the past year

There are various other market aspects that businesses can examine with this kind of analysis.  In addition, businesses can plan their actions in response to long-time or emerging trends and any changes in their market . As such, trend analysis prepares businesses for the long term. 

The Different Types of Market Trend Analyses

There are f our main types of market trend analyses that businesses and market researchers should acquaint themselves with. The following explains the four kinds, so that businesses can aptly conduct a market trend analysis and analyze it based on the categories .

• This focuses on trends among a target market, its segments and customer personas .
• It involves gathering key customer data such as customer satisfaction , customer aversions, needs, opinions, preferences, customer buying behavior and more.
• This involves studying product trends in relation to customers’ reception and opinions of them. 
• This is an investigation into past industry trends in a market or niche.
• It shows researchers how such trends developed, how they affect the present and how they will affect the future. 
• Historical trends concern historical data, which can date back years, along with data from the near past, such as the past few days, weeks and months.
• In this kind of trend analysis, there is typically a comparison between the current market with others, such as year-by-year or period-by-period analysis. 
• This is an analysis of market shifts relating to seasonal events, such as holidays, the weather, natural disasters, etc. 
• Many of these are recurrent, such as the holiday season, which starts around late November and lasts through most of December. For businesses, strategizing for this season occurs many months in advance, thus the data they use tends to be historical trends analysis.
• This entails studying trend changes based on geographic location. 
• These analyses can include comparisons between different regional areas within a country, or on an international basis, studying trends from different countries and even continents. 
• It involves conducting global market research, should the trend analysis delve into international markets. 
• This analysis seeks to discover how trends develop in geographies of various sizes and places. 

How to Conduct Market Trend Analysis to Excel in Market Research

There are various means to run such an analysis and businesses can complete this with a process for collecting, comparing and analyzing data.

The following explains how to conduct market trend analysis in a step-by-step process.

• Determine the trends you seek to study for your trend analysis . To do so, refer to the above section on the major different kinds of market trend analyses. You can also perform a social media and desktop versus mobile analysis, should your business require it.
• For example, you can study their reactions to your ads and marketing messages, their purchasing behaviors, their preferences, etc.
• Pinpoint your target population of study . You can also begin broadly, by targeting the entirety of your target market.
• There are various online sources to consult, such as trade publications, news sites, sites dedicated to your niche, statistics websites, etc.
• Stay up to date with industry research and trends reports. There are various online sources offering these reports, such as IBISWorld .
• Study your competition . Observing your competitors gives you a good picture of their market positioning and how they react to an emerging trend.
• Find the correct online survey platform to conduct your primary trend analysis research. A strong tool is user-friendly, offers deployment on a vast network of popular websites and apps, offers global support, uses random device engagement (RDE) sampling and more. 
• Analyze all of your findings by studying both primary and secondary resources . Specifically, look for patterns and repeated actions, opinions, etc.
• Based on your analysis, identify all possible trends, both minor and major. Create a document based on these findings. 
• You ought to conduct more survey research should your analysis appear to be lacking, if it leads to further questions or if you simply need to understand your trends at a more granular level. 

Powering Each Market Research and Trends Project

Conducting a market trend analysis is a crucial factor in maintaining strong market research campaigns. Aside from uncovering trends among customers, market segments and the market at large, this kind of analysis c omplements any market research endeavo r, with key, organized data.

While there are various means of performing market trend analysis, survey research helps carry this kind of analysis , as it empowers researchers to inquire into virtually every business subject , from purchases, to buying habits, to brand recognition and much more. 

As such, the proper online survey platform will unlock various trends, but businesses must choose one wisely, as they are not all built the same. A strong online survey platform will enable businesses to deploy a massive volume of surveys across a multitude of digital websites and apps, hyper-target customers and take a few days at most to complete . 

The Pollfish online survey platform offers all of these capabilities, including an RDE (random device engagement) method to draw responses from digital users voluntarily, bias-free and in their natural environments.

Do you want to distribute your survey? Pollfish offers you access to millions of targeted consumers to get survey responses from $0.95 per complete. Launch your survey today.

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How to conduct a market trend analysis (and stay 3 steps ahead of the competition)

Why should you conduct a market trend analysis, how to perform a market trend analysis, market trend analysis examples, use tools to make your next trend analysis easy.

You can’t have a competitive advantage if you don’t know what the competition is doing. One effective way to gain a competitive edge is by conducting a market trend analysis. This type of analysis involves examining data to identify patterns and consumer trends in a particular market, allowing businesses to make informed decisions about their strategies and offerings.

By keeping a finger on the pulse of the market, your business can position itself for long-term success. Here we’ll explore the key steps involved in conducting a market trend analysis and provide tips for staying ahead of the curve in your industry.

Get ahead of the trends with our market analysis survey template

Send insightful questions straight to your target audience and get results quickly with our intuitive data dashboard.

Some businesses are so focused on optimizing their organization that they forget to look outside. The only time they feel the need to change something is when they see their competitors doing it. They adjust, and follow—riding the waves their competition created.

But following your competitors blindly can result in you missing out on key opportunities to differentiate yourself and carve out a unique position in the market. That’s why it’s crucial to conduct your own market trend analysis , proactively and regularly.

By analyzing industry trends, you can identify opportunities that your competitors may have missed and find unique ways to meet the changing needs of your customers.

Tracking trends over time will also help you get a clearer picture of what to enter into, and what to avoid. Not every hype should is destined to be a long-term success, and if you get enough market trend analysis data over several months or even years, you can start predicting trends and preparing for them.

It also makes perfect sense to conduct market trend analysis research when times aren’t looking so good. When economies and markets slow down, you need to be prepared for possible changes in consumer spending and habits. That’s where your market analysis becomes invaluable to you, your business and your customers.

A trend analysis is also great fuel for your marketing strategy. You can gain a deeper understanding of what motivates your target market to make certain purchases and tailor your marketing strategy accordingly.

You can look for trends in interests, or trends in the channels they use, like the fall of Google among Gen Z. They don’t google where to go on holiday, what skincare to buy or where to find an interior designer. They use platforms like Instagram and TikTok for that. So if you’re hoping to reach this target group, you might want to move some of your search budget to social media.

When conducting a trend analysis, you can get answers to some of the most pressing questions that are keeping you up at night.

Wondering why your sales have been slowing down lately? A trend analysis can help you identify the latest market trends and find out whether your products or services are still relevant in the current climate.

Curious about what your customers really want? A trend analysis can give you insights into the latest customer preferences and buying behaviors, so you can tailor your offerings to meet their specific needs.

Want to know what your competitors are up to? A trend analysis can help you keep an eye on your competitors and identify any emerging threats or opportunities.

Types of trend analysis

Not sure what trends to look for? These types of trend analyses will help you narrow it down.

• Consumer trends: This type target market analysis focuses on understanding changes in consumer behavior, preferences, and purchasing patterns. It can help you identify new opportunities for growth and develop targeted marketing campaigns to reach your target market.
• Historical trends: By analyzing historical data, you can identify patterns and trends that have emerged over time. These can be all types of patterns and market trends. This data can help you make more informed decisions and predict future trends to prepare for them.
• Seasonal trends: Some industries experience seasonal fluctuations in demand, and analyzing seasonal trends can help you adjust inventory levels, pricing, and marketing strategies to maximize sales during peak seasons.
• Geographic trends: Analyzing trends across different regions can help you understand how consumer behavior and preferences vary across different regions. This can help you tailor your marketing strategies and product offerings to meet the unique needs of each region.
• Technological trends: With new technologies emerging all the time, businesses need to keep up with the latest trends to stay relevant and competitive. Analyzing technological trends can help you identify new opportunities for innovation and show you ways to automate processes or save time and money. It can also help you adapt to technological changes, such as the death of the third-party cookie .
• Demographic trends: Analyzing demographic trends, such as age, gender, income and education level can help you understand your target audience and develop marketing strategies that resonate with different demographics.
• Social media trends: Social media has become an integral part of many people’s lives, and your business can benefit from analyzing trends on social media platforms. By monitoring social media conversations and tracking hashtags and trends, you can identify new opportunities to engage with your target audience and build brand awareness.
• Economic trends: We all know that economic trends can have a significant impact on businesses. Analyzing economic indicators, such as GDP, inflation and interest rates can help you make informed decisions about pricing, inventory, and expansion plans. Don’t just wait until it gets explained in the newspapers to jump on this data.
• Competitive trends: A market trend analysis that focuses on the strategies and performance of your competitors, can help you identify new opportunities for growth and stay ahead of the competition. Competitive trend analysis can also help you identify emerging threats and adjust your strategy in an agile way.
• Environmental trends: With increasing concern about environmental issues, you can certainly benefit from analyzing trends related to sustainability and eco-friendliness. By incorporating eco-friendly practices and products into your business strategy, you can appeal to environmentally conscious consumers and reduce their environmental impact.

Find our your market’s upcoming changes

Get fast, reliable insights on changes in your market—and make sure you make smart decisions based on good data!

Let’s look at the steps you need to take to perform a market trend analysis .

1. Define an actionable goal for your market trend analysis

Don’t start looking for trends without having a goal in mind.

This is important because it will help you focus on the right aspects of the market trends. While it is good to be aware of all the trends, you should focus on what you can act on.

2. Make a plan to conduct market trend analysis regularly

You can’t spot trends by just looking at one moment in time. Ideally, you will regularly conduct market research to uncover trends, and find patterns in the data you collect.

Planning monthly, quarterly or yearly surveys on the same topic helps you do that, while getting data straight from the most valuable source: your customers and target market.

3. Choose the right tools for your research

The right tools can help you identify trends, analyze consumer behavior, and understand the current market. They come with an easy-to-use dashboard that reveals patterns and makes trends easy to communicate.

4. Ask the right questions to the right people

Your research is only as good as your respondent targeting. Make sure you get in front of a large enough and—more importantly—relevant audience.

Asking them the right questions is essential when it comes to uncovering trends in your market research.

5. Analyze the data

Once you’ve gathered the data, it’s time to analyze it. This is where you can identify trends, analyze consumer behavior, and understand the current market.

When analyzing the data, you should look for patterns and correlations. Play around with different parameters and filters to uncover these. This will help you identify emerging trends and understand the current market behavior. You should also look for any inconsistencies in the data that might suggest a trend reversal.

6. Act on your findings

Once you’ve analyzed the data, it’s time to implement it! This is where you can use the data to make informed business decisions.

You should also consider how the data might affect the future of your business. This will help you stay ahead of the competition and make sure your business is always ahead of the curve.

7. Regularly check back in to spot trends

The final step is to regularly check back in to spot trends over time. This will help you identify any shifts in the market and make sure your business is always ahead of the competition. Remember account for external factors and recent changes in the market.

To give you an example of what powerful data you can uncover by looking at certain trends, we’ll show you three examples of our own market trend analysis we’ve done recently.

On-demand grocery

To find out if on-demand grocery brands are actually playing into the demand the right way we used Attest to question consumers in the UK and US. Here’s what we learned.

Even though the media talks a lot about the sustainable aspects of on-demand delivery services and also about the working conditions of drivers, one of the dominant patterns we found was that users of these services prioritize convenience and speed.

Rough, yes, but good to know if you’re trying to market your delivery service. Keep an eye on this though: the sentiment might change. That’s why regularly conducting market research and keeping an eye on current trends is key.

We also learned how price movements in delivery costs affect this industry. Read our full on-demand groceries trend report .

Brits are shopping online more regularly than six months ago

Another one of our dives into market trends revealed a quick boost in online shopping frequency and spending among UK consumers.

Here’s why we emphasize boost : if a business would use this data to inform its future business decisions, it might be a recipe for disaster. If this was only a short-lived increase in spending and orders, you might not want to focus too much on your e-commerce sales. Another reason why we urge brands to track trends over time.

How inflation affects consumers—and how that should affect businesses

From our own economic trend analysis (here’s the US report and the UK report ) we also found that the oldest generation feels the least affected by inflation, and Gen X most. If that is your target market, you need to play into this.

This research also revealed that people are cutting back on takeouts by 53 percent. Bad news for companies who deliver meals, but good news for those who can provide services or products for all those people who are staying at home and cooking at home more.

Cutting back on energy is also a big one, which shows interesting opportunities for companies producing electrical devices to either inform consumers more about the energy consumption of their products, or to even adjust their new products to this behavior.

Another trend we uncovered is that people are switching to cheaper brands, and are more open to buying new things. Get creative with this: ASOS is already selling pre-loved items, and other fashion retailers do too. Furniture, electronic devices, books and entertainment: many businesses can still do more to jump on these trends.

If you regularly conduct market trend analysis , you’ll have powerful information to stay ahead of your competitors, and know what to expect from the market.

Our market analysis tools help you get there, with a survey tool that has everything you need to do one-off or recurring trend analysis.

Get started with the right market trend analysis tool

Want to find trends quickly and easily? We’ve compiled a list of tools to keep your brand ahead of the curve.

Customer Research Lead 

Nick joined Attest in 2021, with more than 10 years' experience in market research and consumer insights on both agency and brand sides. As part of the Customer Research Team team, Nick takes a hands-on role supporting customers uncover insights and opportunities for growth.

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Market trends: What you need to know

Last updated

1 April 2024

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An example of a trend is the music technology market. Many years ago, people started listening to music on the radio. Then boomboxes took center stage. Next, people bought iPods to listen to their favorite tunes. And more recently, people have been installing music streaming apps on their smartphones.

Market trends can easily make or break a business. Catching the trend early and analyzing it could keep you ahead of the competition and protect your market share.

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Save time, highlight crucial insights, and drive strategic decision-making

• What are market trends?

A market trend is a general direction a market is taking. The market can move up, down, or sideways.

By understanding market trends, businesses can preempt any disruption or loss of sales, change their operations and strategy, and meet and adjust to the new market direction. Companies can then stay competitive and viable.

Identifying a trend starts with having knowledge of your consumers' interests, needs, and pain points. As needs change, smart and proactive companies will rise to meet them. Besides the consumer, marketing experts study the environment (demographics, economy, politics, technology, and social factors) and how these macro concepts will affect customer needs in the future.

• How many types of market trends are there?

When studying market trends, you can identify three primary types:

Uptrend usually means that financial markets are taking steps forward. In most cases, it could demonstrate economic growth and a growth in the number of jobs. An uptrend is a time when prices of assets are rising, so it's an opportunity to make a profit.

Upward trends often happen when the company is experiencing a positive change in sales or growth. It's time to take action because uptrends rarely last long.

A downtrend in the economy usually means a decrease in its size in sales or growth. The value of stocks could decline rapidly and affect the company's well-being. At this point, customers may be making fewer purchases, and businesses could be reevaluating their sales strategies.

During a downtrend, you must look for new ways to stay competitive and keep the customer's attention.

Sideways trend

A sideways trend (also called a horizontal trend) happens when prices don't move dramatically up or down, and the demand doesn’t either. A horizontal trend means consistency for the market. However, similar to other trends, it rarely lasts long.

Horizontal trends don't have a good influence on the economy. Accordingly, governments may take action to encourage an upward trend.

Market trends can also be:

Short-term . These trends can only occur over a few days or even hours. Examples are social media trends, holidays, and news. For example, a news story relevant to your business could drive you to adjust your offer or re-engage with a target audience segment.

Intermediate. These trends could last several weeks (usually between one or two months). Examples are elections, tax time, deadlines, and December holidays. You may need to adjust your offer to stay competitive until the trend subsides.

Long-term trends . These trends could take years. They might involve significant political changes (Democratic vs Republican government) or serious technological trends (iPod vs boombox). To accommodate these trends, you may need to adjust your entire sales and marketing strategy or change the approach to product development.

• What is the importance of market trends?

Whatever market you are in, volatility is unavoidable. What may have been stable in the past can change drastically within hours. That's why it's vital to stay on top of the latest market trends and analyze them for your company's continued success.

The main benefits of market trend analytics include:

Staying ahead of the competition . Catching the trend early enough and adjusting to it could help you steal market share.

Financial profit . Market trend analysis can help you predict change in stock prices and allow you to adjust your investment strategy.

Understanding the market . Knowing exactly how your market works doesn't just help you make predictions and stay ahead of the competition—it can help you understand the target audience more deeply, improve your offer, and streamline your marketing strategies.

Reviewing your business tactics. M arket trend analytics can show you which business strategies are successful and which require changes to suit the market dynamics better.

Market trends create new opportunities for businesses. Analyzing past trends by observing what business strategies they took and how successful they were can help you figure out how to manage disruption and become an industry leader.

• How to identify market trends

Identifying market trends is a continuous process that requires a variety of tools. The most common steps in market trend analytics include:

PEST analysis

PEST (Political, Economic, Social, Technological) factors dictate market trends. Running a PEST analysis allows you to identify factors that may influence your business now and in the future. It's one of the most used long-term business planning tools.

Social media and influencers

Social media trends often shape the market. Tracking influencers and industry leaders can help you see the market’s direction. Photo-sharing websites and even Yelp can provide valuable insights into new preferences or perceptions.

Customer analysis

Listening to your customers is one of the simplest yet most effective ways to identify market trends. When you see customer needs changing, you’ll likely see a change in the market's direction.

Soliciting customer feedback can quickly provide meaningful data for short or long-term business planning and allow you to make changes to meet the market.

Competitive analysis

Always pay close attention to what your competitors are doing. They could be identifying trends faster than you are. A competitive analysis can help you react to the trends, keep your market share, and allow you to benchmark your business with competitors.

• Identifying and analyzing market trends

Market trend analysis is an essential part of business operations. Regularly identifying and analyzing these trends helps the business stay efficient and competitive, focus on the direction it needs to go in, and protect and improve its bottom line.

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The 4 market research trends redefining insights in 2024

3,000+ researchers. 14 countries. And 4 key market research trends shaping the new year. Welcome to the 2024 research trends: The year AI-fueled innovation takes research to new heights.

Market research has never been more critical to an organization’s success than right now, and it’s never been more valued. From increasing market share to developing new products and building enduring brands, organizations are leaning in on the consumer insights provided by market research teams to make smarter, faster decisions.

We’re giving you a taste of the 4 emerging trends from our 2024 Research Trends report. For the full details and strategies, be sure to download the full report.

Download the full 2024 Research trends report here

The top market research industry trends in 2024

Trend 1: market research is ripe for innovation.

Recent advances in artificial intelligence (AI) have changed the way organizations across every industry work, spurring innovation across the board. As teams grapple with how best to utilize new solutions like ChatGPT, market research serves as a blueprint for how to not only use AI-powered tools, but embrace them. And that’s in large part due to researchers having worked hand-in-hand - so to speak - with AI for the past decade. According to our report , when it comes to understanding how to apply AI to their research activities:

• 26% say they feel “extremely confident”
• 46% say “very confident”
• 19% say somewhat confident
• 7% say they are “not very confident” or “not at all confident”

That comfort level has enabled research teams to infuse AI and machine learning into numerous aspects of their work, like task automation and using AI to quickly process qualitative insights from research like survey responses, focus group transcripts, and more, faster than human analysis ever could.

Trend 2: Digital qual opens the door for deep understanding at scale

In a perfect world organizations can support mountains of research, bringing in valuable data without breaking the bank.

Unfortunately, most budgets don’t allow research projects at that scale.

Traditional qualitative research methods like mobile surveys, focus groups, and interviews are costly and take time to deploy, segment, and analyze.

But, in a post-pandemic world, as digital technology continues to evolve, consumers have adopted a more digital-first approach to how they interact with brands and businesses. Inturn, this has caused qualitative researchers to increasingly shift their focus online. And it’s here that organizations can realize the best of both worlds.

How much qualitative research is conducted remotely or online?

Digital solutions like online platforms, social media, and unstructured data analytics offer a way for research teams to conduct market research in a cost-effective way, while achieving more precise customer insights of their target audience.

This ability to drill down allows teams to truly personalize research at a time when consumers and businesses alike are all-in on personalization.

It also opens the door for research teams to increase their emphasis on diversity and inclusivity, while avoiding bias and discrimination, all at a cheaper cost than traditional market research methods.

Ultimately, more research will be completed, and when combined with artificial intelligence, it will be completed faster.

"One of the most obvious changes in market research tools and technologies is the transition from traditional methods, such as surveys, interviews, and focus groups, to digital methods, such as online platforms, social media, and analytics."

Karen Goldstein,

Principal Product Scientist, XM for Strategy & Research, Qualtrics

Trend 3: Better technology + better data = better decisions

Every organization is a collection of decisions.

From which products you build, to how you engage with customers, the decisions you make dictate your direction and invite delight or scrutiny from your customers. The organizations that are winning today are increasingly turning to data to inform their decisions at every level to ensure their next moves are the right ones.

This has placed a large spotlight on market research teams to deliver high quality insights. According to our data, 62% of market researchers say that “ my company depends on our research and insights significantly more today than in the past 2 years. "

Organizations are increasingly recognizing the value of data-driven decision-making by integrating market research data into strategic planning and financial decisions, thereby making their decision-making process more reliable and accurate.

And with that added value comes collaboration. Because market research is no longer an isolated job. Research teams are collaborating with other departments like product development, marketing, and sales to provide timely and actionable insights that inform strategic decisions and improve customer satisfaction.

But, as technology and consumers continue to evolve, data collection has become complicated. Respondents concerned about data privacy are less willing to provide personal information and participants with bad intentions have become skilled at avoiding quality assurance traps.

AI is helping research teams here too.

Businesses are utilizing tools, like an automated data quality solution, to weed out poor responses (think straight-liners and speeders) before data can be analyzed to ensure data integrity. According to our research, 30% of respondents say they already use AI to detect fraudulent activity in surveys.

Data quality can’t be achieved in a vacuum. It needs to be championed throughout every level of your business because good data leads to informed decisions.

Trend 4: The skills gap is widening, and AI can close it fast  

The past few years have seen AI permeate every level of an organization, from HR to sales, delivering competitive advantages to businesses. As mass adoption continues, how we work is evolving and the necessary skills required to complete tasks are being reshaped.

Unfortunately, we’re seeing technology evolve faster than individual skill sets can keep up. According to our data, research teams’ top pressures include:

• Struggling to keep up with new methods
• Increasing demand for research
• Lacking analytical skills to turn data into insights.

This is also translating to increased costs as research teams outsource processes. 33% of the researchers we talked to said the main reason for outsourcing market resource products and services is because their teams don’t have the research skills necessary to manage them internally.

As the rapid adoption of AI shows no sign of slowing down anytime soon, businesses must place a heavy emphasis on reskilling and retooling their teams to meet the moment. Our research shows teams are taking advantage of AI-powered automation to offset the skills gap.

By automating much of the mundane and tedious tasks in a researchers’ day-to-day, teams can shift their focus to more creative, analytical and strategic work that lead to valuable insights and a competitive edge. Tasks like cleaning or formatting data for reports are prime candidates for automation that can free up time for teams to also focus on seeking opportunities for upskilling and better understanding consumer behavior.

Automated market research can be a game changer for any organization, but lacking the skills to fully take advantage of AI-powered tools can halt progress. While there’s no quick and easy solution to closing the skills gap, AI does provide a way to fill in the gaps so you can continue to keep pace with innovation.

Smarter, faster research comes from well-equipped teams

Market research has become more important and more of a priority for businesses as they look to uncover market trends, reduce labor costs, and deliver the right product experiences.

From pricing and ad testing, to customer feedback and brand tracking, research teams empowered to do their best work provide businesses with better insights into ever-changing consumer preferences.

AI tools are giving research teams a more powerful way to analyze consumer behavior and trends and allowing experiences to be personalized for every respondent or participant on any channel like email, mobile, website, social, interactive voice response, chatbots, and more.

Business leaders should continue to not only support market research, but emphasize its importance at every level of the organization.

In our 2024 Research Trends report , you can explore how to do this and more in further detail.

The report features data breakdowns by region and the steps leaders can take to move forward - download your copy of the report, and focus on making smarter, more human-focused decisions fueled by market research

2024 Research Trends Report

Ali Henriques // Global Head of Research Services

Ali is a market researcher by trade, but is now a global, cross-functional leader of Qualtrics’ highly engaged, profitable and innovative research services division. She enables and supports her team to help clients deepen their understanding of their audiences, enhance or cultivate new products/ services or benchmark against competition.

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Top 11 Market Research Trends in 2024 to Keep an Eye Out for

Market research is a continually evolving sector that has helped brands, organizations, individual researchers, the market research industry, and academicians stay above the curve. Research functions only grew in a global economy that took a significant hit in 2020. 

If anything, focusing on conducting smarter, more efficient, and impactful research has been on the rise. No longer has research stayed primitive with long boring surveys sent to thousands of respondents hoping for a response. Market research has evolved because the importance of insightful data is now evident to everyone. 

From transactional data to customer data, position metrics to consumer research, and opinion research to academic research, differentiating between the right data and noise has become extremely important. 

Therefore, conducting smarter research is now the need of the hour. In a mostly open-ended ecosystem, it is tough to get a consensus. Still, surprisingly enough, most researchers, brands, and facilitators of research agree on emerging trends to keep an eye out for in 2023 and beyond.

LEARN ABOUT: Market research vs marketing research

We have listed the research trends that we think will be the most defining factors for the global market research market in 2023 and beyond.

Top 11 Market Research Trends in 2023 to Keep an Eye Out for

Data can be construed differently by different people. What’s unchallengeable is that there is now a technological advancement in collecting and analyzing data. 

Social media plays a vital role in gathering sentiments; there is an advancement in psychological, economic, and scientific knowledge in data collection. These factors have led to market research evolution, and 2023 will see a marked shift in collecting transactional data. 

In no particular order you should keep an eye out for these research trends in 2023 and beyond to fortify your decision-making ability.

Smarter, shorter surveys

This trend gets talked about a lot, but the truth is that most researchers and research tools do not allow the ability to conduct smarter surveys. However, at the turn of 2020 and beyond, collecting the right data with good survey response rates and honest feedback is becoming increasingly important. 

Capturing transactional data at the point of experience with a smart, short, and efficient survey helps with better data collection and consumer insights. Negating demographic data collection when that information is already available and using smarter research questions at the point of experience will help reduce survey fatigue and collect data that matters.

For example, to collect choice-based data that is a cornerstone of most research projects, adding an anchored MaxDiff question in your choice-based scaling will allow you to get deeper insights without having to conduct multiple follow-up studies. 

Similarly, deploying omnichannel surveys at various touchpoints helps you collect the correct transactional data without compromising data quality.  

DIY in-house research 

For a long time, research has been considered a complex and labor-intensive process requiring extreme special qualifications to get right. In 2023, there will be a marked shift towards DIY in-house research with smarter research tools .

Simple to understand and deploy platforms without the need for complex scripting and powerful research questions is the way forward.

Conducting market research tools is the ability to collect quantitative and qualitative data with the bonus of having a good respondent base in one location. Gone are the days when each component required going to different platforms.

This will make the management of market research easier for all the stakeholders. DIY research and do-it-together (DIT) research, where the research tool provider chips with specialized research service

Longitudinal tracking

One of the biggest market research trends going into 2023 and beyond will be longitudinal studies and tracking. For far too long, research has relied on broken-down respondent sets that do not help gather a macro-level view of data and insights.

With the help of community management platforms , longitudinal research helps track behavior changes and derive market research industry trends in between external and internal factors on research and insights.

LEARN ABOUT:  Market research industry

Not just that, longitudinal tracking also helps with quicker and faster turnaround research from members who matter the most to you and insights you can trust and co-create with. Having a ready set of opt-in research-ready respondents can help with ongoing monitoring studies and expedite your experience transformation initiatives. 

Online qualitative research

One market research trend that has been a definite by-product impact of COVID-19 is online qualitative research. With limitations on in-person focus groups and other qualitative research methods, migrating this model online for continued tracking is the only option.

LEARN ABOUT: Qualitative Interview

But now that online focus groups are making an in-road in research models for research managers globally, there is a definite shift in understanding its value and importance. From using the right tool to manage data collection to gamification and digital rewards, moving your offline focus groups online has multiple benefits.

The ability to moderate video discussions while collecting data from a diverse target audience limited by geographical boundaries is a huge bonus.

Quality data collection

In a recent live video I did with the VP of Products at QuestionPro, Anup Surendran, we spoke about how hyper-personalization will help with better-quality data and insights. Going into 2023 and beyond, with the increase in the number of surveys a person is expected to respond to, standing out and collecting quality data will be challenging.

Personalizing data collection at the point of experience with intercept studies and smarter shorter surveys helps with data collection.

High-quality survey data reduces the time to market and aids insights management at costs that don’t cost an arm and a leg. Putting together studies that aid with high-frequency research and non-intrusive hyper-personalization will see higher levels of success going into 2023 and beyond. 

Instant responses 

Heading to a meeting and want some quick insights? Cannot choose between two names for a new product line and want quick responses?

Who wouldn’t like immediate insights from a group of respondents when you are stuck somewhere? In 2023, there will be a marked shift towards high-cadence, high-frequency studies with very high turnaround times. 

Small surveys or polls that are set up and deployed within minutes and answers and analysis within minutes are the future of market research. Using a smart product that allows you to tap into a pre-defined and mobile-ready respondent population, the scope for quick turnaround studies is very high.

Using your existing technology stack and internal communication tools, and CRM, the use cases would be limitless if you could create and push out studies that offer you responses representing a larger population. 

We at QuestionPro are building a mechanism that provides you with quick turnaround response times for short studies using our proprietary global panel of respondents to help you go from perceptions to decisions within minutes. 

Non-intrusive transactional studies

The biggest pet peeve of people not wanting to participate in research studies and respond to surveys is the many pointless questions and many such surveys.

But what if you could gather customer delight with a customer experience platform that leverages non-intrusive transactional studies that are highly engaging, short, and compelling to respond to? 

There will be a marked shift towards smarter customer engagement and monitoring studies that do not require respondents to fill in pointless surveys that include demographic data and repetitive information and can help manage customer satisfaction and legitimate NPS scores.  

With the help of smart intercept studies, scores from across various touchpoints help draw a better understanding of customer delight and help show vectors and factors that could lead to customer churn. 

Emotive surveys

One of the biggest trends in market research that I am most excited about is the added use of technology to capture respondent behavior and data with various factors like facial recognition and contactless surveys . 

Surveys that help you capture customer insights where respondents do not have to interact with an external device and sentiments directly are captured just by facial and visual cues will be extremely important going into 2023 and beyond.

A simple question, for example, at a point of experience where facial recognition captures respondent sentiments will go a long way in offering mature insights for brands.

Crowdsourced research 

Crowdsourcing in market research helps solve problems at scale with lower costs and makes it to our top 11 market research trends to keep an eye out for 2023. Since crowdsourcing uses the quali-quant method, the insights you can get from a diverse audience base are tremendous. 

Not only can it help solve problems, but it also helps to get an idea of a more extensive and varied population. The only drawback of this method is that for a brand to effectively leverage this model, there has to be an advantage of scale, which increases crowdsourcing’s success and feasibility.

Social listening 

Due to a large social media footprint, it is becoming increasingly important to listen to social media’s happening and derive sentiments from conversations. Since social media is highly emotive, there is a broader scope to get to the root of ideas, complaints, purchase behavior, macro, and micro trends, etc. 

Using social listening, you can isolate the data you care about and look for short-term indicators around consumer research. This is the future of ethnographic research. While social listening doesn’t make sense for all market researchers and brands, if done well, it can help to identify actionable vectors at a very early stage. 

AI-assisted data collection

Two common themes arose from market research in 2020 – personalization and convenience. Using AI-assisted data collection helps in advancing research for brands and researchers. The right data going to the right stakeholders in real time define the success metrics of market research. 

By limiting human interactions but increasing milestones and points of experience-based smart research, there is greater success in collecting the right data. This helps focus on deriving insights from the data and not on the data collection itself.

For long-form data and open-ended data, AI-based research and sentiment analysis help derive insights from text-based data without intervening and manually interpreting it.

 How QuestionPro helps in market research trends?

QuestionPro is a comprehensive online survey and market research platform that provides a variety of features and tools to help organizations remain ahead of market research trends. Here’s how QuestionPro can assist you:

Advanced survey creation

QuestionPro makes developing surveys with skip logic, several question kinds, and advanced customization easy. This flexibility lets researchers build surveys that follow market research trends and best practices.

Mobile-friendly surveys

QuestionPro lets researchers design mobile surveys. Given the rising trend of mobile survey participation, this assures a smooth and easy survey experience for respondents.

Automated survey distribution

QuestionPro distributes surveys via email, social media, and embedded surveys. These distribution choices help researchers to contact more respondents through digital media.

Advanced analytics and reporting

QuestionPro has comprehensive analytics and reporting tools that allow researchers to examine survey data and provide actionable insights. Researchers can use trend analysis, cross-tabulations, and statistical analysis tools to find patterns, trends, and correlations in data.

2023 will be a huge year for market research, and we are excited to play a pivotal role in making research easy and accessible to everyone. What market research trends are you looking forward to, and are you keeping an eye out for going into 2023 and beyond?

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By examining market trend data, investors can have a better understanding of how various assets have performed over time and make more informed decisions about where to put their money.

Artificial intelligence is the market research trend. It saves time and money and may increase data quality. In fact, 31% of researchers and brands believe an automated data quality solution can alleviate multiple business difficulties.

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Market Research Trends to Conquer 2023

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Market Research trends didn’t shift all that much over the course of the year. But, there are some that became far more prominent than others.

As an essential component of any business strategy, Market research is knowledge. And as we all know, knowledge is power. The right research tells you who your customers are, what they need and want, and what they expect from your business. While market research itself is extensive, knowing market research trends is almost equally important.

Surely, you can’t rely solely on in-person audience questionnaires and surveys as your entire strategy anymore. This isn’t the 60s. We’ve evolved and so has the world, so you can’t expect to use the same strategies forever.

That’s where knowledge of trends in market research can help you. Let’s cover some of the top market research trends for 2023 so you can meet your customers where they are and grow your business.

Trend 1. Artificial Intelligence (AI)

Businesses are blessed with massive amounts of data to analyze customer needs. But the vastness is a double-edged sword. How do you collect and analyze such vast amounts of information promptly while still conducting other essential business tasks?

Shocker: AI isn’t one of the most recent trends in the market research industry. Companies have used it for the past decade, but it is now more commonplace, more widely adopted, and smarter than ever.

Human capital isn’t enough to compile, organize, and analyze datasets from every possible source; that’s where AI can help. AI and machine learning do the heavy lifting, saving you both time and money in labor costs. Imagine seeing deep insights across millions of datasets laid out for you within minutes. Magic.

On top of the improved efficiency, AI offers more room for innovation in the types of data you can collect in your research. Today, Emotion AI analyzes facial expressions, eye movements, voices, and other non-verbal cues to figure out how a customer feels about something. These valuable insights can complement a customer survey – or replace it if it’s found to be more accurate.

Innovators beware, though. AI isn’t a complete replacement for human capital, it’s a supplementary tool. You still need people to brainstorm growth strategies and apply insights to business day-to-day. And yes, this even applies to the latest craze to rock the internet, ChatGPT.

Bottom line? AI is one of the most important market research industry trends to scale your business and reach your customers, but use it in tandem with strong talent.

Trend 2. Mobile app intelligence

With the average person opening a mobile app 11 times per day, and over 90% of mobile time now being spent on apps – there’s no doubt that apps can impact almost every business, in one way or another. The ability for organizations to monitor and track app intelligence is no longer a nice-to-have, but a must. The need for mobile app intelligence is rising across all industries, globally.

With the ability to see web and app traffic together, it’s easy to spot how consumer behaviors are changing: and it allows leaders and analysts to measure the impact of apps in their market. For those looking to rule in (or out) app investments, this provides the data needed to inform those decisions. With a complete view across the digital landscape, organizations can track how the new era of mobile-first consumers spend their time and money online.

With technology driving increased demand for apps and disruptive start-ups entering almost every sector, rapid market shifts are fast becoming the norm. App intelligence gives people the ability to spot emerging threats and take action when and where it’s needed. Without the complete picture, decisions around growth and strategy are only partially informed, which could impact outcomes further down the road.

Trend 3. Humanity in customer experience

Market research trends sometimes shift the type of data we collect from our customers. In 2023, it’s not enough to capture technical markers like age, location, and gender. Today’s customer expects a personalized customer experience, and you can’t give it to them without knowing psychographic data . What’s their attitude towards, well, everything? Are they introverted or extroverted? You also want to learn where their values lie and align yours with theirs.

After that, you use those deep personal insights to infuse more humanity into their experience. You might send a check-in email asking them if their last purchase helped them solve a problem. Or, you’ll refer to them by name when your chatbot addresses them online.

The result?

Bigger shopping carts, higher sales, and improved profit margins, according to 40% of executives surveyed by Forbes .

Trend 4. Social listening

Social listening tools have been around for a while. So, why is social listening one of the latest trends in the market research industry? One reason is the emergence of the Metaverse, which may plug your customers online even more.

Another key qualifier is real-time. Real-time social media competitive analysis will set you apart from the competition. You should always be aware if your customers attribute your content to a negative social issue, for example.

Find actionable insights from online conversations and monitor social engagement metrics . Keep track of brand mentions of course, but also common search terms and phrases. Reminders and alerts will help you stay on top of the ever-awake social media landscape.

Trend 5. Inclusive research

ESG (environmental, social, and governance) is becoming a must for businesses, with government provisions of ESG growing to 74%. But the important part is the return – environment, social criteria, and ethical governance considerations add up to 63% in equity returns . One way to promote stronger social consideration is through more inclusivity in hiring and research.

Market research inclusivity is one of the latest trends in the market research industry. The truth is, old ways of market research didn’t adequately capture a diverse audience. You can’t use the same panel provider every time and expect diverse results. Nor can you ask the same survey questions and use the same demographic markers to categorize your audience.

Inclusive research requires curiosity.

• Who are your unique visitors ?
• Which groups seem omitted from your analysis?
• How can you uncover more diverse audiences with your current tactics?

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Trend 6. Monitoring adjacent markets

You might not expect new trends in market research to include consideration of an entirely new market altogether. But COVID-19 showed us the importance of a business’s quick ability to pivot, and you can’t do that if you don’t understand adjacent markets.

Pro Tip: Similarweb has the freshest data available to show you real market trends in almost real time so you can see what’s happening before your competitors.

Consider this: A world event destroys your business. Your target audience can’t afford your product anymore, or they don’t need it. How do you recover? Maybe you focus on a new, niche audience . Or, you figure out how you can change your product offering to better meet your current customer needs.

Uber is a great example of a business that included adjacent markets in its research. While traditional ridesharing became less common throughout the pandemic, the adjacent food delivery market boomed – and Uber took full advantage.

Lesson to learn? When you conduct your market research, squeeze in time and budget to learn about customers in adjacent markets – it could save your business

Trend 7. Market-tech audits

How many platforms do you use to conduct market research? Martech continues to emerge with new companies offering the latest innovations – but that doesn’t warrant jumping on all of them.

A market-tech audit is one of the most essential trends in market research today. The last two years have made it so easy to adopt multiple techniques and software to no avail – it’s time for an audit.

Think about which solutions overlap in function. Are you doubling the work and struggling to cut out redundancies throughout your research? Is the tech you invested in to find efficiencies actually slowing down your workflow?

Dissect every solution and focus on ones that provide robust data analytics.

Trend 8. Consumer and brand value alignment

The latest generation of customers (Gen Z) cares about your brand identity and business values.

Today, customers want to invest in businesses with values aligned with their own. If your target audience values environmental sustainability, you better demonstrate that in your brand values and policies.

A fancy mission statement isn’t sufficient. Customers will catch on quickly if your outward appearance doesn’t match your daily operations. One way to keep up with this market research trend is with social listening. Keep track of how your brand values are being discussed on social media – maybe there’s room for some revision, or a renewal of vows, if you will.

The result? Customer loyalty overdrive.

Trend 9. Automation and efficiency

Companies can find more efficiencies by hopping on market research trends of AI and market tech audits, of course. But there’s more to automation than those two tools. AI helps you sift through more information to find insights, sure. But where else can you find efficiency?

One way is to cater to the mobile-first generation with shorter, smarter surveys. The average person doesn’t have the capacity or interest to sit through a 30-question questionnaire. Find your mobile audience and give them the shortest, yet richest survey possible. You’ll find more efficiency if you narrow down your data to the most important.

Back to AI. Market research isn’t all exciting insights and analysis. A lot of it is tedious – collecting research, organizing and categorizing information, sending follow-up emails, and much more. The latest trends in market research demand that you automate these time-consuming tasks. Free up your time to do more meaningful work.

Market research trends: in summary

The latest trends in the market research industry echo slowly-building trends from the last couple of years as well as introduce completely new ways of conducting market research.

Here’s the truth: market research has never been so exciting! Implementing AI, inclusivity, social listening, and humanity within strategies will take your market research to new levels. But without keeping track of market research trends, you can’t use any of it to your advantage.

The solution? Leverage market research trends to propel your business forward. You’ll find new customers and show your current ones that they’re important.

by Liz March

Digital Research Specialist

Liz March has 15 years of experience in content creation. She enjoys the outdoors, F1, and reading, and is pursuing a BSc in Environmental Science.

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Note: A version of this article was first published in January 2021. We update this every year with fresh market research trends and predictions. 

2024 is not going to be like other years. Not in market research anyway.

I’ve been on the periphery of the insights industry for nearly a decade, and while there have been some exciting advancements before, nothing comes close to the impact AI is going to have on this industry.

For the record, I am not one of those people who thinks AI is going to take everyone’s jobs. Far from it. I recently completed a course at MIT Sloan on the strategic implications of AI for business, and I prescribe to the notion that humans, working with computers, is the way forward. Humans must always been in the loop. This is especially true in research.

There is a uniquely human aspect of research that can never be replaced by AI. Augmented, yes. Replaced? No.

It was an absolute privilege to connect directly with many of the future thinkers and researcher who talked to us about trends in the marketing research industry. In this blog post, I give a quick overview of the big 5 ideas we discussed in the e-book , along with 3 bonus responses we heard from thought leaders.

2024 market research trends and predictions to watch:

• The Great Respondent Revolt
• Shortened Research Shelf Life
• Video Feedback at Scale
• AI-Human Synergy and Synthetic Data
• CRM’s Renaissance

Collaboration is the New Competition

• Behaviorial Science Gets Us Deeper
• Multimodal Data

The "Great Respondent Revolt"

Coined by Jason Jacobson, Director of Consumer Insights at Sekisui House, the "Great Respondent Revolt" requires little explanation. Thanks to survey fatigue , participants will start to push back—a massive issue that could impact research costs, speed to insights, and quality of data.

As Jason says below, the time to act is now.

"2024 may mark the start of the 'Great Respondent Revolt'—a consumer backlash against over-surveying. For decades, falling survey response rates have sounded warning bells, yet brands continue undeterred. They are focused myopically on harvesting customer feedback, with little regard for the true value being delivered to respondents. 

This needs to change. 2024 must become the year that brands make a conscious pivot, dialing back excessive surveying and demonstrating more respect for customers’ time. The alternative is continued erosion of response quality and marginalization of the consumer voice.  Look for signals in other places (i.e. your CRM, social media, reviews, etc.), build communities, meet people where they are at in the moment vs. sending another email or text survey. 

For marketing research to retain relevance and accuracy, we need respondents who truly engage rather than automatically clicking (or simply deleting) through surveys without thought. Achieving this requires restraining our insatiable appetite for feedback. 2024 must mark the start of sustainable experience measurement programs that add proportional value. - Jason Jacobson, Director of Consumer Insights at Sekisui House

Andrew Reid, CEO and Founder of Rival Technologies, agrees, predicting that we’re going to see a pull-back in digital engagement generally and market research surveys specifically. The consequences of this market research trend are obvious. Some of the solutions are obvious, too, but they will require researchers to really examine if their practices really align with consumer expectations.

It’s not just bad surveys that are frustrating participants, of course. Economic uncertainties and politics are bigger issues that need to be considered, too. According to Bill Trovinger , Director of Customer Insights - Health & Wellness, Albertsons Companies, we need to acknowledge this fact in 2024 and adjust our approach accordingly.

"Between economic turmoil and an election year, 2024 will be a year of customer exhaustion and in that exhaustion, we have an opportunity to uncover and meet customers at their true needs. Working in grocery now and seeing how inflation is changing behavior on basic purchases, customers will refocus and reprioritize their spending.

The election will be a major headwind in the US in the backhalf of the year as media dollars and customer mindshare get diverted to what has the potential to be a contentious election. The best research will build-in time for customers to take a deep breath and vent without being judged and the insights in that venting about the world, their neighbor, the price of potato chips will be amazing.

I am not saying to abandon objectives but giving participants that 5 minutes to collect and verbalize/type their thoughts is where the true insight will come in 2024." - Bill Trovinger, Director of Customer Insights - Health & Wellness , Albertsons Companies

Shortening Research Shelf Life

Remember when a gold-plated segmentation study could last 5 years or more? How long do you think a segmentation study remains relevant today? For marketing leaders from Aritzia and Arc’teryx, two of the hottest retail companies in North America, it could be a few months. Maybe less.

Jonathan Dore, EVP and Founding Partner at Reach3 Insights , agrees with this sentiment based on his experience working with companies like Kellogg’s and Kimberly-Clark . Consumer habits and preferences are more fluid and complex than ever, giving rise to a market research trend echoed by almost everyone we connected with.

Research needs to be shorter, more often, and perhaps more importantly, more relevant. But it also needs to be faster. (All of these reasons is why is why insight communities remain powerful in the research world today.) “ Agile research ” can no longer be a buzz phrase in our industry.

"In 2024, the demand for speed to insights will fundamentally change how the industry operates.  The AI genie is out of the bottle and can’t be put back in no matter how much overpromising and underdelivering happens in the industry.  Company leaders are looking to leverage AI and seeing examples of it coming to life in both tangible, applicable ways and pie in the sky curated demos, which will put incredible pressure on insights organizations to utilize those tools and move at that speed, regardless if it fits the business need or helps uncover new and unique insights. 2024 will be a year where research professionals will feel the growing pains of an industry entering a new age." -Bill Trovinger, Director of Customer Insights - Health & Wellness , Albertsons Companies

In conjunction with the shorting shelf life of research, insight pros need to be better storytellers and elevate the voice of the customer in the organization.

"I’m getting very excited about how many global clients are now investing more in the activation and communication of insights – going beyond the acquisition of data and the analysis. The industry has long been hung up on methodologies and approaches for gathering data and insights, at the expense of ensuring they are used. Our experience is that more and more researchers are waking up to the importance of elevating the work they do to drive long-term change within their organizations." -Lucy Davison, Founder and CEO, Keen as Mustard Marketing

Relevance is fleeting, and dynamic insights will be critical in delivering market research ROI .

Trend 3: Video Feedback at Scale

The power of video is compelling. Nothing makes people sit up and take notice like a video from a real customer.

But until recently, managing video feedback has been an ungainly process. Powerful new AI tools like Rival’s AI Summarizer are changing that. As a result, video surveys and video feedback will emerge key market research trends to facilitate genuine connections and deliver nuanced consumer insights.

When used right in the research process, video can provide consumers a platform for authentic expression. It will offer researchers a more profound understanding of consumer sentiments and behaviors at scale.

"With new technology, something I’m excited about is the notion of qual at scale — 'qualt' as I’ve seen it called — i.e. the ability to incorporate qual into a quant project with large sample sizes. 

This has always been done to some extent with open-ends, but I’m excited to see more engaging media in the mix, such as audio (speech-to-text) or video in place of open-ends. - Bian ca Johnston , Market Research Expert and LinkedIn Thought Leader  

Trend 4: AI-Human Synergy and the Rise of Synthetic Data

Honestly, did you think we’d write an e-book about 2024 market research trends without wading into the sticky subject of synthetic data and AI respondents? 😅

At Rival, we believe research should be conversational and human , but we do see the value of these market research trends. For Rival CEO Andrew Reid, the benefits include reducing survey fatigue , optimizing research initiatives, and bringing humans into the loop without deploying an endless barrage of surveys at every single touchpoint.

"I'm excited to leverage AI respondents in the market research process. While there are valid concerns about the impact on data quality, I've already experienced the value of using tools like ChatGPT to test interview guides before I use them with real people, or simulating responses for my target audience so that I can quickly gauge the likely responses before validating with human responses. By reducing the number of unnecessary surveys and interviews we conduct, we can ensure the ones we do conduct hold even more value (for us and for the people who participate in them)."

- Amy Maret, Manager, Research & Thought Leadership, HubSpot

CRM's Renaissance

This trend was divisive. Strangely. In my career, the promise of Big Data was the first genuine hype cycle I experienced from beginning to end. Big Data was the solution to all of life’s problems.

Except for one small problem. Nobody could really figure out how to use it. And in 2019, Gartner revealed that an astonishing 85% of all big data initiative failed. That means 15% of the projects succeeded – please let me know what worked. I can only assume it was for a company like Visa.

What’s interesting now is that AI is breathing new life into the promise of big data. It is making Customer Relationship Management (CRM) platforms and Customer Data Platforms all the more important.

In 2024, thought leaders like Peter Housely, the former CMO of Unbounce, see the genuine potential of CRMs to become the linchpin of modern insights, orchestrating a symphony of data that empowers brands to make informed decisions and build enduring customer relationships.

To maximize the potential of this trend in the marketing research industry, brands need to explore action-triggered insights as a way to augment that CRM data and ensure that it is a conduit for the freshest customer data being fed to AI systems.

While this market research trend did not make our e-book (we narrowed down the responses we got to 5 big ideas that were mentioned by several people), but we had to include it in this roundup because it’s a feel-good message. And we’re really hoping it comes true.

Priscilla McKinney,  CEO of Little Bird Marketing and Host of Ponderings From the Perch Podcast, is hopeful that we’ll see more collaboration among insight pros and research suppliers in the next year.

It’s an optimistic thought, and it’s something that we’ve also heard from our CEO, Andrew Reid, internally. Imagine how much more innovation we can achieve if the top market research companies in the planet collaborated more often.

"The question isn't whether to use AI or not. The question is what we do with this time. Putting a laser focus on the  needs of your most ideal customers  is always a good bet. 

While we're on the subject of extra time, I hope that while we let the bots battle it out, we in the insights industry look for different ways to connect as humans more dynamically. The bad news in business today is that you can't go it alone. The good news is that you can't go it alone. Instead, I'm looking for amazing collaborative ideas where bigger wins are achieved because people can see past the immediate competitive landscape. I'm not talking about sharing trade secrets, but coming together for dynamic events or partnerships in a new way where success is amplified. There is a way to go about real collaboration and I line out the ground rules in my new book,  Collaboration is the New Competition . While the bots play chess, let's do something special!" - Priscilla McKinney,  CEO of Little Bird Marketing and Host of Ponderings From the Perch Podcast

Behavioral Science Helps Go Deeper

Researchers have always been on a quest to find the truth about customer behavior. In recent years, behaviorial science and implicit association techniques have emerged as a viable way to uncover the underlying factors driving consumer attitudes and sentiment.

These approaches may have taken a step back due to all the buzz about AI and synthetic data this year, but researchers like Warner Bros.’ Sofia Gomez Garcia, a guest speaker in our recent webinar on storytelling best practices , are still thinking about ways of incorporating them in the new year.

"I’m really excited to see a resurgence of implicit association being leveraged more and more in quantitative studies. I think it’s really valuable to have that additional layer, as it helps us focus on results that are most indicative of future behavior. I look forward to more experimentation on this, and any other ways that use psychology and behavioral science to challenge the actionable application of our research." - Sofia Gomez Garcia, Executive Director, Innovation, Special Projects & Global Community Management, Warner Bros.

Multimodal data

I’m not going to lie…. This one goes a bit over my head, so I’m just going to let Mike Stevens, Founder of Insight Platforms , explain it below. Mike basically spends his whole day talking to research suppliers and thinking about research technology, so he is worth listening to!

"'Multimodal data' may sound like a fancy way of describing something, but if you look at a lot of the work being done with GPT4-Vision and Gemini from Google that was recently launched, you'll see a strong emphasis on what they're describing as multimodal AI. That is, the ability for a model to interpret both visual stimuli as well as language, numbers, and various other types of inputs that could be included in models.

Now, if you think about how a research interview takes place, a researcher may ask questions and they may write down the literal responses that a participant gives. But the insight may well come from many other types of input. It could be observations about the comfort level of the participant. It could be nervous ticks. It could be the way in which they move their eyes when they're talking about certain topics. We've seen the emergence of emotion AI capabilities over recent years that detect emotional engagement or even emotional state based on facial muscle movements.

Imagine being able to combine these multimodal AI models with different types of inputs that make the automation of research far closer to what would be done by a person making those observations of system one type giveaways and behavior in a face-to-face interview. So multimodal AI is going to transform things as well." -Mike Stevens, Founder, Insight Platforms

Market research predictions from past years

Every year for the past 4 years, we’ve reached out to leaders in the marketing and research space to share their thoughts with us on what’s coming up. We believe in the importance of looking back just as much as looking ahead, so we thought we’d remind you of our market research predictions in 2023. 

In our opinion, we didn’t do too badly. What do you think?

2023 market research trends

Check out our 2023 ebook to read more about these market research predictions.

• The role of insights becomes more strategic
• The return of proven methodologies
• Using agile tools to do more with less
• More experiementation with artificial intelligence
• A greater focus on data integrity
• CX research becomes more conversational—or faces decline
• Market research services will be back in fashion

What other trends in the market research industry are you thinking about? 

I’m curious what you think. Do these market research trends resonate with you? Did we miss something big? Are we off the mark? Are we overstepping?

At Rival, we’re all about authentic conversations, so I’d love to hear what you think!

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6 Key Market Research Industry Trends (2024)

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The value of the global market research industry grew by more than $40 billion dollars between 2012 and 2022. The industry is currently worth over $82.62 billion and shows no signs of slowing down.

This valuation isn’t surprising — information is everywhere. Unprecedented volumes of data, up-to-the-minute insights, and truly global audiences mean the market research industry is constantly shifting in an effort to keep up with ever-changing consumer preferences.

In this report, read about the top six trends that we expect to drive the market research industry in 2024 and the years to come.

1. Online surveys transition to mobile-first

In recent years, the market research industry has been sticking to what they know: online surveys work.

Today, nearly 90% of market researchers say they use online surveys regularly.

Market researchers have come to rely on online surveys because they’re fast and cost-effective .

Nearly all consumers are on the internet — only 37% of the world , including people in developing countries, has never been online.

Statistics show that 5.3 billion people use the internet as of late 2023, and that number is growing by 3.7% each year.

Experts expect the popularity of the online survey market to stay high, growing 16% each year through 2026.

With the popularity of online surveys, it’s logical to expect to see similar popularity in mobile surveys.

Across the globe, 68% of website visits in 2020 came from mobile devices. That’s nearly a 5% increase over 2019.

However, only 60% of market researchers say they use mobile surveys regularly.

Experts point to poor UX and survey length as reasons why consumers don’t complete surveys on their smartphones.

Searches for "UX design" have increased by 118% in the last 5 years.

At the end of 2018, 33% of online surveys were started via mobile.

That was a substantial increase from 2013 when only 3-7% of surveys were taken on smartphones .

SurveySparrow , a company founded in 2017, aims to make mobile-first surveys the future of market research.

The company’s founder was inspired by WhatsApp, keeping the tone of the platform’s surveys convenient and conversational.

SurveySparrow says their approach gets a 40% higher completion rate than traditional online surveys.

Pollfish , another mobile-first survey company, stresses that mobile surveys are a much better option than desktop online surveys.

They say mobile surveys provide a greater reach, especially to consumers in Gen Z, and drive an increased response rate.

Experts suggest that mobile-first surveys must optimize the user experience . Doing so can lead to data differences of 10 percentage points or more.

2. Redefining the representative sample

Market researchers have always been mindful to create their groups of research participants in proportion to the population of the market as a whole.

In other words, they recruit participants that mirror their target audience in terms of gender, age, and location.

In the past few years, there’s been a push to expand what a “ representative sample ” truly means.

In one survey, 80% of market researchers said they were interested in learning best practice solutions for multicultural insights, research, and strategy.

The CEO of ThinkNow , a cultural insights agency, described it this way:

“An inclusive approach to research relies on a diverse sample of respondents and employs cultural understanding to provide psychological safety for them. This enables you to gather open and honest responses”.

The inclusion standard extends beyond ethnicities to include people with physical disabilities, those with intellectual disabilities, and people in LGBTQ+ communities.

Inclusive market research doesn’t present an entirely new way of doing things. But it does include several meaningful changes that can drastically improve the quality of the data collected.

For example, researchers are becoming more mindful of the nature of their questions. Are they offensive or dismissive to certain groups of participants? Are they stereotypical or inclusive?

Conducting market research among Millennials is one example where diversity in the audience is essential.

When it comes to Millennials in the United States, Hispanics make up more than 20% of the group . In order to get accurate data, market researchers must ensure the makeup of their sample is 20% Hispanic.

LMD, a Maryland-based communications agency, recently completed market research for a multi-year anti-litter campaign for Prince George’s County.

They were careful to draw upon a diverse group of participants that matched the County’s actual population breakdown: 61% Black, 14% Hispanic/Latinx, 12% white, and 12% other races/ethnicities.

They also completed the research in English and Spanish , further serving the diverse group of research participants.

3. Video becomes the tool of choice for qualitative research

Research from Take Note found that 93% of market researchers are using online/video focus groups more often than three years ago .

They also discovered that 90% are using consumers’ online video submissions and in-depth video interviews more than they were three years ago.

The main reason behind this transition? Consumers are now much more comfortable being “on camera”.

Thanks to the pandemic, video conferencing platforms are now part of daily life for many people. In fact, more than 300 million people used Zoom every day during its peak.

They’re also ready and willing to create user-generated content . More than 5 million videos were shared when Instagram first debuted its video feature.

Experts agree that companies can gain more market insights through video than text.

Video is more interactive, more genuine, and provides “unspoken” data like body language, tone, and facial expressions.

Medallia’s LivingLens video software offers companies the opportunity to capture 6x more information with video surveys compared to open-ended text responses.

Nearly every industry is taking advantage of video-based market research , from automotive companies to the beverage industry, to healthcare organizations.

Del Taco recently launched a video feedback initiative. The company took advantage of more than 10 hours of customer video content in reaction to menu changes.

In the past, market researchers have been concerned about the scalability of video insights. Manually combing through hours of unedited video footage is nowhere near efficient.

But, in today’s market, video delivers fast results at scale.

Dozens of video analytics platforms exist.

Affectiva’s technology can “detect nuanced human emotions, complex cognitive states, activities, interactions, and objects people use”.

The company was recently acquired by Smart Eye , a Swedish technology company focused on eye-tracking systems, for $73.5 million.

Other companies, like Speak , use AI to transcribe consumer videos and analyze the text, creating a searchable database of media and insights.

4. Bringing market research in-house

Another response to the current demands placed on market researchers is bringing their efforts in-house.

Global consumer goods corporation P&G has cut its number of agency relationships by 60% over the past seven years. This has resulted in serious cash savings: $750 million.

One report by SurveyMonkey shows that more than half of market researchers estimate their use of full-service research vendors will decrease.

The same report said 70% of market researchers are very likely or somewhat likely to transition to more DIY tools in the next year.

In one example, Organic Valley adopted user-friendly tools that made it easier for coworkers outside of the research department to dive into the data and discover their own customer insights.

Companies that are investing in in-house research see it as a way to keep their efforts customer-centric and use new technologies to empower their brand.

In essence, brands want more transparency, more control, and a streamlined process for market research.

Investors are taking notice of this trend.

Research platform quantilope raised $28 million in a Series B funding round announced in July 2020.

The company commissioned the Forrester Consulting Total Economic Impact study , which found their market research platform provides an ROI of 319% over three years and $2.7 million in net benefits.

5. Faster, more cost-effective market research

Companies cannot afford to be slow in their market research.

In the post-pandemic world, businesses are acting 20-25x faster than usual when it comes to making certain changes.

As one CEO puts it, companies must have “accurate, up-to-the-minute research ” if they hope to gain useful insights about their consumers and their business.

Traditional market research methods like focus groups still have their place. But speed is not their strength.

That’s where agile market research excels.

This type of market research is defined by gathering consumer feedback, applying technology, and launching campaigns quickly . That way, companies can test and make decisions without extended periods of time being devoted to each step.

Zappi is one agile market research platform that’s showing incredible growth.

The company grew sales by more than 30% in 2021 and launched a new tool, Zappi Amplify TV .

At least part of this dedication to faster results is driven by budget constraints.

According to SurveyMonkey, 56% of companies have continued demand for market research but face limited or shrinking budgets.

Automated market research is one way to support the agile method and deliver quicker insights with fewer people on staff.

The results are pretty convincing : 60% of market researchers say automation allows them to deliver results faster, 50% say it’s allowed them to lower costs, and 80% of market researchers say they believe the trend will continue to grow.

6. Social media listening gives insights in real-time

Social media platforms are full of conversations, interactions, likes, and dislikes that are relevant to a business’ brand.

Each of these interactions is a window into the preferences and attitudes of a company’s target audience.

Social media listening involves gathering historical and real-time data from social media. Like other market research methods, this data can inform decisions and inspire new offerings.

Statistics show that 5.85 billion people worldwide will be using social media by 2027.

Better yet, 80% of what people post on social media is about themselves.

This means businesses that invest in social media research methods essentially have access to their target audience in real-time.

Those that can effectively monitor social media and make sense of the data will get a wealth of valuable information: what customers like, what they dislike, how they use products, what trends they’re interested in and much more.

With a variety of social media listening platforms and price points, this type of market research method is available to businesses of any size.

Talkwalker is one of the most comprehensive social media listening platforms and was recently featured in a Forrester report as one of the “ top 10 providers that matter most ”.

The Talkwalker platform crawls nearly 150 million websites, 30,000 podcasts, more than 10 social media platforms, and 187 different languages.

Businesses should take note, though, that one of the  drawbacks of social media market research is the incidence of skewed results caused by herd mentality.

People on social media act impulsively and are largely swayed by other users. Which means the data isn’t always 100% accurate.

The market research trends that lie ahead on the horizon show us that social media, smartphones, and DIY data research should dominate the market in the near future.

Customer needs are constantly changing and that means market research will always be key to any successful organization.

The brands that can quickly and effectively anticipate customer wants and needs are the brands that will be able to surpass the competition and never look back.

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• Data library

2024 Housing Market Forecast and Predictions: Housing Affordability Finally Begins to Turnaround

As we look ahead to 2024 , we see a mix of continuity and change in both the housing market and economy. Against a backdrop of modest economic growth, slightly higher unemployment, and easing inflation longer term interest rates including mortgage rates begin a slow retreat. The shift from climbing to falling mortgage rates improves housing affordability, but saps some of the urgency home shoppers had previously sensed. Less frenzied housing demand and plenty of rental home options keep home sales relatively stable at low levels in 2024, helping home prices to adjust slightly lower even as the number of for-sale homes continues to dwindle. 

Realtor.com ® 2024 Forecast for Key Housing Indicators

Home Prices Dip, Improving Affordability

Home prices grew at a double-digit annual clip for the better part of two years spanning the second half of 2020 through 2022, a notable burst following a growing streak that spanned back to 2012. As mortgage rates climbed, home price growth flatlined, actually declining on an annual basis in early 2023 before an early-year dip in mortgage rates spurred enough buyer demand to reignite competition for still-limited inventory. Home prices began to climb again, and while they did not reach a new monthly peak, on average for the year we expect that the 2023 median home price will slightly exceed the 2022 annual median.

Nevertheless, even during the brief period when prices eased, using a mortgage to buy a home remained expensive. Since May 2022, purchasing the typical for-sale home listing at the prevailing rate for a 30-year fixed-rate mortgage with a 20% down payment meant forking over a quarter or more of the typical household paycheck. In fact, in October 2023, it required 39% of the typical household income and this share is expected to average 36.7% for the full calendar year in 2023. This figure has typically ranged around 21%, so it is well above historical average. We expect that the return to pricing in line with financing costs will begin in 2024, and home prices, mortgage rates, and income growth will each contribute to the improvement. Home prices are expected to ease slightly, dropping less than 2% for the year on average. Combined with lower mortgage rates and income growth this will improve the home purchase mortgage payment share relative to median income to an average 34.9% in 2024, with the share slipping under 30% by the end of the year.

Home Sales Barely Budge Above 2023’s Likely Record Low

After soaring during the pandemic, existing home sales were weighed down in the latter half of 2022 as mortgage rates took off, climbing from just over 3% at the start of the year to a peak of more than 7% in the fourth quarter. The reprieve in mortgage rates in early 2023, when they dipped to around 6%, brought some life to home sales, but the renewed climb of mortgage rates has again exerted significant pressure on home sales that is exacerbated by the fact that a greater than usual number of households bought homes over the past few years, and despite stories of pandemic purchase regret , for the most part, these homeowners continue to be happy in their homes. 

This is consistent with what visitors to Realtor.com report when asked why they are not planning to sell their homes. The number one reason homeowners aren’t trying to sell is that they just don’t need to; concern about losing an existing low-rate mortgage is the top financial concern cited. Our current projection is for 2023 home sales to tally just over 4 million, a dip of 19% over the 2022 5 million total. 

With many of the same forces at play heading into 2024, the housing chill will continue, with sales expected to remain essentially unchanged at just over 4 million. Although mortgage rates are expected to ease throughout the course of the year, the continuation of high costs will mean that existing homeowners will have a very high threshold for deciding to move, with many likely choosing to stay in place.  Moves of necessity–for job changes, family situation changes, and downsizing to a more affordable market–are likely to drive home sales in 2024. 

Shoppers Find Even Fewer Existing Homes For Sale

Even before the pandemic, housing inventory was on a long, slow downward trajectory. Insufficient building meant that the supply of houses did not keep up with household formation and left little slack in the housing market. Both homeowner and rental vacancy remain below historic averages . In contrast with the existing home market, which remains sluggish, builders have been catching up, with construction remaining near pre-pandemic highs for single-family and hitting record levels for multi-family . 

Despite this, the lack of excess capacity in housing has been painfully obvious in the for-sale home market. The number of existing homes on the market has dwindled. With home sales activity to continue at a relatively low pace, the number of unsold homes on the market is also expected to remain low.  Although mortgage rates are expected to begin to ease, they are expected to exceed 6.5% for the calendar year. This means that the lock-in effect, in which the gap between market mortgage rates and the mortgage rates existing homeowners enjoy on their outstanding mortgage, will remain a factor. Roughly two-thirds of outstanding mortgages have a rate under 4% and more than 90% have a rate less than 6%.

Rental Supply Outpaces Demand to Drive Mild Further Decline in Rents

After almost a full year of double-digit rent growth between mid-2021 and mid-2022, the rental market has finally cooled down, as evidenced by the year-over-year decline that started in May 2023 . In 2024, we expect the rental market will closely resemble the dynamics witnessed in 2023, as the tug of war between supply and demand results in a mild annual decline of -0.2% in the median asking rent.

New multi-family supply will continue to be a key element shaping the 2024 rental market.  In the third quarter of 2023, the annual pace of newly completed multi-family homes stood at 385,000 units. Although absorption rates remained elevated in the second quarter, especially at lower price points, the rental vacancy rate ticked up to 6.6% in the third quarter. This uptick in rental vacancy suggests the recent supply has outpaced demand, but context is important. After recent gains, the rental vacancy rate is on par with its level right before the onset of the pandemic in early 2020, still below its 7.2% average from the 2013 to 2019 period.  Looking ahead, the strong construction pipeline– which hit a record high for units under construction this summer –is expected to continue fueling rental supply growth in 2024 pushing rental vacancy back toward its long-run average. 

While the surge in new multi-family supply gives renters options, the sheer number of renters will minimize the potential price impact. The median asking rent in 2024 is expected to drop only slightly below its 2023 level. Renting is expected to continue to be a more budget friendly option than buying in the vast majority of markets, even though home prices and mortgage rates are both expected to dip, helping pull the purchase market down slightly from record unaffordability. 

Young adult renters who lack the benefit of historically high home equity to tap into for a home purchase will continue to find the housing market challenging. Specifically, as many Millennials age past first-time home buying age and more Gen Z approach these years, the current housing landscape is likely to keep these households in the rental market for a longer period as they work to save up more money for the growing down payment needed to buy a first home. This trend is expected to sustain robust demand for rental properties. Consequently, we anticipate that rental markets favored by young adults , a list which includes a mix of affordable areas and tech-heavy job markets in the South, Midwest, and West, will be rental markets to watch in 2024.

Key Wildcards:

• Wildcard 1: Mortgage Rates With both mortgage rates and home prices expected to turn the corner in 2024, record high unaffordability will become a thing of the past, though as noted above, the return to normal won’t be accomplished within the year. This prediction hinges on the expectation that inflation will continue to subside, enabling the recent declines in longer-term interest rates to continue. If inflation were to instead see a surprise resurgence, this aspect of the forecast would change, and home sales could slip lower instead of steadying.
• Wildcard 2: Geopolitics In our forecast for 2023 , we cited the risk of geopolitical instability on trade and energy costs as something to watch. In addition to Russia’s ongoing war in Ukraine, instability in the Middle East has not only had a catastrophic human toll, both conflicts have the potential to impact the economic outlook in ways that cannot be fully anticipated. 
• Wildcard 3: Domestic Politics: 2024 Elections In 2020, amid the upheaval of pandemic-era adaptations, many Americans were on the move. We noted that Realtor.com traffic patterns indicated that home shoppers in very traditionally ‘blue’ or Democratic areas were tending to look for homes in markets where voters have more typically voted ‘red’ or Republican. While consumers also reported preferring to live in locations where their political views align with the majority , few actually reported wanting to move for this reason alone. 

Housing Perspectives:

What will the market be like for homebuyers, especially first-time homebuyers.

First-time homebuyers will continue to face a challenging housing market in 2024, but there are some green shoots. The record-high share of income required to purchase the median priced home is expected to begin to decline as mortgage rates ease, home prices soften, and incomes grow. In 2023 we expect that for the year as a whole, the monthly cost of financing the typical for-sale home will average more than $2,240, a nearly 20% increase over the mortgage payment in 2022, and roughly double the typical payment for buyers in 2020. This amounted to a whopping nearly 37% of the typical household income. In 2024 as modest price declines take hold and mortgage rates dip, the typical purchase cost is expected to slip just under $2,200 which would amount to nearly 35% of income. While far higher than historically average, this is a significant first step in a buyer-friendly direction.

How can homebuyers prepare? 

Homebuyers can prepare for this year’s housing market by getting financially ready. Buyers can use a home affordability calculator , like this one at Realtor.com to translate their income and savings into a home price range. And shoppers can pressure test the results by using a mortgage calculator to consider different down payment, price, and loan scenarios to see how their monthly costs would be impacted. Working with a lender can help potential buyers explore different loan products such as FHA or VA loans that may offer lower mortgage interest rates or more flexible credit criteria. 

Although prices are anticipated to fall in 2024, housing costs remain high, and a down payment can be a big obstacle for buyers. Recent research shows that the typical down payment on a home reached a record high of $30,000 .  To make it easier to cobble together a down payment, shoppers can access information about down payment assistance options at Realtor.com/fairhousing and in the monthly payment section of home listing pages. Furthermore, home shoppers can explore loan products geared toward helping families access homeownership by enabling down payments as low as 3.5% in the case of FHA loans and 0% in the case of VA loans .

What will the market be like for home sellers?

Home sellers are likely to face more competition from builders than from other sellers in 2024. Because builders are continuing to maintain supply and increasingly adapting to market conditions, they are increasingly focused on lower-priced homes and willing to make price adjustments when needed. As a result, potential sellers will want to consider the landscape for new construction housing in their markets and any implications for pricing and marketing before listing their home for sale.

What will the market be like for renters?

In 2024, renting is expected to continue to be a more cost-effective option than buying in the short term even though we anticipate the advantage for renting to diminish as home prices and mortgage rates decline. 

However, for those considering the pursuit of long-term equity through homeownership, it’s essential to not only stay alert about market trends but also to carefully consider the intended duration of residence in their next home. When home prices rise rapidly, like they did during the pandemic, the higher cost of purchasing a home may break even with the cost of renting in as little as 3 years. Generally, it takes longer to reach the breakeven point, typically within a 5 to 7-year timeframe. Importantly, when home prices are falling and rents are also declining, as is expected to be the case in 2024, it can take longer to recoup some of the higher costs of buying a home. Individuals using Realtor.com’s Rent vs. Buy Calculator can thoroughly evaluate the costs and benefits associated with renting versus buying over time and how many years current market trends suggest it will take before buying is the better financial decision. This comprehensive tool can provide insights tailored to a household’s specific rent versus buying decision and empowers consumers to consider not only the optimal choice for the current month but also how the trade-offs evolve over several years.

Local Market Predictions:

All real estate is local and while the national trends are instructive, what matters most is what’s expected in your local market. 

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North America Data Center Trends H1 2024

Cloud & ai providers drive demand.

August 19, 2024 10 Minute Read

State of the Market

Explore the top north america data center markets.

• Supply in primary markets increased by 10% or 515.0 megawatts (MW) in H1 2024 and by 24% or 1,100.5 MW year-over-year.
• The overall vacancy rate for primary markets fell to a record-low 2.8% in H1 2024 from 3.3% a year earlier, while the overall vacancy rate for secondary markets fell to 9.7% from 12.7% over the past year.
• Under-construction activity in primary markets hit a record-high 3,871.8 MW, up by 69% from a year earlier. However, a shortage of available power and longer lead times for electrical infrastructure continued to delay construction completions.
• Atlanta under-construction activity increased by 76% year-over-year to 1,289.1 MW.
• Austin and San Antonio’s combined under-construction activity more than quadrupled from a year ago to 463.5 MW.
• Nearly 80% or 3,056.4 of the 3,871.8 MW under construction in primary markets was preleased. While cloud providers continued to lease most available power capacity, artificial intelligence (AI) providers also accounted for a considerable amount of demand.
• Pricing continued to increase, albeit at a slower rate than last year. The average monthly asking rate for a 250- to 500-kilowatt (kW) requirement across primary markets increased by 7% in H1 2024 to $174.06 per kW/month.
• Power availability remained the top consideration in data center site selection.

Figure 1: H1 2024 Wholesale Primary Market Fundamentals

Figure 2: h1 2024 wholesale secondary market fundamentals, national lease pricing.

• Fueled by limited supply and strong demand, the average asking price across primary wholesale colocation markets for a 250- to 500-kW requirement increased by 6.5% in H1 2024 to $174.06 per kW/month.
• Atlanta led all primary markets with a 26% year-over-year increase in pricing, largely due to strong demand from AI providers.
• Rental rates are expected to increase further in H2 2024 due to rising construction and equipment costs.
• Increased demand for high-power computing is creating a significant price disparity between new data centers and legacy facilities. Many existing data centers lack the infrastructure to handle these demanding workloads, further limiting their appeal.

Figure 3: Average Asking Rental Rate with Y-o-Y % Change for Primary Markets 250-500 kW Requirement

Capital markets insights.

• Investment activity was largely centered around new development, as strong tenant demand, rental-rate growth and higher yields continued to fuel a landlord-favorable market.
• Many potential sellers remained on the sidelines, anticipating that lower and more stable interest rates will eventually lead to lower capitalization rates.
• The bid/ask spread between sellers and buyers tightened due to expectations of lower interest rates later this year.
• CBRE expects increased investment volume and sales transactions in H2 2024.
• Digital Realty accounted for most of the investment activity in H1 2024. Cyxtera’s bankruptcy accounted for several other sales transactions.

Notable H1 2024 Investment Activity

• AWS closed on the first phase of its $650 million acquisition of Talen Energy’s nuclear-powered data center campus in Pennsylvania.
• PGIM and Equinix announced their $600 million joint venture development of a new Silicon Valley data center.
• The first phase of a $7 billion joint venture with Blackstone was completed on campuses in Paris, France and Northern Virginia. The joint venture also will include development of hyperscale data centers in Frankfurt, Germany.
• A $400 million joint venture with Mitsubishi Corporation was announced for development of two 100% preleased data centers in Dallas.
• A 75% interest in a Chicago data center was secured from GI Partners for $385 million.
• A $271 million sale of Digital Realty’s interest in four data centers to Brookfield Infrastructure Partners was completed in relation to Cyxtera’s bankruptcy.

Figure 4: Inventory Growth of Primary Data Center Markets Since 2020

Valuation insights.

• Supply-and-demand dynamics continued to support strong rent growth, which is lowering going-in cap rates and creating opportunities for non-stabilized asset acquisitions with contracts below current market rates. Although the high cost of capital continued to apply upward pressure on cap rates and rates of return, demand for powered land remained strong.
• Determining value for sites that are suitable for data center development has never been more challenging due to the physical, legal and timing aspects of various powered land opportunities. This involves an evaluation of the grid infrastructure to determine how much power will reach the site and by when. The dearth of suitable sites has led to bidding wars for the few that meet certain power and fiber requirements.
• Construction lending activity remained strong, especially for preleased and stabilized assets on track to meet promised lease commencement dates.
• Many of the largest hyperscalers’ new developments will become operational over the next few years, with AI requirements driving further demand. This demand increased throughout H1, leading to significant debt financing by data center providers such as CoreWeave, Aligned and EdgeCore to fund new development.

Figure 5: Primary Markets Net Absorption, Preleasing & Under Construction

Network insights.

• Fiber network growth is expected to continue following hyperscale development in tertiary markets. For example, Mt. Pleasant, WI, Boise, ID and Cheyenne, WY have all seen hyperscale development in recent years, followed by active or planned network deployments. Networks that emerge due to hyperscale presence are typically purpose-built, long-haul or medium-haul and are deployed underground.
• Electric cooperatives, covering 56% of U.S. landmass, are accelerating their expansion into the broadband market as part of a broader strategy to enhance internet access and improve grid management. As of March 2024, more than 25% of U.S. electric co-ops have deployed broadband services by leveraging existing infrastructure, right-of-way and government grants and subsidies. For example, First Electric Co-op has more than 4,300 miles of fiber deployed across 18 counties, while EPB in Chattanooga has speeds up to 25 gigabits available for anyone on the network. Many more co-ops are expected to launch broadband and fiber deployment initiatives in the next few years.
• Major fiber providers continued to expand their networks to connect more locations. Regional and specialty fiber providers also expanded their network footprints, including Zayo, Windstream, FiberLight, Arcadian Infracom, Segra and Conterra Networks deploying thousands of miles of middle-mile, regional and purpose-built networks.

Figure 6: Total Inventory vs. Under Construction by Primary Market, H1 2024

Figure 7: total inventory vs. under construction by secondary market, h1 2024, data center outlook.

• Adoption and utilization of digital applications will continue to drive data center demand due to more storage, computing and processing of data.
• Power delivery timelines will continue to increase in H2 2024 due to a shortage of readily available equipment, such as transformers, switches and generators. Difficulty in procuring critical equipment will lead to power delivery delays of up to four years.
• Markets such as Northern Indiana, Idaho, Arkansas and Kansas will continue to draw interest from hyperscalers and developers due to land availability and power availability timelines.
• Occupiers will be forced to prelease space between two and four years ahead of completion to meet their future data center requirements.
• We expect increased adoption of fixed wireless and fiber-to-the-home solutions to help provide high-speed connectivity across the U.S.
• The federal funds rate is expected to decrease slightly in H2 2024, which may loosen lending conditions.

Trends to Watch

• The rise of AI and machine learning is driving significant changes in data centers, including increased use of graphics processing units (GPUs) and liquid cooling to reduce the heat from these more power-intensive applications.
• With carbon emission goals for 2030 rapidly approaching, will improvements in cooling efficiency, recycling waste heat and renewable energy power generation sources become imperative for operators in H2 2024?
• Will mainstream adoption of new applications requiring edge computing occur in H2 2024?
• Will an unexpected event disrupt capital expenditures to improve utility transmission and distribution across the country?
• Semiconductor chips and graphics processor companies continue to grow top-line revenue at an impressive rate. Will hyperscaler capital expenditures continue to grow in tandem with GPU production?
• Will historically low natural gas prices over the past year rise in H2 2024?
• Has public perception of nuclear power improved enough that small modular reactors can be used to power data centers?

Market Buzz

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Mobile App Development Market Size, Share, Competitive Landscape and Trend Analysis Report, by Platform, by Store Type, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2032

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Mobile App Development Market Research, 2032

The global mobile app development market was valued at $195.7 billion in 2023, and is projected to reach $606.1 billion by 2032, growing at a CAGR of 13.1% from 2024 to 2032. The market is experiencing robust growth, driven by increasing smartphone penetration and the rising demand for personalized digital experiences across various industries. Advancements in technologies like AI, AR/VR, and IoT are further fueling innovation, enhancing app capabilities, and expanding market opportunities. Additionally, the surge in mobile commerce and remote work trends post-pandemic has accelerated the adoption of mobile applications globally.

Market Introduction and Definition 

The mobile application development market refers to the industry focused on creating software applications specifically designed for use on mobile devices such as smartphones and tablets. This market encompasses a wide range of activities, including designing, developing, testing, and deploying mobile applications across various platforms such as iOS, Android, and Windows. With the increasing popularity and widespread adoption of mobile devices, the demand for innovative and user-friendly mobile applications has surged, driving the growth of this market. One key aspect of the mobile application development market is the constant evolution of technology and consumer preferences. To create apps that adapt to customers' shifting needs, developers must maintain to create the most recent developments and trends in mobile technology.  The market's flexibility offers developers significant opportunities as well as challenges when they aim to provide innovative solutions that are unique. Furthermore, the mobile application development market is competitive, with many developers and companies vying for a share of the market.  

Key Takeaways 

The mobile application developments market study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Million) for the projected mobile app development market forecast period 2024-2032. 

More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major mobile application development industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights and mobile app development market size.

The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives and mobile app development market share.

Key Market Dynamics 

The mobile application development market is driven by several key factors that contribute to its growth. One of the primary drivers is the increasing penetration of smartphones and tablets worldwide. As more people rely on mobile devices for communication, entertainment, and productivity, the demand for innovative and user-friendly mobile applications continues to rise. This widespread adoption of mobile technology creates a vast market for developers to create and distribute their applications, driving the growth of the industry. However, the mobile application development market also faces certain restraints that can impact its growth. The significant restraint is the fragmentation of mobile platforms and devices. Developers must create applications that are compatible with multiple operating systems and screen sizes, which can increase development time and costs. Additionally, the competitive nature of the market poses a challenge for developers to differentiate their applications and attract users in a crowded marketplace. Developers can capitalize the trend by creating unique and targeted solutions that provide to specific market segments. The rise of mobile commerce and the increase in integration of mobile applications into everyday life present opportunities for developers to create innovative solutions that streamline processes and enhance user convenience. 

Mobile Phone Usage

Mobile phone usage has become ubiquitous on a global scale, with an estimated 5.27 billion unique mobile users worldwide. This widespread adoption of mobile devices has transformed the way people communicate, access information, and conduct business. From making calls and sending messages to browsing the internet and using mobile applications, mobile phones have become essential tools for everyday life. The convenience and portability of mobile devices have contributed to their popularity, enabling users to stay connected and productive. With the continuous evolution of technology and the increasing availability of affordable smartphones, mobile phone usage is expected to continue to grow in the coming years. 

Market Segmentation 

The mobile application development market is segmented into platform, store type, application, and region. On the basis of platform, the market is divided into IOS, android, and Windows. On the basis of store type, the market is divided into Google Store, Apple Store, and others. On the basis of application, the market is divided into gaming, BFSI, retail, airlines, media & entertainment, education, transport, hotels & restaurants, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Regional/Country Market Outlook 

The mobile application development markets in the U.S, and the UK are both dynamic and competitive landscapes driven by similar trends and factors. In the U.S., the market is characterized by a large and diverse user base, with approximately 277.5 million smartphone users as of 2021. This vast market size presents significant opportunities for developers to create innovative applications that cater to a wide range of consumer needs and preferences. The U.S. market is also known for its robust ecosystem of technology companies, venture capital firms, and tech-savvy consumers, which fosters a culture of innovation and entrepreneurship in the mobile app development sector. Similarly, the mobile application development market in the UK is characterized by a tech-savvy population and a high smartphone penetration rate, with approximately 82% of the population owning a smartphone. The UK market is known for its strong emphasis on design and user experience, with a focus on creating visually appealing and intuitive applications that resonate with consumers. The UK's startup ecosystem and supportive government initiatives also contribute to the growth of the mobile app development sector, providing developers with access to funding, mentorship, and networking opportunities. 

In May 2023, CodeBuzzers, a leading software development company, announced the launch of its new mobile app development services. The company has been providing top-notch software development services to businesses worldwide for years and is now expanding its offerings to include mobile app development. 

In April 2023, SaaS startup that specializes in no-code mobile app development, Apptile, raised $2.5 million in seed funding led by Mankekar Family Office and Livspace founder Ramakant Sharma. The startup uses the funds to launch its innovative platform, allowing Shopify businesses to create customized, high-performance mobile apps without the need for coding or design experience. 

In May 2023, BuildFire, a frontrunner in mobile app development platforms, acquired Bizness Apps, one of its major competitors in the market. This strategic acquisition highlights BuildFire's unwavering commitment towards continuous innovation and growth in the mobile app development industry. The merger promises to improve the customer experience by offering the most extensive and user-friendly app development platform in the market, supported by its easy-to-use interface and abundant feature set. 

Industry Trends 

In November 2023, Kyndryl, the world’s largest IT infrastructure services provider, and Microsoft Corp., announced their partnership that combined their market-leading capabilities in service of enterprise customers. The deal with Microsoft is Kyndryl’s first since recently becoming an independent public company and provides multi-billion revenue opportunities for the two companies. 

For instance, in September 2023, Microsoft Corp. and Mercy forged a long-term collaboration using generative AI and other digital technologies to give physicians, advance practice providers and nurses more time to care for patients and improve the patient experience. Mercy will apply generative AI when taking patient calls for actions like scheduling appointments. Beyond the initial call, the AI solution will provide recommendations for additional follow-up actions to make sure all the patient’s needs are met during a single interaction, limiting the need for follow-up calls. 

In March 2022, Microsoft recently announced it completed the acquisition of Nuance Communication, a speech recognition company and leading provider of conversational artificial intelligence to enhance healthcare artificial intelligence. Completion of this significant and strategic acquisition brings together Nuance’s best-in-class conversational AI and ambient intelligence with Microsoft’s secure and trusted industry cloud offerings. 

Competitive Landscape 

The major players operating in the mobile app development industry include Apple Inc, CA Technologies, China Mobile Limited, Cognizant, Google LLC, Hewlett Packard Enterprise Development LP, Intellectsoft, International Business Machines Corporation, Microsoft Corporation, Verbat Technologies, Amazon and so on. 

Recent Key Strategies and Developments 

In May 2024, iQOO officially confirmed the launch of the iQOO Neo9S Pro, following teasers hinting at its inclusion of the new MediaTek Dimensity 9300+ chipset. The phone is expected to arrive on May 20th, 2024. For comparison, the iQOO Neo9 Pro boasts a sleek design with options for a glass front and back, or a silicone polymer back. It offers dual SIM capability for added convenience. The phone features a stunning LTPO AMOLED display with a 144Hz refresh rate, HDR10+ support, and impressive brightness levels. Its large 6.78-inch screen provides an immersive viewing experience. 

In October 2023, Japanese video game developer Capcom, who developed Resident Evil Village, is officially available on Apple iPhone 15 Pro variants and iPads powered with M1 and M2 chips. This game is available on the Apple App Store for iOS and iPadOS. It is a high-end survival AAA title which requires iOS 17 or later and Apple’s latest A17 Pro chip on iPhones and iPadOS 17 or later with M1 or M2 chip on iPads. 

In August 2023, the Karnataka government planned to launch its own mobile app to aggregate autorickshaws and taxis on the lines of Ola and Uber. The announcement was made by Transport Minister, R Ramalinga Reddy, following a series of meetings with representatives from various transportation sectors, including autos, taxis, contract and stage carriage vehicle owners, tourist operators, and private bus operators. 

In August 2020, Microsoft recently announced it completed the acquisition of Nuance Communication, a speech recognition company and leading provider of conversational artificial intelligence to enhance healthcare artificial intelligence. 

Key Sources Referred 

kritikalsolutions.com 

truepush.com 

appdevelopermagazine.com 

ripenapps.com 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile app development market analysis from 2024 to 2032 to identify the prevailing mobile app development market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities and mobile app development market share.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the mobile app development market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global mobile app development market size.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global mobile app development market trends, key players, market segments, application areas, and mobile app development market growth strategies.

  Mobile App Development Market Report Highlights

• Mobile Application

The mobile application development market was valued at $195.7 billion in 2023 and is estimated to reach $606.1 billion by 2032, exhibiting a CAGR of 13.1% from 2024 to 2032.

Increase in smartphone penetration and technological advancements are the upcoming trends of Mobile App Development Market in the globe.

Rise in Industry-specific applications is the leading application of Mobile App Development Market.

North America is the largest regional market for Mobile App Development.

Apple Inc, CA Technologies, China Mobile Limited, Cognizant, Google LLC, Hewlett Packard Enterprise Development LP, Intellectsoft, International Business Machines Corporation, Microsoft Corporation, Verbat Technologies, Amazon are the top companies to hold the market share in Mobile App Development.

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Mobile App Development Market

Global Opportunity Analysis and Industry Forecast, 2024-2032

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Navigating the Future: The Closed and Automated Cell Therapy Market

Aug 28, 2024

Blog Biotechnology Navigating the Future: The Closed and Automated Cell Therapy Market

The landscape of medicine is continuously evolving, and among the most promising frontiers is cell therapy. This advanced treatment modality offers the potential to cure previously untreatable diseases by harnessing the power of living cells. However, as cell therapies become more complex and widespread, the need for efficient, scalable, and reliable manufacturing processes has led to the emergence of the closed and automated cell therapy market .

Understanding Closed and Automated Systems in Cell Therapy

Closed Systems refer to processes where the cells are handled within a contained environment, minimizing the risk of contamination. This is particularly crucial in cell therapy, where the integrity of the cells is paramount. Closed systems often involve the use of bioreactors and enclosed transfer methods, ensuring that cells are never exposed to open air during processing.

Automated Systems take this a step further by integrating robotics and advanced software to manage and execute cell culture, expansion, and modification processes. Automation reduces the need for manual intervention, thereby decreasing human error, improving consistency, and increasing throughput. In a field where precision is key, automation ensures that each batch of cell therapy products meets stringent quality standards.

Market Dynamics

The closed and automated cell therapy market is experiencing rapid growth, driven by several factors:

• Increasing Demand for Cell Therapies : With the rise of personalized medicine and the success of therapies such as CAR-T cells for cancer treatment, the demand for scalable manufacturing solutions is surging. Closed and automated systems are essential to meet this demand efficiently.
• Regulatory Pressure : Regulatory agencies like the FDA are imposing strict guidelines on the manufacturing of cell therapies to ensure patient safety. Closed systems help meet these regulations by reducing contamination risks, while automation helps in maintaining compliance with Good Manufacturing Practices (GMP).
• Technological Advancements : Innovations in robotics, artificial intelligence, and bioreactor design are continuously enhancing the capabilities of automated systems. These advancements allow for more complex cell processes to be automated, opening the door to new types of therapies.
• Cost Efficiency : Although the initial investment in closed and automated systems can be high, the long-term benefits in terms of reduced labor costs, faster processing times, and fewer product failures make these systems economically attractive.

Global Automated and Closed Cell Therapy Market

The global market for automated and closed cell therapy is expected to grow from $1.8 billion in 2024 and is projected to reach $5.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 23.9% during the forecast period of 2024 to 2029.

Key Players and Innovations

Several companies are leading the charge in developing closed and automated systems for cell therapy. For example:

• Miltenyi Biotec has developed the CliniMACS Prodigy, an automated platform for cell processing that handles everything from cell selection to final formulation.
• Lonza offers the Cocoon platform, a closed, automated system designed for personalized cell therapy manufacturing, aiming to scale the production of patient-specific therapies.
• Cytiva is advancing the field with the Sefia cell processing system, which integrates closed and automated operations for cell separation, washing, and concentration.

These companies, among others, are continuously innovating, pushing the boundaries of what is possible in cell therapy manufacturing.

Challenges and Considerations

While the market is burgeoning, it is not without its challenges:

• High Initial Costs : The development and implementation of closed and automated systems require significant investment, which can be a barrier for smaller biotech firms.
• Complexity of Automation : As cell therapies become more complex, automating these processes without compromising cell viability or function remains a technical challenge.
• Regulatory Hurdles : Navigating the regulatory landscape for new technologies can be difficult, particularly as regulations continue to evolve in response to new therapies.

The Future Outlook

The closed and automated cell therapy market is poised for significant growth in the coming years. As more cell therapies move from clinical trials to commercial products, the need for reliable, scalable, and efficient manufacturing solutions will only increase. Moreover, with ongoing advancements in automation and closed system technologies, we can expect to see further reductions in production costs and improvements in product quality, making cell therapies more accessible to patients worldwide.

In conclusion, the closed and automated cell therapy market represents a critical intersection of biotechnology and engineering, where innovation is driving the future of medicine. As these technologies continue to evolve, they hold the promise of transforming healthcare by making advanced cell therapies more efficient, scalable, and widely available.

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Help wanted: The long-term labor tightening trend by country

Explore the full report

Help wanted: Charting the challenge of tight labor markets in advanced economies zooms out to explore the trends, drivers, and implications of tightening labor markets across advanced economies.

We examined changes in aggregate labor supply and labor demand across eight of the largest advanced economies, using data on employment, unemployment, and job openings from 2010 to 2023. We also analyzed labor demand at the sector level in seven of these countries—data for Japan wasn’t available—to understand the impact of labor tightening on different industries.

Notwithstanding some recent softening, we found a long-term trend of labor market tightening in all economies. From 2010 to 2023, vacancies rose in all sectors, with the share of vacancies in healthcare and construction rising the most. Elevated labor market tightness resulted in unrealized output of 0.5 percent to 1.5 percent of GDP across economies in 2023, as businesses shortened hours of operation or turned down orders that they couldn’t fulfill due to a shortage of workers.

To achieve recent levels of economic growth, countries will need to increase productivity or expand labor force participation—and, in some cases, do both. While these overall trends hold across economies, there are important nuances at both the country and sector levels, so we offer a deeper look here.

Findings by country

Anu Madgavkar is an MGI partner based in New Jersey; Olivia White is a McKinsey senior partner and director of MGI based in San Francisco; Sven Smit is a McKinsey senior partner and chair of MGI based in Amsterdam; Chris Bradley is a McKinsey senior partner and director of MGI based in Sydney; Ryan Luby is a senior knowledge expert and associate partner based in New York; and Michael Neary is an engagement manager based in San Francisco.

The report was edited by Stephanie Strom, an MGI senior editor based in New York. The exhibits were designed by Chuck Burke, a senior editor of data visualization based in Chicago, and Richard Johnson, an executive editor of data visualization based in London.

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