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Research and Markets: Report Estimates That Market Research Outsourcing Revenues Are Slated to Grow From $148 Million for FY07 to Reach $800 Million by FY12 at CAGR of 47%
DUBLIN, Ireland--(Business Wire)-- Research and Markets (http://www.researchandmarkets.com/research/6dadb1/market_research_ou) has announced the addition of the "Market Research Outsourcing - Buyer Survey" report to their offering. Market research service providers have been gaining prominence in the market research value chain. The offshorable industry for market research is estimated at $4 billion in 2006. Buyer survey helps to understand the buyer perceptions, opinions and experiences on outsourcing in the market research sector. The Indian MRO space is experiencing a phase of rapid growth over the last few years. Newer services have been added to the offshored list, many new vendors have emerged and several existing vendors have developed greater capabilities. The recent report estimates the offshored Market Research services revenues from India to exceed domestic market research industry revenues. The Indian vendor landscape ranges from Captives of large research agencies to pure-play MRO vendors, full service research firms, KPOs and large and medium BPO service providers. All major the vendors are rapidly evolving in terms of service offerings and have aggressive expansion plans in near future. "Market Research Outsourcing: Buyer Survey" provides in-depth insights and analysis about offshoring awareness and apprehensions of the buyer community (Market Research Agencies). The report estimates that MRO revenues are slated to grow from $148 million for FY07 to reach $800 million by FY12 at CAGR of 47%. However the domestic market research industry is expected to have a modest growth rate of 20% in near future. Arun Jethmalani says, "The large and fast growing opportunity in MRO services has led to a mushrooming of new vendors, even as existing players are rapidly ramping up capabilities and capacity. Going forward, we expect growth in both high value services like Data mining, Analytics, and Panels etc., as well as in high volume, low-value services." The MRO Buyer survey analyses responses from Market Research agencies across US and European markets to provide insights on: * Offshoring awareness amongst MR agencies * Perception of MR agencies on offshoring various research activities * Current levels of offshoring amongst different categories of MR agencies * Opinion on offshoring drivers amongst different agency types * Location preference for offshoring research activities * Opinion on offshoring experience * Quality of service at offshore locations * Maturity of service providers * General level of satisfaction * Future trends in offshoring volumes for various services Research Summary The recent buyer survey of market research agencies from various international markets finds close to two-thirds of the research agencies are already offshoring to companies in India, Eastern Europe and Latin America. While the large multi-national research agencies have always been outsourcing, the smaller firms with revenues typically less than USD 10m are fast adopting offshoring. The survey reveals that with greater competition, research agencies, especially the smaller ones are increasingly using offshoring to gain competitive advantage. The MRO buyer survey is a continuation of the research, Outsourcing Practice in January 2008 on the Indian MRO vendor landscape. The report estimates that MRO revenues are slated to grow from $148 million for FY07 to reach $800 million by FY12 at CAGR of 47%. Corroborating the earlier research, this "Buyer" survey reveals that, currently, offshoring is largely limited to activities lower down the value chain like data collection, data processing and panel services. According to Monali Singhvi, "While there is greater adoption of offshoring by market research agencies, overall penetration is very low with a majority of the agencies offshoring less than 10% of their total work." While cost arbitrage has been a primary driver for offshoring, the survey brings to light that research agencies rate other factors like faster turnaround time, better quality of work etc. as equally important. Quality of work and client confidentiality issues have emerged as key concerns towards offshoring. While the offshoring drivers and concerns remain similar across key markets like US and Europe, these markets differ significantly in the choice of offshoring destination. "A majority of research agencies offshoring to India are primarily from the US, while those offshoring to Eastern Europe are from EU", says Pranav Dixit The MRO vendor landscape ranges from the captives of large research agencies to Pure-play MRO vendors, full service research firms, KPOs and large and medium BPO service providers. The survey shows a clear inclination by research agencies towards using multiple options in offshoring. The larger research agencies have greater inclination to set up captives or employ specialized MRO service providers. Mid sized agencies prefer to work with Full service research agencies while smaller firms are most comfortable with service providers of comparable size. According to Arun Jethmalani, "With a majority of research agencies planning an increase in offshoring volumes, significant growth opportunities exist in both high volume low value activities as well as select high value services like report writing data analysis and analytics." The report: "Market Research Outsourcing: Buyer Survey" provides by in-depth in-sights and analysis of the offshoring awareness, and concerns and challenges faced by market research agencies in various markets. The survey brings out the current perceptions towards risks and rewards of offshoring in the market research industry. Key Topics Covered: * 1 Executive Summary * 2 Preface * 3 Methodology * 4 Offshoring: who is doing what and where? * 5 Offshoring Drivers And Challenges * 6 Choosing A Service Provider * 7 Opportunity and Future Outlook For more information visit http://www.researchandmarkets.com/research/6dadb1/market_research_ou. Research and Markets Laura Wood Senior Manager firstname.lastname@example.org Fax from USA: 646-607-1907 Fax from rest of the world: +353-1-481-1716 Copyright Business Wire 2009