he global market for research services increased from $69.6 billion in 2016 to $76.37 billion in 2021 at a compound annual growth rate (CAGR) of 1.87 percent, according to a recent report by The Business Research Company. An even higher growth rate is expected in the future.

The global market for research services is forecast to grow from $76.37 billion in 2021 to $108.57 billion in 2026, at a CAGR of 7.29 percent. Such an expanded sector brings its own set of market research challenges. These obstacles can impede the smooth functioning of market research endeavors. They introduce uncertainties that hinder the reliability and accuracy of insights, posing risks to the foundational principles of research.

Market research challenges can disrupt established methodologies, potentially leading to gaps in understanding consumer behavior, market trends, and competitive landscapes. Let’s have a detailed analysis of the common market research challenges to be expected in 2024.