Experts estimate that in the first three quarters of last year, revenues in the research industry grew by a single-digit percentage. However, at the same time, the cost of conducting studies increased, largely due to pay rises. More investment also had to be made in security, as bot activity and similar farms increased. Additionally, there was a growing reluctance towards telephone surveys. Conducting telephone interviews required more attempts than 3-4 years ago. The industry unofficially mentions a slight downturn in the fourth quarter of this year. However, the experts do not confirm this clearly. The results of the fourth quarter of last year will only be available around this September. Meanwhile, preliminary estimates indicate a 4-5% increase in last year’s revenues. However, taking inflation into account, the market size is similar to that of 2023.
In a report titled “Single-digit growth,” experts note that according to an analysis carried out among research companies by the Polish Society of Market and Opinion Researchers (PTBRiO) together with the European Society for Public Opinion and Market Researchers (ESOMAR), the industry has been stable in recent years. – “The worst year was the pandemic 2020. A strong bounce back in the revenues of companies occurred in 2021 and it was slightly weak in 2022. Again, a stronger increase was noted in 2023 and slow – in the last year,” says Dr. Michał Lutostański, President of PTBRiO, Head of Knowledge & Thought Leadership at Kantar Polska and an assistant professor at the SGH Warsaw School of Economics.
However, the expert emphasizes that the value of revenues increased as a derivative of inflation and price increases in all business sectors. Similar was the case in other industries. Dr. Lutostański does not see radical changes in terms of the number of orders. On the other hand, Łukasz Zieliński, CEO of SYNO Poland, estimates that the revenues of the research industry in the first three quarters of last year increased by a single-digit rate. He adds – “However, it’s still too early to assess last year’s results in a clear way. From the point of view of revenues and margins, the most crucial in this industry is the 4th quarter.” Unofficially, the research industry talks about a slight downturn in sales in the 4th quarter of last year. However, the experts do not confirm this. Dr. Michał Lutostański assures that 2024 was quite predictable, with a stable growth.
The expert from SYNO Poland states, “In the current year, we can expect further difficulties in conducting CATI surveys. Potential respondents are discouraged by frauds publicized in the media. As a result, in order to conduct a telephone interview, you have to make at least 2-3 times more attempts than 3-4 years ago. This, of course, lengthens the time of project implementation and raises its costs. Meanwhile, in the case of the popular CAWI method, the challenge is the growing activity of bots and bot farms. Implementing security measures, improving them, and constant monitoring of indicators also increase financial outlays.”
According to Dr. Lutostański from PTBRiO, there is a growing interest in artificial intelligence. He says, “Solutions have appeared on the market that use Machine Learning, trained on large data sets, which allows testing of ads or innovations in a few minutes. AI is also used in analytics, transcriptions, and many other areas. Globally, work is also underway in the research industry on synthetic respondents. In my opinion, technology will increasingly influence companies dealing with data analysis and consulting based on them.”
As companies opt for cheaper solutions such as online surveys, consumer panels, or quick quantitative research during crisis periods, there’s an increasing interest in technology. Agencies that can adapt their offers to these realities, for example through the automation of analytical processes or the implementation of AI-based tools, have a chance to maintain competitiveness, despite falling prices. And that may be what 2025 will look like for the analytical and research industry in Poland.
The president of OFBOR concludes, “We still study actual people. It’s worth remembering and emphasizing. While the development of technology and AI helps in analyses, sample selections, and questionnaire scripting, actual consumers and experienced researchers are required to conduct the studies, and then implement and present useful recommendations to the final clients. Therefore, increasing remuneration will particularly increase the cost of operations in the year 2025 and this cannot be avoided. This year will likely bring a slight increase in the value of the research market, along with a simultaneous fall in margins for research agencies.”
Source: https://managerplus.pl/branza-badawcza-w-polsce-wzrost-przychodow-ale-koszty-rosna-szybciej-97239
