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(USGovernment-News.Com, November 05, 2018 ) General professional service agencies are rapidly shifting towards IT transformation and digitalization of services. With the emergence of advanced data analytics, big data is turning out to be a critical tool for market research companies while executing research projects on a large volume of data to offer analytics solutions to give more robust insights to their clients. Advertising and PR firms are offering digital campaigns taking advantage of increasing digitalization and advances in social media, search engine marketing, content marketing and e-commerce technology. As a result of increasing internet penetration and smartphone users, online content marketing campaigns are expected to be 3 times more effective than traditional ones and comparatively cost 62% less. According to a report by Altimeter Group, 78% of global companies plan to have independent social media marketing teams in 2016, from 71% in 2015
North America was the largest region in the design, research, promotional and consulting services market in 2017, accounting for almost one-third of the market share. This was mainly due to high demand for landscaping, architecture, industrial design and interior design services from commercial establishments across all industries.
According to The Business Research Company’s Consultant, Nitin Gianchandani, companies in the design, research, promotional and consulting services market are shifting from the traditional per-hour and per-month revenue model to a value oriented revenue model. In line with increasing wages and pressure from clients to decrease pricing, many companies are shifting towards value-oriented billing. Value-oriented billing is easy to apply in markets such as management consulting and market research since the value (such as tax savings, damage awards, ad placements or the size of an acquisition or merger) is often explicit. It is expected that more design, research, promotional and consulting service providers will shift to value-based pricing as they try to become “advisors” rather than just service providers.
WPP was the largest company in the design, research, promotional and consulting services market, with a revenue of $19.6 billion in 2016. WPP’s growth strategy is to increase the combined geographic share of revenues from developing countries in Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe regions to 40-45% of revenues. Similarly, the company also seeks to invest into its new media division and aims to increase its share of revenues by 40-45%.
Design, Research, Promotional and Consulting Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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