Market research growth in Asia

'Asia is now the hottest market worldwide for the market research industry, and is growing by 10 to 11 percent a year', says Tony Cowling, Chairman of UK based TNS, a global market research firm with offices in 70 countries.

Thailand's demand for market research is growing as fast as the rest of Asia, but lags behind that of China and India. Market research in Thailand is expected to be worth about US$ 45 million this year, compared to $43 million in 2004.

Australia has the largest market research sector in the region but it is growing only 4 to 5 percent a year, while China is growing at more than 20 percent, followed by India with 15 percent. Japan is slowest at only 1 to 2 percent.

Expansion of Asian economies, particularly China's, has increased the need for market research. 'The market research industry regionally will grow twice as fast as the overall economy,' Cowling predicted, adding ' There are many key drivers stimulating fast market growth in Asia.'

For one, many foreign companies - particularly those from Europe and America - are establishing operations in Asia, especially in China, and these companies demand market research to ensure success. Many local companies in China and Japan are also expanding and becoming new users of market research.

About 25 percent of the market research billings in Thailand are for foreign companies, but here too local companies are also becoming more sophisticated in marketing and are increasing their use of market research to more effectively compete with foreign competitors.

TNS total billings reached 950 million pounds sterling last year, of which 12 percent was from Asia. Its business is growing 5 percent on average worldwide and about 11 percent in Asia.

The biggest challenge facing the firm across Asia, particularly Thailand, is finding sufficient qualified researchers so TNS has spent a lot of time recruiting and training researchers. The group employs 14,000 people around the world, of which 1,600 are in Asia.

TNS will next year roll out an internet based market survey service in Asia, which will allow the agency to speed up the collection of information and delivery of survey results to clients.