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The State of Globalization in 2021

• Steven A. Altman
• Caroline R. Bastian

Trade, capital, and information flows have stabilized, recovered, and even grown in the past year.

As the coronavirus swept the world, closing borders and halting international trade and capital flows, there were questions about the pandemic’s lasting impact on globalization. But a close look at the recent data paints a much more optimistic picture. While international travel remains significantly down and is not expected to rebound until 2023, cross-border trade, capital, and information flows have largely stabilized, recovered, or even grown over the last year. The bottom line for business is that Covid-19 has not knocked globalization down to anywhere close to what would be required for strategists to narrow their focus to their home countries or regions.

Cross-border flows plummeted in 2020 as the Covid-19 pandemic swept the world, reinforcing doubts about the future of globalization. As we move into 2021, the latest data paint a clearer — and more hopeful — picture. Global business is not going away, but the landscape is shifting, with important implications for strategy and management.

• Steven A. Altman is a senior research scholar, adjunct assistant professor, and director of the DHL Initiative on Globalization at the NYU Stern Center for the Future of Management .
• CB Caroline R. Bastian is a research scholar at the DHL Initiative on Globalization.

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6 issues that will define the future of capital markets

The democratization of the markets has challenged the status quo, with retail traders costing hedge funds billions by influencing the prices of companies including Gamestop Image:  Michael Förtsch for Unsplash

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Stay up to date:, financial and monetary systems.

• In the wake of the pandemic and an unequal economic recovery, global capital markets are being transformed by a number of interrelated forces.
• The democratization of public markets has brought benefits and challenges, as has greater access to new wealth creation opportunities in private markets and alternatives.
• Other significant issues include concerns around data and cyber security, the changing dynamics of financial intermediation, and environmental, social and governance transparency.

In the wake of the pandemic and an unequal economic recovery, several interrelated forces are transforming the way global capital markets work. As the world's economies rebound, market participants broadly recognize a need for reforms to the established modus operandi, to build resilience, to remain competitive in the face of innovation, and to retain their customers’ trust.

The World Economic Forum's platform on Shaping the Future of Financial and Monetary systems , in collaboration with BNY Mellon, will launch a new series of multi-stakeholder conversations on the future of capital markets. The project aims to help financial market participants to better understand the dynamics shaping the future of capital markets, while strengthening trust in the system. The following six areas will be central to the discussion:

Have you read?

How personalizing sustainable investments can shape the future of finance , cryptocurrencies can enable financial inclusion. will you participate, data marketplaces can transform economies. here’s how.

1. Democratization of public markets

In January, a contingent of retail traders (non-professional traders) on Reddit’s WallStreetBets launched the equivalent of a market revolt by drastically influencing the prices of several publicly-traded companies. These episodes cost hedge funds and professional investors – many of whom had been betting against these same stocks – billions of dollars, and raised questions about market practices and resilience.

Historically, access to capital markets was highly mediated, available only to institutions or individuals who had the time, money and resources to manage their assets with the help of brokers and financial advisors. Today, market data is readily accessible online and new technologies have significantly reduced the cost of trading and other barriers to entry. This means that more people can trade, at any time, from anywhere.

Retail investors now make up an estimated 23% of US equity trading volume , which represents more than a two-fold increase since 2010. Increased access to markets is a positive development, but it is not without risk. It raises important questions about market and institutional resilience, and investor safeguards, as well as opening a broader discussion on financial education.

2. Greater access to new wealth creation opportunities

Private market investment opportunities, with their more lucrative return profiles, were historically available only to institutional and accredited investors. This exclusive access was based on a perceived level of sophistication and risk management expertise among these investors. Today, new products are being developed that allow retail investors to allocate capital to private market alternatives.

Here again, challenges surface when opening these products to a larger community of investors. People need to know about the associated risks, which differ materially from investing in traditional stocks and bonds.

3. Blurring of public and private markets

More companies than ever before are entering public markets worldwide, and yet in the United States we are seeing firms remain private for longer, and others electing to transition from public to private. This trend is fuelled by heightened disclosure requirements and regulatory scrutiny for publicly-held firms, as well as investor eagerness to fund private companies. Firms are also exploring other avenues to raise capital and reduce dependency on equity markets.

More recently, we have seen a burgeoning market for special purpose acquisitions companies (SPACs) as an alternative route to the traditional Initial Public Offering (IPO). Many businesses have turned to SPACs as a means of streamlining the process of raising capital in public markets, but increased competition and potential regulatory scrutiny have raised questions around their future.

4. Concerns around data and cyber security

Capital markets processes have become more digital as market participants demand faster execution speeds and seamless access to information. These technologies accelerate changes in the industry, but also raise concerns around cybersecurity and data protection.

Data is emerging as its own asset class, and data management infrastructure is a key growth area for traditional financial firms. Institutions are actively seeking ways to leverage analytics to remain nimble and promote growth.

The World Economic Forum's FinCyber initiative , in partnership with the Carnegie Endowment for International Peace, is working to connect the industry’s various cybersecurity initiatives. But questions remain around how firms can innovate safely, benefiting from a more agile use of data while mitigating risks.

5. New roles for financial firms

Some functions traditionally performed by large financial firms are being performed by a new set of competitors. As a result, institutions across the value chain are redefining their roles, taking on new responsibilities, partnering with new technology providers, and introducing new ways of operating in order to keep pace with their clients' needs.

As of 2020, 250 of the top private fintech startups internationally had raised nearly $50 billion in aggregate funding . These platforms often provide complementary services to those offered by legacy institutions, presenting new chances for collaboration and integration. While industry stakeholders have made substantial progress in understanding how consumer-facing fintechs are reshaping financial services, the role of fintech in institutional capital markets is less well understood.

For instance, Blockchain and distributed ledger technologies have the potential to disrupt core functions within capital markets, including trading processes, settlement systems, payments, and capital raising. At the same time, regulators and lawmakers are increasingly vocal about concerns around cryptocurrencies, raising important questions around their future viability as an asset class.

What is the World Economic Forum doing about digital trade?

The Fourth Industrial Revolution – driven by rapid technological change and digitalization – has already had a profound impact on global trade, economic growth and social progress. Cross-border e-commerce has generated trillions of dollars in economic activity continues to accelerate and the ability of data to move across borders underpins new business models, boosting global GDP by 10% in the last decade alone.

The application of emerging technologies in trade looks to increase efficiency and inclusivity in global trade by enabling more small and medium enterprises (SMEs) to repeat its benefits and by closing the economic gap between developed and developing countries.

However, digital trade barriers including outdated regulations and fragmented governance of emerging technologies could potentially hamper these gains. We are leading the charge to apply 4IR technologies to make international trade more inclusive and efficient , ranging from enabling e-commerce and digital payments to designing norms and trade policies around emerging technologies (‘TradeTech’).

6. Transparency around ESG

ESG is a top priority for financial firms. As investors, asset owners, and corporations navigate their roles in supporting the transition to net-zero and stakeholder capitalism—including adopting consistent reporting standards around ESG metrics—significant questions remain about what market structures and tools are needed to support sustainable investing.

We are living through a unique moment in history. The COVID-19 pandemic has forced reflection and accelerated change. Capital markets will continue to evolve, and they must do so in an inclusive and collaborative manner in order to retain public trust.

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License and Republishing

World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

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Research Topics & Ideas: Finance

120+ Finance Research Topic Ideas To Fast-Track Your Project

If you’re just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you’ve come to the right place. In this post, we’ll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

If this sounds foreign to you, check out our free research topic webinar that explores how to find and refine a high-quality research topic, from scratch. Alternatively, if you’d like hands-on help, consider our 1-on-1 coaching service .

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

If you need a helping hand, feel free to check out our private coaching service here.

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The Future of Finance and the Global Economy: Facing Global Forces, Shaping Global Solutions

September 27, 2021

It’s a great pleasure to join you and your “EuroFinance” colleagues here today, at the 30 th annual International Treasury Management Week.

I’m grateful to Daniel Franklin, the Executive Editor of The Economist magazine, who has posed a series of thought-provoking questions to me, to help shape our discussion.

His eight major questions will help us focus on the broad contours of the global economy of the future, and on the trajectory of international finance in helping shape that future.

As we look ahead toward the world of 2040 — aiming to foresee how the economy, the financial sector, and society will take shape — Daniel’s first question asks us to discern the major factors that will shape the economy and society by mid-century.

Overall, many scholars and many policymakers have largely agreed that five key global forces will be pivotal in influencing the economy of the future:

• first, the growth of digital technologies;
• second, the importance of sustainability, especially in the context of climate change;
• third, the role of changing demographics;
• fourth, the complexity of geopolitics; and
• fifth, the inevitability of structural transformation.

Let me briefly outline the key features that will define each of these factors — and, throughout today’s discussion, we’ll come back to these key features, and we’ll explore them in greater depth.

First, in digital technologies: Technological developments — such as digitalization and automation — will play a major role in driving inclusive and long-term growth, will interact with demographic changes, and may reshape entire industries and sectors. In addition, the rise of digital assets and novel forms of financial intermediation — within and across borders — will also shape the international monetary system. That factor could fundamentally alter the global macro-financial landscape.

Second, in sustainability and climate change: On the one hand, climate change and global warming will have severe macroeconomic and financial damages, and harm some, often already poor and/or food insecure countries disproportionally. Policies to mitigate and adapt to climate change will have fiscal and financial consequences that could affect many countries’ economic prospects. On the other hand, technological innovation and diffusion — which can be facilitated by governments — will play a critical role. That will open up vast new opportunities.

Third, in demographics: The divergent dynamics of working-age population ratios, across the world, will have major implications for the global economy — because most major Advanced Economies, and some big Emerging Markets, will see a faster reduction in their working-age population ratios, while some other Emerging Markets, along with most parts of Sub-Saharan Africa, face a demographic boom. As a result, countries’ policy responses — including equal opportunities for women in economic activity — are also critical in mitigating or enhancing the impact of demographic change on the global economy.

Fourth, in geopolitics: The increasing multipolar nature of the world — with new actors gaining influence — will continue to have impacts on global trade, including supply chains, and financial networks. This could change the current multilateral landscape, and globalization more generally. Such changes must be resolved in mutually acceptable ways. The increasing number of large global corporations is also likely to present new challenges for policymaking across various areas, such as taxation, regulation, the provision of services and market power.

Fifth and finally, in structural transformation: The pandemic has been a catalyst for structural transformation, spurring technological change, automation, and supply-chain reallocation. This transformation is presenting important challenges, as well as opportunities. Key risks are associated with disorderly labor displacement and supply disruptions. But there are also opportunities to leverage this change to “build forward better” — including by investing in climate transition, mitigation, and resilience; creating jobs for the growing population in EMDEs; and leveraging digitalization to improve efficiency of government service provision and financial inclusion.  Government policies will be instrumental in shaping these changes — aiming to accelerate a green, sustainable, digital, and inclusive recovery.

All these continuing trends will interact in profound ways — and they will need careful management. The fact that these trends are happening at the same time — and that they will interact and influence each other—makes sound management and good governance all the more important.

As the pace of change intensifies, what will these transformations mean for our organization’s role, at the International Monetary Fund? In our work, even today, we are working to address the challenges that we see are developing.

For example: Our comprehensive review of surveillance, earlier this year, asked exactly these questions: How do we prepare to answer tomorrow’s challenges?

The IMF is adapting and strengthening its economic analysis of countries. To keep up with the pace of change, the IMF is modernizing surveillance to help policymakers better prepare for a transforming economic landscape. This year’s Comprehensive Surveillance Review is a good example of that trend.

Daniel’s second question invites me to explore, in greater depth, the most crucial of these challenges — starting, he suggests, with demography. What do the fundamental demographic trends tell us, asks Daniel, about the global economy’s shifting centre of gravity?

It’s clear that a steady shift has been occurring in demographic developments, and we expect that shift to continue. In particular, population growth is slowing in most advanced economies — and in some large Emerging Markets, such as China.

At the same time, most low-income countries in Africa and other regions — along with some major Emerging Market economies,  such as India — are expected to continue enjoying demographic dividends, with the working-age population increasing.

Given that labor inputs are critical to economic growth, these demographic trends favor a shift of the global economic activity away from aging economies toward relatively young economies that have growing populations.

However, the extent to which this shift occurs will depend on a number of factors — including the ability of young economies to realize their demographic advantages, and the adaptability of aging economies to cope with their declining working-age populations.

For young economies, the key question is whether they can create jobs for their growing populations by providing better education and relevant skills. In addition, it is critical that these economies maintain inclusive and sustained growth by providing a sufficient level of health services and social spending. That will help keep them attractive for an increasingly mobile global workforce. Moreover, it is important for those economies to be able to attract capital from the rest of the world to complement their labor abundance. This requires progress on structural reforms.

In an increasingly interconnected world: When the prospects of one country or region change — whether that shift is caused, for example, by the effects of climate change or by a lack of inclusive economic progress — migration patterns can change quickly. A loss of young and educated people can severely hurt a country’s economic prospects.

For aging economies, by comparison, offsetting the impact of declining populations will depend on the extent to which they can increase productivity through labor-saving technologies such as automation and increase labor participation rates, and rely on migration.

In addition, technological change and other trends — such as climate change — will interact with demographic trends. Companies will increasingly be able to source their labor input globally. So ensuring the flexible flow of capital and labor, and goods and services — through globalized supply chains that are destined to become ever more stretched, and thus ever more fragile — poses the most serious of challenges.

Daniel’s third question suggests that we move on to the related question of the continuing rise of Emerging Markets. For a couple of decades, we’ve explored the concept about the economy being driven by the BRICs — namely, Brazil, Russia, India and China. But the BRICs represent a disparate range of economies — and a great many factors have changed since Goldman Sachs coined the concept of the “BRICs” in November 2001. For his third question, Daniel invites us to explore: How should we think about the future of the big Emerging Markets today?

That’s a very timely question, indeed: The pandemic has made the divergences and unevenness among Emerging Markets even larger. The pandemic-era policy responses varied substantially across countries, given their policy space. Some commonalities have become clear, however, even as various countries have been forced to improvise with policies tailored to the specific challenges each economy faces, as they struggle to navigate the daunting challenges that have confronted them during the pandemic.

Clearly, deep economic “scarring” has occurred. The global recovery is increasingly asynchronous, and it is expected to be more divergent than earlier anticipated. Gaps are expected to persist among Emerging Market economies.

There is a considerable slack in some EM economies, with output gaps persisting through 2024, according to IMF staff estimates. That factor may cause an increase in inequality and social tensions in the future.

There are significant price pressure in the short run. Some Emerging Market economies are facing inflationary pressure, reflecting a combination of factors — including higher commodity prices and food prices, as well as weaker nominal exchange rates. Some central banks have already moved toward a tightening of interest rates.

So far, despite the recent interest-rate hikes, monetary conditions remain broadly stimulative and supportive of growth. However: The tightening in domestic monetary conditions could be amplified, should the normalization process in advanced economies be accompanied by a sudden sharp rise in global rates — especially in the United States. Such a scenario would be particularly difficult for many Emerging Market economies, given their more limited monetary and fiscal policy space to cushion a slowdown.

There are elevated financing and debt vulnerabilities. Although external market access remains comfortable at this point — even for low-rated issuers — there is continued stress in local bonds. Yields have risen, and they remain elevated despite the declines in U.S. yields. This reflects the role played by other fundamentals, such as large issuance needs, inflation credibility, the winding-down of APPs, and lackluster foreign flows.

It is crucial that Emerging Markets put in place the right mix of fiscal, monetary and structural policies to secure a reliable local funding channel to finance the recovery.

Profound transitions are underway, especially in the areas of climate change and digital technologies. Flows to Emerging Markets that are based on “ESG” criteria — which consider Environmental, Social and Governance concerns — have grown significantly, even during the pandemic.

The adoption of cryptocurrencies has also increased dramatically in several Emerging Markets. There is a large divergence between some Emerging Markets that are trying to embrace these trends — in ESG investing and in digital technologies—and many others that, so far, have been staying behind.

For his fourth question, Daniel suggests that we explore, in greater detail, the challenges posed by technology. What are the major tech trends, he asks, that are likely to affect the world economy over the next two decades?

In my department at the IMF — focusing on Monetary and Capital Markets: We focus a great deal of attention on the new wave of technological innovation — often called “fintech.” How fintech will accelerate changes in the financial sector, is a factor that will have profound implications for the world economy.

Fintech has an impact on all aspects of the financial-services realm — including payments, lending, insurance and investments.

Let’s focus on one important and timely aspect of that trend: the adoption of new forms of digital money.

Over the next two decades, digital money will transform the way we think about currency and how it operates. Digital currencies are emerging at a fast pace, thanks to the convergence of fundamental technological transformations. These include such factors as leaps in enabling technologies, such as distributed ledger technology (DLT); encryption; analytics of “big” datasets; and artificial intelligence.

These technological innovations are highly complementary with one another, interacting in ways that drive rapid change.

Digital currencies come in many forms. On the one hand, there are private-sector-led innovations such as stablecoins (for example, Diem and USD Coin), e-Money (such as M-Pesa), and the more volatile cryptoassets (such as Bitcoins). On the other hand, there are digital currencies designed by central banks (“CBDCs”).

CBDCs are currently being explored by many countries. One country — the Bahamas — has already issued its own CBDC, called the “Sand Dollar.” Several countries, such as China, are now pursuing experiments.

Let me highlight three aspects of this trend — all of which are making the innovation brought by digital money transformative:

First: Payments are becoming cheaper, faster and easier. Thanks to its underlying technology and infrastructure, digital money reduces the cost and increases the speed of transactions. Their integration into existing digital services also promises to make transacting as easy as using social media.

Second: Payments are crossing borders more seamlessly. Traditional cross-border payments typically rely on long payment chains, and require the multiple intermediaries involved to coordinate and trust one another. By sharing common technical standards, and data and compliance requirements, digital money has the potential to overcome these frictions and enable immediate payments – thereby facilitating international trade, and remittances. The other side of the coin is that it can also facilitate the substitution of savings into more stable foreign currencies.

Third: Payments are becoming more accessible. Access to payments is often the first step toward broader participation in the financial system. Not only do the unbanked gain a safe place for their savings; the digital availability of micro-payment data offers a way to gain access to credit.

Amid all these concerns, one result is clear: The adoption of digital money, whether private or public, has the potential to revolutionize the organization of our international monetary system. It raises new policy questions, challenges, opportunities, and tradeoffs — all of which require innovative thinking and structural changes across the policy spectrum.

For his fifth question, Daniel asks if we can explore another major concern: sustainability. How might the growing sense of climate crisis, asks Daniel, affect the shape of the world economy of 2040?

Clearly, the challenge we face is enormous. Taking determined policy action is an urgent priority.

Climate experts now estimate that current policies are unlikely to restrain global warming to 1.5°C — or even 2°C — during this century. “The world is on a catastrophic pathway,” in the words of the  United Nations  Secretary General, António Guterres. That’s “nothing less than a code red for humanity . The alarm bells are deafening," the Secretary-General has said .

Global emissions need to be cut by one-third by 2030 — an enormous amount, within this decade — if we are going to have any chance of achieving the goal of emissions neutrality by the year 2050. We’re now approaching the COP26 meetings in Glasgow in November — where 190 countries will review their progress toward meeting the goals set by the Paris Agreement of 2015.

Policymakers will have a chance to accelerate the process of adopting climate-focused regulations. The task will not be easy — but taking strong action is urgent.

As we anticipate COOP26, coming up next month, here’s how my department at the IMF approaches the challenges ahead.

Vulnerable countries need to integrate disaster risk and resilience spending into their macro-financial and fiscal frameworks.

Developing comprehensive mitigation and adaptation strategies also requires scaling-up “green finance” opportunities — including action by the private sector — to ensure that financial decisions take into account the risks and opportunities of climate change.

Even more important: Policymakers, standard-setters, financial institutions and non-financial private-sector firms must work together on the development of “green finance.”

Policymakers should promote “green finance” while managing risks to the financial sector during the transition. This is vital, in order to avoid macro-financial disruptions in the future.

This will require strong action in several areas.

First: We must strengthen the climate information architecture — which includes data, disclosures, and principles for sustainable finance classifications (including taxonomies).

Second: We must pay close attention to financial-stability risks by improving climate risk-assessment frameworks and by developing proper mitigation strategies. That entails conducting diagnostic exercises to measure physical risks and transition risks, and carrying out climate-risk stress-testing for the banking and corporate sectors, when needed.

Third: Adaptation strategies must incorporate climate risks in regulatory and supervisory frameworks — aiming to develop a prudential framework.

Fourth: It is vital to adapt monetary policy, and central-bank operations to incorporate the macroeconomic implications of climate change.

The world economy in 2040 will be shaped by the effectiveness of these climate-related actions taken today particularly in related to climate transition risks.

For his sixth question, Daniel asks that we discuss geopolitics: How might globalization evolve in the light of growing rivalry between America and China, and what looks increasingly like a multipolar world?

The long-term trends in the financial landscape that we have just discussed will only increase the need for international cooperation across the spectrum of regulatory policies.

Finance is already global, and new technologies will make it even more so — and cross-border financial flows will become faster and more fungible.

That means that consistent global policies that preclude “regulatory arbitrage” will become even more important for securing global financial stability.

Let me give you another example: climate change. Redirecting finance toward climate-change mitigation and adaptation efforts will require better quality and more comparable data to align investments with climate goals — and this, in turn, requires international cooperation on identifying data gaps and strengthening classifications and disclosures.

The trends that we are seeing are, overall, encouraging. Global challenges require global solutions, and policymakers are now working together to ensure that the global financial sector is a part of the solution toward a better future — not part of the problem, as we saw during the Global Financial Crisis, more than a decade ago. 

For his seventh question, Daniel invites us to “gaze into our crystal ball.’ How might all of these various challenges intersect? He wonders if there are broad scenarios that we can sketch out for the future of the global economy? Can we identify, perhaps, a few of the potential alternative futures that we should watch out for?

Well, that’s a wide-ranging invitation. At the risk of slightly disappointing Daniel here today, I certainly wouldn’t want to speculate about any specifics — or offer any sweeping prediction of long-range forecasts.

When it comes to the economy’s near-term prospects, however, I’ll invite you to watch for the three flagship reports that we’ll issue in mid-October, at the Annual Meetings of the IMF and the World Bank. Our flagships — the World Economic Outlook; the Global Financial Stability Report; and the Fiscal Monitor — offer discussions on the near-term outlook and present deep-dive analyses of topical issues.

Even if I politely decline Daniel’s invitation to “gaze into a crystal ball” and make any specific projection about the long term, I’ll emphasize this point: Wise policymaking will be the crucial factor in shaping the future of our people and the planet.

The economy of tomorrow, after all, depends on the wisdom of the policy choices we make today. Or, to quote the economists Mariana Mazzucato and Michael Jacobs of University College London — in their remarkable recent book, which brings together the insights of many of today’s leading economists, “ Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth ”: “The economy we have is the economy we choose to build . It is time to make different choices .”

Depending on the choices we, as a society, resolve to make: I imagine that we can envision a relatively optimistic scenario, a relatively pessimistic scenario — and also something in-between.

In an optimistic scenario, society would reap the benefits of wise planning — by reducing carbon emissions and restraining the rate of global warming; by adopting wise regulation that captures the benefits of digital innovation; by promoting sensible safeguards that allow us to respond to new trends and protect against emerging risk, some of which we discussed; and by adopting far-sighted social policies that protect public health, preventing a resurgence of the pandemic. We can take practical steps that maximize our up-side potential.

In a more pessimistic scenario, society might delay making the hard choices that confront us — by hesitating to take strong action to limit carbon emissions, until the environmental effects of climate change intensify; by neglecting the risks that may accompany digital technologies, until we invite instability; by delaying the adoption of sound regulation, thus risking speculative excess in our financial markets; and by letting down our guard on public health, thus allowing for a resurgence of the coronavirus and its variants. We have to hope that we reach a social consensus that minimizes our down-side risk.

Perhaps the most likely outcome is somewhere in-between the “best case” scenario and the “worst case” scenario: where we delay — either through inertia or inattention — making the difficult choices that we know we must make, sooner or later.

For all of society’s sake, let’s hope that we have the wisdom and the courage to make sensible decisions sooner , rather than later .

 * * *

For his eighth and final question, Daniel suggests that we explore some of the implications of all of these trends for the people who are here in this audience today: treasury managers. What will all this mean for the future of debt, financial markets, currencies, and risk management?

In our discussion today, I’ve suggested how profound transformations are taking place, across all the various topics we discussed. Daniel’s question invites us to bring together many of the themes we’ve been exploring, and to foresee practical and pragmatic approaches that we can take.

Let me sketch out a few themes and priorities that may be especially relevant to the treasury managers among you. As we focus on this specific area, perhaps these ideas will also help meet Daniel’s request, from his previous question, that I do at least a little bit of “gazing into a crystal ball,” as we analyze what these broad themes may mean for treasury managers.

Dealing with climate change will require a reliable data infrastructure, because climate will become a new risk category in any risk management. The official sector is making substantial effort at the global level. Our immediate priorities are to improve the quality of climate disclosure, to harmonize global “green finance” standards, and to promote the sharing of best practices across borders.

These shifts can also interact and present new risks. In Emerging Markets, for example, the advent of cryptoassets and stablecoins may be accelerating dollarization, and may be eroding the effectiveness of existing exchange restrictions and capital control measures even as the innovation brought by digital money is substantial.

Moreover, the widespread adoption of digital money will have profound implications for the banking sector. It will likely affect the traditional banking and financial ecosystem in four main ways:

There will be increased pressure on the business model of traditional banks, due to competition for deposits. In their scramble for survival, banks may respond to diminishing profits by paying higher rates on deposits, taking greater risks, or attempting to raise lending rates.

More generally, there may be a shift of credit intermediation away from banks and toward non-deposit taking institutions. It’s possible that we may see a shift in value-added from commercial banks to Big Techs, due to their competitive advantage in gathering and analyzing data.

Big Techs may play a bigger role as distributors, facilitators and aggregators of digital money and financial services (such as  wallet services, Amazon, and Alibaba). This could drive down the profits of traditional intermediaries and lead them to take more risk, to consolidate, and to reorganize their activity around back-end treasury services.

We may see the rise of decentralized finance (so-called “DeFi”) — that is, automated and decentralized capital markets and related securities, trade finance, and lending. The market is still small, at this point: The value of assets in DeFi contracts is about $1 billion, as of January 2021. But there are important potential implications for market structure and functioning, and challenges on how to appropriately regulate this space. It’s also possible that we may see the reduced availability of collateral. Fully-backed stablecoins could immobilize central-bank liquidity and could put pressure on overnight interbank markets. That could affect shape and stability of the yield curve.

Thanks to Daniel’s insightful questions, we’ve had an opportunity today to explore some of the crucial challenges that we will confront in the near-term future, about which we must make sometimes-difficult decisions that will shape our long-term future. Not just for the strength of our economy, but for the character of our society, let us hope that our policymakers and the public will resolve to make the difficult choices now that will forestall even more drastic choices later.

With that, let me thank you, Daniel, for your insightful and thought-provoking questions. And let me give my thanks to you, for those in our audience today, for considering these pivotal themes for the global economy and for global finance.

And now, I’ll be pleased to consider any questions you may have.

Thank you very much.

IMF Communications Department

Media relations.

PRESS OFFICER:

Phone:  +1 202 623-7100 Email: [email protected]

@IMFSpokesperson

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Market Research Trends to Conquer 2023

Market Research trends didn’t shift all that much over the course of the year. But, there are some that became far more prominent than others.

As an essential component of any business strategy, Market research is knowledge. And as we all know, knowledge is power. The right research tells you who your customers are, what they need and want, and what they expect from your business. While market research itself is extensive, knowing market research trends is almost equally important.

Surely, you can’t rely solely on in-person audience questionnaires and surveys as your entire strategy anymore. This isn’t the 60s. We’ve evolved and so has the world, so you can’t expect to use the same strategies forever.

That’s where knowledge of trends in market research can help you. Let’s cover some of the top market research trends for 2023 so you can meet your customers where they are and grow your business.

Trend 1. Artificial Intelligence (AI)

Businesses are blessed with massive amounts of data to analyze customer needs. But the vastness is a double-edged sword. How do you collect and analyze such vast amounts of information promptly while still conducting other essential business tasks?

Shocker: AI isn’t one of the most recent trends in the market research industry. Companies have used it for the past decade, but it is now more commonplace, more widely adopted, and smarter than ever.

Human capital isn’t enough to compile, organize, and analyze datasets from every possible source; that’s where AI can help. AI and machine learning do the heavy lifting, saving you both time and money in labor costs. Imagine seeing deep insights across millions of datasets laid out for you within minutes. Magic.

On top of the improved efficiency, AI offers more room for innovation in the types of data you can collect in your research. Today, Emotion AI analyzes facial expressions, eye movements, voices, and other non-verbal cues to figure out how a customer feels about something. These valuable insights can complement a customer survey – or replace it if it’s found to be more accurate.

Innovators beware, though. AI isn’t a complete replacement for human capital, it’s a supplementary tool. You still need people to brainstorm growth strategies and apply insights to business day-to-day. And yes, this even applies to the latest craze to rock the internet, ChatGPT.

Bottom line? AI is one of the most important market research industry trends to scale your business and reach your customers, but use it in tandem with strong talent.

Trend 2. Mobile app intelligence

With the average person opening a mobile app 11 times per day, and over 90% of mobile time now being spent on apps – there’s no doubt that apps can impact almost every business, in one way or another. The ability for organizations to monitor and track app intelligence is no longer a nice-to-have, but a must. The need for mobile app intelligence is rising across all industries, globally.

With the ability to see web and app traffic together, it’s easy to spot how consumer behaviors are changing: and it allows leaders and analysts to measure the impact of apps in their market. For those looking to rule in (or out) app investments, this provides the data needed to inform those decisions. With a complete view across the digital landscape, organizations can track how the new era of mobile-first consumers spend their time and money online.

With technology driving increased demand for apps and disruptive start-ups entering almost every sector, rapid market shifts are fast becoming the norm. App intelligence gives people the ability to spot emerging threats and take action when and where it’s needed. Without the complete picture, decisions around growth and strategy are only partially informed, which could impact outcomes further down the road.

Trend 3. Humanity in customer experience

Market research trends sometimes shift the type of data we collect from our customers. In 2023, it’s not enough to capture technical markers like age, location, and gender. Today’s customer expects a personalized customer experience, and you can’t give it to them without knowing psychographic data . What’s their attitude towards, well, everything? Are they introverted or extroverted? You also want to learn where their values lie and align yours with theirs.

After that, you use those deep personal insights to infuse more humanity into their experience. You might send a check-in email asking them if their last purchase helped them solve a problem. Or, you’ll refer to them by name when your chatbot addresses them online.

The result?

Bigger shopping carts, higher sales, and improved profit margins, according to 40% of executives surveyed by Forbes .

Trend 4. Social listening

Social listening tools have been around for a while. So, why is social listening one of the latest trends in the market research industry? One reason is the emergence of the Metaverse, which may plug your customers online even more.

Another key qualifier is real-time. Real-time social media competitive analysis will set you apart from the competition. You should always be aware if your customers attribute your content to a negative social issue, for example.

Find actionable insights from online conversations and monitor social engagement metrics . Keep track of brand mentions of course, but also common search terms and phrases. Reminders and alerts will help you stay on top of the ever-awake social media landscape.

Trend 5. Inclusive research

ESG (environmental, social, and governance) is becoming a must for businesses, with government provisions of ESG growing to 74%. But the important part is the return – environment, social criteria, and ethical governance considerations add up to 63% in equity returns . One way to promote stronger social consideration is through more inclusivity in hiring and research.

Market research inclusivity is one of the latest trends in the market research industry. The truth is, old ways of market research didn’t adequately capture a diverse audience. You can’t use the same panel provider every time and expect diverse results. Nor can you ask the same survey questions and use the same demographic markers to categorize your audience.

Inclusive research requires curiosity.

• Who are your unique visitors ?
• Which groups seem omitted from your analysis?
• How can you uncover more diverse audiences with your current tactics?

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Trend 6. Monitoring adjacent markets

You might not expect new trends in market research to include consideration of an entirely new market altogether. But COVID-19 showed us the importance of a business’s quick ability to pivot, and you can’t do that if you don’t understand adjacent markets.

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Consider this: A world event destroys your business. Your target audience can’t afford your product anymore, or they don’t need it. How do you recover? Maybe you focus on a new, niche audience . Or, you figure out how you can change your product offering to better meet your current customer needs.

Uber is a great example of a business that included adjacent markets in its research. While traditional ridesharing became less common throughout the pandemic, the adjacent food delivery market boomed – and Uber took full advantage.

Lesson to learn? When you conduct your market research, squeeze in time and budget to learn about customers in adjacent markets – it could save your business

Trend 7. Market-tech audits

How many platforms do you use to conduct market research? Martech continues to emerge with new companies offering the latest innovations – but that doesn’t warrant jumping on all of them.

A market-tech audit is one of the most essential trends in market research today. The last two years have made it so easy to adopt multiple techniques and software to no avail – it’s time for an audit.

Think about which solutions overlap in function. Are you doubling the work and struggling to cut out redundancies throughout your research? Is the tech you invested in to find efficiencies actually slowing down your workflow?

Dissect every solution and focus on ones that provide robust data analytics.

Trend 8. Consumer and brand value alignment

The latest generation of customers (Gen Z) cares about your brand identity and business values.

Today, customers want to invest in businesses with values aligned with their own. If your target audience values environmental sustainability, you better demonstrate that in your brand values and policies.

A fancy mission statement isn’t sufficient. Customers will catch on quickly if your outward appearance doesn’t match your daily operations. One way to keep up with this market research trend is with social listening. Keep track of how your brand values are being discussed on social media – maybe there’s room for some revision, or a renewal of vows, if you will.

The result? Customer loyalty overdrive.

Trend 9. Automation and efficiency

Companies can find more efficiencies by hopping on market research trends of AI and market tech audits, of course. But there’s more to automation than those two tools. AI helps you sift through more information to find insights, sure. But where else can you find efficiency?

One way is to cater to the mobile-first generation with shorter, smarter surveys. The average person doesn’t have the capacity or interest to sit through a 30-question questionnaire. Find your mobile audience and give them the shortest, yet richest survey possible. You’ll find more efficiency if you narrow down your data to the most important.

Back to AI. Market research isn’t all exciting insights and analysis. A lot of it is tedious – collecting research, organizing and categorizing information, sending follow-up emails, and much more. The latest trends in market research demand that you automate these time-consuming tasks. Free up your time to do more meaningful work.

Market research trends: in summary

The latest trends in the market research industry echo slowly-building trends from the last couple of years as well as introduce completely new ways of conducting market research.

Here’s the truth: market research has never been so exciting! Implementing AI, inclusivity, social listening, and humanity within strategies will take your market research to new levels. But without keeping track of market research trends, you can’t use any of it to your advantage.

The solution? Leverage market research trends to propel your business forward. You’ll find new customers and show your current ones that they’re important.

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Home • Knowledge hub • The essential guide to conducting international market research

The essential guide to conducting international market research

In this guide we explain how to do international market research, exploring the key considerations to set you up for success.

Why is conducting international marketing research so important?

Whatever you think of it, globalisation is now a fact of life. For more than half a century , the biggest brands in the world have operated on a truly international scale. But in the past 25 years – the internet era – an ability to service global markets much more easily has made an international footprint even more compelling.

Near-universal penetration of the internet – often via a smartphone, equipped with GPS locators, camera and microphone – has created low-friction access for brands into markets they didn’t even know existed. Global supply chains and logistics make serving overseas markets easier than ever. And although there have been notable blips – in the form of sanctions, national protectionism and policy decisions such as Brexit – the overall trajectory is towards fewer tariff and non-tariff barriers to trade.

All that adds up to international business no longer being the preserve of multi-billion dollar blue-chip names; or even mid-corporate specialists and cool brands. Any company can now expand beyond their local market . International marketing today is a much more open field.

But the Covid-19 pandemic has also reminded us that within that global picture, markets evolve unpredictably. And they have always been subject to rapid change driven by local conditions, culture and consumption patterns.

That’s made multi-market insights even more useful for global brands already operating internationally – and any business planning to grow ‘overseas’ for the first time. Marketing research is important even at ‘home’. But in brand-new target markets with high potential, it’s nothing short of critical .

Finding a balance – with pertinent local insights or the one hand, and global uniformity for brand consistency on the other – can be a huge challenge. Marketing textbooks include plenty of examples of a failure to localise products and services, mistranslations of brand messaging ( some of which are urban legends …) and other cultural blunders .

That’s made market research a crucial tool for business looking to foreign markets, both to help generate insights that can be benchmarked across their global consumer base; aggregated to inform global decisions; and ensure international progression isn’t tripped up by nuances that demand locally tailored marketing or even products themselves.

Big world, small questions – How to embark on an international market research project

So what does it take to run an international market research project? One fundamental truth about market research holds true whatever you want to find out: the tighter the brief, the more useful the results.

That’s not to say brands could, or should, never conduct wide-ranging and open-ended research studies to test general attitudes or behaviours on a global scale. But while that kind of ‘ scene-setting ’ work can be very valuable in one location, country or even cultural context, it can be much harder to come up with firm conclusions when you’re trying to be ‘global’. International market research might start out with the intention of finding global commonalities or appetites, but the data collected will rarely reveal universal insights.

It’s more a question setting out the kinds of insights that might drive operational, product design or branding decisions for different markets. Country specific norms for consumers and logistics will affect the brief. And different nations, cultures and infrastructure will dramatically affect the available research methodologies, too. Again: it’s not impossible to design international research projects that have perfect consistency in methodology – but for many situations, it’s also not necessarily going to deliver the biggest return on investment.

There is significant value in getting inputs from research professionals even before setting the brief. Getting those right at the outset helps the market researchers you work with get a clearer idea of how they might target their investigations and sets expectations about what’s possible – whether you’re looking at a single overseas market, the potential for an entire region or tailoring local research work to evaluate global possibilities for your brand.

International, regional or global? Approaching international market research

That decision – one or two new markets, a region (perhaps opened up thanks to changes in logistics infrastructure) or a global snapshot – probably won’t be defined by the research process itself.

For the biggest brands, global methodologies ( which you can learn more about here ) such as brand trackers might seem to be universal. But you still need to localise the process to draw broad conclusions. This isn’t simply a question of ensuring that two completely different markets generate results that can be compared at the global level to inform business decisions. National and regional situations are constantly evolving, adding different contexts that research should be able to factor in. Just like running focus groups around a large country, the broad methods might be the same, but the way you ask questions and interpret answers needs finesse.

The biggest global brands – such as Starbuck or McDonald’s – often undertake localisation work on their products and services, too. The Tsukimi Burger is alien to anyone outside Japan, for example. Research conducted to support these market-specific development projects is usually undertaken by local teams. But decision-makers at these companies’ HQs will still expect research supporting those decisions to meet their global standards.

For companies breaking into foreign markets for the first time, similar rules apply. They will have a standard of insight they demand from research; but they will benefit hugely from working with research teams or agencies who understand the local cultures, dialects and the most productive research methodologies.

So right at the inception we need to ask some basic questions:

• Are we looking to assess products that present uniformly across the globe ? (An iPhone is the same everywhere; a chocolate recipe might not be.)
• How would we tailor products or positioning for a local audience? (Is this just packaging, for example, or tweaks to the features to adapt them to local conditions or cultural norms.)
• What are the financial implications of these decisions? (Tailoring research to local markets and contextualising the outputs against your global strategic objectives is usually fascinating work. But will it create valuable enough insights to offset the cost of both the research itself and the tailoring?)

Speaking our language

One of the biggest issues for research internationally is translating your project into different languages ( we explore that in detail here ). That means not just the questionnaires or scripts that you use, but the brief (so local fieldwork teams understand your intent), the responses and insight reports.

In the era of Google translate (and, to a lesser extent, the use of English in many markets) this might not seem so difficult. But the nuances of language can be a major pitfall for brands and for research projects. Remember, even dialects and local idiom can affect both the meaning of a survey response, a focus group transcript or even the focus of a question.

Language and culture across South East Asia is incredibly diverse, so you can’t simply treat it as a homogenous region. Even in India ( see our article on breaking the markets there ) there are dozens of languages and cultural identities. And in Canada, for example, you need translators who know Quebecois, not just French. Making small mistakes can undermine engagement and trust, and it’s usually a relatively easy thing to get right if you know what to look for.

These language traps are particularly acute for qualitative work assessing softer or more descriptive product features or emotional product branding –especially if there is a very strong global brand identity that needs to be maintained around any local variation.

Working with local teams to ensure the meaning of questionnaires and responses is captured, not just literal translations, helps ensure marketing decision-makers aren’t trapped. Specialist translation services and research teams on the ground but who are in on the initial project brief are hugely valuable.

Realities on the ground – how cultural nuances can influence your choice of methodology for international market research

There are huge variations in the cultural acceptance of different research methodologies too. In some countries, certain methodologies simply don’t work that well. You might find a survey on WeChat in China works well; but in some markets, you may need to spend more time building rapport with consumers – and allow them a sense of anonymity to build the confidence they need to be open with you. This worked well on a recent project in Saudi Arabia, for example, where we conducted an online community.

Some societies have historically been more open to face-to-face research rather than online approaches (although this is changing as a result of the pandemic), so we often recommend a blended approach to get to comparable levels of insight versus other markets where this might be attainable exclusively through online methodologies.

Even between Germany and the UK the research context varies hugely.  A lot of cultural nuance is rooted in history, too. In eastern Germany, for example, the folk memory of the Stasi is still recent history for many older people – which informs attitudes towards research and certain methodologies. So what you ask, how, where and when will differ in Leipzig compared to Paris or Birmingham, say. (And in much of the US, respondents will typically tell you much more than you need to know!)

And even well-understood quantitative methodologies – that you might think don’t require that linguistic nuance – need to be properly calibrated. For example, point scales vary around the world. In China, people are more open to giving 8s, 9s and 10s; in the UK, these are much rarer. If that’s not factored in it can skew important localisation decisions.

Research projects also need to account for infrastructure and social norms. If you’re investigating the relative strength of a drinks brand, for example, knowing how many people have access to refrigeration at home or whether drinking in the street is frowned upon will be important.

Online – not entirely global

Culture, history, consumption patterns, economics, language and infrastructure aren’t the only variations that need to be taken into account for an international research project. Technology has a potentially huge impact on the types of research you can conduct and how well it works.

The rate of adoption of devices and quality of connectivity in each market is a big factor. In some developing countries, you’ll need to tailor a more light-touch experience, with lower bandwidth requirements for online and mobile methodologies; in others, you can use more data-intensive approaches that are demanding on bandwidth and storage.

The smartphone has flattened out some of the methodological variety between markets, it’s true. Take Indonesia, for example. It was always very much a face-to-face market. But that is changing, as the need to inform faster decision making grows, with research through online panels– like our KOINS panel – taking off.

But there are still very clear cultural differences that mean it’s not simply a question of getting every market to download the same app, for example. Yet again, local knowledge is key – not just of those cultural or technological norms, but also of regulation. Data protection laws vary widely, for example.

Online survey methodologies can also lay traps on language. A couple of years ago, lots of brands were interested in the idea from Scandinavia of ‘hygge’ – a king of super-relaxed personal indulgence. There is also a word in Dutch to imply a notion of ‘coziness’, but it’s a different concept. If that crops up in responses, is it the same thing or not? Automated keyword searching and the surging use of AI analytics might not give you the whole picture.

In short: think global, research local

The smartest headquarters’ marketing teams already understand what needs to be tailored locally and what of their global branding they can apply in existing or new export markets. Knowing you can apply product branding across different markets can mean finding huge economies of scale in creative execution and being able to hook local variation into a wider brand image.

They will also trust either local marketing teams, or research specialists with local knowledge, to adapt both marketing and product sets to the conditions in their target markets. They need to know for each market what’s driving the local nuance and how to marry those with the logistical, economic and branding issues around that market.

And they know that whether it’s the attempt to tests global opinions, the openness of local consumers to existing products and branding or to uncover creative and value-creating local adjustments to products and messaging, there is no substitute for in-the-field expertise of a research partner capable of delivering to brief with the most appropriate methodologies.

The old phrase ‘think global, act local’ might be a tired truism. But when it comes to the way research is conducted to optimise performance in global markets, it’s still the number one rule.

Looking to embark on an international market research project?

Learn more about our international research capabilities , or request a proposal to discuss an international research project with us.

Helping brands uncover valuable insights

We’ve been working with Kadence on a couple of strategic projects, which influenced our product roadmap roll-out within the region. Their work has been exceptional in providing me the insights that I need. Senior Marketing Executive Arla Foods

Kadence’s reports give us the insight, conclusion and recommended execution needed to give us a different perspective, which provided us with an opportunity to relook at our go to market strategy in a different direction which we are now reaping the benefits from. Sales & Marketing Bridgestone

Kadence helped us not only conduct a thorough and insightful piece of research, its interpretation of the data provided many useful and unexpected good-news stories that we were able to use in our communications and interactions with government bodies. General Manager PR -Internal Communications & Government Affairs Mitsubishi

Kadence team is more like a partner to us. We have run a number of projects together and … the pro-activeness, out of the box thinking and delivering in spite of tight deadlines are some of the key reasons we always reach out to them. Vital Strategies

Kadence were an excellent partner on this project; they took time to really understand our business challenges, and developed a research approach that would tackle the exam question from all directions.  The impact of the work is still being felt now, several years later. Customer Intelligence Director Wall Street Journal

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Mapping research in marketing: trends, influential papers and agenda for future research

Spanish Journal of Marketing - ESIC

ISSN : 2444-9695

Article publication date: 5 December 2023

Issue publication date: 7 March 2024

This study aims to map the conceptual structure and evolution of the recent scientific literature published in marketing journals to identify the areas of interest and potential future research directions.

Design/methodology/approach

The 100 most influential marketing academic papers published between 2018 and 2022 were identified and scrutinized through a bibliometric analysis.

The findings further upheld the critical role of emerging technologies such as Blockchain in marketing and identified artificial intelligence and live streaming as emerging trends, reinforcing the importance of data-driven marketing in the discipline.

Research limitations/implications

The data collection included only the 100 most cited documents between 2018 and 2022, and data were limited only to Scopus database and restrained to the Scopus-indexed marketing journals. Moreover, documents were selected based on the number of citations. Nevertheless, the data set may still provide significant insight into the marketing field.

Practical implications

Influential authors, papers and journals identified in this study will facilitate future literature searches and scientific dissemination in the field. This study makes an essential contribution to the marketing literature by identifying hot topics and suggesting future research themes. Also, the important role of emerging technologies and the shift of marketing toward a more data-driven approach will have significant practical implications for marketers.

Originality/value

To the best of the authors’ knowledge, this is the first comprehensive study offering a general overview of the leading trends and researchers in marketing state-of-the-art research.

• Bibliometric analysis
• Citation analysis
• Research publications
• Science mapping
• Análisis bibliométrico
• Análisis de citas
• Publicaciones de investigación
• Mapeo científico
• 市场营销; 文献计量分析; 引文分析; 研究出版物; 科学绘图。

Ramos, R. , Rita, P. and Vong, C. (2024), "Mapping research in marketing: trends, influential papers and agenda for future research", Spanish Journal of Marketing - ESIC , Vol. 28 No. 2, pp. 187-206. https://doi.org/10.1108/SJME-10-2022-0221

Emerald Publishing Limited

Copyright © 2023, Ricardo Ramos, Paulo Rita and Celeste Vong.

Published in Spanish Journal of Marketing - ESIC. Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

Marketing is vital to all businesses’ survival, long-term growth, development and success ( Czinkota et al. , 2021 ). Generally, the domain of marketing encompasses (1) the identification of marketing opportunities, (2) the creation of competitive advantages, (3) the effective utilization of resources, (4) the communication and delivery of products or services to customers, (5) the creation of value to customers and (6) the satisfaction of customers’ needs profitably ( Simkin, 2000 ).

The evaluation of academic marketing literature has progressively become relevant in recent years ( Das et al. , 2022 ; Hair and Sarstedt, 2021 ). The increasing number of academic publications in marketing varies in different contributions, which made it difficult for scholars to track new trends and find influential manuscripts to advance the body of knowledge. The primary objective of a research publication is to be known and influence others’ work. Nevertheless, the created knowledge is fragmented, and the emergence of new marketing topics is continuously changing the research map of marketing. Moreover, marketing is an applied discipline in that marketing research not only aims to generate scientific knowledge but also to provide insights and knowledge that can be practically used to inform marketing decisions ( Jedidi et al. , 2021 ). In addition, technological advancement has rapidly affected marketing practices and management ( Amado et al. , 2018 ). To address this challenge, this paper aims to map the conceptual structure and the evolution of knowledge to uncover the existing topics, trending areas of interest and future directions.

Despite considerable research efforts in the marketing field, little has been done to review prior research works systematically. Moreover, recent review articles have mainly focused on specific marketing domains or are limited to particular contexts, such as customer experience ( Chauhan et al. , 2022 ), marketing communication ( Domenico et al. , 2021 ), customer engagement ( Chen et al. , 2021 ), consumer behavior ( Oliveira et al. , 2022 ), advertising ( Jebarajakirthy et al. , 2021 ) and product or brand positioning ( Saqib, 2021 ), while context-specific reviews include marketing in emerging markets ( Paul et al. , 2016 ), sustainable marketing ( Lunde, 2018 ), business-to-business marketing ( Pandey et al. , 2020 ), luxury brand marketing ( Arrigo, 2018 ) and tourism marketing ( Han and Bai, 2022 ). The lack of a holistic review of marketing research created a gap in the existing research. Therefore, it is necessary to provide a big picture of the most recent marketing literature. The most recent review work in the same vein was conducted by Morgan et al. (2019) , who evaluated 257 marketing strategy articles published in the six most influential marketing journals during 1999–2017. Nevertheless, given its focus on marketing strategy and limited research sources, it does not provide a comprehensive framework that covers all aspects of the marketing field. To complement the work by Morgan et al. (2019) , this paper conducts a review with a more recent timeframe that focuses on recent trends, patterns and development in the field. The inclusiveness of journals will also enable identifying areas of interest beyond marketing strategy.

What is the knowledge structure of the state-of-the-art most influential academic research in marketing?

What are the current research trends?

What are possible pathways for future research in marketing?

The present work will facilitate the understanding and advancement of theories and knowledge in the field. Also, this paper provides valuable insights into the field’s most relevant and pressing issues and informs where future research efforts should be focused. This will, in turn, improve the practical relevance and usefulness of future research and ensure that research efforts are targeted toward topics that will yield impactful results. Moreover, it offers up-to-date information for marketing researchers.

2. Methodology

This study focuses on characterizing the most influential academic marketing articles published between 2018 and 2022 and discussing the marketing state of the art.

2.1 Search strategy

A search string was applied in the Scopus database to find the most relevant articles for this research ( Ramos et al. , 2019 ). The Scopus database was chosen for the literature review as it is generally considered one of the largest repositories with the most relevant indexed publications and one of the most universally acknowledged bibliographic databases ( Kumar et al. , 2020 ). It is recognized as the most well-organized and of the highest credibility and quality standards, with the most significant global impact and more comprehensive cover ( Muñoz-Leiva et al. , 2015 ; Rojas-Lamorena et al. , 2022 ) and is consistent with previous bibliometric reviews applied in the marketing research setting ( Kumar et al. , 2021 ; Paul and Bhukya, 2021 ). In addition, it follows Donthu et al. (2021) ’s recommendation to select only one database to minimize human errors during analysis. All marketing journals (212) indexed in Scopus were included in the current study. The journal selection takes a rather inclusive approach instead of the sole inclusion of marketing-specific journals, as marketing is a diverse and evolving field not strictly tied to a single-subject field ( Baumgartner and Pieters, 2003 ) but often intersects with other disciplines. For instance, given the rapid advancement of technology and its influence on marketing practices, topics such as information systems or big data are growing in importance and relevance to the marketing literature ( Amado et al. , 2018 ). Accordingly, journals such as the International Journal of Information Management have also contributed significantly to marketing recently ( Veloutsou and Ruiz Mafe, 2020 ). The search was conducted on June 9, 2023.

2.2 Selection process and final data set

The search was conducted in the Scopus database and limited to 2018 to 2022 to obtain state-of-the-art articles. Five years is a reasonable timeframe to capture a discipline’s essence and to conduct a bibliometric analysis ( Borgohain et al. , 2022 ). The collection of articles over five years reflects varied, robust, broad, inclusive and unrelated marketing research interests in the marketing field ( Bettenhausen, 1991 ). The focus on the most recent works permits uncovering the most recent trends without the influence of older topics. Only articles were selected as they represent the most advanced and up-to-date knowledge and are recognized for their academic value ( Rojas-Lamorena et al. , 2022 ). In total, 44,767 articles were collected. To select the most recent influential marketing articles, the top 100 most cited articles were selected. The citation metric acknowledges the impact of the articles ( Donthu et al. , 2021 ) and reflects the impact of scholarly work in subsequent research ( Purkayastha et al. , 2019 ).

In addition, it is recognized as one of the most relevant metrics of academic research ( Dowling, 2014 ). Although assessing the influence of an article based on citation analysis represents a significant limitation because articles may be cited for multiple reasons, citation analysis is considered an objective approach that exhibits less systematic biases for research impact evaluation ( Baumgartner and Pieters, 2003 ). Previous works have used citation metrics for bibliometric analysis. For instance, Law et al. (2009) analyzed the most influential articles published in Tourism journals using citation counts, whereas Brito et al. (2018) identified the areas of interest in football research and listed the articles based on citation frequency. From each article, the following variables were retrieved: authors’ names and keywords, document title, year, source title and citation count. The information was extracted in CSV file format.

2.3 Final data set

The final data set includes 100 articles from 28 journals. The authors’ names were reviewed for normalization purposes as they have different nomenclatures in different articles (e.g. Dwivedi YK vs Dwivedi Y) so that the software understands them as the same.

2.4 Data analysis

The CSV file with the final data set was input for the bibliometric analysis. Data were analyzed using the mapping analysis R-tool bibliometrix ( Aria and Cuccurullo, 2017 ). This package allows different types of analysis, offering an overview of the research field. A bibliometric analysis permits to analyzing the bibliographic material quantitatively, providing an objective and reliable analysis ( Broadus, 1987 ; Sepulcri et al. , 2020 ) and summarizing the existing literature and identifying emerging topics of research ( Hota et al. , 2020 ). The authors’ names and keywords, year of publication, source title and the number of citations were collected from each article. A performance analysis was performed to acknowledge the field’s citation structure, most relevant sources, authors and articles. Then, science mapping analysis through a co-occurrence analysis was performed. The co-occurrence analysis aims to overcome the descriptive nature of the bibliometric analysis, uncovering gaps and research trends ( Palmatier et al. , 2018 ; Quezado et al. , 2022 ). The gaps and research trends led to a future research agenda.

3. Results and discussion

3.1 total citations by year.

As indicated in Table 1 , the 100 articles were cited 41,888 times, an average of 418.88 citations per article. The most contributing years were 2019 and 2020, with 33 published articles yearly. The year with the highest number of citations was 2019, with 14,621 citations, corresponding to 34.90% of the total citations. This record is strongly linked to the work of Snyder (2019) , with 1,872 citations that characterized different types of literature reviews and suggested guidelines on conducting and evaluating business research literature reviews. Due to the increasing number of publications, it is challenging to keep current with state-of-the-art research ( Briner and Denyer, 2012 ). Reviewing the existing research is fundamental for understanding marketing research inconsistencies, gathering and synthesizing previous research and serving as guidance for researchers and practitioners. In addition, literature reviews contribute to identifying potential gaps, suggesting novel research lines and allowing a balanced growth of a research field ( Hulland and Houston, 2020 ).

The year with the highest mean total citations per article and year was 2021 (527.5 and 175.83, respectively). This result is highly associated with Donthu et al. (2021) ’s work, with 1,221 citations, that explained how to develop a bibliometric analysis.

The main difference between a literature review and bibliometric analysis is the focus and the methodological approach. A literature review aims to critically analyze and synthesize existing knowledge under a research topic ( Snyder, 2019 ). In turn, a bibliometric analysis is a specific approach within the field of scientometrics that uses quantitative and statistical methods to analyze the scientific production and articles’ characteristics published in a specific research domain ( Aria and Cuccurullo, 2017 ).

3.2 Most influential articles

Seminal articles in marketing assume an essential role in its development ( Berry and Parasuraman, 1993 ). The number of citations was used to define and measure the impact of the most influential articles. The most cited document (total citation = 1,872) was Snyder’s (2019) work on conducting an overview and suggesting guidelines for conducting a literature review ( Table 2 ). The normalized citation compares an article’s performance to the data set’s average performance ( Bornmann and Marx, 2015 ; Rita and Ramos, 2022 ). Snyder (2019) ’s work has the highest normalized citation index (4.13), revealing its outstanding performance compared with the remaining articles from the data set.

Among the top 10 most cited articles, three are related to PLS-SEM. The partial least squares – structural equation modeling (PLS-SEM) is relevant for marketing as it allows to examine of complex relationships between latent variables and manifest variables, permitting a flexible and less restrictive analysis in terms of statistical assumptions than other modeling techniques, such as confirmatory factor analysis and principal component analysis ( Hair et al. , 2020 ). By using PLS-SEM, marketing researchers can explore complex relationships among variables, test research hypotheses, identify the relative importance of different influencers and assess the validity and reliability of the measured variables ( Sarstedt et al. , 2019 ). It is frequently used in research involving the modeling of theoretical constructs, such as customer satisfaction ( Ramos et al. , 2022 ), brand image ( Kunkel et al. , 2020 ) or perceived quality ( Ariffin et al. , 2021 ) research.

Surprisingly, there are no articles from 2018 in the top 10 most cited articles. However, there are two articles published in 2021. One of the papers published in 2021 is the work of Verhoef et al. (2021) , which explores digital transformation and innovation in business models and suggests a research agenda for future studies. Digital transformation and innovation are highly relevant for marketing as it provokes consumer behavior change ( Lemos et al. , 2022 ). In addition, it allows companies to adapt to consumer behavior changes, seize the opportunities for segmentation and personalization, improve communication and engagement and increase operational efficiency ( Muneeb et al. , 2023 ; Zhang et al. , 2022 ).

3.3 Source impact

Table 3 depicts the top 10 most impactful sources of the 100 most influential marketing articles. The intellectual convergence is exhibited based on common sources and referencing patterns ( Donthu et al. , 2021 ), and identifying journals may facilitate future literature search and scientific dissemination.

Among the 28 journals, the International Journal of Information Management (IJIM) contributed the most papers (26 papers), followed by the Journal of Business Research (JBR) (22 papers) and the Journal of Retailing and Consumer Services (JRCS) (6 papers). These journals are all First Quartile journals based on SCImago Journal Rank (SJR) indicator, with an impact factor of 4.906, 2.895 and 2.543, respectively. The IJIM focuses on contemporary issues in information management ( Elsevier, 2023a ). Information management field of research plays a fundamental role in marketing, providing data and insights that guide marketing strategies, improve segmentation and customization, leverage automation marketing, data-driven decision-making and the performance evaluation of marketing initiatives ( Dwivedi et al. , 2020 ). The JBR aims to publish recent business research dealing with the spectrum of actual business practical settings among different business activities ( Elsevier, 2023b ), while the JRCS focuses on consumer behavior and policy and managerial decisions ( Elsevier, 2023c ). The findings indicate the contribution and importance of IJIM to the marketing field, recognizing the relevance of information management. Surprisingly, leading marketing journals listed in the Financial Times 50 ( Ormans, 2016 ), such as the Journal of Consumer Research , Journal of the Academy of Marketing Science and Journal of Marketing , only produced a small number of relevant articles in our data set. This result suggests that their papers may not be as impactful or influential as those published in other outlets. Nevertheless, the quality of the articles published in these outlets reflects the most original and well-executed research, as they have high submission rates. However, their rate of acceptance is very low.

Among the top 10 most productive journals, JBR is the one with the highest number of citations. This result confirms Table 2 ’s results as it lists six articles that were published in this journal ( Donthu et al. , 2021 ; Hair et al. , 2020 ; Sheth, 2020 ; Sigala, 2020 ; Snyder, 2019 ; Verhoef et al. , 2021 ).

3.4 Contributing authors

Key authors are essential to the field’s structure and growth ( Berry and Parasuraman, 1993 ) and positively influence the most impactful articles ( Rojas-Lamorena et al. , 2022 ). Thus, it is imperative to identify them and acknowledge their impact. Between 2018 and 2022, 100 documents were written by 312 different authors.

Table 4 characterizes the top 10 most productive authors among the most influential marketing research articles over the past five years. The authors’ indices were calculated, including h -index, g -index and m -index. The Hirsh index ( h -index) is the proposal to quantify productivity and the journal’s impact considering the number of papers and citations per publication ( Hirsch, 2005 ). The g -index aims to measure the performance of the journals ( Egghe, 2006 ), considering the citation evolution of the most cited papers over time. Furthermore, the m -index, also called the m -quotient, considers the h -index and the time since the first publication ( n ); hence, m -index = h -index/ n ( Halbach, 2011 ).

Professor Dwivedi YK is the most prolific, with seven published articles indicating more than one paper yearly. Although he is placed second as the most cited author (3,361), he has the highest h - (7), g - (7) and m -index (1.17). Professor Dwivedi’s research focuses on digital innovation and technology consumer adoption and the use of information systems and information technology for operation management and supply chain, focusing on emergent markets. Digital innovation and understanding technology consumer adoption allow companies to engage with consumers efficiently and personally ( Alalwan et al. , 2023 ). In addition, information systems and information technology applied in operation management and supply chain permit a higher efficiency and visibility in commercial activities, aiding companies to optimize processes, reduce costs and improve customer care ( Tasnim et al. , 2023 ). Professor Dwivedi is a Professor at the School of Management, Swansea University, UK ( Swansea, 2023 ). The second most productive author is Hair JF, and Hughes DL, with five articles each. Professor Hair JF is the most cited author in the list of the most productive authors. This record is highly associated with the work “Assessing measurement model quality in PLS-SEM using confirmatory composite analysis” ( Hair et al. , 2020 ), with 1,103 citations. Multiple papers gather authors from the list. For instance, the article “Artificial Intelligence (AI): Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy” ( Dwivedi et al. , 2021 ) was co-authored by Professors Dwivedi YK and Hughes DL. This paper has 637 citations and addresses the transformative power that artificial intelligence (AI) may have for the automation and replacement of human tasks, highlighting opportunities, challenges and impacts. AI plays a fundamental role in marketing, permitting advanced personalization, task automation, advanced data analysis, campaign optimization and improved customer experience, leading to personalized experiences and better marketing results ( Duan et al. , 2019 ; Dwivedi et al. , 2021 ).

Fractionalized frequency displays the multiauthored articles. This analysis is relevant to understand how researchers interact with each other ( Rojas-Lamorena et al. , 2022 ). A credit is attributed to each author, depending on the number of co-authors. If a paper has two authors, each receives a half-point. If a paper has three authors, each receives a third of a point, and so on ( Cuccurullo et al. , 2016 ). Professor Hughes DL has the lowest score (0.57) on the five most productive authors list, suggesting a strong relationship with colleagues through co-authorship based on shared interests.

3.5 Co-occurrence analysis

Figure 1 presents the authors’ keywords co-occurrence analysis and reflects the relationship between the keywords and the data set ( Wang et al. , 2012 ). Co-occurrence analysis aims to establish relationships and map the conceptual structure of the most influential marketing academic articles and reveal current research trends ( Eduardsen and Marinova, 2020 ). The thicker the lies among each cluster, the stronger the connection between the keywords. The size of each edge indicates the occurrence frequency. Thematic map displays the top 50 keywords and a minimum of 5 clusters. The thematic map shows six clusters, of which two are with the largest nodes, including AI (brown) and Covid-19 (blue). However, clusters with smaller nodes are bibliometric analysis (red), social media (purple), blockchain (green) and customer engagement (orange).

The brown cluster suggests a topic under AI technology. The cluster’s keywords highlight an interconnection and application of AI, machine learning and cognitive computing in the marketing research field. Deep learning, natural language processing and machine learning make part of a broader spectrum of AI ( Verma et al. , 2021 ). Cognitive computing refers to the capacity of computer systems to mimic human capacity to process information, learn and make decisions ( Duan et al. , 2019 ). These technologies handle big data efficiently, predict consumer behavior and support decision-making in actionable insights, transforming marketing strategies ( Blanco-Moreno et al. , 2023 ; Dwivedi et al. , 2021 ).

The blue cluster reflects the pandemic that affected the globe between 2020 and 2023 ( United Nations, 2023 ). This cluster reveals a close relationship between the Covid-19 pandemic and consumer behavior ( Sheth, 2020 ). The interest in understanding the attitudes and consumers’ decision-making is highly relevant for future pandemics ( Pereira et al. , 2023 ). In addition, the pandemic brought social and industry challenges that deserve academic attention ( Dwivedi et al. , 2020 ; Muneeb et al. , 2023 ). This cluster also addresses overconsumption driven by impulsive behavior promoted by the pandemic ( Islam et al. , 2021 ; Marikyan et al. , 2023 ). This cluster suggests insights on how companies can adequately develop marketing strategies to face the pandemic challenges and effectively respond to health crises.

The red cluster reveals a direct connection between bibliometric analysis and scientific assessment. The bibliometric analysis is applied to reveal research patterns and knowledge structure and access the scientific production impact ( Ramos and Rita, 2023 ). The use of bibliographic coupling, co-occurrence analysis and the Scopus database supplies the data set for the identification of relationships and patterns within the literature ( Donthu et al. , 2021 ), summarizing the existing literature and identifying emerging topics of research ( Hota et al. , 2020 ).

The purple cluster highlights the terms social media and marketing. The keyword social media highlights the role of platforms, such as Instagram or TikTok, for advertising ( Alalwan, 2018 ), understanding the role of influencers ( Lou and Yuan, 2019 ), and for co-creation in brand communities ( Kamboj et al. , 2018 ), influencer marketing. Social media platforms are fundamental for any communication strategy as they connect with the audience, create engagement and awareness and promote products and services ( Lou and Yuan, 2019 ). The strategic use of social media in marketing is fundamental for companies to establish an effective presence and build long-lasting relationships.

The orange cluster suggests a relationship between live streaming and customer engagement ( Wongkitrungrueng and Assarut, 2020 ). This interconnection suggests that live streaming can be an effective channel for developing social commerce, influencing purchase intentions ( Sun et al. , 2019 ). Real-time and direct interaction with customers promote greater involvement and improve customer experience.

The green cluster suggests a focus on applying blockchain technology in information systems. Blockchain is a decentralized and immutable technology for transaction registers studied in the supply chain context ( Min, 2019 ). It has a significant potential to transform data management ( Lemos et al. , 2022 ).

4. Conclusions and future research agenda

This study represents a map of the conceptual structure and evolution of the state-of-the-art scientific literature published in marketing journals to identify the areas of interest and potential future research directions. This review aimed to (1) acknowledge the structure of the state-of-the-art most influential academic marketing research, (2) identify current research trends and (3) suggest future research prospects.

4.1 RQ1: knowledge structure

Regarding RQ1, the most cited article among the top 100 between 2018 and 2022 was the work of Snyder (2019) , with 1,872 citations, followed by the work of Donthu et al. (2021) , with 1,221. The years 2019 and 2020 were those that most contributed to the top 100 most cited, with 33 articles each. Accordingly, these years had the most citations, 14,621 and 13,692, respectively. The IJIM was the source with the highest number of articles published from our data set ( n = 26). However, the JBR, with 22 published articles, was the journal with the highest citations ( n = 12,265). Every journal from the top 10 prolific sources is ranked in Scopus (SJR) as Q1. Professor Dwivedi YK was the most prolific author, with seven articles published, followed by Professors Hair JF and Hughes DL, with five articles each. Although placed second on the most productive authors list, the most cited author was Professor Hair JF, with 3,615 articles.

4.2 RQ2: current research trends

As for RQ2, this bibliometric analysis allowed us to identify current research trends through the co-occurrence analysis. Since a comprehensive future research agenda stimulates researchers to continue their research efforts ( Hulland and Houston, 2020 ), we suggest marketing future research questions to gain a deeper knowledge of current research trends ( Table 5 ).

Although AI has existed for over six decades ( Duan et al. , 2019 ), the development of supercomputers that analyze big data led to the exponential use of this technology. Its application in marketing varies and includes trend and prediction analysis, chatbots and marketing automation. However, particularly for data analysis, multiple research questions are yet to be answered ( Dwivedi et al. , 2021 ). Grounded on the AI (brown) cluster, it would be interesting to uncover different uses of AI to improve big data analysis.

The Covid-19 pandemic disrupted global habits ( Sheth, 2020 ). New habits emerged, changing the industry landscape in multiple dimensions, such as consumer, leisure and work behavior. Although multiple studies were published regarding the topic, much is yet to be uncovered. The effects of this pandemic are yet to be fully acknowledged, demanding future studies to comprehend the permanent changes in society ( Islam et al. , 2021 ). In addition, uncovering the best-implemented industry marketing strategies can be helpful, as it is inevitable that new pandemics occur in the future ( Pereira et al. , 2023 ).

Bibliometric analyses map and summarize existent research, extending the global understanding of a research topic and increasing the quality and success of scholarly work ( Donthu et al. , 2021 ). However, the analysis is mainly descriptive ( Ramos and Rita, 2023 ). Combining bibliometric analysis with other methods may enhance the results, leading to an advancement in using such an approach.

Social media is broadly used for marketing-related activities. Through social media platforms, it is possible to build brand image, generate leads for the company’s website, analyze and monitor data, or be an influencer marketer ( Alalwan, 2018 ; Lou and Yuan, 2019 ). Nevertheless, the implementation of gamification techniques ( Bhutani and Behl, 2023 ; Wanick and Stallwood, 2023 ), privacy concerns ( Saura et al. , 2023 ) and collective decision-making ( Dambanemuya et al. , 2023 ) are issues that deserve the attention of researchers.

Livestreaming captured the attention of digital retailing marketers in recent years and significantly changed social interaction. However, different types of live streaming exist, such as webinars, game streaming, corporate streaming, vlogs or personalized content, and can be used in different industries ( Zhang et al. , 2023 ). Investigating the influence of live streaming on consumer engagement may enhance understanding of its relevance for the industry and improve marketing effectiveness ( Wongkitrungrueng and Assarut, 2020 ).

Blockchain technology allows tracing and enhances transaction transparency, creating authenticity certificates to prevent fraud or loyalty programs to build customers’ loyalty and trust ( Lemos et al. , 2022 ). Despite several studies being conducted to understand the impact of this technology on marketing ( Marthews and Tucker, 2023 ; Tan and Salo, 2023 ), there is much to be learned and questions unanswered.

4.3 RQ3: future research agenda

Based on the comprehensive bibliometric analysis findings, potential directions for future research are presented ( Table 6 ). Topics surrounding data-driven marketing are particularly relevant ( Zhang et al. , 2022 ) due to the data abundance and technological advances, and they have the potential to be further developed. For instance, issues arising from adopting AI to uncover hidden patterns in big data or integrating data from different sectors or industries to understand consumer behavior are yet to be understood. In addition, environmental sustainability is highly relevant due to the increasing customers’ awareness of the topic and its influence on developing marketing strategies ( Jung et al. , 2020 ). However, multiple questions are yet to be answered. In particular, the influence of gamification techniques to promote positive, environmentally sustainable consumer behavior and how emerging technologies influence the customers’ perception of sustainable products. Mass personalization allows consumers to customize product features ( Qin and Lu, 2021 ). This topic is highly relevant to the industry and underexplored in marketing. For instance, how can mass personalization be efficiently implemented in highly productive industries? Or how can emerging technologies improve mass personalization programs? Finally, the wearable technologies market is exponentially growing and is increasingly essential to consumer behavior ( Ferreira et al. , 2021 ).

5. Conclusions and limitations

Through the bibliometric analysis of the 100 most influential marketing papers published between 2018 and 2022, this review presents potential directions for knowledge advancement and comprehensive information to facilitate future literature search ( Boell and Cecez-Kecmanovic, 2014 ) by identifying the current research focus, conceptual structure and trends in the marketing field. In addition, this review contributes to practice by identifying the most influential articles for the marketing scientific community interested in gaining scientific insights. Meanwhile, the important role of emerging technologies and the shift of marketing toward a more data-driven approach will have significant practical implications for marketers.

This work has limitations that need to be stated. First, data were limited to Scopus database and restrained to indexed marketing journals. However, it is essential to note that all scientific databases have limitations. Second, to select the most influential marketing documents, the only criterion was on a commonly used metric – the number of citations. Although citation metrics are commonly used, they may incorrectly demonstrate the quality of the work. There are multiple reasons for a work to be cited ( Vogel and Güttel, 2012 ), such as a journal’s prestige or factors related to the methods ( Hota et al. , 2020 ). The Mathew effect phenomenon also exists in science ( García-Lillo et al. , 2017 ). Third, articles take time to be cited. This means that the most recent articles from our data set may have fewer citations, but it does not mean that their quality is poorer. Fourth, to select the most influential marketing articles, every journal under the subject area “Business, Management and Accounting” and category “Marketing” were selected. However, there are journals listed in other subject areas and categories. Nevertheless, the data set may still provide significant insight into the marketing field.

Thematic map based on the authors’ keywords co-occurrence

Top 100 most cited articles structure

Source impact

Co-occurrence topics and future research avenues

IoT = Internet of things

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Acknowledgements

Paulo Rita’s work was supported by national funds through FCT (Fundação para a Ciência e a Tecnologia), under the project – UIDB/04152/2020 – Centro de Investigação em Gestão de Informação (MagIC)/NOVA IMS.

Since submission of this article, the following authors have updated their affiliations: Ricardo Ramos is at Technology and Management School of Oliveira do Hospital, Polytechnic Institute of Coimbra, Oliveira do Hospital, Portugal; ISTAR, Instituto Universitário de Lisboa (ISCTE-IUL), Lisboa, Portugal; Centre Bio R&D Unit, Association BLC3 – Tecnology and Innovation Campus, Oliveira do Hospital, Portugal; Paulo Rita is at NOVA Information Management School (NOVA IMS), Universidade NOVA de Lisboa, Lisboa, Portugal; and Celeste Vong is at NOVA Information Management School (NOVA IMS), Universidade NOVA de Lisboa, Lisboa, Portugal.

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How to Do Market Research: The Complete Guide

Learn how to do market research with this step-by-step guide, complete with templates, tools and real-world examples.

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What are your customers’ needs? How does your product compare to the competition? What are the emerging trends and opportunities in your industry? If these questions keep you up at night, it’s time to conduct market research.

Market research plays a pivotal role in your ability to stay competitive and relevant, helping you anticipate shifts in consumer behavior and industry dynamics. It involves gathering these insights using a wide range of techniques, from surveys and interviews to data analysis and observational studies.

In this guide, we’ll explore why market research is crucial, the various types of market research, the methods used in data collection, and how to effectively conduct market research to drive informed decision-making and success.

What is market research?

Market research is the systematic process of gathering, analyzing and interpreting information about a specific market or industry. The purpose of market research is to offer valuable insight into the preferences and behaviors of your target audience, and anticipate shifts in market trends and the competitive landscape. This information helps you make data-driven decisions, develop effective strategies for your business, and maximize your chances of long-term growth.

Why is market research important? 

By understanding the significance of market research, you can make sure you’re asking the right questions and using the process to your advantage. Some of the benefits of market research include:

• Informed decision-making: Market research provides you with the data and insights you need to make smart decisions for your business. It helps you identify opportunities, assess risks and tailor your strategies to meet the demands of the market. Without market research, decisions are often based on assumptions or guesswork, leading to costly mistakes.
• Customer-centric approach: A cornerstone of market research involves developing a deep understanding of customer needs and preferences. This gives you valuable insights into your target audience, helping you develop products, services and marketing campaigns that resonate with your customers.
• Competitive advantage: By conducting market research, you’ll gain a competitive edge. You’ll be able to identify gaps in the market, analyze competitor strengths and weaknesses, and position your business strategically. This enables you to create unique value propositions, differentiate yourself from competitors, and seize opportunities that others may overlook.
• Risk mitigation: Market research helps you anticipate market shifts and potential challenges. By identifying threats early, you can proactively adjust their strategies to mitigate risks and respond effectively to changing circumstances. This proactive approach is particularly valuable in volatile industries.
• Resource optimization: Conducting market research allows organizations to allocate their time, money and resources more efficiently. It ensures that investments are made in areas with the highest potential return on investment, reducing wasted resources and improving overall business performance.
• Adaptation to market trends: Markets evolve rapidly, driven by technological advancements, cultural shifts and changing consumer attitudes. Market research ensures that you stay ahead of these trends and adapt your offerings accordingly so you can avoid becoming obsolete. 

As you can see, market research empowers businesses to make data-driven decisions, cater to customer needs, outperform competitors, mitigate risks, optimize resources and stay agile in a dynamic marketplace. These benefits make it a huge industry; the global market research services market is expected to grow from $76.37 billion in 2021 to $108.57 billion in 2026 . Now, let’s dig into the different types of market research that can help you achieve these benefits.

Types of market research 

• Qualitative research
• Quantitative research
• Exploratory research
• Descriptive research
• Causal research
• Cross-sectional research
• Longitudinal research

Despite its advantages, 23% of organizations don’t have a clear market research strategy. Part of developing a strategy involves choosing the right type of market research for your business goals. The most commonly used approaches include:

1. Qualitative research

Qualitative research focuses on understanding the underlying motivations, attitudes and perceptions of individuals or groups. It is typically conducted through techniques like in-depth interviews, focus groups and content analysis — methods we’ll discuss further in the sections below. Qualitative research provides rich, nuanced insights that can inform product development, marketing strategies and brand positioning.

2. Quantitative research

Quantitative research, in contrast to qualitative research, involves the collection and analysis of numerical data, often through surveys, experiments and structured questionnaires. This approach allows for statistical analysis and the measurement of trends, making it suitable for large-scale market studies and hypothesis testing. While it’s worthwhile using a mix of qualitative and quantitative research, most businesses prioritize the latter because it is scientific, measurable and easily replicated across different experiments.

3. Exploratory research

Whether you’re conducting qualitative or quantitative research or a mix of both, exploratory research is often the first step. Its primary goal is to help you understand a market or problem so you can gain insights and identify potential issues or opportunities. This type of market research is less structured and is typically conducted through open-ended interviews, focus groups or secondary data analysis. Exploratory research is valuable when entering new markets or exploring new product ideas.

4. Descriptive research

As its name implies, descriptive research seeks to describe a market, population or phenomenon in detail. It involves collecting and summarizing data to answer questions about audience demographics and behaviors, market size, and current trends. Surveys, observational studies and content analysis are common methods used in descriptive research. 

5. Causal research

Causal research aims to establish cause-and-effect relationships between variables. It investigates whether changes in one variable result in changes in another. Experimental designs, A/B testing and regression analysis are common causal research methods. This sheds light on how specific marketing strategies or product changes impact consumer behavior.

6. Cross-sectional research

Cross-sectional market research involves collecting data from a sample of the population at a single point in time. It is used to analyze differences, relationships or trends among various groups within a population. Cross-sectional studies are helpful for market segmentation, identifying target audiences and assessing market trends at a specific moment.

7. Longitudinal research

Longitudinal research, in contrast to cross-sectional research, collects data from the same subjects over an extended period. This allows for the analysis of trends, changes and developments over time. Longitudinal studies are useful for tracking long-term developments in consumer preferences, brand loyalty and market dynamics.

Each type of market research has its strengths and weaknesses, and the method you choose depends on your specific research goals and the depth of understanding you’re aiming to achieve. In the following sections, we’ll delve into primary and secondary research approaches and specific research methods.

Primary vs. secondary market research

Market research of all types can be broadly categorized into two main approaches: primary research and secondary research. By understanding the differences between these approaches, you can better determine the most appropriate research method for your specific goals.

Primary market research 

Primary research involves the collection of original data straight from the source. Typically, this involves communicating directly with your target audience — through surveys, interviews, focus groups and more — to gather information. Here are some key attributes of primary market research:

• Customized data: Primary research provides data that is tailored to your research needs. You design a custom research study and gather information specific to your goals.
• Up-to-date insights: Because primary research involves communicating with customers, the data you collect reflects the most current market conditions and consumer behaviors.
• Time-consuming and resource-intensive: Despite its advantages, primary research can be labor-intensive and costly, especially when dealing with large sample sizes or complex study designs. Whether you hire a market research consultant, agency or use an in-house team, primary research studies consume a large amount of resources and time.

Secondary market research 

Secondary research, on the other hand, involves analyzing data that has already been compiled by third-party sources, such as online research tools, databases, news sites, industry reports and academic studies.

Here are the main characteristics of secondary market research:

• Cost-effective: Secondary research is generally more cost-effective than primary research since it doesn’t require building a research plan from scratch. You and your team can look at databases, websites and publications on an ongoing basis, without needing to design a custom experiment or hire a consultant. 
• Leverages multiple sources: Data tools and software extract data from multiple places across the web, and then consolidate that information within a single platform. This means you’ll get a greater amount of data and a wider scope from secondary research.
• Quick to access: You can access a wide range of information rapidly — often in seconds — if you’re using online research tools and databases. Because of this, you can act on insights sooner, rather than taking the time to develop an experiment. 

So, when should you use primary vs. secondary research? In practice, many market research projects incorporate both primary and secondary research to take advantage of the strengths of each approach.

One rule of thumb is to focus on secondary research to obtain background information, market trends or industry benchmarks. It is especially valuable for conducting preliminary research, competitor analysis, or when time and budget constraints are tight. Then, if you still have knowledge gaps or need to answer specific questions unique to your business model, use primary research to create a custom experiment. 

Market research methods

• Surveys and questionnaires
• Focus groups
• Observational research
• Online research tools
• Experiments
• Content analysis
• Ethnographic research

How do primary and secondary research approaches translate into specific research methods? Let’s take a look at the different ways you can gather data: 

1. Surveys and questionnaires

Surveys and questionnaires are popular methods for collecting structured data from a large number of respondents. They involve a set of predetermined questions that participants answer. Surveys can be conducted through various channels, including online tools, telephone interviews and in-person or online questionnaires. They are useful for gathering quantitative data and assessing customer demographics, opinions, preferences and needs. On average, customer surveys have a 33% response rate , so keep that in mind as you consider your sample size.

2. Interviews

Interviews are in-depth conversations with individuals or groups to gather qualitative insights. They can be structured (with predefined questions) or unstructured (with open-ended discussions). Interviews are valuable for exploring complex topics, uncovering motivations and obtaining detailed feedback. 

3. Focus groups

The most common primary research methods are in-depth webcam interviews and focus groups. Focus groups are a small gathering of participants who discuss a specific topic or product under the guidance of a moderator. These discussions are valuable for primary market research because they reveal insights into consumer attitudes, perceptions and emotions. Focus groups are especially useful for idea generation, concept testing and understanding group dynamics within your target audience.

4. Observational research

Observational research involves observing and recording participant behavior in a natural setting. This method is particularly valuable when studying consumer behavior in physical spaces, such as retail stores or public places. In some types of observational research, participants are aware you’re watching them; in other cases, you discreetly watch consumers without their knowledge, as they use your product. Either way, observational research provides firsthand insights into how people interact with products or environments.

5. Online research tools

You and your team can do your own secondary market research using online tools. These tools include data prospecting platforms and databases, as well as online surveys, social media listening, web analytics and sentiment analysis platforms. They help you gather data from online sources, monitor industry trends, track competitors, understand consumer preferences and keep tabs on online behavior. We’ll talk more about choosing the right market research tools in the sections that follow.

6. Experiments

Market research experiments are controlled tests of variables to determine causal relationships. While experiments are often associated with scientific research, they are also used in market research to assess the impact of specific marketing strategies, product features, or pricing and packaging changes.

7. Content analysis

Content analysis involves the systematic examination of textual, visual or audio content to identify patterns, themes and trends. It’s commonly applied to customer reviews, social media posts and other forms of online content to analyze consumer opinions and sentiments.

8. Ethnographic research

Ethnographic research immerses researchers into the daily lives of consumers to understand their behavior and culture. This method is particularly valuable when studying niche markets or exploring the cultural context of consumer choices.

How to do market research

• Set clear objectives
• Identify your target audience
• Choose your research methods
• Use the right market research tools
• Collect data
• Analyze data 
• Interpret your findings
• Identify opportunities and challenges
• Make informed business decisions
• Monitor and adapt

Now that you have gained insights into the various market research methods at your disposal, let’s delve into the practical aspects of how to conduct market research effectively. Here’s a quick step-by-step overview, from defining objectives to monitoring market shifts.

1. Set clear objectives

When you set clear and specific goals, you’re essentially creating a compass to guide your research questions and methodology. Start by precisely defining what you want to achieve. Are you launching a new product and want to understand its viability in the market? Are you evaluating customer satisfaction with a product redesign? 

Start by creating SMART goals — objectives that are specific, measurable, achievable, relevant and time-bound. Not only will this clarify your research focus from the outset, but it will also help you track progress and benchmark your success throughout the process. 

You should also consult with key stakeholders and team members to ensure alignment on your research objectives before diving into data collecting. This will help you gain diverse perspectives and insights that will shape your research approach.

2. Identify your target audience

Next, you’ll need to pinpoint your target audience to determine who should be included in your research. Begin by creating detailed buyer personas or stakeholder profiles. Consider demographic factors like age, gender, income and location, but also delve into psychographics, such as interests, values and pain points.

The more specific your target audience, the more accurate and actionable your research will be. Additionally, segment your audience if your research objectives involve studying different groups, such as current customers and potential leads.

If you already have existing customers, you can also hold conversations with them to better understand your target market. From there, you can refine your buyer personas and tailor your research methods accordingly.

3. Choose your research methods

Selecting the right research methods is crucial for gathering high-quality data. Start by considering the nature of your research objectives. If you’re exploring consumer preferences, surveys and interviews can provide valuable insights. For in-depth understanding, focus groups or observational research might be suitable. Consider using a mix of quantitative and qualitative methods to gain a well-rounded perspective. 

You’ll also need to consider your budget. Think about what you can realistically achieve using the time and resources available to you. If you have a fairly generous budget, you may want to try a mix of primary and secondary research approaches. If you’re doing market research for a startup , on the other hand, chances are your budget is somewhat limited. If that’s the case, try addressing your goals with secondary research tools before investing time and effort in a primary research study. 

4. Use the right market research tools

Whether you’re conducting primary or secondary research, you’ll need to choose the right tools. These can help you do anything from sending surveys to customers to monitoring trends and analyzing data. Here are some examples of popular market research tools:

• Market research software: Crunchbase is a platform that provides best-in-class company data, making it valuable for market research on growing companies and industries. You can use Crunchbase to access trusted, first-party funding data, revenue data, news and firmographics, enabling you to monitor industry trends and understand customer needs.

• Survey and questionnaire tools: SurveyMonkey is a widely used online survey platform that allows you to create, distribute and analyze surveys. Google Forms is a free tool that lets you create surveys and collect responses through Google Drive.
• Data analysis software: Microsoft Excel and Google Sheets are useful for conducting statistical analyses. SPSS is a powerful statistical analysis software used for data processing, analysis and reporting.
• Social listening tools: Brandwatch is a social listening and analytics platform that helps you monitor social media conversations, track sentiment and analyze trends. Mention is a media monitoring tool that allows you to track mentions of your brand, competitors and keywords across various online sources.
• Data visualization platforms: Tableau is a data visualization tool that helps you create interactive and shareable dashboards and reports. Power BI by Microsoft is a business analytics tool for creating interactive visualizations and reports.

5. Collect data

There’s an infinite amount of data you could be collecting using these tools, so you’ll need to be intentional about going after the data that aligns with your research goals. Implement your chosen research methods, whether it’s distributing surveys, conducting interviews or pulling from secondary research platforms. Pay close attention to data quality and accuracy, and stick to a standardized process to streamline data capture and reduce errors. 

6. Analyze data

Once data is collected, you’ll need to analyze it systematically. Use statistical software or analysis tools to identify patterns, trends and correlations. For qualitative data, employ thematic analysis to extract common themes and insights. Visualize your findings with charts, graphs and tables to make complex data more understandable.

If you’re not proficient in data analysis, consider outsourcing or collaborating with a data analyst who can assist in processing and interpreting your data accurately.

7. Interpret your findings

Interpreting your market research findings involves understanding what the data means in the context of your objectives. Are there significant trends that uncover the answers to your initial research questions? Consider the implications of your findings on your business strategy. It’s essential to move beyond raw data and extract actionable insights that inform decision-making.

Hold a cross-functional meeting or workshop with relevant team members to collectively interpret the findings. Different perspectives can lead to more comprehensive insights and innovative solutions.

8. Identify opportunities and challenges

Use your research findings to identify potential growth opportunities and challenges within your market. What segments of your audience are underserved or overlooked? Are there emerging trends you can capitalize on? Conversely, what obstacles or competitors could hinder your progress?

Lay out this information in a clear and organized way by conducting a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. Jot down notes for each of these areas to provide a structured overview of gaps and hurdles in the market.

9. Make informed business decisions

Market research is only valuable if it leads to informed decisions for your company. Based on your insights, devise actionable strategies and initiatives that align with your research objectives. Whether it’s refining your product, targeting new customer segments or adjusting pricing, ensure your decisions are rooted in the data.

At this point, it’s also crucial to keep your team aligned and accountable. Create an action plan that outlines specific steps, responsibilities and timelines for implementing the recommendations derived from your research. 

10. Monitor and adapt

Market research isn’t a one-time activity; it’s an ongoing process. Continuously monitor market conditions, customer behaviors and industry trends. Set up mechanisms to collect real-time data and feedback. As you gather new information, be prepared to adapt your strategies and tactics accordingly. Regularly revisiting your research ensures your business remains agile and reflects changing market dynamics and consumer preferences.

Online market research sources

As you go through the steps above, you’ll want to turn to trusted, reputable sources to gather your data. Here’s a list to get you started:

• Crunchbase: As mentioned above, Crunchbase is an online platform with an extensive dataset, allowing you to access in-depth insights on market trends, consumer behavior and competitive analysis. You can also customize your search options to tailor your research to specific industries, geographic regions or customer personas.

• Academic databases: Academic databases, such as ProQuest and JSTOR , are treasure troves of scholarly research papers, studies and academic journals. They offer in-depth analyses of various subjects, including market trends, consumer preferences and industry-specific insights. Researchers can access a wealth of peer-reviewed publications to gain a deeper understanding of their research topics.
• Government and NGO databases: Government agencies, nongovernmental organizations and other institutions frequently maintain databases containing valuable economic, demographic and industry-related data. These sources offer credible statistics and reports on a wide range of topics, making them essential for market researchers. Examples include the U.S. Census Bureau , the Bureau of Labor Statistics and the Pew Research Center .
• Industry reports: Industry reports and market studies are comprehensive documents prepared by research firms, industry associations and consulting companies. They provide in-depth insights into specific markets, including market size, trends, competitive analysis and consumer behavior. You can find this information by looking at relevant industry association databases; examples include the American Marketing Association and the National Retail Federation .
• Social media and online communities: Social media platforms like LinkedIn or Twitter (X) , forums such as Reddit and Quora , and review platforms such as G2 can provide real-time insights into consumer sentiment, opinions and trends. 

Market research examples

At this point, you have market research tools and data sources — but how do you act on the data you gather? Let’s go over some real-world examples that illustrate the practical application of market research across various industries. These examples showcase how market research can lead to smart decision-making and successful business decisions.

Example 1: Apple’s iPhone launch

Apple ’s iconic iPhone launch in 2007 serves as a prime example of market research driving product innovation in tech. Before the iPhone’s release, Apple conducted extensive market research to understand consumer preferences, pain points and unmet needs in the mobile phone industry. This research led to the development of a touchscreen smartphone with a user-friendly interface, addressing consumer demands for a more intuitive and versatile device. The result was a revolutionary product that disrupted the market and redefined the smartphone industry.

Example 2: McDonald’s global expansion

McDonald’s successful global expansion strategy demonstrates the importance of market research when expanding into new territories. Before entering a new market, McDonald’s conducts thorough research to understand local tastes, preferences and cultural nuances. This research informs menu customization, marketing strategies and store design. For instance, in India, McDonald’s offers a menu tailored to local preferences, including vegetarian options. This market-specific approach has enabled McDonald’s to adapt and thrive in diverse global markets.

Example 3: Organic and sustainable farming

The shift toward organic and sustainable farming practices in the food industry is driven by market research that indicates increased consumer demand for healthier and environmentally friendly food options. As a result, food producers and retailers invest in sustainable sourcing and organic product lines — such as with these sustainable seafood startups — to align with this shift in consumer values. 

The bottom line? Market research has multiple use cases and is a critical practice for any industry. Whether it’s launching groundbreaking products, entering new markets or responding to changing consumer preferences, you can use market research to shape successful strategies and outcomes.

Market research templates

You finally have a strong understanding of how to do market research and apply it in the real world. Before we wrap up, here are some market research templates that you can use as a starting point for your projects:

• Smartsheet competitive analysis templates : These spreadsheets can serve as a framework for gathering information about the competitive landscape and obtaining valuable lessons to apply to your business strategy.
• SurveyMonkey product survey template : Customize the questions on this survey based on what you want to learn from your target customers.
• HubSpot templates : HubSpot offers a wide range of free templates you can use for market research, business planning and more.
• SCORE templates : SCORE is a nonprofit organization that provides templates for business plans, market analysis and financial projections.
• SBA.gov : The U.S. Small Business Administration offers templates for every aspect of your business, including market research, and is particularly valuable for new startups. 

Strengthen your business with market research

When conducted effectively, market research is like a guiding star. Equipped with the right tools and techniques, you can uncover valuable insights, stay competitive, foster innovation and navigate the complexities of your industry.

Throughout this guide, we’ve discussed the definition of market research, different research methods, and how to conduct it effectively. We’ve also explored various types of market research and shared practical insights and templates for getting started. 

Now, it’s time to start the research process. Trust in data, listen to the market and make informed decisions that guide your company toward lasting success.

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100 International Economics Research Paper Topics

To assist students in their quest to find compelling research paper topics in the field of international economics, we have curated a comprehensive list of diverse and engaging topics. These topics cover various aspects of international economics, providing students with a wide range of options to explore and delve into. The following categories present a collection of research topics that are both relevant and thought-provoking:

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International Trade and Policies Research Paper Topics

• The Impact of Tariffs and Trade Barriers on International Trade
• Regional Trade Agreements and their Economic Effects
• Trade Liberalization and Economic Growth: A Comparative Analysis
• The Role of International Organizations in Shaping Global Trade Policies
• Trade Imbalances: Causes, Consequences, and Potential Solutions
• Global Value Chains: Trends and Implications for International Trade
• Bilateral vs. Multilateral Trade Agreements: Comparative Analysis
• Intellectual Property Rights and International Trade
• Trade in Services: Opportunities and Challenges for Global Economies
• Trade Disputes and Resolving International Trade Conflicts

Exchange Rates and Currency Markets Research Paper Topics

• Determinants of Exchange Rates: A Comparative Analysis
• Exchange Rate Regimes: Pros and Cons
• Exchange Rate Volatility and its Impact on International Trade
• Currency Manipulation: Implications for Global Financial Stability
• Optimal Currency Areas: Theory and Practice
• The Role of Central Banks in Managing Exchange Rates
• Exchange Rate Pass-Through: Effects on Domestic Prices and Inflation
• Currency Crises and Financial Contagion
• Foreign Exchange Market Efficiency: An Empirical Study
• Exchange Rate Forecasting Models: Evaluation and Comparison

Global Financial Systems Research Paper Topics

• Financial Globalization: Opportunities and Risks
• Cross-Border Capital Flows: Implications for Emerging Economies
• International Banking and Financial Intermediation
• Financial Regulations and their Impact on Global Markets
• Sovereign Debt Crisis: Causes, Contagion, and Resolution
• Financial Innovations and their Effects on Global Financial Systems
• Financial Stability and Systemic Risk in a Globalized Economy
• International Capital Markets: Trends and Challenges
• Foreign Direct Investment and its Economic Implications
• Financial Inclusion and Economic Development in Emerging Markets

Economic Development and Globalization Research Paper Topics

• Foreign Aid and its Role in Economic Development
• Sustainable Development Goals and Global Economic Progress
• The Role of Multinational Corporations in Economic Development
• Human Capital Development and Economic Growth
• Globalization and Income Inequality: Patterns and Policy Implications
• Technology Transfer and Economic Development
• The Role of Institutions in Promoting Economic Development
• Infrastructure Investment and Economic Development
• Gender Equality and Economic Empowerment in Developing Countries
• Migration and its Impact on Economic Development

International Financial Crises Research Paper Topics

• Causes and Consequences of the Global Financial Crisis
• Financial Contagion: Spillover Effects of Financial Crises
• International Financial Institutions and Crisis Management
• The Role of Government Policies in Preventing and Managing Financial Crises
• Currency Crises: Lessons from Historical Events
• Banking Sector Stability and Crisis Resilience
• Financial Risk Management in a Globalized Economy
• Systemic Risk and Macroprudential Policies
• Early Warning Systems for Financial Crises
• Crisis Recovery and Post-Crisis Reforms: Comparative Analysis

Global Economic Governance Research Paper Topics

• The Role of G7, G20, and International Monetary Fund in Global Economic Governance
• International Economic Law and its Implications for Global Trade
• Global Economic Governance and Sustainable Development
• Regional Economic Integration and its Impact on Global Governance
• International Taxation: Challenges and Policy Implications
• Intellectual Property Rights Protection in Global Trade
• Climate Change and Global Economic Governance
• Labor Standards and Social Responsibility in International Trade
• Digital Economy and its Implications for Global Governance
• Cross-Border Data Flows: Privacy and Security Concerns

Economic Policies and Macroeconomic Management Research Paper Topics

• Fiscal Policy and its Impact on Economic Growth
• Monetary Policy Strategies in a Globalized Economy
• Exchange Rate Policy and Macroeconomic Stability
• Inflation Targeting: Theory and Practice
• Public Debt Management in the Face of Global Economic Challenges
• Financial Regulation and Macroeconomic Stability
• Unemployment Policies: Comparative Analysis and Best Practices
• Economic Integration and Policy Coordination among Nations
• Structural Reforms for Sustainable Economic Development
• Income Distribution Policies in a Global Economy

Trade and Environment Research Paper Topics

• Environmental Policies and International Trade: Conflict or Compatibility?
• Carbon Pricing and its Economic Implications for Global Trade
• Sustainable Development and International Trade
• Trade and Deforestation: Challenges and Solutions
• Green Technologies and their Role in Global Trade
• Trade-Related Intellectual Property Rights and Environmental Conservation
• Climate Change Adaptation Strategies and International Trade
• Eco-labeling and Consumer Preferences in Global Markets
• Circular Economy and its Effects on International Trade
• Trade and Water Scarcity: Nexus and Policy Responses

International Labor Markets and Migration Research Paper Topics

• Labor Mobility and Economic Integration: Implications for Global Labor Markets
• International Trade and Labor Market Outcomes
• Migration Policies and their Economic Impact
• Remittances and Economic Development in Sending Countries
• Brain Drain and Brain Gain: The Economic Effects of High-Skilled Migration
• Labor Market Flexibility and Global Competitiveness
• Gender Wage Gap in International Labor Markets
• Skilled vs. Unskilled Immigration: Economic Consequences
• Labor Market Regulations and Employment Dynamics in Global Economies
• Migration and Social Integration: Challenges and Policy Approaches

Global Economic Challenges and Future Trends Research Paper Topics

• Technological Innovations and their Effects on Global Economies
• Global Economic Inequality: Causes, Consequences, and Policy Solutions
• Aging Populations and the Economic Implications for Nations
• Digital Disruption and the Transformation of Industries
• Blockchain Technology and its Potential Applications in Global Business
• Trade Wars and their Impact on International Trade
• Economic Resilience and Crisis Preparedness in a Globalized World
• Impact of Artificial Intelligence on Labor Markets and Productivity
• Economic Implications of Pandemics and Health Crises
• Economic Forecasting and Predictive Analytics in a Global Context

This list provides an extensive array of research topics in international economics. Students are encouraged to explore these categories and select a topic that aligns with their interests, research capabilities, and the availability of relevant data and resources.

International Economics Research Paper Writing Guide

Economics is a fascinating field that encompasses a wide range of topics, and one of the key areas within economics is international economics. As countries become increasingly interconnected, the study of international economics becomes vital in understanding the complexities of global markets, trade relations, and economic policies. For students pursuing a degree in economics, writing a research paper on international economics offers an opportunity to delve deeper into these intricacies and contribute to the field’s knowledge base.

This page serves as a valuable resource for students who are tasked with writing an international economics research paper. It provides a wealth of information, including a comprehensive list of international economics research paper topics, expert advice on selecting a suitable topic, and guidance on the research and writing process. Furthermore, students can take advantage of the custom writing services offered by iResearchNet to order a tailored economics research paper that meets their unique requirements.

Whether you are interested in exploring international trade, exchange rates, economic policies, or global financial systems, this page will assist you in finding an engaging and relevant research topic. Through careful examination and analysis of these topics, students can contribute to the understanding of international economics and its implications on global economic development.

Prepare to embark on a rewarding journey of research and exploration as we delve into the realm of international economics research paper topics. Discover the intriguing dynamics of the global economy and equip yourself with the knowledge and skills to make a significant contribution in this ever-evolving field.

Choosing International Economics Research Paper Topics

Choosing a compelling and relevant research paper topic in the field of international economics is a crucial step towards producing a high-quality and impactful paper. With the multitude of available topics, it can be challenging to narrow down your focus and select a topic that is both engaging and manageable. To help you navigate this process, we offer the following expert advice on choosing international economics research paper topics:

• Identify your Interests : Start by reflecting on your personal interests within the field of international economics. Consider topics that resonate with you and align with your career goals. Engaging with a topic you are passionate about will not only make the research process more enjoyable but also enhance the quality of your work.
• Stay Updated with Current Events : Keep abreast of current global economic issues and trends. Read reputable news sources, academic journals, and policy reports to identify emerging topics or areas of debate in international economics. Analyzing and addressing these contemporary issues will add relevance and significance to your research.
• Explore Controversial Topics : Consider researching topics that have varying viewpoints or controversial aspects. These topics often spark interesting discussions and allow you to critically analyze different perspectives. However, ensure that you approach controversial topics with objectivity and rigor, presenting a balanced view in your research.
• Consult with Professors or Experts : Seek guidance from your professors or experts in the field of international economics. They can provide valuable insights, suggest research areas, or share their expertise on specific topics. Their input can help you refine your research question and provide direction for your study.
• Review Existing Literature : Conduct a thorough review of existing literature in international economics. Identify gaps or areas where further research is needed. Building upon existing knowledge or exploring new dimensions of a topic can contribute to the advancement of the field and make your research more impactful.
• Consider Data Availability : Assess the availability of relevant data for your chosen topic. Data plays a crucial role in empirical research, and access to reliable and comprehensive data sets will strengthen the empirical analysis in your paper. Ensure that you have access to suitable data sources before finalizing your research topic.
• Balance Breadth and Depth : Strive to strike a balance between the breadth and depth of your research topic. While a broad topic can provide a comprehensive overview, a narrow focus allows for a more in-depth analysis. Consider the scope of your research project, the available resources, and the time constraints when selecting the level of breadth or depth for your topic.
• Collaborate and Discuss : Engage in discussions with your peers, classmates, or fellow researchers. Brainstorming and exchanging ideas can stimulate new perspectives and inspire unique research topics. Collaborative efforts can also lead to joint research projects, enabling you to explore complex topics or conduct cross-country studies.
• Consider Policy Relevance : Evaluate the policy relevance of your chosen topic. International economics research often addresses real-world economic issues and informs policy decisions. Selecting a topic with policy implications can make your research more impactful and applicable in the context of economic development and global governance.
• Seek Feedback : Once you have narrowed down your research topic, seek feedback from your professors, peers, or research advisors. Their insights can help you refine your research question, provide additional suggestions, or highlight potential challenges in your chosen topic.

By following these expert tips, you can select a compelling and relevant research topic in international economics that aligns with your interests, contributes to the field, and enables you to produce a high-quality research paper. Remember to approach your chosen topic with curiosity, rigor, and a commitment to advancing knowledge in the field of international economics.

How to Write an International Economics Research Paper

Writing a research paper in the field of international economics requires careful planning, rigorous analysis, and effective communication of your findings. To help you navigate the process, we provide a step-by-step guide on how to write an international economics research paper:

• Understand the Assignment : Familiarize yourself with the assignment guidelines provided by your instructor. Clarify the research question, required format, citation style, and any specific requirements or expectations for your paper.
• Conduct Preliminary Research : Begin by conducting preliminary research on your chosen topic. Review relevant academic literature, empirical studies, and policy reports to gain a comprehensive understanding of the topic and identify key research gaps or areas for further investigation.
• Develop a Clear Research Question : Formulate a clear and concise research question that defines the scope of your study. Ensure that your research question is specific, measurable, and aligned with the objectives of your research.
• Create an Outline : Develop an outline that organizes your paper and outlines the structure of your research. A typical research paper structure includes an introduction, literature review, research methodology, data analysis, findings, discussion, and conclusion.
• Conduct In-Depth Literature Review : Conduct a comprehensive literature review to identify the existing knowledge and research on your topic. Analyze and synthesize the findings from previous studies, highlighting the key theories, models, and empirical evidence that are relevant to your research question.
• Choose a Suitable Research Methodology : Select an appropriate research methodology that aligns with your research question and data availability. Common research methodologies in international economics include quantitative analysis, econometric modeling, case studies, or qualitative approaches. Justify your chosen methodology and explain how it will address your research question.
• Gather and Analyze Data : Collect relevant data to support your research findings. Ensure that your data collection methods are appropriate and reliable. Conduct rigorous data analysis using appropriate statistical techniques or qualitative methods, depending on the nature of your research.
• Interpret and Present Findings : Interpret your research findings and present them in a clear and organized manner. Use tables, charts, or graphs to visually represent your data. Provide a detailed analysis and explanation of your findings, relating them back to your research question and existing literature.
• Engage in Critical Discussion : Engage in a critical discussion of your findings by analyzing their implications, limitations, and significance. Discuss any discrepancies or unexpected results and provide possible explanations. Compare your findings with previous research and highlight their contributions to the field of international economics.
• Write a Coherent Conclusion : Summarize your research findings and main arguments in a concise and coherent conclusion. Restate your research question and objectives, and discuss the implications of your findings. Suggest avenues for future research and areas where further investigation is needed.
• Revise and Edit : Proofread your research paper carefully to ensure clarity, coherence, and proper grammar. Check for consistency in formatting, citations, and references. Revise and edit your paper multiple times to improve its overall quality and coherence.
• Seek Feedback : Share your research paper with peers, professors, or research advisors to gather feedback and suggestions for improvement. Incorporate constructive feedback into your paper to strengthen your arguments and enhance its overall quality.

By following these steps, you can effectively plan, conduct, and present your research in the field of international economics. Remember to maintain a rigorous and objective approach throughout your research process and communicate your findings in a clear and concise manner. Good luck with your international economics research paper!

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Health Care Financing and Affordability in the Emerging Global Markets

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During the recent few decades, global economic growth has been driven largely by developing world economies. The ones with the most intensive pace of development were marked as “emerging“ markets led by so called BRICS and N-11 countries. Such changes inevitably reflected the global health arena. A number of ...

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Global expansion strategies: how to take your business to new markets successfully.

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Jason Miller helps influential brands and celebrities create generational wealth with their businesses | CEO, Strategic Advisor Board .

If you’re an entrepreneur who’s ready to take your business ventures from domestic to global, read on to learn about how to research, create financial and strategic plans, and use marketing to get to global success. These are some of the steps I used when breaking into markets with my company, Strategic Advisor Board.

The obvious reason to go global is with access to more people, you will most likely experience revenue growth. But one of the biggest reasons I recommend doing this is due to risk diversification by not relying solely on one market for your business revenue; this is important because of ongoing changes to the economy. According to research, "shareholders do, in fact, reward companies who grow faster outside of the U.S ."

Expanding to new markets can lead to economies of scale and lower production costs due to bulk purchasing and more streamlined production. Your business could also have access to new talent and resources which could lead to more innovation and creativity as well as tapping into local raw materials. Here is how to do it:

Research & Adaptation

I would argue that this is the most important part of the process and maybe the most in-depth of expanding globally because so much of what you find out determines if it’s a smart company decision to make the move. Research your new market to determine whether your product/service will perform well there but also find out tax and regulatory info. You may be exempt from certain taxes if you open your business to new borders.

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Find out if you have a target market in the new area you’re looking at, and if they’d be receptive to your products/services. Make sure you take into account the different cultural aspects that could affect the marketability of your product. Do research on any competitors in the area and figure out what your unique selling proposition is. All this information you’ve gathered will help with making your decision.

Financial Planning

Before you can decide to expand, you need to see if you can afford it. Before creating any sort of budget, find out all the costs associated with expanding. Start with looking at the operational expenses such as infrastructure for office or warehouse spaces and supply chain costs. Supply chain costs can include storage of inventory, or transportation costs of your products to and from manufacturing centers to stores or directly to clients.

Find out if any tariffs or customs fees would affect the profitability of your product. You may want to insure your goods, so look into the costs of doing that as well as how much you should put aside for contingency funds to have on hand for any unforeseen expansion costs.

Strategic Planning

In this part of the process, you will create a roadmap starting with defining clear objectives for your expansion. Then developing a strategy that consists of how to enter the market, including looking into joint ventures, mergers, franchising or partnerships.

Your strategic plan also needs to include adaptive planning. This means you’re flexible in your plan so you can accommodate any unforeseen changes, difficulties or challenges that may occur in the marketplace. Since markets are dynamic and continuously shift, it’s important your strategies adjust as well to include any changing political, economic or cultural conditions. Include these factors in the risk management portion of the plan. Also, include a timeline with realistic expectations of short-term and long-term goals.

Marketing & Talent Management

The marketing strategy you’ve been using domestically may not work globally. It’s a skill to be able to build a consistent brand image while making sure you’re connecting with and being respectful of local market preferences.

One of the best things about having a business operating on a global scale is access to top talent. Hiring the correct talent that goes with your brand’s values and mission is important across all your business locations. That being said, HR policies may be different from domestic HR laws in the workplace. Look into getting work visa support if you need employees to work on international projects.

Global expansion isn’t easy and there’s a lot to consider, but if you’re willing to accept the challenge, there are certain strategies to help you achieve success. Extensive research is the most important to start with. Understand what the new market potential will be like, and find out what the taxes and culture look like. Evaluate how receptive your product will be to locals and what makes it unique. Financial planning is crucial in the early stages and you should assess everything from operational and supply chain costs to insuring your goods. Strategic planning is the roadmap to follow and should include clear objectives, a comprehensive entry strategy, timelines, and adaptive planning. The last steps include using marketing that sits well with locals and hiring top talent to help with the transition. Expanding your company isn’t easy, but if you do your research and plan accordingly, you’ll be on the right track to global success.

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These US companies are best at cutting their emissions to fight climate change

People across America are trying to do their part to fight climate change by buying electric cars, installing solar panels and making decisions large and small that reduce their carbon footprint. Some companies are too.

Those actions can make a big difference: between them, the U.S. industrial and commercial sectors were responsible for 25% of the nation's total carbon dioxide emissions in 2023, according to the U.S. Energy Information Administration. (Transportation still makes up the lion's share at 38%.)

But which companies are doing the best at reducing their carbon footprint? That's a surprisingly difficult question to answer. It's also an important question for customers and investors who want to support companies making climate-friendly strides in their business.

Currently, there are no federal or even state requirements in place requiring companies to disclose how much they’re lowering their greenhouse gas emissions.

To better understand which U.S. businesses are making progress, USA TODAY has partnered with market research firm Statista to create the second annual America's Climate Leaders list. It provides an easy to comprehend, data-driven metric of companies that have significantly decreased their carbon dioxide emissions (adjusted by revenue) between 2020 and 2022.

Since last year’s list , there was a 16% increase in companies meeting the inclusion criteria. The list includes U.S. based companies with more than $50 million in revenue that reported their carbon emissions independently. To make the list, those companies must have reduced their carbon intensity (carbon emissions divided by revenue) by 3% year-to-year.

Why is it so tough to determine which companies are best at reducing their carbon footprint?

In short: The data is messy and inconsistent.

Evaluations of companies' climate impact require deep dives into multiple, sometimes conflicting metrics. That's because there’s no U.S. requirement that companies disclose their emissions, though many do so voluntarily.

“Data availability is getting better,” said Lisa Abels, a senior analyst with Statista who worked on the list.

It could keep improving, too.

Last month, after a two-year effort, the U.S. Securities and Exchange Commission passed new rules requiring some public companies to report their greenhouse gas emissions and climate risks. The final result was less strong than originally proposed and its climate disclosure rules don’t begin until 2026 when the first large companies will be required to include information in their annual reports.

As of 2024 an appeals court had temporarily paused the rules, so it’s not clear when or if they will go into effect.

California has also enacted climate-related reporting requirements for companies doing business in California with total annual revenues in excess of $500 million but it will not take effect until January 2025.

With no national requirements for reporting carbon dioxide pollution currently in effect, having more transparency and data about companies’ emissions is “incredibly important,” said Christian Leuz is a professor at the University of Chicago’s Booth School of Business and a scholar at the Energy Policy Institute. A study he co-authored in 2023 found that if global corporations had to pay for the damages caused by their greenhouse gas production it would cost 44% of their profits .

Data that allows the public to see how emissions relate to companies’ activities and are changing over time lets consumers and investors make informed comparisons between companies – which can have “a real impact,” said Leuz.

“Such benchmarking can create peer pressure, stimulating investors, other stakeholders and customers to call on firms to do more to reduce their emissions. Companies voluntarily making this data public is an important first step,” he said.

Mandates to make such disclosures would “be even better, as it would shine the light on companies with high emissions that are reluctant to provide these data voluntarily,” he added.

How do companies make it on USA TODAY's list of America's Climate Leaders?

The first list, developed last year, began with 2,000 U.S.-based companies which were narrowed to 400 that cut their emissions intensity from 2019 to 2021. For 2024, the list was expanded to 450 companies and looked at their emissions between 2020 and 2022.

The  ranking uses these and other indicators to gain a picture of how good a job  companies have done at lowering their carbon emissions. Because the analysis includes 2020, during the onset of the COVID-19 pandemic, some of the metrics are difficult to evaluate because of the hit the global economy took, resulting in sharp drops in emissions worldwide.

This year’s analysis compares companies' core emissions adjusted by revenue for the years 2020 and 2022. This measure is called emission intensity. As the pandemic unfolded, 2020 was an especially bad year for revenue for many companies, making 2022 emission intensity lower but that’s partly driven by an increase in revenues after the pandemic years, said Abels.

“The absolute emissions didn’t go down as much I expected or hoped for, which will be important for years to come,” she said. The distortions caused by the pandemic are still visible in this year’s data. Some may still be present in the data used for the rankings in next year's but should be entirely gone by 2026, she said.

Overall, U.S. emissions numbers across the board have been coming down, with the number of million metric tons of carbon dioxide released by the United States down 6.6% since 2019. Much of that decrease came because U.S. electricity is getting cleaner.

What companies ranked highest on USA TODAY's list of America's Climate Leaders?

At the very top of the Climate Leaders list is Dayforce (formerly called Ceridian), a human resources and software company.

By switching to 100% renewable energy across its global operations, Dayforce reduced its greenhouse gas emissions from more than 10,000 metric tons CO2 equivalents in 2020 to less than 500 metric tons CO2 equivalents in 2022.

It is followed by T-Mobile, which was on top of last year’s list. The third spot goes to financial company Cboe Global Markets.

How companies were chosen

The rankings began with a list of more than 2,000 US-based companies with revenue of more than $50 million in 2022. Of those, 700 reported their emissions data, making a verifiable ranking possible. 

Here are some of the data and considerations used in the rankings: 

• Emission intensity : The amount of greenhouse gas a company produced relative to its revenue. This helps put big companies and small companies on a level playing field. 
• Annualized reductions in emission intensity : Calculated between 2020 and 2022. Companies that showed low reductions were not considered. 
• Carbon disclosure rating : A measure of a company’s environmental sustainability. These rankings are administered by CDP, a nonprofit that runs a global disclosure system for companies’ environmental impacts. 
• Other criteria : Some enterprises were excluded if known business practices suggested they couldn’t be seen as a climate leader.  
• Data used : Scope 1 and 2 emissions, based on the Greenhouse Gas Protocol, the world’s most widely used greenhouse gas accounting standard. 

The full, interactive list below allows readers to view a variety of criteria, including year-over-year reduction of emission intensity, emission intensity, how many tons of  CO2 equivalents  the company emitted, total emissions reduction, and whether a company participated in two highly regarded programs that set targets for and account for emissions, the  CDP  and  Science Based Targets initiative .   

For definitions of each emission measure, please see below the listings.

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• Large Shares See Russia and Putin in Negative Light, While Views of Zelenskyy More Mixed

Views of NATO remain favorable among member nations

Table of contents.

• 1. Confidence in Putin to handle world affairs
• 2. Overall opinion of Russia
• 3. Attitudes toward Russian oil and gas
• 4. Confidence in Zelenskyy to handle world affairs
• Opinion of NATO over time
• How politics and views of the U.S. affect views of NATO
• 6. Confidence in world leaders
• Acknowledgments
• Appendix A: Political categorization
• Classifying parties as populist
• Classifying parties as left, right or center
• About Pew Research Center’s Spring 2023 Global Attitudes Survey
• The American Trends Panel survey methodology

This Pew Research Center analysis focuses on public opinion of Russia and North Atlantic Treaty Organization (NATO) in 24 countries in North America, Europe, the Middle East, the Asia-Pacific region, sub-Saharan Africa and Latin America. Views of Russia, Russian President Vladimir Putin and NATO are examined in the context of long-term trend data. The report also explores views of Ukrainian President Volodymyr Zelensky. This is the first year since 2019 that the Global Attitudes Survey has included countries from Africa and Latin America due to the coronavirus outbreak .

For non-U.S. data, this report draws on nationally representative surveys of 27,285 adults conducted from Feb. 20 to May 22, 2023. All surveys were conducted over the phone with adults in Canada, France, Germany, Greece, Italy, Japan, the Netherlands, South Korea, Spain, Sweden and the United Kingdom. Surveys were conducted face to face in Hungary, Poland, India, Indonesia, Israel, Kenya, Nigeria, South Africa, Argentina, Brazil and Mexico. In Australia, we used a mixed-mode probability-based online panel.

In the United States, we surveyed 3,576 U.S. adults from March 20 to 26, 2023. Everyone who took part in this survey is a member of the Center’s American Trends Panel (ATP), an online survey panel that is recruited through national, random sampling of residential addresses. This way nearly all U.S. adults have a chance of selection. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education and other categories. Read more about the ATP’s methodology .

Here are the questions used for the report , along with responses, and the survey methodology .

CORRECTION (Sept. 8, 2023): A previous version of this report included an incorrect chart. The map graphic “Lack of confidence in Putin is widespread” has been updated to accurately reflect confidence in Putin in 24 countries.

As a new Pew Research Center survey highlights, Russia and its president, Vladimir Putin, continue to be viewed negatively by people around the world. A median of 82% of adults across 24 countries have an unfavorable view of Russia, while a similar share have no confidence in Putin to do the right thing regarding world affairs, including nine-in-ten or more in Poland, Sweden, Spain, Japan, South Korea, Australia, the Netherlands, Germany, France, the United Kingdom and the United States.

Ratings for the country and its leader plummeted in many nations following Russia’s invasion of Ukraine in February 2022, and they are at all-time lows in several countries in this year’s survey.

Data was collected prior to the late June uprising by Russian paramilitary organization the Wagner Group .

In contrast to Putin, Ukrainian President Volodymyr Zelenskyy is seen more positively. While a median of just 11% express confidence in the Russian leader, 51% say this of Zelenskyy. But opinions of Zelenskyy vary by country and fewer than half have confidence in his leadership in 10 nations, including NATO members Hungary, Greece and Italy.

NATO, which has contributed weapons and training to Ukraine since the February 2022 invasion, is seen favorably by 11 member states included in the survey. NATO has been consistently viewed more favorably than not in recent years , and views have grown slightly more positive in Greece and Poland since 2022. However, negative opinion of NATO has crept upward in Hungary and the U.S. While about six-in-ten Americans continue to express a favorable view of NATO, there is a large partisan difference on this question: 76% of Democrats see the alliance positively, compared with 49% of Republicans.

In 11 European countries surveyed, as well as India – where Russian oil access is a relevant issue – people were asked if being tough with Russia on Ukraine or maintaining access to Russia’s oil and gas reserves is more important to bilateral relations. Across these countries, a median of 66% say it is more important to be tough with Russia, while 29% say it is more important to maintain access to Russia’s energy reserves. People in Hungary, India and Greece are the most likely to want to maintain access to Russia’s oil and gas reserves, while Swedes and Poles are the most likely to want to be tough on Russia.

In several ways, publics in Greece, Hungary and India are outliers when it comes to views about Russia and Putin. Greeks and Hungarians stand out relative to European counterparts as being more favorable on Russia, confident in Putin and negative toward Zelenskyy. Hungary, in particular, has faced criticism for delays in sanctioning Russia, while public sentiments in Greece have tended to favor remaining neutral in the conflict. India (which has abstained from condemning the Russian invasion) is the only country where a majority expresses a favorable view of Russia and confidence in Putin.

These findings come from a new Pew Research Center survey conducted from Feb. 20 to May 22, 2023, among 30,861 people in 24 countries. Below are some of the other findings regarding views of Russia and NATO, attitudes toward Russian energy and confidence in Putin, Zelenskyy and key NATO leaders.

Ratings of Russia and Putin in middle-income nations

The survey includes eight middle-income nations that Pew Research Center has not surveyed since 2019 due to the outbreak of the COVID-19 pandemic and subsequent difficulties in conducting face-to-face interviews across the world. Opinions toward Russia and Putin are on balance negative in these countries, although India and Indonesia are exceptions. Negative sentiment toward Russia and Putin has increased by double digits in nearly every middle-income country since 2019. For instance, 74% now express a negative view of Putin in Argentina, up from 51% four years ago.

Confidence in Zelenskyy

A median of 51% across the 24 countries surveyed express confidence in Zelenskyy’s leadership, while 39% hold the opposite view. Confidence in Zelenskyy ranges from 86% in Sweden to just 11% in Hungary. Besides Hungary, half or more do not have confidence in the Ukrainian leader in Greece, Mexico, Italy, Israel, Brazil and Argentina. Age is linked to these views: Younger adults (those ages 18 to 39) are more likely to express a lack of confidence in Zelenskyy than adults 40 and older in several countries.

Views of NATO

Positive opinion of NATO in the 11 member states polled ranges from 93% in Poland to 40% in Greece. And in Sweden, which is currently in negotiations to join NATO, 78% have a positive view of the alliance. Among these countries, NATO favorability has been largely stable, historically, and particularly high in the aftermath of the Russian invasion. Greeks, who tend to have more negative views of NATO compared with other countries surveyed in recent years, have grown more favorable since 2022, as have Poles. However, positive sentiment has declined in both the U.S. and Hungary.

Those who place themselves on the ideological right in several European countries are more likely to express a positive view of the alliance than those on the left. However, in the U.S. and Canada, this pattern is reversed: Those on the left are more likely to say they have a favorable opinion of NATO.

Confidence in Biden, Macron and Scholz

On balance, confidence in Zelenskyy largely aligns with views of U.S. President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz. A median of 54% have confidence in Biden on the world stage, 50% have confidence in Macron and 49% say the same of Scholz.

While Biden is largely viewed with confidence across the world, support is weaker among some NATO allies, such as Hungary and Italy. For more on international views of Biden, see “ International Views of Biden and U.S. Largely Positive .” While medians of 50% and 49% have confidence in Macron and Scholz, respectively, support of both leaders has declined in many countries since 2022, particularly among NATO allies.

Road map to the report

The chapters that follow discuss these findings and others in more detail:

• Chapter 1 looks at confidence in Russian President Vladimir Putin to do the right thing regarding world affairs.
• Chapter 2 examines overall opinion of Russia across 24 countries surveyed.
• Chapter 3 considers attitudes toward Russian oil and gas access .
• Chapter 4 explores confidence in Ukrainian President Volodymyr Zelenskyy to do the right thing regarding world affairs.
• Chapter 5 looks at overall opinion of NATO among member nations and Sweden.
• Chapter 6 examines confidence in Putin and Zelenskyy , paired with views of U.S. President Joe Biden, French President Emmanuel Macron and German Chancellor Olaf Scholz.

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