The Rise of Full-Service Research Suppliers

As businesses seek to extract actionable insights from their data quickly and efficiently, the prospect of one supplier that can do it all has never been so appealing. The 2024 GRIT Business & Innovation Report reveals a significant trend in the rise of full-service research suppliers, with 52% of GRIT supplier-side participants reporting full-service as their primary revenue stream. On the flip-side, strategic consultancies now occupy the weakest position, accounting for just 11% of supplier types. Amongst full-service providers, the segment of large companies with at least 500 employees has doubled from 13% to 28%, demonstrating the growing importance of scale in delivering comprehensive research and technology services. These suppliers offer a broader range of services, integrating various methodologies and advanced technologies to meet client needs.

Scaling Up with Technology. A major driver behind the growth of larger full-service suppliers is their ability to leverage technology. These companies have expanded their service portfolios, embracing data analytics, automation, and AI to offer more efficient, integrated insights. Likewise, the driving force for companies that successfully make the jump from smaller to larger firms is their adoption of technology services, particularly generative AI. The role of technology in scaling up these services cannot be overstated—it’s become a crucial factor in remaining competitive and attracting clients who want one supplier to do it all. 

Industry Consolidation and Diversification. This report highlights another key trend: industry consolidation. Larger companies are increasingly acquiring smaller firms or expanding their own capabilities to provide a full suite of services. For example, technology providers who once focused solely on data solutions are now migrating into full-service research or being acquired by full-service firms. As such, 24% of technology providers revealed more than one service is now equally important to their service positioning. This consolidation and diversification reflect the growing demand for integrated, end-to-end solutions that can handle everything from data collection to advanced analysis.

Staying Flexible in a Fluid Market. While full-service research suppliers are thriving, the report also underscores the importance of flexibility for all suppliers. The pandemic forced many firms to pivot, with technology providers and strategic consultants broadening their offerings to remain competitive. Some companies shifted their focus, entering new segments, while others formed strategic partnerships to expand their capabilities.

The Future of Supplier Structure. As technology continues to evolve, the supplier landscape is likely to experience further shifts. Those who can harness AI, automation, and other cutting-edge tools will be well-positioned to offer faster, more accurate insights. For suppliers, staying nimble and embracing these ongoing changes will be critical in an increasingly competitive marketplace.