Sometimes, there is a lot of confusion between market research and user research, even though they have few things in common, but they are two different things.
Market research is a process where we collect and analyze data from our targeted customers, our competition, and the target market environment to aid in making marketing, branding, messaging, positioning, and pricing decisions. Our main goal during the market research process is to understand what people will buy and how to incite them to buy our product.
The main focus of market research is monetization; on the other hand, user research's main focus is to develop a great user experience.
Usually, market research is not conducted by the UX team. Most companies have different teams, or groups of teams, to do marketing research and user research. Not only that, they are separate departments; they also use different methods, and have different mindsets.