Hypothesis formulation has a very important role in research. Following are the various reasons behind it:
1. It provides a tentative explanation of phenomena and facilitates the extension of knowledge in an area.
2. It provides the investigator with a relational statement that is directly testable in a research study.
3. It provides direction to the research by setting a goal to achieve – proving or disproving the hypothesis.
4. It provides a framework for reporting conclusions of the study.
5. It could be considered as the working instrument of theory. Hypotheses can be deduced from theory and from other hypotheses.
6. It could be tested and shown to be probably supported or not supported, apart from man’s own values and opinions.

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Sources:
http://www.public.asu.edu/~kroel/www500/HYPOTHESIS%20Fri.pdf