10 Top Market Research Companies to Watch in 2024

Are you looking for the best market research companies to help you gain insights into your customers, competitors, and industry trends? If so, you might be overwhelmed by the number of options available in the market. To help you narrow down your choices, we have compiled a list of the 10 top market research companies to watch in 2024, based on their global research revenue, reputation, and services.

Key Takeaways

The top 10 market research companies to watch in 2024 are IQVIA, Gartner, Kantar, Ipsos, IHS Markit, GfK, CoStar Group, NielsenIQ, Greenbook, and SIS International Research.

These companies offer a variety of services across different sectors and regions, such as data, analytics, consulting, outsourcing, events, and directories.

Market research is an essential business strategy that helps businesses and organizations understand their markets, customers, competitors, and opportunities.

1. IQVIA – 5.2 billion USD

IQVIA is the leading market research company in the healthcare sector, providing data, analytics, and technology solutions to biopharma, medical device, and healthcare organizations. IQVIA helps its clients improve their clinical, commercial, and operational performance by leveraging its vast database of patient records, clinical trials, and real-world evidence. IQVIA also offers consulting, outsourcing, and contract research services.

2. Gartner – 4.75 billion USD

Gartner is the world’s leading research and advisory company, providing insights and guidance to executives across various functions and industries. Gartner helps its clients make informed decisions and achieve their strategic goals by delivering research reports, market analysis, forecasts, best practices, benchmarks, and peer networking opportunities. Gartner also hosts conferences and events where it showcases its latest research findings and trends.

3. Kantar – 3.3 billion USD

Kantar is a global network of 12 specialized market research companies, covering areas such as consumer insights, media measurement, brand strategy, innovation, customer experience, social media intelligence, and public opinion. Kantar helps its clients understand their markets, audiences, and customers by collecting and analyzing data from various sources and channels. Kantar also provides advisory services to help its clients optimize their marketing and business performance.

4. Ipsos – 2.5 billion USD

Ipsos is one of the largest and most diversified market research companies in the world, offering a wide range of services across six areas: public affairs, media and technology, consumer goods and services, health and pharma, financial services, and automotive and mobility. Ipsos helps its clients measure and understand their markets, customers, employees, and stakeholders by conducting surveys, polls, interviews, observations, experiments, and behavioral data analysis.

5. IHS Markit – 2.11 billion USD

IHS Markit is a global leader in information and analytics, providing critical insights and solutions to businesses and governments across various sectors and regions. IHS Markit helps its clients navigate complex markets and challenges by delivering data, research, analysis, forecasts, consulting, and events. IHS Markit covers topics such as energy, economics, finance, automotive, environmental, geopolitical, and technology.

6. GfK – 1.67 billion USD

GfK is a German-based market research company that specializes in consumer insights, market intelligence, and user experience. GfK helps its clients understand their consumers’ needs, preferences, attitudes, and behaviors by collecting and analyzing data from various sources, such as surveys, panels, point-of-sale, online platforms, and social media. GfK also provides recommendations and solutions to help its clients improve their products, services, and marketing strategies.

7. CoStar Group – 1.39 billion USD

CoStar Group is the leading provider of information and analytics for the commercial real estate industry. CoStar Group helps its clients make informed decisions and optimize their outcomes by delivering comprehensive data, research, tools, and insights on properties, markets, tenants, landlords, investors, brokers, and lenders. CoStar Group also owns several online platforms and brands that connect buyers and sellers of commercial real estate.

8. NielsenIQ – 1.29 billion USD

NielsenIQ is a spin-off of Nielsen that focuses on consumer intelligence and retail measurement. NielsenIQ helps its clients understand what consumers buy and why they buy it by tracking and analyzing sales data from various channels and categories. NielsenIQ also provides insights on consumer trends, preferences, loyalty, and satisfaction. NielsenIQ helps its clients optimize their pricing, promotion, assortment, and distribution strategies.

9. Greenbook – 1.15 billion USD

Greenbook is a global directory of market research companies and services that connects buyers and suppliers of market research. Greenbook helps its clients find the best market research partners and solutions for their specific needs by providing access to thousands of profiles, reviews, ratings, and case studies of market research providers. Greenbook also publishes industry reports, blogs, podcasts, webinars, and newsletters that showcase the latest market research trends and innovations.

10. SIS International Research – 1.05 billion USD

SIS International Research is a full-service market research company that offers a range of qualitative and quantitative research methods, such as focus groups, in-depth interviews, online surveys, mystery shopping, ethnography, and conjoint analysis. SIS International Research helps its clients gain insights into their markets, customers, competitors, and opportunities by conducting global and local research projects across various industries and regions.

Tips

To conduct effective market research, you should define your research objectives, identify your target market and sample size, select your research methods and tools, collect and analyze your data, and report and act on your findings.

To ensure the quality and validity of your market research data, you should use reliable sources, design clear and unbiased questions, avoid leading or loaded questions, use appropriate scales and measures, test your survey or questionnaire before launching it, and check for errors and inconsistencies in your data.

To get the most out of your market research data, you should use data visualization techniques to present your data in a clear and engaging way, such as charts, graphs, tables, or infographics. You should also use data storytelling techniques to communicate your insights and recommendations in a compelling and persuasive way.

Top Market Research Companies 2024

The market research industry is expected to grow steadily in the next few years, driven by the increasing demand for data-driven insights and solutions across various sectors and regions. According to Statista, the global revenue of the market research industry reached almost 120 billion U.S. dollars in 2021, over half of which came from the United States.

Leading Market Research Companies

Some of the leading market research companies worldwide are IQVIA, Gartner, Kantar, Ipsos, and IHS Markit, based on their global research revenue in 2021. These companies offer a range of services, such as market intelligence, consulting, analytics, surveys, and reports, to help clients understand their markets, customers, competitors, and opportunities.

Future Trends and Challenges

The market research industry is also undergoing significant changes and challenges, such as the impact of the COVID-19 pandemic, the emergence of new technologies and methodologies, the increasing competition from alternative data sources, and the rising expectations from clients and stakeholders. These factors will likely shape the future of the industry and influence the performance and strategies of the top market research companies in 2024.

According to a report by USA Today, analysts expect the bull market to resume in 2024, supported by improving economic fundamentals, low interest rates, and strong earnings growth. This could create more opportunities for market research companies to provide valuable insights and guidance to investors and businesses. However, the report also warns of potential risks and uncertainties, such as inflation, political instability, recession, and valuation concerns. Therefore, market research companies will need to adapt to the changing market conditions and customer needs, as well as leverage their core competencies and competitive advantages.

Some of the possible trends and developments that could affect the market research industry in 2024 are:

The increasing adoption of artificial intelligence (AI) and machine learning (ML) in market research processes and products. AI and ML can help market research companies automate tasks, enhance data quality and analysis, generate insights faster and more accurately, and create personalized and interactive experiences for clients and respondents. For example, IQVIA uses AI and ML to provide real-world evidence solutions for healthcare clients.

The growing demand for niche and specialized market research services that cater to specific sectors, regions, or audiences. Market research companies will need to diversify their offerings and expertise to meet the needs of different segments and markets. For example, Greenbook is a platform that connects buyers and suppliers of niche market research services.

The rising importance of social responsibility and sustainability in market research practices and outcomes. Market research companies will need to demonstrate their commitment to ethical standards, data privacy and security, environmental impact, social impact, and diversity and inclusion. For example, Ipsos has a corporate social responsibility policy that covers its governance, operations, people, society, and environment.

Frequently Asked Questions

Q: What is market research?
A: Market research is the process of gathering and analyzing information about a market, such as its size, growth, trends, customers, competitors, and opportunities.

Q: Why is market research important?
A: Market research is important because it helps businesses and organizations make informed decisions, identify and solve problems, discover and exploit opportunities, and improve their performance and competitiveness.

Q: How to choose a market research company?
A: To choose a market research company, you should consider factors such as their expertise, experience, reputation, methodology, quality, cost, and customer service. You should also check their portfolio, reviews, references, and case studies to evaluate their previous work and results.

Q: How much does market research cost?
A: The cost of market research depends on various factors, such as the scope, complexity, duration, and type of the research project. The cost can range from a few hundred to several thousand dollars for simple online surveys to tens or hundreds of thousands of dollars for large-scale and in-depth studies.

Q: What are the types of market research?
A: There are two main types of market research: primary and secondary. Primary research involves collecting original data directly from the source, such as customers, prospects, or competitors. Secondary research involves using existing data from external sources, such as reports, publications, or databases.

References:

https://en.wikipedia.org/wiki/Special:BookSources/0-19-928196-3

https://en.wikipedia.org/wiki/Special:BookSources/0-684-83545-2

https://en.wikipedia.org/wiki/Special:BookSources/0-9765574-0-1

https://www.statista.com/statistics/267648/top-market-research-companies-by-revenue/

https://www.usatoday.com/money/blueprint/investing/stock-market-outlook-2024/

Greenbook – Home Page. (n.d.). Greenbook. https://www.greenbook.org/

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