7 Top Market Research Companies in the World

Market research is the process of gathering, analyzing and interpreting information about a market, a product or a service to be offered for sale in that market. Market research can help businesses understand their customers, competitors, industry trends and opportunities. Market research can also help businesses develop effective marketing strategies, improve customer satisfaction, increase sales and profitability, and reduce risks.

Key Takeaways

Market research is the process of gathering, analyzing and interpreting information about a market, a product or a service to be offered for sale in that market.

Market research can help businesses understand their customers, competitors, industry trends and opportunities. Market research can also help businesses develop effective marketing strategies, improve customer satisfaction, increase sales and profitability, and reduce risks.

There are many market research companies in the world that offer various services and solutions to help businesses with their market research needs. Some of the top market research companies are Nielsen, Kantar, Ipsos, GfK, Forrester, IDC, and Mintel.

To choose a market research company, you should consider their reputation, expertise, methodology, quality, cost, and customer service. You should also check their portfolio, testimonials, case studies, and references to see their previous work and results.

To conduct market research, you should define your research objective and question, identify your target market and segment it, choose the most suitable data collection method and tool, design your data collection instrument, collect your data ethically and legally, analyze your data systematically and objectively, interpret your data accurately and logically, and report your findings clearly and concisely.

But how do you conduct market research? And who can help you with that? There are many market research companies in the world that offer various services and solutions to help businesses with their market research needs. In this article, we will introduce you to seven of the top market research companies in the world and what they can do for you.

1. Nielsen

Nielsen is one of the most well-known and trusted names in market research. Nielsen provides data and insights on consumer behavior, media consumption, retail performance, online activity, and more. Nielsen operates in over 100 countries and serves clients across various industries, such as consumer goods, media, entertainment, sports, telecom, e-commerce, health care, and education. Nielsen offers a range of products and services, such as NielsenIQ (consumer intelligence), Nielsen Global Media (audience measurement), Nielsen Global Connect (retail intelligence), Nielsen Sports (sports analytics), and Nielsen Gracenote (entertainment metadata).

2. Kantar

Kantar is another leading global market research company that helps clients understand people and inspire growth. Kantar has expertise in areas such as brand strategy, innovation, customer experience, media effectiveness, social impact, reputation management, and public opinion. Kantar works with clients across various sectors, such as automotive, banking, energy, fashion, health care, media, retail, technology, and travel. Kantar offers a range of solutions and platforms, such as Kantar Marketplace (online research platform), Kantar BrandZ (brand valuation), Kantar Worldpanel (consumer panel), Kantar Media (media intelligence), and Kantar Public (public policy research).

3. Ipsos

Ipsos is a global market research company that specializes in delivering insights that make a difference. Ipsos has expertise in areas such as advertising research, customer loyalty, marketing strategy, product development, social research, and corporate reputation. Ipsos works with clients across various sectors, such as automotive, consumer goods, financial services, health care, media, technology, and tourism. Ipsos offers a range of solutions and tools, such as Ipsos.Digital (self-service research platform), Ipsos UU (qualitative research), Ipsos MMA (marketing analytics), Ipsos MORI (political and social research), and Ipsos InnoQuest (innovation research).

4. GfK

GfK is a global market research company that helps clients make smarter decisions. GfK has expertise in areas such as consumer insights, market opportunities, user experience, product quality, pricing strategy, and sales performance. GfK works with clients across various sectors, such as automotive, consumer goods, financial services, health care, media, technology, and travel. GfK offers a range of solutions and services, such as GfK Consumer Panel (consumer behavior data), GfK Point-of Sales Tracking (retail sales data), GfK User Experience Research (user feedback), GfK Mystery Shopping (service quality evaluation), and GfK Geomarketing (location-based analysis).

5. Forrester

Forrester is a global market research company that helps clients drive growth through customer obsession. Forrester has expertise in areas such as customer experience, digital transformation, innovation, leadership, marketing, sales, and technology. Forrester works with clients across various sectors, such as automotive, banking, energy, health care, media, retail, and telecom. Forrester offers a range of products and services, such as Forrester Wave (vendor evaluation), Forrester Now Tech (market overview), Forrester SiriusDecisions (business-to-business research), Forrester Consulting (customized research), and Forrester Events (industry conferences).

6. IDC

IDC is a global market research company that focuses on the information technology industry. IDC provides data and insights on the trends, opportunities, challenges, and best practices in the IT sector. IDC works with clients across various segments, such as cloud, cybersecurity, digital transformation, Internet of Things, artificial intelligence, and 5G. IDC offers a range of products and services, such as IDC Tracker (market size and share data), IDC MarketScape (vendor assessment), IDC FutureScape (future outlook), IDC Insights (industry-specific research), and IDC Events (IT events).

7. Mintel

Mintel is a global market research company that specializes in consumer markets. Mintel provides data and insights on consumer trends, preferences, attitudes, and behaviors. Mintel works with clients across various sectors, such as beauty, food and drink, health and wellness, leisure and travel, retail and e-commerce, and personal finance. Mintel offers a range of products and services, such as Mintel Reports (market analysis), Mintel GNPD (new product database), Mintel Comperemedia (competitive intelligence), Mintel Trends (consumer insights), and Mintel Consultancy (bespoke research).

Tips

Define your research objective and research question clearly and precisely.

Identify your target market and segment it into meaningful groups.

Choose the most suitable data collection method and tool for your research.

Design your data collection instrument carefully and test it before using it.

Collect your data ethically and legally from reliable sources.

Analyze your data systematically and objectively using appropriate techniques.

Interpret your data accurately and logically using relevant evidence.

Report your findings clearly and concisely using visual aids and recommendations.

Top Market Research Companies in the World: A Statistical Report

Market research is a vital business strategy that involves collecting and analyzing information about customers, competitors, and markets. It helps businesses to identify opportunities, challenges, trends, and preferences. In this report, we will look at the top market research companies in the world based on their global research revenue in 2021.

Top Three Market Research Companies

According to Statista, the leading market research company in terms of global research revenue in 2021 was IQVIA, with approximately 5.2 billion U.S. dollars. IQVIA is a U.S.-based company that provides data, analytics, and technology solutions for the healthcare industry. It was formed by the merger of IMS Health and Quintiles in 2016.

The second-largest market research company was Gartner, with almost 4.75 billion U.S. dollars in revenue. Gartner is also a U.S.-based company that specializes in providing research and advisory services for information technology, business leaders, and other sectors. It was founded in 1979 and has over 17,000 associates worldwide.

The third-largest market research company was Kantar, with about 3.3 billion U.S. dollars in revenue. Kantar is a UK-based company that offers data, insights, and consulting services for various industries and domains. It is a network of 12 companies, including Millward Brown, TNS, and IMRB International. It was established in 1993 and has over 30,000 employees globally.

Global Market Research Industry Overview

The global revenue of the market research industry reached almost 120 billion U.S. dollars in 2021, with more than half of it coming from the U.S. The market research industry has been growing steadily over the years, driven by the increasing demand for data-driven decision making, digital transformation, and customer-centricity.

The market research industry is also facing some challenges, such as the emergence of new competitors, the need for innovation and differentiation, the ethical and regulatory issues related to data privacy and quality, and the impact of the COVID-19 pandemic on consumer behavior and business operations.

The top market research companies have been adapting to these changes by investing in new technologies, expanding their geographic reach, diversifying their service offerings, and partnering with other players in the ecosystem. They have also been focusing on delivering value-added insights and solutions that help their clients to achieve their strategic goals and objectives.

Frequently Asked Questions

Q: What is market research?
A: Market research is the process of gathering, analyzing and interpreting information about a market, a product or a service to be offered for sale in that market.

Q: Why is market research important?
A: Market research can help businesses understand their customers, competitors, industry trends and opportunities. Market research can also help businesses develop effective marketing strategies, improve customer satisfaction, increase sales and profitability, and reduce risks.

Q: How to choose a market research company?
A: There are many factors to consider when choosing a market research company, such as their reputation, expertise, methodology, quality, cost, and customer service. You should also check their portfolio, testimonials, case studies, and references to see 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 project. The cost can range from a few hundred dollars to several thousand dollars or more. You should always ask for a detailed quote and a contract before hiring a market research company.

Q: How to conduct market research?
A: There are many methods and tools to conduct market research, such as surveys, interviews, focus groups, observations, experiments, secondary data, online platforms, and analytics. You should choose the most appropriate method and tool for your research objective, target audience, budget, and time frame.

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.nielsen.com/global/en/

https://www.kantar.com/

https://www.ipsos.com/

https://www.gfk.com/

https://go.forrester.com/

https://www.idc.com/

https://www.mintel.com/