7 Top Market Research Companies You Should Know in 2024

If you want to grow your business, you need to understand your customers, competitors, and industry trends. Market research can help you with that, but it can also be time-consuming, expensive, and complex. That’s why many businesses rely on market research companies to provide them with insights and guidance.

Key Takeaways

Market research can help you grow your business by providing you with insights and guidance on your customers, competitors, and industry trends.

There are hundreds of market research companies out there, each with different strengths, specialties, and approaches.

We have compiled a list of seven top market research companies you should know in 2024: Kantar, Ipsos, GfK, The NPD Group, Westat, Brandwatch, and Jungle Scout.

But how do you choose the right market research company for your needs? There are hundreds of options out there, each with different strengths, specialties, and approaches. To help you narrow down your search, we have compiled a list of seven top market research companies you should know in 2024. These are some of the most reputable, innovative, and experienced firms in the market research industry, offering a range of services and solutions for different sectors and objectives.

Here are the seven top market research companies you should know in 2024:

1. Kantar

Kantar is one of the world’s largest and most respected market research companies, with over 30,000 employees in more than 100 countries. Kantar offers a comprehensive portfolio of data, insights, and consulting services across various domains, such as consumer behavior, media consumption, brand performance, innovation, social impact, and public opinion. Kantar works with clients from various industries, including FMCG, retail, healthcare, technology, media, and government. Some of Kantar’s notable products and solutions include BrandZ (a global brand equity database), Worldpanel (a consumer panel covering over 90% of the world’s GDP), and Kantar Marketplace (an on-demand platform for agile research).

2. Ipsos

Ipsos is a global leader in market research and public opinion polling, with over 18,000 employees in more than 90 countries. Ipsos offers a wide range of research services and solutions, covering areas such as customer experience, employee engagement, innovation, social media intelligence, reputation management, and political polling. Ipsos works with clients from various sectors, such as automotive, financial services, healthcare, media, technology, and tourism. Some of Ipsos’ notable products and solutions include Ipsos MORI (a leading social research institute in the UK), Ipsos UU (a qualitative research specialist), and Ipsos MMA (a marketing analytics provider).

3. GfK

GfK is a global market research company that specializes in consumer and market intelligence. GfK has over 13,000 employees in more than 60 countries, providing data and insights on consumer behavior, preferences, attitudes, and trends. GfK works with clients from various industries, such as consumer goods, retail, media, technology, healthcare, automotive, and travel. Some of GfK’s notable products and solutions include GfK Consumer Life (a global consumer trends study), GfK Point-of-Sales Tracking (a retail sales measurement service), and GfK Consumer Panels (a network of over 15 million households worldwide).

4. The NPD Group

The NPD Group is a leading market research company that focuses on retail and consumer data and analytics. The NPD Group has over 3,000 employees in more than 20 countries, providing information and insights on consumer spending patterns, product performance, market share, and industry trends. The NPD Group works with clients from various sectors, such as apparel, beauty, foodservice, home, sports, technology, and toys. Some of The NPD Group’s notable products and solutions include Checkout (a receipt-based consumer panel), Store-Level Enabled (a store-level sales tracking service), and Future of Tech (a forecast of technology trends).

5. Westat

Westat is a market research company that specializes in social science research and evaluation. Westat has over 2,000 employees in the US, providing data collection, analysis, and reporting services for various topics, such as education, health, environment, transportation, and justice. Westat works with clients from various sectors, such as government agencies, nonprofit organizations, foundations, and corporations. Some of Westat’s notable projects include the National Assessment of Educational Progress (NAEP), the National Health and Nutrition Examination Survey (NHANES), and the National Survey on Drug Use and Health (NSDUH).

6. Brandwatch

Brandwatch is a market research company that specializes in social media listening and analytics. Brandwatch has over 500 employees in 10 offices around the world, providing data and insights on online conversations about brands, products, competitors, and topics. Brandwatch works with clients from various industries, such as fashion, gaming, retail, travel, and entertainment. Some of Brandwatch’s notable products and solutions include Consumer Research (a social media intelligence platform), Vizia (a data visualization and storytelling tool), and Qriously (a survey platform that taps into mobile audiences).

7. Jungle Scout

Jungle Scout is a market research company that specializes in Amazon product research and analytics. Jungle Scout has over 200 employees in 16 countries, providing data and insights on product demand, competition, sales, and profitability on Amazon. Jungle Scout works with clients from various sectors, such as e-commerce, manufacturing, wholesale, and dropshipping. Some of Jungle Scout’s notable products and solutions include Jungle Scout (a web-based tool for Amazon product research), Extension (a browser extension for Amazon product analysis), and Cobalt (a data platform for Amazon brands and agencies).

These are the seven top market research companies you should know in 2024. Whether you need to understand your customers, competitors, or industry trends, these firms can help you with their data, insights, and expertise. However, before you choose a market research company for your project, make sure to do your own research, compare different options, and check their reviews and references.

Tips

Choose a market research company that has experience and expertise in your industry and objective.

Define your research problem clearly and specify your research questions and hypotheses.

Plan your budget and timeline for the market research project and communicate them with the market research company.

Review the market research proposal and contract carefully and make sure they cover all the aspects of the project.

Monitor the progress of the market research project and provide feedback to the market research company.

Evaluate the quality and validity of the market research results and recommendations.

What are market research companies and how to choose one?

Market research is a vital process for any business that wants to understand its customers, competitors, and industry. Market research can help businesses identify opportunities, challenges, and best practices in their markets. However, conducting market research can be time-consuming, costly, and complex. That’s why many businesses rely on market research companies to provide them with reliable data and insights.

Market research companies are specialized firms that offer various services such as data collection, analysis, reporting, and consulting. They can help businesses with different types of market research, such as:

Primary research: This involves collecting original data from sources such as surveys, interviews, focus groups, observations, or experiments.

Secondary research: This involves analyzing existing data from sources such as reports, publications, databases, or websites.

Qualitative research: This involves exploring the attitudes, opinions, motivations, and behaviors of a target audience through methods such as interviews, focus groups, or ethnography.

Quantitative research: This involves measuring the size, characteristics, or trends of a target market through methods such as surveys, polls, or statistics.

Market research companies can vary in their size, scope, expertise, and reputation. Some of the factors that can influence the choice of a market research company are:

The objectives and budget of the research project
The industry and geographic coverage of the market research company
The quality and credibility of the data and insights provided by the market research company
The experience and reputation of the market research company in the relevant field or sector
The availability and responsiveness of the market research company to the client’s needs and feedback

Who are some of the top market research companies in the world?

According to various sources , some of the top market research companies in the world are:

Nielsen: A global leader in measurement and data analytics that provides insights into consumer behavior, media consumption, and market trends across various industries and regions.

IQVIA: A leading provider of information, technology, and services for the healthcare and life sciences sectors that helps clients improve their clinical, commercial, and operational performance.

Kantar: A global network of data-driven agencies that offers a range of services such as market intelligence, consumer insights, media analytics, brand strategy, innovation consulting, and public opinion polling.

Gartner: A leading research and advisory firm that helps clients with strategic decision making in the fields of IT, marketing, finance, human resources, and supply chain management.

Information Resources (IRI): A leading provider of big data and predictive analytics solutions for the consumer-packaged goods (CPG), retail, and healthcare sectors that helps clients optimize their marketing, sales, and growth strategies.

What are some of the current trends and challenges in the market research industry?

The market research industry is constantly evolving and adapting to the changing needs and expectations of clients and consumers. Some of the current trends and challenges that are shaping the market research industry are:

The rise of digital technologies and platforms that enable faster, cheaper, and more accessible data collection and analysis

The increasing demand for real-time, actionable, and personalized insights that can drive business outcomes

The growing importance of social media, online communities, and user-generated content as sources of consumer feedback and sentiment

The need for more ethical, transparent, and responsible use of data and insights that respect consumer privacy and trust

The emergence of new methods and tools such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), biometrics, neuroscience, or gamification that can enhance the quality and depth of market research

Market research is a dynamic and competitive field that requires constant innovation and adaptation. Market research companies that can leverage the latest technologies and methodologies to deliver relevant, reliable, and impactful insights to their clients will have a competitive edge in the market.

Frequently Asked Questions

Q: What is market research?
A: Market research is the process of collecting, analyzing, and interpreting information about a market, a product, a service, or a customer group. Market research can help businesses identify opportunities, challenges, needs, preferences, and trends in their target markets.

Q: What are the benefits of market research?
A: Market research can help businesses with various benefits, such as:

Improving decision making and reducing risks
Developing new products and services
Enhancing customer satisfaction and loyalty
Increasing sales and profitability
Gaining competitive advantage and market share
Identifying new markets and segments

Q: What are the types of market research?
A: Market research can be classified into two main types: primary and secondary.

Primary research is the collection of original data from first-hand sources, such as surveys, interviews, focus groups, observations, or experiments.
Secondary research is the analysis of existing data from second-hand sources, such as reports, publications, databases, or websites.

Q: What are the methods of market research?
A: Market research can use various methods to collect and analyze data, depending on the type, purpose, and scope of the research. Some of the common methods of market research are:

Quantitative methods: These methods use numerical data and statistical techniques to measure and compare variables, such as frequencies, percentages, averages, correlations, or regressions. Examples of quantitative methods are surveys, experiments, or analytics.

Qualitative methods: These methods use non-numerical data and interpretive techniques to explore and understand phenomena, such as meanings, perceptions, opinions, or motivations. Examples of qualitative methods are interviews, focus groups, observations, or case studies.

Mixed methods: These methods combine both quantitative and qualitative data and techniques to provide a more comprehensive and holistic view of the research problem. Examples of mixed methods are sequential designs (where one type of data follows another), concurrent designs (where both types of data are collected at the same time), or transformative designs (where one type of data informs another).

Reference:

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