Market research is defined as an effort to comprehend consumer behaviour. This methodically collects data about individuals or businesses (a market) and evaluates it to learn more about the requirements of that population or business.
This kind of study can be done internally by the business or by an outside organization that specializes in market research.
Market Research Companies
Among the benefits of carrying out company market research are:
- Determine the business’s problem areas.
- Determine shifting market trends, related business prospects, and potential new growth areas.
- Recognize the needs of the current clientele and conduct a competitive study of the services provided in relation to rivals.
- Create methods that work and decide on the services with knowledge.
- Establish attainable goals for business expansion, sales, and the newest product releases.
Market research is of two types: Qualitative Research and Quantitative Research.
- Descriptive terms and symbols are the main emphases of Qualitative Research. Typically, it is asking customers about their experiences with a product or service, or it involves watching them in a promotional environment.
- Because quantifying market occurrences requires caution, quantitative Research often uses statistical analysis to measure an issue. It collects data from clickstreams, audits, points of purchase, and online, phone, and print questionnaires.
There are two primary methods by which data is gathered:
Primary Data and Secondary Data
- Original information gathered by the researcher directly from sources is referred to as primary data. The critical research instruments that are most frequently used include focus groups, surveys, in-depth interviews, and observation.
- Data that has already been gathered and is easily accessible is referred to as secondary data. This information is pre-existing public knowledge, such as that which is available from government statistics, journals, newspapers, and commercial sources like paid industry reports.
Top Market Research Companies
#1) Nielsen
Media and Connect Solutions
Nielsen is an S&P 500 company that works all over the world to measure things and analyze data. Through its services, it says it helps more than 90% of the world’s GDP and people.
Marketing and media information, analytics, and retailer and maker knowledge about what and where people buy things and what they read, watch, and listen to are some of the services that are offered. People in the consumer packaged goods (CPG), media, and advertising businesses are the company’s big clients.
Headquarters: United States, New York
Founded In: 1923
Employees (2018 and 2019): 46,000
Core Services: Measurement and data analysis are at the heart of our services. We measure and analyze consumer purchases and media audiences. The first one includes Retail Measurement Services, Consumer Panel Measurement, and Analytical Services. The second one includes Planning, Activation, Audience Measurement, and Advertising Effectiveness as its primary activities.
Revenues: USD 6.5 billion in 2018 and 2019.
Clients: Big names like NBC Universal/Comcast Corporation, Nestle S.A., The Coca-Cola Company, Twenty-First Century Fox, The Procter & Gamble Company, and the Unilever Group are some of their most important clients.
Website: Nielsen
#2) IQVIA
IQVIA is a human data science company that works in the field of life sciences. It was created when IMS Health and Quintiles merged. Through its IQVIA CORE solution, the company has been able to combine data, analytics, subject knowledge, and technology. This has helped its clients gain a better understanding of diseases, human behaviours, and scientific progress.
Headquarters: United States, North Carolina and Connecticut
Established in 2016
Employees: 58,000+ (2018); 67,000 (2019)
Core Services: Our primary services are Research and development, technology and analytics, and medical and contract sales. Technology platforms, analytics and consulting services, and information products are all part of the Technology & Analytics Solutions.
The 2018 and 2019 revenue (technology and analytics solutions) were USD 4.1 billion and USD 4.5 billion, respectively.
Clients: The business works with other life sciences businesses, such as those in genetics, consumer health, medical devices, and diagnostics. Based on revenue, it works with almost all of the top 100 biotechnology and pharmaceutical businesses in the world.
Noble Analytics and Consulting, Minerva Surgical, PatientPoint, Young & Ellison LLC, Providence Health and Services, Nova Biomedical, and Georgetown University are some of the companies that have been named.
Website: IQVIA
#3) Kantar
As a part of WPP, Kantar is a business that works with data, insights, and consulting. The business provides services for all stages of sales and marketing, and its research options range from advanced AI-based technology to in-depth qualitative research experts.
Kantar merged all of its old names into one company in April 2019. This included Kantar Consulting, Kantar IMRB, Kantar Health, Kantar Media, Kantar Public, Kantar Millward Brown, Kantar Worldpanel, Kantar TNS, and Lightspeed, which were all country-specific brands. Also, WPP sold Bain Capital 60% of Kantar in December 2019, so the WPP group stopped running the business as of December 31, 2019.
Headquarters: London, UK
Founded In: 1993
Employees (2018 and 2019): 30,000
Core Services: Consumer Panels, Data Solutions, Managed Services (including Survey Design and Fielding), DIY Solutions, Panels and audiences, Virtual Reality, Eye Tracking, and Behavioral Sciences are some of the research services that we offer.
Revenues: $3.0 billion in 2019; $3.4 billion in 2018
Clients: More than half of the Fortune 500 businesses use Kantar. Diageo, Volkswagen, Unilever, SAB Miller, PepsiCo, and the European Commission are a few of them.
Website: Kantar
#4) Gartner
The business, which is part of the S&P 500, does Research and analysis for computer software, hardware, communications, and other related IT businesses.
The company’s research services are available through a subscription model that gives users on-demand access to published research material, direct access to a network of about 2,300 research experts around the world, data, and benchmarks.
Headquarters: Connecticut, United States
Founded In: 1979
Employees: 15,173 (2018): 16,724 (2019)
Core Services: Research, conferences, and consulting are the primary services we offer. Clients can get research help in the form of reports, briefings, access to research experts, unique tools, peer networking services, and membership programs.
Revenues (research segment): USD 3.1 billion (2018); USD 3.4 billion (2019)
Clients: Companies it works with 73% of the Global 500 companies hire Gartner. It works with over 15,600 different businesses in over 100 countries, and Coca-Cola Bottling Company United is one of them.
Website: Gartner
#5) IPSOS
Ipsos is a market research firm that works in advertising, media, public opinion, marketing, and social studies.
Headquarters: Paris, France
Founded In: 1975
Employees: 18,130
Core Services: Innovative, Ipsos MMA, Ipsos UU, Market Strategy and understanding, Social Intelligence Analytics (not for pharma and the public sector), Observer, Customer Experience, Mystery Shopping, Market Measurement, Quality Measurement, Retail Performance, Audience Measurement, ERM, Media Development, Corporate Reputation, Public Affairs, and quantitative and qualitative research services for the pharmaceutical sector are some of the core services that the company offers.
Revenues: USD 2.1 billion (2018); USD 2.2 billion (2019)
Clients: Budweiser, Clorox, Ad Council, and Zillow are a few of the clients.
Website: Ipsos
#6) GfK
GfK is a market research company that does things like consumer response tests, gives data and analyses of how people buy things and keeps track of retail sales data for tech goods for consumers.
Research and design for numerous gadgets and interfaces, as well as serving as one of the world’s largest retail panels for technical consumer goods, have all been accomplished by it.
Ipsos bought four global sections of GfK’s custom research business in October 2018. These were Customer Experience, Experience Innovation, Health, and Public Affairs.
Headquarters: Germany’s Nuremberg
Founded In: 1934
Employees: 13,000+
Revenues: USD 1.6 billion (2018)
Website: GfK
#7) IRI
IRI helps companies in the consumer packaged goods (CPG), retail, over-the-counter (OTC) healthcare, and media industries with big data and predictive analytics. The business says it works with 95% of the Fortune 100 grocery stores, health and beauty companies, and stores.
Headquarters: Illinois, United States
Founded In: 1979
Employees: ~5,000
Revenues: USD 1.2 billion (2018)
Website: IRI
#8) Dynata
Data is a company that sells first-party data that customers and business people submit. The company says it is one of the biggest providers of technology-based research solutions and online panel data that comes from people who have chosen to be part of the panel.
The company was formed when Research Now and SSI merged in December 2017. In January 2019, it changed its name to Dynata.
Headquarters: United States, Texas
Founded In: 1999
Employees: ~5,000
Revenues: USD 0.509 billion (2018)
Website: Dynata
#9) Westat
Westat does study for clients who want to make things better in areas like transportation, health, social policy, and education. Westat does Research on jobs, health conditions, hospital costs, science, technology, earnings, and more.
Headquarters: Maryland, United States
Founded in: 1963
Employees: ~2,000 (only HQ)
Revenues: USD 0.506 billion (2018)
Website: Westat
#10) Intake
At age, they do marketing research, set up marketing systems, and offer advisory services based on data from both custom and panel research. The company primarily works with companies that make consumer goods, companies that provide services, and government bodies.
Headquarters: Tokyo, Japan
Founded In: 1960
Employees: 2,829
Revenues: USD 0.489 billion (2018)
Website: marketing
Conclusion
Nielsen, Ipsos, and Kantar are the three best companies in the world for most research needs. Nielsen and Information Resources, Inc. (IRI) are the two most prominent names in retail measurement. Nielsen, GfK, Ipsos, and Kantar are the biggest names in customer panel services and analytics services.
Nielsen, along with Kantar and GFK, is the world leader in measuring radio audiences. Nielsen, Kantar, GfK, and Ipsos are the world leaders in measuring television audiences.
When new technologies come out, especially software technologies related to AI and machine learning, they have a significant effect on the study market. Virtual reality and other new technologies have also changed the very nature of the study.
Companies like Ipsos and Nielsen are already using AI and machine learning. IQVIA has also started using machine learning.