Do you know, what is a market research company? The market size of market research services? And what are the challenges for these companies?

In case you don’t know, Let’s find it out together.

What is a market research company?

A market research company is defined as an organization which provides service like, gathering information and analysing the data of competitors, distributors and other factors & forces in market. This work helps to identify the opportunities as well as the threats of a business. The Marketing Heaven works social media campaigns for several global market research companies.

Market Size & Growth:

The market size of global market research services was nearly 73.38 billion dollars in the year 2019. From, 2016 the market showed a positive growth at 14.52% compound annual growth rate (CAGR) up to 2019. In 2020, because of the COVID-19 out-break the market got down to 71.86 billion dollars. In 2021 the market revived and hit 76.42 billion dollars. By 2026, the market can grow up to 108.61 billion dollars.

Trends of Market Research Company

Micro survey replacing lengthy surveys : Instead of traditional lengthy surveys, micro surveys reflect more real-life applicable data. Micro survey helps to identify current market trend and pattern more quickly.

Adoption of advance technologies : Market research companies are using AI to collect data. By the help of AI, it is possible to identify the emotional connection between the consumer and the product which helps in market positioning.

Challenges of Market Research Company

Overwhelming Data: Now days there are too many data over the internet. Over 500 websites are added on internet every day, in this ocean of data it is hard to find the relevant data for a particular project. This overwhelming data can cause a poor-quality work for too much manual errors due to human fatigue.

Challenges of market research companies

Expectation of clients: In this era of complex business dynamics client’s expectations are going high. They are demanding strategic report with actionable insights in there given time. Fulfil the client’s expectation in this competitive market is becoming a major challenge for the market research companies.

Drivers of Market Research Company

Focusing on customer satisfaction: Market research companies are now focusing mainly on customer satisfaction. For this they are introducing various AI based system to collect the real-life data. The real life data give the most valuable insights that could help clients to plan their strategy according to market trends. This will help the market research company to retain the client as well as acquiring new clients. visit for cancelmexicotimeshare.com

Global Key Players of Market Research Companies with their turnover:

Name of the companyTurnover
(in Billion US dollars)
Nielsen6.5
IQVIA5.5
Kantar3.4
Gartner3.1
Ipsos2.1
Gfk1.6
IRI1.2
Dynata0.509
Westat0.506
Intage0.489

By – Shubhradwip Paul

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