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About Market Research Companies
Market research companies collect data about customers, competitors, distributors, and other factors in the market and analyze it thoroughly.Almost all the largest market research companies have consolidated their positions over decades. Still, others have managed to rack up billions of dollars in revenue, even though they only emerged in the last few years. Either way, market research firms make the world go round. They provide crucial information, insights, and consulting services to companies in all industries.
Nielsen takes the crown as the largest market research company. In 2019 alone, the company had $6.5 billion in revenue across its two business units: Nielsen Global Media and Nielsen Global Connect. Nielsen employs 44,000 people.
Importance and Success of Market Research Companies
The reasons why these companies are so vital and have been so successful are multifaceted. On the one hand, each company has a ‘market’ to reach. That makes market research an understandably relevant service, regardless of the company’s size or the industry in which it operates.
But market research has become even more valuable in a world packed with online surveillance, carefully supervised customer demographics, and tons of data. So naturally, companies that get their hands on such rich data will undoubtedly be important! So, let’s explore the world’s ten largest market research companies, ranked by revenue.
How many market research companies are there?
There are more than 3,400 market research companies worldwide, potentially many more. The market is enormous; every business needs at least some research to succeed.
List of Top Most Market Research Companies
Below are top ten Market Research Companies:
- Nielsen – 6.5 billion
- Gartner – 4.25 billion
- IQVIA – 4.14 billion
- Kantar – 2.87 billion
- Ipsos – 2.24 billion
- IHS Markit – 2.11 billion
- GfK – 1.67 billion
- CoStar Group – 1.39 billion
- Information Resources, Inc. – 1.2 billion
- Westat – 590 million
1: Nielsen – 6.5 billion
Nielsen takes the crown as the foremost market research company. In 2019 alone, the company had $6.5 billion in revenue across its two business units: Nielsen Global Media and Nielsen Global Connect. It is listed on the S&P 500 as a token of its success. Each team helps companies with market research, but they do it for different industry groups. For example, Nielsen Global Media, as the name implies, allows media/advertising companies.
Nielsen Global Media provides companies with metrics, consulting, and data. On the other hand, Nielsen Global Connect works with manufacturers and retailers of consumer goods, which is a very different vertical than media.
It is about providing companies with information they can use, decision-making tools that help minimize human error, and expert consulting advice that points them in the right direction. Nielsen only employs 44,000 people worldwide. Yet, in terms of revenue, Nielsen remains the largest market research company.
2: Gartner – 4.25 billion
Marketing firm Gartner Research slightly outperforms IQVIA, with $4.25 billion in revenue in 2019. It was founded in 1972 and has consistently provided industry leaders with data. Gartner Research’s approach deviates from consulting work and uses a subscription-only model. A subscription could cost a company between $20 and $30,000 annually to access Gartner research data. Analytics will increase the price between $10 and $20K.
Unsurprisingly, the Gartner subscription pays off. It gives companies access to a giant and ever-growing database of research content, data and a network of around 2,300 research experts.
3: IQVIA – 4.14 billion
IQVIA feels exceptionally new compared to any other market research company on this list, especially for a company in the top 3. It was founded eight years ago, in 2016, but that’s not the whole story; it was formed in a merger. IQVIA results from the combination of data and health experts from Quintiles and IMS Health. IQVIA caters specifically to the healthcare industry.
It’s a hugely money-making industry to be in. IQVIA made $4.14 billion in income in 2019. But, niche aside, IQVIA has succeeded due to its massive healthcare information collection. It has more than 800 million de-identifiable patient records, including sales information, promotional data, prescription data, social media, and medical records.
4: Kantar – 2.87 billion
Kantar’s revenue of $2.87 billion in 2019. As a result, it’s an accessible name to find in market research, even though it’s a moderately young company. It was started 29 years ago, in 1993. Like most other companies on this list, Kantar controls vast amounts of data, which it uses to provide companies with market information and advice.
It is a truly universal company, offering clients various research options, from general purchasing data to neuroscience surveys. What sets Kantar apart is its quality. The company is highly research-focused, including both large and small-scale quantitative and qualitative work.
5: Ipsos – 2.24 billion
Ipsos is a familiar name in the marketing world. It was founded in 1975 by Didier Truchot and is based in Paris, France. This central location and Ipsos’ long history have made it a successful multinational market research firm. In 2019, Ipsos generated $2.24 billion in revenue.
Ipsos’ broad reach is evident in the location of its offices. They are spread over 90 different countries and employ 16,530 people in total. As for the business side, Ipsos has companies in almost every industry covered. In addition, it does more qualitative research and consulting than other big market research firms.
6: IHS Markit – 2.11 billion
IHS Markit used to exclusively provide information services before merging with S&P Global in 2022. Now, as of 2019, it generates about $2.11 billion in revenue annually and serves a variety of industries with its data and tools. Although this company is not a jack of all trades, it certainly comes close. It helps with government/civil, financial, technology, aerospace, defense and security, and automotive sectors.
With its vast database, IHS Markit can help all these verticals equally. Similarly, it has dozens of offers for its clients, helping them make informed business decisions.
7: GfK – 1.67 billion
GfK stands for “growth from knowledge,” precisely the promise they offer to the companies under their care. This market research company is another veteran; it was established in 1934. Its name comes from the German phrase “Gesellschaft für Konsumforschung,” which means Association for Consumer Research. However, that is much less interesting than their new English name.
Although GfK is 88 years old, it is far from outdated or archaic. As of 2020, they use data analysis and artificial intelligence technology to provide an exceptional forecasting and recommendation platform, just one of their innovations in market research.
8: CoStar Group – 1.39 billion
With revenue of $1.39 billion in 2019, the CoStar Group is a much-used but somewhat lesser-known market research company. The CoStar Group name does not advertise as well as other ‘modern’ companies. That may be because CoStar focuses on the real estate industry. Many market research firms become generalists, especially at the top of the food chain.
9: Information Resources, Inc. – 1.2 billion
Better known as IRI, Information Resources Incorporated is an American market research company. It brought in $1.2 billion in revenue in 2019, doubling Westat’s earnings. IRI also specializes in specific industries RI claimed to operate within 95% of the above categories on the Fortune 100. That’s a tall claim, considering they have 5,000 customers worldwide.
Furthermore, IRI only started integrating AI (artificial intelligence) and ML (machine learning) into its analytics software in 2019. High-tech and versatile market research software is another common theme among the best market research companies.
10: Westat – 590 million
Westat, an employee-owned company founded in 1963, begins this list. It generated $590 million in income in 2019 by offering market research services to companies in various industries. The company focuses mainly on health, social policy, education, and transportation; unsurprisingly, he studies science and technology.
Westat’s offerings primarily focus on conducting studies and creating unique and functional survey designs for each client. Generally, Westat is doing incredibly well in an industry and economy that rarely uses the employee ownership model.