Introduction
Market research is the process of identifying and analyzing various pieces of information about the target market as well as competitors and the general business climate. It assists various firms in decision making, devising of good strategies and ultimately attaining its organizational goal. In this blog, we will try to capture trends of global market research industry, size and growth of the market, leading market research firms in India, and top market research firms in your vicinity.
Global Scenario of Market Research Consulting
The changes in market research industry and the enhancement of its growth is due to the expanding demand of analytic strategies, the development of the digital platforms, and the competition for business growth in today’s market. The consulting service market expanded with annual growth rate of 20.1% in constant currency in 2021. (Courtesy: Gartner)
Key trends shaping the industry include:
- Artificial Intelligence and Machine Learning: These technologies are becoming pervasive in collecting and analyzing data leading to faster and accurate predictions.
- Big Data Analytics: Advances in technology have now enabled the processing of bigger data sets which is leading to enhanced understanding of consumers and trends in the market.
- Mobile and Online Research: Continues increase in the utilization of the mobile and online platforms is boosting the viability of the market research.
- Personalization: There is a trend of individualization in organizations where the emphasis is put on the individual consumer, therefore, there is a greater call for segmented and further divided market analysis.
Key Growth Drivers
• Digital Transformation: With the increasing use of digital platforms as well as online methods of data research, the prospects of market research are being opened up.
• Emerging Markets: For instance, Asia-Pacific, Latin American, and African markets are still in the nascent stage to experience rapid economic growth hence presenting new market opportunities to market research firms.
• Increased Competition: Companies have had to undertake market research more often to be unique and to be able to compete in this world’s complicated markets.
Leading Market Research Companies in India
There are several established market research firms that are based in India that provide a wide variety of services this include consumer insight and strategic consulting services. Some of the leading companies include:
- Nielsen India– Nielsen is reputed market research and analysis companies having their operations in India as well as the other parts of the world. They have much of the services in the consumer understanding, media audit, and the market trend.
- Kantar IMRB– Kantar IMRB (Indian Market Research Bureau) is one of the leading players in the market services covering a wide range of sectors namely FMCG, retail, and healthcare among others so as to aid businesses in formulating their operational strategies.
- Market Xcel Data Pvt. Ltd.- Market Xcel is a pioneer market research company based in India which provides research services in the form of quantitative and qualitative studies, data analysis and consumer research. It was also appreciated for innovation and the firm’s profound knowledge of the Indian environment.
Top Market Research Companies Near You
If you are looking for market research firms near Noida, Uttar Pradesh, here are some notable options:
- Lifescience Intellipedia Pvt. Ltd.: Lifescience Intellipedia is a leading market research consulting company in Noida which analyzes local and global lifesciences markets, trends, and emerging best practices.
- SPER Market Research: SPER primarily is a Noida based company that focuses on providing strategic research, custom research as well as market intelligence.
- Market Insight Consultants India: This firm is also located in Noida offering market research, marketing consultation and customer satisfaction.
Conclusion
Market research industry has been dynamic over the recent past and continues to be shaped by such factors as technology and customer trends. As the world needs more data and more innovations, the opportunities for growth are vast in this particular industry. The consumer base for MR services is growing and technology usage in India is ideal for it to becoming a global market research giant. Whether your business is a new start-up or a grand multinational company seeking its place in the competitive market, having a market research agency to guide you through the maze of the market and help you to obtain sustainable growth is highly important.
