Market research holds great significance for businesses in today’s times as there is so much competition, and so, staying in the industry for long requires you to know a lot about the existing opportunities and potential threats.
If you are not updated on these things, you soon get kicked out due to the presence of better-performing companies.
Moreover, you need to know the demand patterns of the market in order to make your products or services worthwhile enough to sell.
In the wake of these needs, market research companies have acquired great significance, and practically no big business can thrive without them.
Market Research companies conduct market research for small, medium, and large industries, enterprises, and also trade organizations.
Analysis of market research helps companies to improve or diversify their product and service offerings.
Why Is Market Research Important?
India ranks among the most competitive consumer markets in the world.
We have countless companies, with major ones offering dozens of brands. Whenever a new product is launched, competitors spring into action and launch a rival from their brand.
As a result, companies are hard-pressed to know what type of products and features will go well with customers. The only way to get this vital information is by speaking to customers themselves.
Since large corporations do not have staff for conducting such studies on their own, they hire market research companies to interact with the public and provide the necessary details. Often, they pay you for the effort you exert in giving feedback.
Types of Market Research in India
Market research in India is conducted on lines similar to those in the US and Europe. Depending upon the needs of clients, market research companies in India conduct surveys in different styles.
- One-on-one interaction with consumers at public places like bus termini and railway stations, malls etc. Some researchers also visit homes.
- Market research with the select audience such as students, doctors, IT experts etc.
- Specialized market research involving a group of companies or organizations.
- Focused market research for a specific ethnic group or community.
- Online market research includes paid surveys.
- Mobile-based market research done through specific apps.
- Mystery shopping.
The Market research industry in India showed growth of 52 percent in FY21. 52 percent in FY21. The trend is expected to continue till 2026, according to industry sources.
This means we can expect more players to join the market research industry in India.
If you wish to know which market research companies in India are well-known for their reliable services and quality of data, here is a quick guide for you:
List of Top 10 Market Research Companies in India
Since India is a very large market, there is ample scope for all market research companies to flourish.
While the field was earlier dominated by small Indian players, large foreign market research companies are now doing business in this country.
They operate on their own or have set up joint ventures with Indian market research companies.
1. Nielsen India
Nielsen India is part of the global group. It is present in more than 100 countries across the world.
For the fifth consecutive year, Nielsen has been included in the Dow Jones Sustainability Index (DJSI).
In 2019, Nielsen was awarded for maintaining a 100% score in Disability Equality INDEX.
The company conducts market surveys in India for multinational companies, Indian business groups and trade organizations among others. Nielsen ranks as a market research leader in the world.
2. Ipsos India
IPSOS India conducts market research in India in different ways. IPSOS has its presence in 90 global markets.
These include one-on-one interactions with consumers, market-specific research for companies and trade organizations as well as mobile and Internet-driven market research for specific products.
Ipsos Mobile is an app that is very popular among Indian consumers that participate in paid online surveys.
3. Kantar IMRB
Kantar IMRB holds the distinction of being a Superbrand in 2016.
Kantar IMRB provides services across 67 countries.
Kantar IMRB was established in 1970. Kantar IMRB received the award as an ‘Agency of the Year’ for the eighth time.
It is a top market research company in India. Kantar IMRB was established in 1970.
They conduct market research in different manners including interactions with customers and online for Indian and foreign companies, business groups and small enterprises.
4. IDC India
Founded in 1964, IDC India is part of the eponymous global market research company. The premium products of IDC are CIO, Computerworld, and Macworld.
It hires a team of over 1,100 market analysts to provide companies and other clients with accurate market research inputs.
It is subsidiary of International Data Group (IDG), a leader in engaging technology buyers with the market to provide valuable insights into market trends.
5. Kantar Millward Brown
Kantar Millward Brown is a top market research company in India that also has a presence in some 58 countries worldwide and has 87 offices.
The company conducts specialized market research in various fields in India.
Kantar Millward Brown engages a team of specialists to provide in-depth market analysis reports to clients in India.
KPMG is another top market research company in India. KPMG has its presence in 145 countries, and it has more than 236,000 employees in the firm.
It is a global giant that provides various services to industries and businesses. KPMG has undertaken several ground-breaking market researches in India.
These are done along with large companies and trade organizations that require critical inputs to improve business or find existing trends.
Also Read: Top 10 Background Verification Companies in India
7. Majestic MRSS
Majestic MRSS is Asia’s largest independent market research company and one of the top 10 in India. This Indian market research company has offices in almost 18 major countries in the APAC and MENA region.
Majestic MRSS conducts varieties of surveys- from consumers to industries and trade trends.
A company or organization can conduct the same market research simultaneously in different countries with Majestic MRSS and its offices.
8. Bare International
Bare International is a leading, global market research company that also operates in India.
This company is best known for its mystery shopping services provided to consumer goods manufacturers. Bare International has an extensive presence in India.
This top market research company does research for clients in more than 80 countries, completing more than 50,000 evaluations each month.
The significant things for which Bare International is known for are:
- Customized experience and design programs
- Saas solutions and Innovative tools
- Live, actionable Insights
- Dedicated Project Team
- Family-Owned, Global Capabilities
- Transparent & Inclusive Pricing
- International Field Force Support
9. Verace Market Research
Ananth Nagasamudram founded Verace Market Research in 2007, and the headquarter is in Banglore.
Verace caters to market information, which helps the firm grow its market share. The firm collects data by face-to-face interaction for primary research, CATI, CAPI, and online web-based data for secondary research.
The Verace provides cutting-edge reportings to their customers in that they provide informational dashboards, Global online data collection, data analysis, and integration of advanced data analytics, etc.
Verace uses superior methods for insight activations such as Kano analytics, benefit structure analysis, feature ranking analysis.
In qualitative data collection, the firm uses the methodologies such as focus group discussions, In-depth Interviews, Bulletin boards-online, Ethnographic research, product placement, and usability testing.
The methodologies used for quantitative data collection are CAPI (Computer Aided Personal Interview), dynamic clinic, CATI (Computer Aided Telephonic Interviews), Mystery Shopping.
10. ARS Market Research
ARS is one of the top market research companies in Chennai, Tamilnadu, India.
The firm uses qualitative and quantitative market research methods to enhance the market growth of the businesses.
In qualitative research, they do In-depth Interviews for data collection. ARS also provides the SWOT (Strength, Weakness, Opportunity, Threat) analysis of the competitors, which helps the firms to make correct decisions.
ARS also does the PEST (Political, Economical, Social, and Technological) analysis in that the firms get the information about the external environment.
ARS also uses the “Brand Health Tracker” to measure brand awareness, usage, and loyalty.
These top 10 market research companies in India are helping companies to launch the best products for you.
They go that extra mile to make your life comfortable and help get better value for money.
The next time you see a market researcher at public places or come knocking at your door, give them the necessary answers.
You are helping that person to earn some money while enabling companies to launch better products. It is also possible to make money from home through these market research companies.
Download their apps from Google Play Store or App Store for iPhones. They reward your efforts with points that can be exchanged for cash and attractive gifts including free shopping vouchers.
When a company hires market research providers, it means they are serious about serving you and other customers better.