Top 10 Best Market Research Companies in India 2023

Top 10 Best Market Research Companies in India 2023

Market research companies are firms that collect, analyze, and interpret data about markets, competitors, consumers, and the environment to help businesses make informed decisions. They provide insights that can guide product development, marketing strategy, customer experience initiatives, and more.

There are various types of market research companies, each specializing in different areas:

Quantitative Research Firms: These companies focus on numerical data and statistics, often gathering information through surveys and polls. They can provide insights into market size, segmentation, and trends, among other things.

Qualitative Research Firms: These firms specialize in understanding the “why” behind consumer behaviors and attitudes. They often use methods like focus groups, in-depth interviews, and observational studies to gather data.

Primary Research Companies: These companies collect new data directly from the source, for example, through surveys, interviews, or experiments. The data is specific to the client’s needs.

Secondary Research Companies: These firms rely on data that’s already been collected by others, such as reports, studies, and publications. Secondary research is typically less costly than primary research but may not be as specific to the client’s needs.

Syndicated Research Firms: These companies collect data on a large scale and then sell the same report to multiple clients. This can be a cost-effective way for businesses to gain market insights.

Online Market Research Firms: These firms use digital tools and platforms to gather data, including online surveys, social media listening, web analytics, etc.

Why Market Research Companies are important

Market research companies play a crucial role in shaping business strategies and decision-making processes. They provide valuable insights that can help businesses in various ways:

Understanding Consumer Needs and Wants: Through market research, companies can identify what their potential customers want or need, helping them to develop products and services that meet these demands.

Identifying Market Trends and Opportunities: Market research can reveal trends, changes, and emerging opportunities in the market that businesses can capitalize on.

Competitive Analysis: Market research companies can provide insights into competitors’ strategies, strengths, and weaknesses, which can help businesses position themselves better and gain a competitive edge.

Risk Mitigation: By providing data on market trends, consumer behavior, and industry dynamics, market research can help businesses predict potential risks and devise strategies to mitigate them.

Improving Customer Satisfaction: Market research can uncover customer perceptions, preferences, and dissatisfaction points, enabling businesses to improve their customer experience and increase satisfaction.

Testing New Concepts: Before launching a new product, service, or marketing campaign, businesses can use market research to test these concepts and gauge potential success.

Performance Evaluation: Market research can help businesses measure their performance against their objectives and industry benchmarks and identify areas for improvement.

In summary, market research companies provide the knowledge and insights that businesses need to make informed decisions, reduce risk, and stay competitive. This makes them an indispensable part of the business world.

 

History of Market Research Companies in India

 

Several notable market research companies have been operating in India which have been influential in the field. Here are a few:

Nielsen India: Nielsen is a global information, data, and measurement firm. They have a strong presence in India and offer a variety of research services across industries.

IMRB International (Kantar Worldpanel): IMRB International, now a part of Kantar Worldpanel, was one of India’s first market research companies, established in 1971. They provide a comprehensive understanding of consumers, their habits, attitudes, and future intentions.

TNS India: A part of Kantar Group, TNS India is a leading full-service market research organization. They provide insights across all industry sectors.

IPSOS: IPSOS started its operation in India in 2005. It’s one of the world’s leading survey-based marketing research firms and offers a full line of custom, syndicated, omnibus, panel, and online research products and services.

Market Xcel Data Matrix Pvt Ltd: Founded in 2000, Market Xcel delivers tailor-made solutions in the sphere of data collection. It has been influential in various sectors such as healthcare, automotive, telecom, and FMCG.

MRSS India: MRSS India is the largest independent Market Research Agency in India. It offers a wide range of qualitative and quantitative research services both nationally and internationally.

Ormax Media: Ormax Media is a specialized media consulting and research firm. Founded in 2008, Ormax Media has carved out a niche for itself in the media industry.

Grail Research: Grail Research integrates traditional research skills with innovative new approaches to provide information services to businesses. It has a strong presence in India.

Hansa Research: Hansa Research is one of the largest Indian consumer insights companies offering services in consumer insights, channel insights, and market intelligence services.

 

Benefits of market research companies

Market research companies provide numerous benefits to businesses and organizations looking to gain insights into their market, customers, and competitors. Some of the key benefits include:

Understanding customer needs and preferences: Market research companies help businesses understand what their customers want, their preferences, and their buying behavior. This enables businesses to create and market products or services that meet customer needs.

Identifying market opportunities: Market research can identify gaps in the market, new trends, or potential new markets a business can enter.

Competitor analysis: Market research companies can provide detailed analysis of competitors, their strategies, strengths, weaknesses, and potential actions. This can help businesses to strategize effectively and gain a competitive edge.

Reducing business risks: By providing accurate and up-to-date information, market research companies can help businesses make informed decisions, thereby reducing the risk of business failure or making costly mistakes.

Testing products or services: Market research can be used to test new products or services before they’re launched, reducing the risk of a product not being well received by the market.

Improving brand positioning: By understanding customer preferences and the competitive landscape, businesses can better position their brand in the market to differentiate themselves and attract their target audience.

Informing business strategy: The insights gained from market research can be used to inform business strategies, including marketing strategies, sales strategies, and overall business plans.

Measuring success: Market research can also help businesses measure the success of their products, services, or marketing campaigns by tracking metrics like market share, customer satisfaction, and brand awareness.

These benefits make market research companies an essential partner for any business looking to grow and succeed in today’s competitive marketplace.

 

Best Market Research Companies in India

Nielsen India
Kantar IMRB
IPSOS India
TNS India
Hansa Research
MRSS India
Market Xcel Data Matrix Pvt Ltd
Grail Research
Ormax Media
J.D. Power

 

 

Nielsen India

Nielsen Holdings is a global information, data, and measurement company with headquarters in New York City, USA. The company has operations in over 100 countries, covering more than 90% of the world’s population, and India is one of its key markets.

Nielsen provides a variety of services in India, including consumer research, advertising effectiveness, and retail research.

Here is a brief overview of their services:

Consumer Research: Nielsen provides insights into consumer behavior, needs, and attitudes. Their consumer research includes segmenting consumers, tracking product performance, understanding the consumer decision-making process, and predicting future trends.

Retail Measurement: They provide data on sales performance and market share across a range of retail formats, helping clients understand what products are selling, at what price, and where.

Advertising Effectiveness: Nielsen measures the total audience of advertising across TV, online, and mobile to help advertisers and agencies maximize their advertising spending.

Innovation: They assist businesses in the development and launch of new products, including concept testing, market forecasting, and post-launch sales tracking.

Audience Measurement: Nielsen measures viewership data for the TV and digital industry, providing a comprehensive understanding of audience behavior and preferences.

Panel Services: Nielsen’s panel services involve recruiting and maintaining a panel of selected households or individuals who agree to participate in ongoing research.

As one of the largest market research companies in the world, Nielsen is recognized for its comprehensive data and insights, which help businesses make informed decisions about product development, marketing strategies, and more. so it’s always best to check their current services on their official website or through direct contact.

Kantar IMRB

Kantar IMRB (formerly IMRB International) is one of the pioneers in market research in India. Established in 1971, IMRB was affiliated with Millward Brown and is now a part of the Kantar Group, one of the world’s largest research, data, and insights network.

Kantar IMRB offered a wide variety of research services across multiple sectors in India. Here’s a brief overview of their services:

Consumer Market Insights: Kantar IMRB provides insights into consumer behavior, attitudes, and consumption patterns. They offer solutions for consumer understanding, brand and communication, product innovation, and more.

Business and Industrial Research: They offer solutions for understanding business markets, including customer satisfaction, B2B market segmentation, and opportunity assessment.

Retail & Shopper: Kantar IMRB provides insights into shopper behavior and the retail environment. Their services include shopper segmentation, the path-to-purchase studies and retail audits.

Media and Panel: Kantar IMRB provides media research and operates consumer panels to track consumer and household consumption behavior over time.

Social and Rural: They also specialize in research covering social issues and rural markets. They offer solutions like policy evaluation, program evaluation, and stakeholder analysis.

User Experience: Kantar IMRB also offers user experience research, helping businesses optimize their digital interfaces for maximum user satisfaction.

Analytics: They offer advanced analytics solutions, providing predictive insights to help businesses make informed decisions.

Kantar IMRB is known for its in-depth research, extensive reach, and innovative methodologies. The company has been instrumental in providing actionable insights that help businesses strategize and make informed decisions. so it’s always best to check their current services on their official website or through direct contact.

IPSOS India

Ipsos Group S.A. is a global market research and consulting firm with headquarters in Paris, France. The company was founded in 1975 and has grown to operate in over 80 countries worldwide, including India.

Here’s a brief overview of the services that Ipsos provides in India:

Market Understanding and Measurement: Ipsos provides insights into market size, segmentation, and trends, helping clients to understand the market dynamics and measure their market share and brand performance.

Consumer Insights: They offer a variety of tools and techniques to understand consumer behaviors, attitudes, and needs, including surveys, panel studies, and observational research.

Advertising and Brand Research: Ipsos helps clients to develop, assess, and optimize their advertising and brand strategies. This includes pre-testing of advertisements, tracking studies, and brand equity research.

Product and Service Development: Ipsos assists clients in the development and launch of new products and services, including concept testing, pricing research, and customer satisfaction studies.

Public Affairs Research: They conduct research on public attitudes towards social, political, and economic issues, helping clients to understand public opinion and inform their communication and policy strategies.

Employee Research: Ipsos also conducts research among employees to help organizations improve their workplace environment and employee engagement.

Healthcare Research: They conduct research in the healthcare sector, providing insights into the behaviors and attitudes of healthcare professionals and patients.

Ipsos is known for its high-quality research, innovative methodologies, and global reach. They serve a wide range of industries, including consumer goods, technology, healthcare, media, and financial services. so it’s always best to check their current services on their official website or through direct contact.

TNS India

TNS India, part of the Kantar Group, is a leading full-service market research organization offering a variety of services. Kantar TNS (formerly known as Taylor Nelson Sofres) is one of the world’s largest research agencies with experts in over 80 countries.

Here’s a brief overview of the services that TNS India provides:

Brand & Communication: TNS India helps clients manage and grow their brands. They provide insights to help businesses understand the equity of their brand, the impact of their advertising, and how their communication can work more effectively.

Innovation & Product Development: TNS helps businesses at every stage of the product development cycle, from idea generation and concept development to product optimization and post-launch tracking.

Customer Experience: They provide insights into customers’ experiences and expectations, helping businesses to improve customer satisfaction, loyalty, and advocacy.

Employee Research: TNS conducts research among employees to help businesses create a better working environment, improve employee engagement, and reduce turnover.

Stakeholder Management: They offer solutions to help businesses manage their relationships with key stakeholders, including customers, employees, and shareholders.

Qualitative Research: TNS India has a strong qualitative research team that provides deeper insights into consumer behavior, motivations, and attitudes.

Automotive Research: They offer specialized research services for the automotive industry, providing insights into customer satisfaction, brand health, and advertising effectiveness.

TNS India is known for its high-quality research, innovative methodologies, and extensive sector knowledge. They serve a wide range of industries, providing insights that help businesses make informed decisions. so it’s always best to check their current services on their official website or through direct contact.

Hansa Research

Hansa Research is one of the largest Indian market research companies and has been providing a comprehensive range of research services since its establishment in 1983. It is well-known for its expertise in both quantitative and qualitative market research.

Hansa Research offers a wide array of research services across various sectors in India. Here’s a brief overview of their services:

Consumer Insights: Hansa Research provides insights into consumer behavior, needs, and attitudes. Their consumer research includes segmenting consumers, tracking product performance, understanding the consumer decision-making process, and predicting future trends.

Brand Tracking: They offer comprehensive brand tracking studies, monitoring changes in brand health over time and evaluating the impact of marketing activities.

Advertising and Media Research: Hansa Research provides research services to evaluate the effectiveness of advertising campaigns, understand media consumption patterns, and optimize media planning.

Customer Satisfaction: They conduct customer satisfaction studies to help businesses understand how well they are meeting their customer’s needs and identify areas for improvement.

Product and Concept Testing: Hansa Research offers services to test new product concepts, assess their potential, and optimize product design and marketing strategies.

Retail and Shopper Research: They provide insights into shopper behavior, retail environment, and sales effectiveness, helping businesses to optimize their retail strategy.

Social and Rural Research: Hansa Research also has a strong focus on social and rural research, providing insights into social issues and the behavior of consumers in rural markets.

Digital Research: They provide digital research services, including website usability testing, online surveys, and social media monitoring.

Hansa Research is known for its high-quality research, innovative methodologies, and extensive reach across India. They serve a wide range of industries, including consumer goods, technology, healthcare, media, and financial services. so it’s always best to check their current services on their official website or through direct contact.

MRSS India

Majestic Market Research Support Services Limited (MRSS India) is considered one of the largest independent market research firms in India. Established in 1992, it is the first and only public-listed market research company in India, with partnerships around the globe.

MRSS India offers a wide range of qualitative and quantitative research services. Here is a brief overview:

Consumer Insights: MRSS India provides insights into consumer attitudes, behavior, and needs. This helps businesses understand their target market and develop products, services, and marketing strategies that align with consumer preferences.

Advertising Research: They offer comprehensive advertising research services, including pre-launch ad testing, campaign effectiveness tracking, and media planning and optimization.

Brand Research: MRSS India provides research services that help businesses understand their brand equity, track their brand performance, and manage their brand strategy.

Product Testing: They provide product testing services to help businesses assess the market potential of new products, optimize product design, and understand consumer perceptions of their products.

Customer Experience: They offer customer experience research to help businesses understand how well they are meeting their customer’s needs, identify areas for improvement, and develop strategies to enhance customer satisfaction and loyalty.

Retail and Shopper Research: MRSS India provides insights into shopper behavior and the retail environment, helping businesses to optimize their retail strategy and enhance sales performance.

B2B Market Research: They conduct research among businesses to provide insights into business markets, including customer satisfaction, market segmentation, opportunity assessment, and competitive analysis.

Social Media Analytics: They provide social media listening and analytics services to help businesses understand consumer sentiments, track brand mentions, and assess the impact of their social media activities.

MRSS India is known for its innovative methodologies, use of advanced technology, and high-quality research. They serve a wide range of industries, including FMCG, healthcare, automotive, IT, telecom, and more. so it’s always best to check their current services on their official website or through direct contact.

Market Xcel Data Matrix Pvt Ltd

Market Xcel Data Matrix Pvt Ltd is a well-established market research company in India, founded in 2000. The company specializes in providing customized solutions in the sphere of data collection for market research.

Here’s an overview of the services that Market Xcel provides:

Custom Research: Market Xcel specializes in conducting custom research studies tailored to meet the specific needs of their clients. This includes both qualitative and quantitative research methods.

Data Collection: They have strong capabilities in data collection, utilizing a range of techniques, including face-to-face interviews, telephone interviews, online surveys, and more. They have an extensive field force for data collection across various geographies in India.

Panel Services: Market Xcel maintains an online panel for conducting internet-based surveys. They manage both consumer and B2B panels.

Analytics: They offer data analytics services, providing clients with insights and actionable recommendations based on their data.

Market Tracking: Market Xcel provides market tracking services, monitoring changes in market trends, brand health, and consumer behavior over time.

Product Testing: They conduct product testing studies to help clients assess the market potential of new products, optimize product design, and understand consumer perceptions of their products.

Customer Satisfaction: They offer customer satisfaction research to help businesses understand how well they are meeting their customer’s needs and identify areas for improvement.

Market Xcel is known for its high-quality research, innovative methodologies, and extensive geographical coverage. They serve a wide range of industries, including FMCG, healthcare, automotive, IT, and telecom. so it’s always best to check their current services on their official website or through direct contact.

Grail Research

Grail Research is a global market research and strategy consulting firm that provides customized research services to businesses in a wide range of industries. The company, part of the Integreon group, operates in various countries, including India.

Here are some of the services that Grail Research provides:

Market Understanding and Assessment: Grail Research helps clients understand the size, structure, growth drivers, trends, and competitive landscape of their markets. This includes market segmentation, customer profiling, competitive benchmarking, and demand estimation.

Customer Insights: They conduct research to understand consumer behavior, preferences, needs, and attitudes. This helps businesses develop products, services, and marketing strategies that resonate with their target customers.

Brand and Communication Research: Grail Research helps businesses understand how their brand is perceived, how their marketing communications are performing, and how to optimize their brand and communication strategies.

Product and Pricing Research: They offer services to test new product concepts, optimize product portfolios, and develop pricing strategies. This includes concept testing, conjoint analysis, price elasticity studies, and more.

Competitive Intelligence: Grail Research provides insights into the strategies, operations, strengths, and weaknesses of competitors. This helps businesses anticipate competitive moves, identify competitive gaps, and formulate effective strategies.

Investment Research: They provide investment research services to help investors make informed investment decisions. This includes financial analysis, company profiling, market trend analysis, and risk assessment.

Grail Research is known for its robust research methodologies, extensive industry knowledge, and high-quality research deliverables. They serve a wide range of industries, including healthcare, technology, financial services, consumer goods, and more.  so it’s always best to check their current services on their official website or through direct contact.

 

 

Ormax Media

Ormax Media is a specialized media consulting and research firm based in India. Founded in 2008, the company has carved a niche for itself by focusing exclusively on the media and entertainment industry, offering a range of research-based consulting services.

Here’s a brief overview of the services that Ormax Media provides:

Content Research: Ormax Media provides research services to help media companies develop, assess, and optimize their content. This includes concept testing, pilot testing, audience segmentation, and content performance tracking.

Brand Research: They offer brand research services to help media companies understand their brand equity, track their brand performance, and manage their brand strategy. This includes brand health tracking, brand positioning research, and audience profiling.

Consumer Insights: They conduct research to understand consumer behavior, attitudes, and needs, providing insights that help media companies develop effective content, marketing, and distribution strategies.

Advertising Research: Ormax Media provides advertising research services, including ad testing, campaign effectiveness tracking, and advertising strategy consulting.

Distribution Research: They offer distribution research services to help media companies optimize their channel distribution and understand viewer habits and preferences.

Training & Workshops: Ormax Media also provides training and workshops on various aspects of media research and strategy.

Ormax Media is known for its deep understanding of the media and entertainment industry, innovative methodologies, and high-quality research. They work with a wide range of clients in the media industry, including broadcasters, film studios, OTT platforms, radio stations, and more. so it’s always best to check their current services on their official website or through direct contact.

J.D. Power

J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. The company, which was founded in 1968 by James David Power III, has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually.

Here’s an overview of the services that J.D. Power provides in India:

Automotive Research: J.D. Power is best known for its automotive research. They provide insights into customer satisfaction with new vehicles, vehicle dependability, sales satisfaction, customer service satisfaction, and more. They also conduct research on a wide range of automotive-related issues, including vehicle safety, technology, fuel economy, and emissions.

Financial Services Research: J.D. Power conducts research into customer satisfaction with a wide range of financial products and services, including credit cards, retail banking, home lending, auto insurance, and wealth management.

Telecom, Media & Technology Research: They provide insights into customer satisfaction with telecom providers, cable and satellite TV services, streaming media services, and various digital platforms and devices.

Travel and Hospitality Research: J.D. Power conducts research into customer satisfaction with airlines, hotels, rental car companies, and travel websites.

Healthcare Research: They provide insights into customer satisfaction with health plans, pharmacies, and various healthcare experiences.

Home Improvement Research: J.D. Power provides insights into customer satisfaction with home improvement retailers and services.

Insurance Research: They conduct research into customer satisfaction with various types of insurance, including home, auto, and life insurance.

Energy Utilities Research: J.D. Power provides insights into customer satisfaction with gas and electric utility companies.

J.D. Power is known for its comprehensive data, industry expertise, and integrity in reporting unbiased market insights. The company’s ratings and awards are widely recognized as significant indicators of product and service quality and customer satisfaction. so it’s always best to check their current services on their official website or through direct contact.