In 2023, the leading market research company in terms of global research revenue was Gartner, generating approximately *** billion U.S. dollars. In the same year, American company IQVIA accrued roughly *** billion U.S. dollars. Market research companies - global players Market research is an important business strategy involving the gathering of information about an organization’s target market. In terms of global research revenue, American company Gartner was the leading market research company worldwide. Headquartered in the United States, the number of employees working for the company totaled ****** people in 2023. The sixth largest market research company in terms of global research revenue was Kantar. Kantar Group is a UK-based international network of ** companies, including Millward Brown and IMRB International. In 2022, the research revenue of Kantar amounted to approximately ***** billion U.S. dollars. Another European leader, and ranked seventh in the global ranking, was Ipsos. The company had a research revenue of over *** billion U.S. dollars. The largest share of market research revenue made by Ipsos was generated in Europe, the Middle East and Africa in 2023. United States dominant in a global market The global revenue of the market research industry reached over ** billion U.S. dollars in 2023, over half of which came from the United States. The number of full-time employees working for the top ten market research companies in the United States totaled almost ****** in 2020.

In 2021, Gartner was the leading company in the market research and data analytics sector in the United States. Roughly ** million U.S. dollars separated the top two companies, as Nielsen generated a revenue of approximately *** billion U.S. dollars compared to the **** billion U.S. dollars generated by Gartner.

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The global market research industry reached a record high market size of approximately ** billion U.S. dollars in 2023. Over the last decade, the global market research industry has performed contrary to broader economic trends as the industry has continued to grow. Figures for 2023 signaled an increase of about *** billion U.S. dollars compared to the previous year. Market research industryMarket research is the activity of gathering information about markets in which an organization sells their produces and/or services. This often includes detailed qualitative understandings of consumer attitudes and preferences through tools such interviews, surveys, and increasingly, big-data analytics. The leading market research company worldwide was U.S.-based Gartner in 2022. Slow growth in EuropeWhile growth in the United States has been significant, the revenue of the market research industry in Europe grew just slightly since 2014. Some analysts expect this poor performance to continue into the near future for *** reasons. First is the short- and mid-term uncertainty created by Brexit, impacting the reliability of any market research conducted prior to the issue being resolved. Second is the implementation of the EU General Data Protection Regulation (GDPR) laws in May 2018, which limit what companies are able to do with personal data. A majority of IT professionals in France, Germany and the UK agree the GDPR laws will prevent personal data being passed on to third parties, reducing the amount of data available to researchers in Europe compared to other regions.

Retail Analytics Market Overview

Retail analytics involves collecting and analyzing data from various sources in retail operations. It helps retailers make informed decisions to improve their business performance, optimize inventory, and enhance customer experience.

By analyzing sales trends, customer behavior, and inventory levels, retailers can make better decisions about pricing, marketing, and supply chain management. This data-driven approach also aids in fraud detection, competitive analysis, and improving overall store layout and merchandising. Ultimately, retail analytics empowers retailers to stay competitive and profitable in today's dynamic market.

Market Research companies have benefited from research and development (R&D) expenditure growth as companies develop new products to satisfy consumer demand. Downstream companies continue to rely on market research to create new products and campaigns that fit ever-changing consumer preferences. As companies strive to enhance consumer-centric strategies amid increased consumer spending, demand for tailored market research solutions has surged. High corporate profit levels have enabled businesses to invest in research and development. The digital shift has further transformed the landscape, with companies pioneering new research tools to tap into the vast potential of big data to enhance accessibility and participation. These trends have led to revenue growing at a CAGR of 3.9% to $36.6 billion over the next five years, including a 2.4% gain in 2025 alone. Consumers' and advertisers' growing reliance on the internet has led to new metrics market researchers can use to better understand consumers. These have allowed new companies to enter the industry and driven providers to adjust services and implement new technologies. The rising use of social media has also contributed to the growing demand for market research. These technological advancements improved data collection and analysis methods, offering actionable insights that helped companies refine marketing strategies and develop better products. New opportunities continue to drive revenue growth, but expansions to services and onboarding of new technology have cut into industry profit. Companies will strengthen their R&D budgets as economic conditions improve, further driving demand for advanced market research tools. The proliferation of online commerce and smart technologies will give researchers unprecedented access to consumer data. Technological developments, such as artificial intelligence (AI), are poised to create new metrics based on human reactions, which companies can leverage to better understand consumer behavior and preferences. These new technologies will develop new market research opportunities. Access to these metrics, however, will lead to tightening data privacy regulations. There's a growing emphasis on ethical practices, transparency and data security. This will shape consumer trust and industry standards, creating new opportunities and challenges in a rapidly evolving marketplace. Revenue is poised to grow at a CAGR of 2.2% to $40.9 billion through the end of 2030.

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Management consultants continue to benefit from a robust demand stream for strategic planning and marketing services across the business and individual markets. Providing varied services to diverse downstream markets with unique needs allows management consultants to weather changing economic conditions. Core business interests, such as strategic planning, came into extra demand when inflationary spikes in 2022 and subsequent interest rate increases in 2023 accelerated the costs of business. Major consultancy firms such as Deloitte and Accenture Plc pivoted to business strategy and financial management consultation services due to businesses’ desire to secure capital and hedge against inflation when looking to pursue a new investment or acquisition. However, while economic turbulence did curtail consultants’ rate of growth, the high service diversification and accelerating adoption of new technologies, such as artificial intelligence (AI), reduced manual labor dependence and strengthened service quality across competitive sectors such as finance. These trends revenue to grow an annualized 3.5% to an estimated $404.1 billion over the past five years, including an estimated 1.2% growth rate in 2025 alone. Technological change in client markets drove spending on tech-centered consulting services, such as IT design and strategic planning. In the age of digital transformation, advisory roles require employees with unique and expert skill sets. Companies aiming to advance sustainability, embrace digital transformation and leverage big data analytics expand the need for expert consultants. The ability to hire remote workers broadens the labor pool's quality and scope, but also lessens consultants' negotiating power as other companies can now access previously restricted markets and recruit top talent. Consulting firms are no longer tethered to densely populated areas, allowing relocation to cities with lower rent and labor costs. While technology offers cost savings and expanded markets, it also intensifies competition for labor and clients, causing dampened profit in the past five years. Moving forward, management consultants are poised to take advantage of favorable economic conditions and a larger digital market that will change how marketing is conducted. While there are low barriers to entry in consulting, with the top 20 firms representing almost one-quarter of firm revenue, small-sized entrants will undoubtedly face stiff competition. As consolidation continues, the entry of niche firms specializing in new technology (IT, VR, AR and AI) is expected to increase, as these companies can better compete with larger consulting firms. Broader adoption of social media and digital advertising will provide lucrative opportunities for specialized marketing management consultants, particularly as 54% of consumers procure information via social media platforms, per 2024 data from Pew Research Center. The anticipated increase in business sentiment and aggregate private investment will bolster clients’ fiscal flexibility in securing longer-term consultant commitments, with revenue poised to grow an annualized 0.8% to an estimated $419.5 billion over the next five years.

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