Market Research in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: October 2023
NAICS 54191CARevenue
$1.3bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
6,825
Businesses
2,534
Wages
$XXX.Xm
Market Research in Canada industry analysis
Market research operators in Canada endured wild swings in revenue growth due to a sharp incline in economic volatility and dampened demand for market research services. Between 2018 and 2019, operators endured a decline amid mixed economic conditions and a changing media landscape. In 2020, COVID-19 presented an additional disruption to demand for operators' services, as uncertainty clouded the outlook. Although the economy reopened, a spike in inflationary pressures severely harmed revenue in 2021 and 2023, as corporate clients endured volatility across their balance sheets, which dampened demand for operators' services. This economic volatility also dampened profit for operators, with lower consumer confidence playing a key role in this trend. Through the end of 2023, IBISWorld projects revenue to fall at a CAGR of 3.2% to an estimated $1.3 billion, including an estimated 10.3% fall in 2023 alone, as demand for operators' services remains uncertain.As the popularity of digital media and e-commerce has risen, operators have adapted their services to provide up-to-date and more granular analysis reflecting the data available from these channels. Smaller, less costly single-operator companies flooded the industry amid low barriers to entry and improving economic conditions. However, the shifting media landscape and rapidly changing consumer trends have encouraged some operators to consolidate and streamline their operations, which is expected to lead to increased competition among existing companies. As corporations endured upticks in sales, they have sought the expertise of market research companies to expand operations and revamp their product and service offerings.Over the next five years, Canadians' consumption activity will continue to change significantly, requiring more consumer research and new research methods. Operators are in a position to capitalize on emergent trends and business structures. Those that succeed in evolving alongside the ever-changing landscape will find new verticals and horizontals to grow into. As new technologies and innovations are introduced to society, market research will remain a central pillar of business strategy, ensuring revenue growth. These trends are expected to cause revenue to grow at a CAGR of 4.9% to an estimated $1.6 billion over the next five years.
Trends and Insights
- Sharp plunge in economic activity harms market research demand. The negative effects of COVID-19 forced many core clients to cut back research and development (R&D) expenditure initiatives, which dampened operators’ bottom line.
- Robust usage strengthens demand for quantitative market research services. Most research usage is geared toward quantitative analysis, as clients will look to measure consumer sentiment via polling or other quantitative methods.
- Large population saturation incentivizes establishment growth. Provinces that house a significant chunk of the domestic population will become an attractive area for market research operators.
- Establishing competitive pricing enhances internal competition. Operators that are able to incorporate client-friendly pricing can attract more customers and gain a competitive edge over other market research operators.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 3.2 % over the past five years, to reach an estimated $1.3bn in 2023.
Trends and Insights
Sharp economic volatility during COVID-19 severely dampens revenue
- The core revenue streams for market research operators are heavily dependent on economic stability and positive growth among core clients in the corporate sector.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Full economic recovery will accelerate demand for market research operators
- As the Canadian economy continues to recover following COVID-19 and inflationary pressures decelerate, market research operators will benefit from higher consumer demand for their services.
Biggest companies in the Market Research in Canada
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
Ipsos Group SA | 195.9 | 23.8 | 12.1 | |
Nielsen Holdings NV | 181.9 | 28.6 | 15.7 | |
Leger Marketing Inc. | 54.4 | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Quantitative market research services, Qualitative market research services and Other research methods. Quantitative market research services is the largest segment of the Market Research in Canada.
Trends and Insights
Consistent growth in online research enhances revenue generated via quantitative market research services
- This product segment generates revenue via quantitative market research services, which are used for the collection and analysis of data to measure consumer responses to a product, issue or campaign.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Advertising Agencies in Canada
Complementors
- Management Consulting in Canada
- Public Relations Firms in Canada
- Direct Mail Advertising in Canada
International industries
- Market Research in the US
- Online Survey Software in the US
- Business Information Resellers in the US
- Company Research Services in the US
- Financial Data Service Providers in the US
Table of Contents
About this industry
Industry definition
The Market Research industry in Canada comprises operators that systematically gather, record, tabulate and present marketing and public opinion data. Examples of industry-relevant services include political polling, sampling and statistical services, broadcast media ratings and market analysis. Operators that conduct experimental or scientific research in fields such as economics or engineering are not included in this industry.
What's included in this industry?
Quantitative market research servicesQualitative market research servicesSecondary analysis and desk research servicesCompanies
Ipsos Group SANielsen Holdings NVLeger Marketing Inc.Purchase this report to view all 4 major companies in this industry.
Related Terms
QUANTITATIVE RESEARCHQUALITATIVE RESEARCHFOCUS GROUPIndustry Code
NAICS 541910 - Market Research in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Sharp plunge in economic activity harms market research demand. The negative effects of COVID-19 forced many core clients to cut back research and development (R&D) expenditu...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Robust usage strengthens demand for quantitative market research services. Most research usage is geared toward quantitative analysis, as clients will look to measure consume...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Large population saturation incentivizes establishment growth. Provinces that house a significant chunk of the domestic population will become an attractive area for market r...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Establishing competitive pricing enhances internal competition. Operators that are able to incorporate client-friendly pricing can attract more customers and gain a competiti...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Name recognition benefits larger companies. Prominent market research companies, such as Nielsen Holdings NV, benefit from favourable name recognition and customer favourabil...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Ipsos Group SA's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Nielsen Holdings NV's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Leger Marketing Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Ipsos Group SA, and factors influencing its performance in the industry
- Description and key data for Nielsen Holdings NV, and factors influencing its performance in the industry
- Description and key data for Leger Marketing Inc., and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Sharp decline in consumer confidence dampens operator growth. The impact of inflationary pressures severely ate away at consumer confidence, hampering demand for market resea...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
High economic uncertainty dampens profit. Many core clients serviced by operators endured significant volatility during COVID-19, which caused them to cut back on research se...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Market Research industry in Canada in 2024?
The market size of the Market Research industry in Canada is $1.3bn in 2024.
How many businesses are there in the Market Research in Canada industry in 2023?
There are 2,534 businesses in the Market Research industry in Canada, which has grown at a CAGR of 2.6 % between 2018 and 2023.
Has the Market Research industry in Canada grown or declined over the past 5 years?
The market size of the Market Research industry in Canada has been declining at a CAGR of 3.2 % between 2018 and 2023.
What is the forecast growth of the Market Research industry in Canada over the next 5 years?
Over the next five years, the Market Research industry in Canada is expected to grow.
What are the biggest companies in the Market Research market in Canada?
The biggest companies operating in the Market Research market in Canada are Ipsos Group SA, Nielsen Holdings NV and Leger Marketing Inc.
What does the Market Research in Canada include?
Quantitative market research services and Qualitative market research services are part of the Market Research industry.
Which companies have the highest market share in the Market Research in Canada?
The company holding the most market share in Canada is Ipsos Group SA.
How competitive is the Market Research industry in Canada?
The level of competition is high and steady in the Market Research industry in Canada.
