Media Coverage: Business Standard
Bangalore-based offshore market research agency Markelytics Solutions has announced its plans to foray into the European market.
The company has appointed Fredrik Nauckhoff, former head of market intelligence at Nestle, Switzerland, as the head of sales for the European market.
"With the appointment of Fredrik, the company would be able to leverage on his strengths and get quick access to potential customers in the European market. We expect our European operations to contribute about 10 to 15 per cent of the revenues in the next fiscal," said Jasal Shah, CEO, Markelytics.
Fredrik was also the president of the European Society of Market Research (Esomar), a global association of market resource professionals from 2002 to 2004.
Globally, the market research industry is estimated to be worth $21 billion. The share of the offshore market research firms based out of India is about 3-4 per cent of the global market and expected to grow 3-4 times over the next five years.
Shah said that Markelytics was gearing up to take advantage of this huge market potential.
Markelytics started its operation in 2003 in with just four people on board. Today, the company has grown up to about 100 people.
Shah said that looking at the huge flow of businesses from North America and now from Europe, the company was planning to ramp up headcount to 250 by the end of this year.
Markelytics is also planning open one more new facility in Bangalore. So far the company has executed market research projects for over 300 customers, he added.