The business information specialist's initial research in August revealed that 40,000 registered phone numbers belonged to firms with more than 100 staff.
Nick Martin, general manager at Mardev, argued that registrations by larger firms is not what the CTPS is about.
"We're whole-heartedly behind the CTPS for small businesses. They have less people trying to do more things at once. But the regime that was designed to protect them will have the effect of inhibiting their performance."
He added: "It is much more difficult for smaller businesses to apply resources to reach prospects and open up a dialogue with them if you take away their primary communication channel."
Mardev will conduct further research into those larger firms to uncover their motivations and purpose for registering.
Martin said he expects to complete the second study by the end of October and then call upon the Department of Trade & Industry and Ofcom to review the CTPS.
The initial study found companies with more than 100 employees stands at almost 16 per cent. There are currently 44,098 companies registered on the CTPS and 511,000 numbers.
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