U.S. Insights & Analytics Market Continues Double-Digit Growth - Articles



U.S. Insights & Analytics Market Continues Double-Digit Growth

Administrator | 03 Sep, 2023 | Return|

Domestic Insights and Analytics marketplace continues to expand, showing a 14.3% increase this year following a 16.6% increase last year, according to the just-released 2023 Insights & Analytics Market & Top 50 Report (formerly Honomichl & Gold).

Contributing to a portion of 2022 growth was increased pricing, some study participants report; they also note EBITDA has compressed in these times of high inflation.  


Now totaling more than $71B, growth across the industry segments remains uneven, led by strong gains for ‘ResTech’ sectors (Digital Data Analytics, Enterprise Feedback Management, and Self Service Platforms) when compared to ‘Traditional Research’ segments (Established Marketing Research and Industry Reports & Research). In fact, for the first time, the Established Marketing Research segment posted the smallest annual gains of any segment and now ranks second in terms of size behind Digital Data Analytics.


Each year, the Insights Association surveys its members on their annual U.S. revenue and the industries they serve. The Report highlights trends for the overall industry and competing segments and lists the Top 50 marketing research organizations. It provides an in-depth analysis of the industry, with summary and reviews from industry experts, and also showcases the Top 25 Insights Association organizations.


Of this year’s top 10 Insights & Analytics organizations, three are Established Market Research companies: Nielsen #2 at $2.98B, IQVIA #4 at $2.55B, and Circana (formed via the recent merger of IRI and NPD) #7 at $1.68B; three are Industry Reports and Research agencies: Gartner #1 at $3.5B, CoStar Group #6 at $2.07B, and S&P Global (IHS Markit) #8 at $1.2B; three are Digital Data and Analytics firms: Salesforce #3 at $2.93B, Adobe #5 at $2.34B, and HubSpot #10 at $1.02B; Booz Allen Hamilton was the lone consulting firm to crack the Top 10, entering at #9 with $1.07B.


“This year’s Insights & Analytics Marketplace and Top 50 analysis is a must-read for anyone interested in the profession,” commented Melanie Courtright, CEO of the Insights Association.  “Our analysis highlights the continued evolution of the industry and details the ‘firsts’ we are seeing for the Traditional versus ResTech sectors. In addition, the Top 50 company ranking includes some surprises following mergers and acquisitions, while IA’s Top 25 member organizations continue to show strength within the mature Established Marketing Research sector.”


Analyses and data are provided by IA in collaboration with Michael Brereton from the Master of Science in Marketing Research Program at Michigan State University, IA’s annual member survey, and estimates from ESOMAR and Outsell, Inc. Expert analysis and summaries are provided by Mr. Brereton and Simon Chadwick, founder of Cambiar.

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