Domestic Insights and Analytics revenue expanded to nearly USD$63 billion in 2021, growing at an unprecedented rate of 16.6% versus 2020. To continuously evolve the representation of the Insights & Analytics industry, this year’s review resized the industry, largely driven by two fast-growing segments: Digital & Data Analytics and Social Listening & Communities.
According to the just-released 2022 Insights & Analytics Market & Top 50 Report (formerly Honomichl & Gold), all segments of the Insights & Analytics industry contributed to this year’s exceptional 16.6% growth. Six out of the eight segments posted double-digit gains in 2021: Self-Service Platforms (+34%), Digital Data and Analytics (+30%), Social Listening & Communities (+30%), Enterprise Feedback Management (+28%), Sample Providers (+21%) and Industry Reports & Research (+14%). Bouncing back from a 2% contraction in 2020, the Established Market Research sector also grew (+6.5%).
Of this year’s top 10 Insights & Analytics organizations, four are Established Market Research companies (The Nielsen Co. #2 at $2.9B, IQVIA #4 at $2.4B, Nielsen IQ #8 at $1.1B and IRI #9 at $1B), three are Industry Reports and Research agencies (Gartner #1 at $2.9B, CoStar Group #6 at $1.8B, and IHS Markit #7 at $1.3B), and three are Digital Data and Analytics firms (SalesForce.com, Inc. #3 at $2.6B, Adobe Systems, Inc. #5 at $2B, and MailChimp #10 at $0.97B).
“The exceptional growth Insights & Analytics experienced in 2021 proves that our profession is evolving to meet the demands of today’s decision-makers. Insights strengthened its voice in boardrooms as companies require decisions based on a wide range of information quickly collected, analyzed, and placed into action. Innovations and advances across our industry continue to support these trends, and as a result, we’ve been rewarded with significant growth,” commented Melanie Courtright, CEO of the Insights Association.
Each year, the Insights Association surveys its members on their annual U.S. revenue and the industries they serve as part of the yearly Top 50 company review. This year’s Insights & Analytics Market and Top 50 Report showed that members of the Insights Association who compete in the Established Market Research sector saw revenue growth that far outpaced the segment overall (+15.0% growth for IA companies versus 6.5% growth for the segment overall). “This clearly shows that our mission to protect, connect, inform and promote the Insights and Analytics industry benefits not only our profession but specifically our members,” said Courtright. This year’s report also includes a member-only “Top 30 Insights and Analytics IA Member Companies” ranking, based on this year’s annual survey results and ESOMAR/Outsell estimates.
Authored this year by Michael Brereton, Executive in Residence, Department of Marketing at the Michigan State University’s Eli Broad College of Business with the Master of Science in Marketing Research Program at Michigan State University, the Top 50 Report has a 48-year history and is published by the Insights Association, in partnership with Outsell, Inc., and ESOMAR. In addition, this year's report also includes a feature article on investment in the industry by Simon Chadwick, founder of Cambiar. Simon is an acknowledged industry leader, author, and conference speaker. He is also a Fellow of the Market Research Society, Insights Association Laureate, and former Chair of IA’s Board, Editor-in-Chief of Research World, ESOMAR’s global magazine.
The market scope of this year’s Top 50 Report was expanded to more completely represent the broader Insights & Analytics industry. While all sectors were adjusted some, the largest expansion occurred for the Digital Data Analytics and Social Listening & Communities segments. “We recognize that our industry is rapidly changing and expanding. It is imperative that our annual review of the marketplace also evolve along with our industry,” Courtright added. “We greatly appreciate the partnership with ESOMAR, Outsell, and Michael Brereton from Michigan State in helping us monitor the Insights and Analytics market. Please join us in this journey.”