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11Jul

Growth Slows Across U.S. Insights & Analytics Market

Administrator | 11 Jul, 2024 | Return|

Growth in the U.S. Insights & Analytics market cooled during 2023 following the strong rebound realized during 2022 and 2021 as business bounced back from the Covid-induced weakness of 2020. The industry advanced 7.6% in 2023, exceeding 5.7% growth in 2020, but far below the expansion of 14.3% and 16.6% in 2022 and 2021 respectively, according to the newly released 2024 Insights & Analytics Market Report. Prior to this stretch of extreme fluctuations, the industry typically experienced about 10% growth.

 

The overall U.S. Insights & Analytics market now totals nearly USD $80B. 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).

 

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 – the 50th anniversary of this report – the Insights Association is releasing a two-part series to more fully represent and reflect on the industry’s performance. 

 

This first report – available for download here – highlights trends for the overall industry and competing segments. A second report (to be released during the week of July 22) provides an in-depth analysis of the industry, with summary and reviews from industry experts, and lists the Top 50 market research companies, and also showcases the Top 25 Insights Association member companies.

 

“This year’s U.S. Insights & Analytics Industry Report is a must-read for leaders and practitioners in the profession,” commented Melanie Courtright, CEO of the Insights Association. “Our analysis highlights important statistics that impact the entire insights ecosystem, including weakness and opportunities. Understanding the factors at play – for both overperforming and underperforming segments – is extraordinarily helpful in the formation of strategic plans for the months and years ahead.”

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 Michael Brereton and Simon Chadwick, founder of Cambiar.

 

Continuing Evolution of the Report & Industry Scope: The report emphasizes the ongoing transformation within the industry, driven by emerging segments and evolving business needs. The total market included in this report’s taxonomy defines a substantially broadened space than the “full-service” market research agencies tracked prior to the study’s redesign in 2020. This expanded market view is more consistent with the reality that market research professionals impact and compete in a far larger realm of market intelligence services.

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