'Unprecedented' Growth for US Insights / Analytics Sector

Research revenue for the Top 50 US-based insights and data analytics companies rose to $63 billion in 2021, according to the IA's latest figures - growing at an 'unprecedented rate' of 16.6% compared with 2020. The increase was driven in particular by two segments, Digital & Data Analytics and Social Listening & Communities.

Originally created by long-time research industry journalists Jack Honomichl and Larry Gold, this year's Top 50 Report has been authored by Michael Brereton, with the Master of Science in Marketing Research Program at Michigan State University, and is published by the Insights Association (IA), in partnership with research and advisory firm Outsell, and ESOMAR.

The scope of the latest report has once again been expanded to represent the broader insights and analytics industry. Six out of the eight segments it defines 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 segment grew (+6.5%). Of this year's Top 10 insights and analytics organizations, four are Established Market Research companies (Nielsen in second place at $2.9 billion, IQVIA in fourth position at $2.4 billion, Nielsen IQ in eighth at $1.1 billion, and IRI ninth with $1 billion). Three of the Top 10 are Industry Reports and Research agencies (Gartner with the top slot at $2.9 billion, CoStar Group in sixth place at $1.8 billion, and IHS Markit seventh at $1.3 billion); and three are described as 'Digital Data and Analytics' firms (SalesForce.com third at $2.6 billion, Adobe Systems fifth at $2 billion, and MailChimp in last place at $0.97 billion).

Melanie Courtright (pictured), CEO of the Insights Association, comments: 'The exceptional growth insights and 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, analysed 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'.

Web site: www.insightsassociation.org .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.