US Insight Industry Grows 7.6% to $77bn Revenue

US industry body The Insights Association has published its annual Insights & Analytics Industry Report on the sector's size and growth in the country. 'Minor headwinds' have slowed overall growth after the rapid advances of 2021 and 2022, but at 7.6% it is still strong. Total US revenue is estimated at $77.0bn.

Growth of 16.6% in 2021 and 14.3% in 2022 represented a strong rebound for the sector after the pandemic (2020 growth was 5.7%, still fairly remarkable given what happened in other sectors). The report notes that year-on-year growth rates prior to the pandemic 'typically hovered around 10%'.

The 'minor headwinds' include 'economic uncertainty driven by recession concerns early in the year, rate increases, and a number of mergers and acquisitions ranging from large deals to smaller, niche transactions', according to the authors.

The largest segments into which the industry is divided by the report are Digital Data Analytics ($26.2bn, up 12.9%); Established Market Research ($21.6bn, up 3.7%); Industry Reports and Research ($11.6bn, up 7.3%); Consultancy Firms ($6.4bn, up 5.1%); and Social Listening and Communities ($6.2bn, up 4.5%).

The report was developed in partnership with the Master of Science in Marketing Research & Analytics Program at Michigan State University; independent analyst firm Outsell, Inc., and global professional association ESOMAR. Financial estimates for the overall market are based on Outsell's database of global data and information companies, augmented with publicly available information to size individual companies. The report celebrates the 50th anniversary of the Top 50 Companies ranking. Report author Michael Brereton spent 27 years at Maritz Research, rising to President and CEO and retiring in 2014. He is currently with the Master of Science in Marketing Research Program (MSMR) at Michigan State University's Eli Broad College of Business.

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.