US Market Grew 14.3% Last Year, Says IA

The US market for insights and analytics has increased 14.3% in the past year to $71bn, after 16.6% growth last year, according to the 2023 Top 50 report by professional body the Insight Association.

Originally created by long-time research industry journalists Jack Honomichl and Larry Gold, analyses and data for this year's study are provided by IA in collaboration with Michael Brereton from the Master of Science in Marketing Research Program at Michigan State University, as well as IA's annual member survey, and estimates from ESOMAR and Outsell. Expert analysis and summaries are provided by Brereton and Simon Chadwick, founder of Cambiar.

The report highlights trends for the overall industry and competing segments, and lists a Top 50 companies, alongside a summary and reviews from industry experts, and a showcase of the Top 25 Insights Association organizations.

Some participants of this year's study report that increased pricing contributed to a portion of 2022 growth, while noting that EBITDA has compressed in these 'times of high inflation'. 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 and research'). For the first time, the 'established marketing research' segment posted the smallest annual gains of any segment, and it now ranks second in terms of size behind 'digital data analytics'.

IA CEO Melanie Courtright comments: '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'.

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.