Growth in the U.S. Insights & Analytics market cooled during 2023, advancing 7.6% to total nearly US$80B. This surpassed the 5.7% growth in 2020, but was 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.
This full report – available for download here – highlights trends for the overall industry and competing segments. It also provides an in-depth analysis of the industry, with summary and reviews from industry experts, lists the Top 50 market research companies, and showcases the Top 25 Insights Association member companies.
This year marks the 50th anniversary of the Top 50 U.S. Insights & Analytics Market Leaders list. Over five decades, this list has chronicled the industry’s growth and evolution, highlighting the leading companies that have shaped the market.
Of this year’s top 10 Insights & Analytics organizations, three are from the “Established Market Research” sector: Nielsen #3 at $2.94B, IQVIA #4 at $2.69B, and #7 Circana at $1.78B; three are agencies specializing in Industry Reports and Research: Gartner #1 at $3.78B, CoStar Group #6 at $2.40B, and S&P Global #8 at $1.35B; three are Digital Data and Analytics firms: Salesforce #2 at $3.14B, Adobe #5 at $2.69B, and HubSpot #9 at $1.28B; Qualtrics was the lone Self-serve Research Platform provider to crack the Top 10, entering at #10 with $1.16B.
“Despite our profession maturing spectacularly and having a far greater and more positive impact on the health of American business, 2023 saw a drawback on budgets and resources, inclusive of multiple layoffs within the CI community,” commented Cambiar’s Simon Chadwick, one of the Report’s authors. “And yet, the demand for insights themselves did not abate, necessitating the continuation of forcing budgets to go further, mainly through insourcing.” He noted that industry benchmarking and trend analysis indicate that 2023 was the first year in nearly a century when the volume of research that was insourced exceeded that which was outsourced to external suppliers.
Melanie Courtright, CEO of the Insights Association, hailed the determination of the Insights Association member companies on the Top 25 list: “In the face of a series of economic challenges that included recession fears, rising interest rates, a wave of mergers and acquisitions, and the cautious mindset of many clients, they persevered to post impressive results for the year and found innovative ways to grow their companies.”
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.