NEWS24 August 2022

US insights and analytics market continues to expand

Financials News North America Trends

US – Domestic insights and analytics revenue expanded to reach nearly $63bn in 2021, growing at a rate of 16.6% compared with 2020.

Map of the US showing communication connections

According to the just-released 2022 Insights & Analytics Market & Top 50 Report, all segments of the insights and analytics industry contributed to this year’s exceptional 16.6% growth. Six out of the eight segments 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%).

The market bounced back from a 2% contraction in 2020, while the established market research sector also grew (+6.5%).

Of this year’s top 10 insights and analytics organisations, four are established market research companies: Nielsen is at number two, with $2.9bn, IQVIA at number four with $2.4bn, Nielsen IQ at number eight with $1.1bn and IRI at number 9 with $1bn.

Three are industry reports and research agencies: Gartner takes the top slot with $2.9bn, CoStar Group is at number six with $1.8bn, and IHS Markit is at number seven with $1.3bn. Another three are digital data and analytics firms: SalesForce is at number three with $2.6bn, Adobe Systems at number five with $2bn and MailChimp is at number 10 with $0.97bn.

“The exceptional growth insights and analytics experienced in 2021 proves that our profession is evolving to meet the demands of today’s decision-makers,” commented Insights Association chief executive Melanie Courtright.

“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.”