US insights and data analytics revenue increases

The 2021 Insights & Analytics Market Top 50 Report found that the growth was driven by companies operating in three sectors: self-service platforms (which grew by 35.4% on average), enterprise feedback management ( 21.8%) and consulting ( 21.2%).

Companies defined in the report as ‘established marketing research agencies’ and providers of ‘industry reports and research’ posted revenue loss of 1.2% and 4.3% respectively for 2020, according to the report.

Established market research firms comprised the greatest US market share in 2020, at 37%.

Additionally, the report found that businesses operating in data analytics grew by 6%, while social listening and communities companies grew by 6.5%.

Nielsen topped the ranking, with US revenue of $3.65bn, followed by Gartner, IQVIA, Salesforce and Adobe Systems.

Melanie Courtright, chief executive, the Insights Association, said: “The strength exhibited by insights and analytics providers as indicated in the Top 50 Report spotlights the value they provide.

“In an unprecedented year, business leaders needed to quickly assess and predict shifting consumer demands; marketers urgently required detailed analytics and sage guidance and they turned to IA member companies and their peers. It is important to note that the key sectors of growth align with investments in technology and a commitment to innovate to provide quick, agile, cost-effective techniques.”

The annual report has historically focused on only full-service research agencies, but this year it tracked an expanded list of activities, including information management and integration, curation, visualisation and consulting, panel access and online communities.

Courtright said: “The newly expanded scope of the Top 50 Report is a true reflection of the breadth of work being done by the companies leading our industry forward. The gains accomplished during a most challenging year should instil confidence that our industry’s leading companies are positioned well for the economic recovery.”