SSRS Makes the 2021 Insights Association Top 50 Report
Joins List of Top 50 U.S. Insights and Analytics Firms
U.S. Insights & Analytics Market Grows Despite Pandemic
IA’s New Top 50 Report shows strength in Self-Service Platforms and EFM
Domestic Insights and Data Analytics revenue totaled approximately USD$48 billion in 2020 – growing about 4% – remarkable considering overall U.S. GDP contracted 3.5% in an economy slammed by the global COVID pandemic.
This impressive performance was thanks to double-digit increases posted by companies operating in three sectors: Self Service Platforms (35.4% growth), Enterprise Feedback Management (21.8%) and Consulting (21.2%), according to the just-released 2021 Insights & Analytics Market & Top 50 Report (formerly Honomichl & Gold). Companies operating in Data Analytics (6% growth) and Social Listening & Communities (6.5% growth) also helped buoy the market.
Authored this year by Michael Brereton, with the Master of Science in Marketing Research Program at Michigan State University, The Top 50 Report has a 48-year history and is published by the Insights Association, in partnership with industry consultant Diane Bowers, Outsell, Inc., and ESOMAR.
“The strength exhibited by insights and analytics providers as indicated in the Top 50 Report spotlights the value they provide,” commented Melanie Courtright, CEO of the Insights Association. “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 market share leader by segment in 2020 was Established Marketing Research at 37% – this includes such perennial leaders as Nielsen (#1 at $3.65 Billion) IQVIA (#3 at $2.09 Billion) and IRI (#8 at $1 Billion). Next at 21% is Digital Data Analytics performed by the likes of Salesforce (#4 at $2.05 Billion) and Adobe Systems (#5 at $1.63 Billion). Providers of Industry Reports & Research make up 16% of the overall market with contributions from #2 Gartner ($2.54 Billion), #6 CoStar Group ($1.58 Billion) and #7 IHS Markit ($1.17 Billion).
The sectors growing at the fastest clip are: Self-Service Platforms – such as those offered by Qualtrics (#15 at $552 Million) and #38 Momentive (formerly SurveyMonkey at $244 Million). This sector enjoyed 35.4% growth over 2019. Meanwhile, Enterprise Feedback Management (#29 Medallia, $348M; #49 Verint Systems, $146M; and #50 InMoment, $143M) posted sector-wide growth of 21.8%
The market scope of this year’s Top 50 Report is substantially broader than the “Full-Service Marketing Research” segment historically tracked. This new taxonomy includes an expanded list of activities such as information management/integration, curation, visualization and consulting. Also included are services such as panel access and online communities, which were traditionally positioned as in support of, but not included in, the traditional marketing research space.