In a survey of its members for its 2024 Insights & Analytics Market Report, the IA said that the US insights and analytics market grew 7.6% in 2023, which was ahead of 2020’s 5.7% but a drop from the 14.3% and 16.6% registered in 2022 and 2021 respectively.

Prior to the Covid-19 pandemic, the US industry typically experienced about 10% growth annually, the IA said.

The overall US insights and analytics market was valued at $80bn, with research technology sectors, such as digital data analytics, self-service platforms and enterprise feedback management, gaining against more traditional research.

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.

Melanie Courtright, chief executive officer at the Insights Association, said: “Our analysis highlights important statistics that impact the entire insights ecosystem, including weakness and opportunities.

“Understanding the factors at play – for both overperforming and underperforming segments – is extraordinarily helpful in the formation of strategic plans for the months and years ahead.”