The economic resilience shown during 2022 by the rest of the Americas - a US-centric term encompassing Latin America and Canada - was challenged by the high inflation experienced in many countries. The absolute growth of +6.7% recorded by the industry turned negative after factoring in inflation, at -2.8% in net terms.
The Data Analytics sector performed much better than the rest of the insights industry and grew by +5.6% in absolute terms to US$1.84 billion. This contrasts with the Established Market Research and Reporting sectors, which presented +1.7% of absolute growth and a turnover of US$2.38 billion. The impact of high inflation, however, turned this positive absolute growth into a negative net one, with the Data Analytics sector contracting by 3.8% and the rest of the industry contracting by 7.3%.
Brazil attributed nearly half of its total insights revenue towards the Data Analytics sector, indicating a higher share of the sector over the Established Market Research and Reporting sectors. However, in other countries with available data, the opposite is true.
Overall, the Data Analytics sector is expected to attain a net growth of +4.4% in 2023, reaching a turnover of US$2.2 billion, while the entire insights industry is set to grow by +2.4%, reaching a total turnover of US$4.8 billion.