1.8.3Segment

Economic & Financial Research

Research firms providing macroeconomic forecasting, industry analysis, and investment research to financial and corporate clients.

4
Verticals

Overview

Economic & Financial Research firms provide macroeconomic forecasting, industry analysis, and investment research to financial and corporate clients — spanning independent research houses, think tanks, and economic-consulting organizations. Much of the value lies in proprietary models, forecasts, and subscription research.

Demand is steady and tied to financial-market and corporate-planning needs, with the subscription-research model providing recurring revenue. It overlaps with securities-industry research and economic consulting, and is a fragmented field of specialist providers.

Market snapshot

Market size
~$9.3B
Growth
~5.7%CAGR (2017–22, nominal)
Companies
~2,100
FragmentationFragmented

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 541720 (R&D in the Social Sciences & Humanities); investment research within securities firms is tracked separately.

Business model & economics

Revenue model
Subscription research plus custom advisory and forecasting
Recurring revenue
Moderate–High — subscription research recurs
EBITDA margin
18–30%
Capex intensity
Low
  • Proprietary models and forecasts are the core asset.
  • Subscription research provides recurring revenue.
  • Overlaps securities-industry research and economic consulting.

M&A deal context

Moderate deal activity

Who’s acquiring

Information-services consolidatorsFinancial-data platformsPE-backed research roll-ups

What’s driving deals

  • Acquirers pursuing recurring subscription-research assets.
  • Consolidation across economic and financial data providers.
  • Steady demand from financial and corporate planning.

Verticals in this segment

  • 1.8.3.1Economic Forecasting & Modeling

    Organizations providing macroeconomic and sector-specific forecasts.

  • 1.8.3.2Industry & Sector Research

    Research firms producing in-depth industry analysis reports.

  • 1.8.3.3Investment Research Services

    Independent providers producing equity and credit research.

  • 1.8.3.4Macroeconomic Research & Advisory

    Economic consultancies advising on macro trends and implications.

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