Lucid®, the leading programmatic research technology provider, announced record growth across the EMEA region. In addition to reporting a 45% increase in year-over-year EMEA revenue in the first half of 2021 compared with the same period last year, the company also reported massive growth in its software business which nearly doubled in sales across the region.
The growth is indicative of a massive shift occurring in the way in which today’s organisations are conducting insight analysis and market research. Just three years ago, 37% of sales revenue was attributed to software, and now its adoption has far outpaced managed services increasing to 55%.
“Lucid has been championing a technology-led approach to research for some time now, having recognised and listened to our clients’ changing needs which have, more recently, accelerated with the impact of the global pandemic,” said Emel Mohammadally, SVP of EMEA at Lucid. “Gaining ethically sourced insights, knowledge and data on consumer sentiment and behaviour has become incredibly crucial to business success — however, constrained budgets and resources put traditional managed services out of reach for many. Now, business leaders need to be able to conduct research and analysis in their own way, time and budget.”
The company also strengthened its client base and grew its global footprint, opening an office in Germany and hiring in other key regions this year. In the last 6 months, Lucid added a number of major accounts to its client roster, increasing headcount 32% across the entire EMEA region to support this growth.
Lastly, a key partnership with independent advertising platform, The Trade Desk, rounds out the company’s first-half achievements. The partnership puts Impact Measurement, Lucid’s Media Measurement solution, directly into The Trade Desk platform via API and allows their clients to leverage the power of the Lucid Marketplace® to measure the impact of digital campaigns on key brand metrics using brand lift studies and metrics.
Lucid’s growth falls in line with recent figures from the Market Research Society (MRS), which estimates that the UK research insight and analytics industry is valued at £7 billion, a more than 40% uplift on the previous estimate of £5 billion.
Much of this growth is a testament to Lucid’s innovative programmatic technology, which helps agencies, brands, and organizations find answers quickly and efficiently in real-time, based on the sentiments, opinions and behaviours of real people. Lucid’s technology brings speed, scale, and diversity to market research. Its API integrations ensure surveys and research can be carried out incredibly fast, with real ease and efficiency, which has become the cornerstone of business in a post-pandemic business world today.
After winning ‘Best Data Solution’ alongside Lucid at the MRS Operations Awards, Dave Turner, EVP of operations at Savanta said “The rule book has been torn up in the last 18 months and businesses increasingly need easily accessible data that help them to better understand how consumers now think and feel. Leveraging Lucid’s software, we’ve been able to keep up with the growing demand and continually deliver fast and hiqh quality insights for our customers.”