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What's the market size of CRO (Conversion Rate Optimization) service providers, and what part of it consists of any kind of testing platforms (e.g: A/B testing, multivariate testing, etc.), as opposed to analysis platforms?
Hello! Thanks for your question about the market size of CRO (Conversion Rate Optimization) service providers, and what part of it consists of any kind of testing platforms. The short version is that the US CRO market is estimated at $660.52 million. The top companies providing CRO services have a combined $594 million in revenue, which equates to 90% of the CRO market. Below you will find a deep dive of my findings.
METHODOLOGY
In order to best answer your question, I reviewed information from a number of credible sources. These sources include corporate websites, industry reports, and trusted media sites.
I found a list of the top 30 CRO services. This list was not based on revenue but on a set of specified criteria, which I have listed in the findings section of this response. I then searched for each company's revenues individually. These findings are available in the attached spreadsheet. Please note that the revenues presented in the attached spreadsheet are estimates and, by no means, represent the entire CRO market. I found that there is no official market sizing for CRO. In fact, it is just one of many services offered by digital marketing companies. However, the information presented below will give you a good idea of the CRO market size. Please note that because this is a fairly new industry, information on testing platforms is not readily available. One can assume that the companies listed in this response provide testing services, but not all the companies have mentioned the types of testing services they provide. Please note that the CRO revenues provided in this response are based on the US CRO market.
FINDINGS
1. The US CRO Market
CRO is an important element to the overall success of many companies marketing programs. However, tactically CRO can be quite difficult to execute as it requires a unique skill set. As a result, 70% of companies outsource all or part of their CRO tactics, while 30% have in-house resources.
Topseos.com compiled a list of the top 30 CRO services. The list was determined by each company's score based on the following criteria: site analyses, strategy development, implementation, testing environment, and reporting methods. The revenues generated by the top 30 companies is an estimated $660.52 million. The top ten companies, based on Topseos.com criteria, are Digital Current, Disruptive Advertising, Boostability, Greybox Creative, VJG Interactive, Netmark, Bruce Clay, 411 Locals, JellyFish Media, 3Q Digital. However, the top 10 earners are:
Based on revenue generated, the top companies providing CRO services have a combined $594 million in revenue, which equates to 90% of the CRO market revenue.
2. CRO Testing and Tactics
Bruce Clay offers A/B split testing and multivariate testing; 3Q Digital offer A/B testing; JellyFish Media offers A/B and Multivariate testing; and Disruptive Advertising offers A/B and Multivariate testing.
According to a CRO survey, the seven most important tactics used for CRO are as follows:
According to this CRO survey, the three most effective CRO tactics are A/B testing, content personalization, and responsive design. The three most difficult CRO tactics to execute are content personalization, multivariate testing, and usability testing.
CONCLUSION
To wrap it up, the top companies providing CRO services have a combined $594 million in revenue, which equates to 90% of the CRO market. To gain more insight into the CRO market, may I suggest using paywalls.
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