TechInsights is on track for another year of double-digit growth
TechInsights grew 17% in 2025 and is on track to grow by 20% this year. The 2025 growth came while holding costs constant, enabling top-line dollars to flow directly to the bottom line. In dollar terms, half of the growth came from custom projects, with the remainder coming from subscriptions. Both pieces exceeded my expectations and reflect the company’s strength in manufacturing-related analysis, be it reverse engineering or (to a lesser extent) market analysis.
This strength enabled TechInsights to offset declines in bread-and-butter industry analysis focused on product-market analysis. The company entered this market several years ago by rolling up a number of analyst firms, mostly niche and premium suppliers. TechInsights management promptly annoyed many of these firms’ clients—household semiconductor names—leading to the post-acquisition decline in their operations. Those that it didn’t lose, it converted to whales—major customers tolerant of the quality decline associated with cost cuts and willing to curry favor and/or consume more reverse engineering.
With the product-market analysis business pre-disastered, TechInsights would be set to maintain steady revenue in 2026 or slightly grow. The company, however, resumed its roll-up strategy. At worse, this will provide a one-year bump before it chases away these customers. However, by focusing on manufacturing issues, it should be able to retain customers if not achieve cross-selling synergies. Indeed, at the start of the year, the company acquired Techcet, which focused on manufacturing and materials. I estimate this deal will account for half of its 20% growth. Later in the year, TechInsights acquired Synergy Research “Group,” a guy focused on cloud services and telecom/networking markets. On the one hand, SRG won’t affect the short-term top line by much, and on the other, TechInsights hasn’t shown success in maintaining, much less growing, non-manufacturing related businesses.
The manufacturing concentration, large base of dissatisfied former customers, increasing customer concentration, and SemiAnalysis’s intent to wreak havoc on the reverse engineering business pose challenges to TechInsights. The company has done a remarkable job growing despite them, but investors who have considered the company have walked away in the end.
