Data Analysis Service

How Much Money Do Data Analysis Services Make? (2024)

Pat Walls

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Updated: June 23rd, 2024

TL;DR:

Based on our data, data analysis services can make between $20-$250,000 per month.
The average revenue for a successful data analysis service is $47.3K per month.
The highest grossing data analysis service in our records makes over $3,000,000 per year.
Data analysis service owners salaries can vary wildly depending on industry, niche, and size of the business

So you're thinking about starting a data analysis service?

And now you're wondering how much data analysis service owners actually make...

Well, let’s dive in!

Here are example of real data analysis services and how much money they make - as reported by the founders themselves:

1. Dreamdata ($3M/year)

Dreamdata originated from the personal experiences of its founders.

Lars, Ole, and Steffen individually struggled to obtain a comprehensive understanding of how different teams within the organization were impacting revenue. The available solutions were isolated and provided limited insight into the intricate B2B customer journey.

They required a solution tailored specifically for B2B, a product that could supplant the isolated tools and facilitate a complete comprehension of the value of various actions. It was essential for this product to be continuously developed without excessively utilizing internal resources.

Since this product was not available, they took the initiative to create Dreamdata.

How much money it makes: $3M/year

2. PropertyData ($1.54M/year)

Michael Dent, founder of PropertyData, came up with the idea for his business when he realized the manual and error-prone process of analyzing property data for potential investments. He saw an opportunity to automate this analysis, making it faster and more accurate for property investors. Today, PropertyData generates $128,000 per month in recurring revenue.

How much money it makes: $1.54M/year

3. Attributer ($1.2M/year)

The founder, who worked in B2B marketing, couldn’t find a tool that showed which channels were converting leads, sales opportunities, and customers. So he built the tool himself, and recognizing its potential, he turned into full-time entrepreneurship.

How much money it makes: $1.2M/year

4. Helical Insight ($960K/year)

Nitin Sahu and his co-founder Nikhilesh Tiwari identified the pain points and limitations of existing BI products while providing services in the domain. They launched Helical Insight as an open-source BI product, attracting customers by showcasing how their product can solve their issues. They invested heavily in SEO and content marketing to generate inbound leads and focused on providing high-quality support to retain customers.

How much money it makes: $960K/year

5. Klooks ($720K/year)

Alexandre Abu-Jamra, the founder of K-Looks, came up with the idea for his business when he was working as an M&A advisor and struggled to find financial data for private companies. He realized that this was a common problem in the finance industry and saw an opportunity to solve it by organizing and standardizing unstructured financial data from messy pdf files. After overcoming technical challenges and securing a client with Capital IQ, the largest private financial data aggregator, K-Looks has experienced triple-digit annual growth and generated $600k in revenue in 2022.

How much money it makes: $720K/year

6. Data Fetcher ($276K/year)

In 2020, Andy learned about a Google Sheets add-on called API Connector, which imports your data into a simple Google sheet.

Around the same time, Andy noticed the rise in popularity of Airtable.

Since Google Sheets and Airtable were close in compatibility, Andy decided to build a similar type of data integration tool for Airtable.

Andy’s 3-step method for coming up with ideas is helpful context for understanding how he came up with the idea: - Find a platform that is already growing massively. - Look at already successful tools for more mature platforms. - Build an equivalent tool for the new platform.

How much money it makes: $276K/year

7. Compound ($210K/year)

Compound, an ecommerce automation agency, was founded to address the inefficiencies in lead handling and automate processes for businesses. The founder, who had experience in digital marketing, realized the potential of automation while working with Zapier and decided to focus solely on the ecommerce niche. Since then, the company has experienced significant growth and is constantly expanding its team to meet the demand for its services.

How much money it makes: $210K/year

8. Aucoin Analytics, LLC ($166K/year)

Kervin Aucoin, a 15-year Army veteran and 20+ year Intelligence analyst, came up with the idea for Aucoin Analytics after realizing the need for an unbiased and well-informed travel security platform. Through blogging about his travel experiences and witnessing the detrimental effects of sensationalized news, Kervin developed a subscription-based private intelligence community that focuses on defeating fake news and providing accurate information. With a low overhead, Aucoin Analytics has seen profits of $10,000/month and offers specialized risk assessments and intelligence reports tailored to customers' needs.

How much money it makes: $166K/year

9. Ivee ($120K/year)

Chelsea Rhoads, the CEO/Co-Founder of pup-eeze, came up with the idea for the business after experiencing the difficulties of traveling with her dogs during a camping trip in 2008. Realizing the need for a device to ensure their safety, Chelsea and her co-founder developed Pup Alert in 2016. After encountering challenges with their hardware solution, they adjusted the concept and launched pup-eeze, a wellness tracker for dogs. They have since focused on creating an adjustable ecosystem for dogs' environments and have garnered support from the technology community.

How much money it makes: $120K/year

10. Lychee ($120K/year)

Misterr Pink launched Lychee, a modern data platform, after getting frustrated with cumbersome data analysis tools like Excel. In just two months, Lychee has amassed over 11,000 users and $10K in MRR.

How much money it makes: $120K/year