US investors are projected to spend almost $19 billion on equity research in 2008 - more than double the $9.2 billion that was spent in 2003 according to a ground breaking report written by Integrity Research Associates, LLC, a new affiliate team of Shore Communications Inc. The report describes the evolution of dramatic changes to equity research, analyzes the forces behind these changes, outlines the evolution of critical challenges facing the three major sources of equity research -- sell-side firms, buy-side firms, and independent research firms -- and forecasts the market's growth over the next five years. The big gainer in market share is the independent research segment -organizations that market their research directly to institutional investors or indirectly through brokerage firms that don't produce their own research. Independent research revenue is expected to increase by 195% in the next five years, from $1.38 billion in 2003 to $4.07 billion in 2008, a gain in market share from 15% to 21.4%.
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