The UK is the largest research market in Europe and, as a recent report reveals, has retained this position thanks to year on year growth for market research companies in the country. Growth slowed due to the effect of the pandemic, including lockdowns and the workforce adjustments. However, it still remained steady. And, as a result, more than half of companies in the sector experienced growth.
The market research industry is thriving in the UK
According to the Market Research Society’s Research Live Industry Report 2022, in 2020 the top 100 companies in the industry experienced 0.8% growth. Overall collective turnover hit a very healthy £4.1 billion. This is quite an achievement for the market research industry, especially given the recent instability that has been caused by the pandemic. For many organisations across other sectors it has been difficult to survive and there have been serious challenges to growth. So, these figures are incredibly encouraging and show just how much the market research industry is thriving in the UK.
Europe’s largest market
For some time, UK market research has been the biggest of its kind in Europe. It has been surging ahead of many of its closest rivals. Today, the UK market accounts for around 40% of the continent’s research output, a very substantial chunk given the relatively small size of the UK. Total industry value in the UK is £7 billion across the whole of the nationwide research market. The market contributes significantly to the UK economy, including employment. Currently, the market research sector employs around 64,000 people across the country.
Demonstrating the strategic importance of research
The figures in the MRS Industry Report paint a great picture of the strategic importance of research, especially in more challenging times when companies are focused on survival. Growth in the sector has been a boost to businesses keen to validate investments in market research and shows just how much value this can deliver where it is effectively employed. The pandemic itself has also highlighted the role that research has played when it comes to navigating such a seismic event, not just for those in the business community but the government too.
Turning the industry green
The MRS report also includes figures on the companies that have signed up to its inclusion and net zero pledges. These are focused on making the sector a more diverse place and committing to making more sustainable choices going forward. As the research sector continues to grow it is intended that these pledges will help to set an example of the standards that could transform the industry, and the wider economy, on these vital social and economic issues.
Market research companies in the UK have, against all the odds, enjoyed year on year growth in recent times. The value of research is now clear and many more organisations are beginning to tap into the power that this kind of insight can offer.