Business of Evidence – the value of the UK’s MR industry
Growth of £2bn (62%) in the past four years
71% agree that research is an important catalyst for change
36% of UK based agencies' turnover is generated globally
73,000 people are employed in the industry
This is the first comprehensive report into the value and importance of the market research industry in the UK for four years, and indicators are that the industry is growing and thriving.
PwC conducted analysis of ONS, ESRC and BIS surveys, the MRS annual survey and lague tables, Forbes and IDC forecasts as well as analysis of general UK employment and salary trends. After crunching all the numbers, the data revealed that the UK business of evidence market is worth an annual £4.8bn, an increase of £2bn over the last four years with the corresponding increase in the number of people employed by the sector. This means that the business of evidence market has significantly outpaced the growth in the UK economy as a whole, and has revenues larger than the music industry and the also PR and communications sector. The UK is now the world's second largest market for professional research.
It appears that this growth has been driven by data analytics (unsurprisingly) as well as a growth in qualitivative research – it seems we are in a phase of reappreciation of the value and 'human touch' that qualitative data can bring, counterbalancing the growth of big data. This has meant that the skill set of people working in the industry is also shifting with more emphasis ons data analysis, commercial awareness and communication skills. Emerging techniques identified in the survey include behavioural economics, neuroscience and research involving wearables (many subjects covered in the ICG's excellent webinar series).
The full report is a mine of informaiton – click here to download the full report.