UK research sector worth increases to over £8billion following 6.4% growth in 2021, MRS reveals
14 December 2022

A report published today by the Market Research Society (MRS) has revealed a 6.4 percent year-on-year growth among the top 100 research agencies – up from 0.8 percent in 2020 – with the total value of the UK research, insight and analytics industry reaching £8billion. These results were announced as part of the Research Live Industry Report 2023, along with the latest MRS League Tables of the top 100 research agencies.

The Research Live Industry Report 2023 shows growth recovering from the disruption of the pandemic with the collective revenue of the top 100 agencies rising to £4.452billion, up from £4.1billion in 2020. This means that the UK remains the largest European supplier of market and social research output. The UK also continues to be the second largest research market globally, behind only the US.

While 2021-22 offered a level of respite for the sector, this year has seen another wave of momentous and disruptive events – from war in Ukraine to record high inflation and a recession on the horizon. However, the sector remains optimistic heading into 2023 as research business owners report an average expected growth of 4 percent next year.

The MRS League Tables include the fastest growing research agencies and businesses, based on 2021 financial data submitted during this year and focusing only on UK-based turnover and international work managed and invoiced from the UK.

They also highlight the firms which have signed up to the MRS Inclusion Pledge and the MRS Net Zero Pledge demonstrating a commitment to take practical action to improve diversity and sustainability within their organisations. Over 150 research companies, from small firms to large organisations, have now signed up to one or both pledges – more than double the number at the close of last year.

Jane Frost CBE, CEO of MRS, comments: “After trying times in 2020-21 we’re really pleased to see the sector achieve impressive growth last year and the fact that our industry is now worth over £8 billion to the UK’s economy is certainly cause for celebration and for others to take note. It’s also promising to see a growing number of businesses commit to supporting our communities and planet through the MRS Inclusion Pledge and the MRS Net Zero Pledge. I look forward to seeing the progress we will no doubt continue to make this coming year.

"Across the sector the outlook for future growth is generally optimistic. However, as we head into more difficult economic waters in 2023, we will all need to pull together to ensure the resilience of our sector and that leaders in both public and private sectors continue to see the strategic role that research and insight play in effective decision making.”

Download the Research Live Industry Report 2023 here.