Booming market research boost for UK economy

Market research should be doing well in these data-driven times but it’s still a surprise to see that what the industry calls the professional research and evidence (R&E) market contributes £18.7bn to the UK economy, twice the economic value of the music industry.

The figures come from a new report – ‘The Business of Evidence’ – from PA Consulting, commissioned by the Market Research Association.

The industry also plays a growing role in exports, doubling since 2012 with over 60% of practitioners working for clients overseas too.

MRS CEO Jane Frost (left) says: “This review confirms what we have known for some time – that quality research and insight make a massive contribution to UK PLC. Not only does our sector add nearly £19bn to the UK economy each year, but every day we help organisations of all kinds make better decisions that drive economic growth.

“The incredible progress over the past decade also demonstrates the growing appreciation of the role that research and evidence play in guiding better decision making. We are witnessing a time of huge geopolitical, economic and cultural upheaval, and as a sector our insights will only become more valuable as organisations across the globe seek to understand what is happening and navigate these shifts.”

Gemma Proctor, head of human insights, PA Consulting says: “Amid constant complexity and disruption, the research and evidence market has been the steady hand guiding both the public and private sectors. Four in five research buyers now rely on our sector’s insights to make more confident, strategic decisions.

“At a major inflection point for the market, we can move forward with confidence. Blending technical mastery and AI with human-centric curiosity; investing in the diverse talent of tomorrow; and maintaining the UK’s position as a global centre for evidence-based decision-making.”