More research: In 2023-24, industry revenue is forecast to expand as businesses seek to restabilise financial markets
Over the five years through 2023-24, revenue will contract at a compound annual rate of 1.9% to £5.3 billion. This is mainly due to falling business confidence caused by a combination of Brexit, the COVID-19 outbreak and rising inflation putting off business investment. However, the growing demand for online and digital research services and intense political activity have supported industry growth. Facing a highly competitive environment, market research and public opinion polling companies have had to gain an edge over their competitors, seeking new ways to expand operations while maintaining their profit margin. Investing heavily in technology, players have endeavoured to develop more sophisticated data collection and analysis methods. In addition, advertisers' use of digital tools led to industry firms adopting advanced data collection methods and research tools to better understand online consumer behaviour.
Market researchers investigate the behaviour, values and opinions of clients’ target markets, providing insights that allow them to better tailor their products, services and marketing. The industry also includes public opinion polling on political, economic and social issues. The primary users of market research are businesses, the media and political figures and parties. Targets include potential customers, actual customers, voters and other businesses and organisations.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- WPP plc
Methodology
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