The report, published today ( 10th December) by the Market Research Society, also found that the UK’s research, insight and analytics sector is worth at least £7bn. 

The league table rankings are based on 2019 financial data analysed in 2020 and a range of other sources. The tables are based on UK turnover. 

The top 100 market research agencies generated a collective £3.8bn turnover, with year-on-year growth of 4.8%. The report found that 72 of the top 100 agencies grew during 2019, meaning the UK remained the second largest insights market in the world after the US.

For this year’s report, a revised estimate was used to evaluate the value of the sector, which was deemed to be 40% higher in 2019 than a previous estimate.

The new calculation uses the Standard Industrial Classification (SIC) code, based on two published data sources: the annual survey carried out by the Office of National Statistics and the MRS Annual League Tables of the largest 100 research firms.

Using the updated definition, the market research industry employs at least 64,000 people in 4,000 organisations.

Kantar, which topped the individual agencies ranking in last year’s report, took the number one spot. Gartner and Dunnhumby joined Kantar in the top three biggest individual agencies for turnover, with £278.9m and £260.6m respectively. Kantar was also ranked the number one consolidated business for turnover.

The report defines individual agencies as separate UK-based companies regardless of whether their ownership is independent or part of a larger group, while consolidated businesses are classed as a concentration of ownership of multiple agencies.

Nielsen Media Research was named the fastest-growing individual agency. The company acquired Ebiquity’s advertising intelligence business in late 2018. Concentra Analytics was determined to be the fastest-growing business.

The report also includes an interview with statistician Professor Sir David Spiegelhalter, who received the MRS president’s medal at this year’s MRS Awards.

Jane Frost, chief executive of MRS, said: “Our reassessment of the UK industry reflects how dynamic and far-reaching the business of evidence has become and the UK sector continues to punch above its weight internationally, once again the leading provider of research and insight in Europe and attracting investment from around the world.

“It puts our sector in a fantastic position heading into the new year and I am excited for us to build on the progress we have made this year as we continue to demonstrate the strategic importance of research, insight and evidence to a global audience.”

The Research Live Industry Report 2021 can be downloaded here.