Jan 17 2020
To help you find the right report more often, IBISWorld is expanding the titles it offers. Our SIC industry report collection is the bedrock of our library, but we know that SIC can often be too broad when dealing with niche or emerging industries. The ONS has not updated the SIC codes since 2007, while technological advancements and changing social trends have allowed a vast range of new and rapidly growing industries to emerge. The first 30 reports in our specialised collection are now online. This includes a number of industries that provide essential and value-added services to businesses.
Introduction to B2B
Over the past decade, the service sector has continuously grown as a percentage of UK gross value added, and the influx of more firms has supported demand for B2B services, prompting the emergence and growth of a number of industries.
With a rising number of businesses, brand awareness and marketing have become integral to success. Innovative campaigns are needed to spark consumer interest, gain recognition and retain custom. Firms have responded by upping marketing expenditure over the past five years. Even players in the financial services sector have latched onto this trend. Marketing expenditure is particularly high in the Insurance Agents and Brokers industry, at approximately 3.4% of revenue in 2019-20.
This trend has been exacerbated by the digital revolution and social media, which has allowed brands to access consumers 24/7 and for consumers to share product experiences across the web. Both brand and digital marketing strategies have become more important than ever before and spurred the emergence of numerous new industries.
Brand consultants and digital advertising agencies are two such beneficiaries of this marketing boom; revenue in these two industries is estimated to grow at compound annual rates of 3.3% and 12.5% respectively, reaching £1.4 billion and £11.9 billion, over the five years through 2019-20. Growth in the marketing sphere is expected to continue to gain momentum, propelled by the increasing volume of internet traffic generated through mobile devices and wireless connectivity.
Austerity has been a familiar term among the British public over the past decade. Following the fallout of the 2008 financial crisis and the string of prudent regulatory measures that ensued, firms in the financial services sector have overhauled their cost structures and increasingly turned to outsourcing basic business functions, such as payroll, to firms with greater scale and expertise compared with those undertaking such functions in-house. The public sector has also faced a long battle balancing the books and has increasingly pursued the help of the Business Process Outsourcing Services industry, the revenue of which is expected to grow at a compound annual rate of 1.8% over the five years through 2019-20 to reach £17.1 billion.