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The Futures Target Market: UK (A)
The potential UK target market for a graphic design company, including an on-demand graphics design company that provides a quick turnaround, is projected to reach a revenue of about £3 billion ($3.82 billion) in 2020. The top industries that outsource on-demand graphics design services include manufacturers, retailers, wholesalers, publishers, media, and advertising agencies.
Helpful Findings
- According to research by IBISWorld, the graphic design industry in the UK, including on-demand graphics design, has grown steadily from 2015 due to "strong growth in online expenditure and rising advertising spending" among businesses outsourcing these services.
- Overall, the industry's revenue for the past five years grew at a CAGR of 4.0%, and IBISWorld's reports that it will maintain growth over the next five years.
- The UK graphic design industry, including on-demand graphics design, is projected to reach a revenue of about £3 billion ($3.82 billion) in 2020.
- There's a high demand among buyers in the UK "for graphic design firms specializing in design for advertising solutions that integrate with websites and mobile development."
- IBISWorld also reports that there are about 10,729 businesses in the UK graphic design industry, including the on-demand graphics design sector, employing 25,420 people.
- The major markets for graphic design, including on-demand graphics design, in the UK, include manufacturers, retailers, wholesalers, publishers, media, and advertising agencies.
- A survey by Micro Creatives shows that 67% of small businesses in the UK are willing to pay $500 for a logo design, and 18% would pay up to $1000.
- Additionally, nearly 61% of UK marketers "claim that visuals are integral to successful marketing."
- The leading graphic design companies in the UK include WPP PLC, Dentsu Aegis Network Ltd, Writtle Holdings Ltd, and Pentagram Design Ltd. Concentration in the sector is low, with the 4 largest operators accounting for approximately 8.6% of industry revenue.
Research Strategy
To determine the potential target market for an on-demand graphics design company with a quick turn around in the United Kingdom, the research team begun by thoroughly reviewing media publications, industry-related articles, and research databases such as The Manifest, Design Week Magazine, IBISWorld, Orian Research, Chartered Society of Designers, Deloitte, and Grandview Research. Unfortunately, we were unable to find any publicly available data that provided specific insight into a target market for that kind of company in the United Kingdom or globally. Through this search, we were only able to find data regarding top companies that provide graphic design services, the size & growth of the graphic design sector in the UK, current funding opportunities for the industry, and examples of UK graphic design works.
Through our public search, the team determined that the next best way to triangulate the target market for companies that provide on-demand graphic design services was to analyze the top companies that offer these services and search their official websites for a list of the leading customers. We intended to rank the customers based on their revenues, which would act as a representative of the potential size of the market. However, after an exhaustive search through the companies websites, press releases, media reports, and filings, we were unable to find any data that accurately defined the companies' leading customers.
In the absence of any pre-compiled data, the team has provided helpful insights. We have assumed that the target market for a graphic design company in the UK will also be relevant for an "on-demand" graphic design company.