The report covers the decade between academic years 2006-7 and 2015-16, a period that has seen a transition to new higher education funding systems across a large part of the UK.
This year's report includes a forward-looking chapter on some of the emerging demographic, technological, economic and political changes and the opportunities and challenges for the sector.
Key points from the report include:
Commenting on the report, Dame Julia Goodfellow, President of Universities UK and Vice-Chancellor of the University of Kent, said:
"The report covers a ten-year period that has seen significant changes for universities, both in terms of the way they are funded and their increasingly important roles locally and internationally. During this time, there has been continued growth in the overall demand for university courses and the number of younger students from disadvantaged backgrounds has increased.
"However, UK universities continue to face a number of challenges, including the possible impact of Brexit. We have to continue to work hard to attract the staff, students, funding and partnerships that are central to the sector's, and the country's, success."