December 21, 2024; Mumbai, India:
India’s apex industry-led market research body, Market Research Society of India (MRSI) announces the release of its annual industry sizing report. Titled ‘The Indian Research & Insights Industry 2024 Update’, the report highlights the industry’s remarkable growth trajectory, with the sector reaching USD 3.2 Bn in FY2024, a robust 12.6% increase from USD 2.9 Bn in FY2023. Projected to grow to USD 3.4 Bn in FY2025, the report highlights the sector’s ability to leverage India’s dynamic economy and its role as a pivotal player in delivering insights-driven transformation.
Analytics, the systematic computational analysis of data, used for discovery, interpretation, and communication of meaningful patterns for effective decision-making, forms the bedrock of the industry. Focussed on customer and marketing analytics, it contributes 58% of the total market, growing at an impressive 17%, driven by the adoption of big data, AI, and machine learning in industries such as retail, finance, and media. Similarly, Custom Market Research, the tailored research conducted and funded by clients to address their specific business issues, has grown by 9% and now accounts for 29% of the industry. This reflects an increasing preference for actionable, sector-specific insights to tackle challenges like rural FMCG slowdowns and short-term volatility. Sectors like e-commerce, automotive, and BFSI are capitalizing on the growing demand for personalized insights, while manufacturing sector presents untapped opportunities for research firms to expand their reach.
Driven by a focus on ESG factors, sustainability, and the circular economy, international clients remain the top revenue source for the Research and Insights industry, accounting for an impressive 80% share. On the supply side, analytics remains a major driver of international demand, with Indian firms leading in innovation and scalability. Additionally, India’s lower costs and skilled talent pool attract global players to set up captive centers, supporting continued growth in the sector.
Speaking on the industry’s growth, Nitin Kamat, President at Market Research Society of India said, “The Indian research and insights industry is experiencing robust growth, driven by the integration of big data and AI with traditional analytics, particularly as digitalization accelerates in sectors like retail, e-commerce, finance, and media. The growing trend of organizations investing in internal capabilities is reshaping the ecosystem, with smaller, faster, and more localized research increasingly relying on client data, social media, and behavioral panels. This shift toward flexible research solutions and strategic B2B insights highlights the industry’s adaptability to evolving client needs, reaffirming India’s position as a pivotal market for delivering high-quality insights.”
Mitali Chowhan, Director General at Market Research Society of India further added, “The growth of India’s research and insights industry is a testament to its resilience and adaptability. As businesses increasingly rely on data-driven decision-making, India is uniquely positioned to deliver actionable insights with precision.”
The research and insights sector employed approximately 145,000 full-time professionals in FY2024, with a growing demand for skills in AI, machine learning, and data science. The analytics segment remains a key employer of early-career talent. As the industry evolves, FY2025 is set to be transformative, driven by advancements in AI and the increasing importance of hyper-personalized insights. The sector’s projected growth of 11% to 14% will be supported by expanding analytics capabilities, deeper penetration into emerging markets, and sustained demand for strategic intelligence.
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