MUMBAI: The Market Research Society of India (MRSI), India’s leading market research body, has unveiled its annual industry sizing report, The Indian Research & Insights Industry 2024 Update. The report reveals that the sector achieved a remarkable USD 3.2 billion in FY2024, marking a 12.6% increase from USD 2.9 billion in FY2023. The industry is projected to reach USD 3.4 billion in FY2025, growing at an estimated rate of 11%-14%, underscoring its role as a key enabler of data-driven decision-making in a dynamic economy.
Analytics, accounting for 58% of the market, grew by an impressive 17% as industries such as retail, finance, and media increasingly adopt big data, AI, and machine learning. Custom Market Research, which contributes 29% of the industry, grew by 9%, reflecting a demand for tailored, sector-specific insights addressing challenges like rural FMCG slowdowns and short-term market volatility. Emerging sectors like e-commerce, automotive, and BFSI are driving demand for insights, while manufacturing presents significant growth opportunities for research firms.
International clients remain the primary revenue source, accounting for 80% of the industry’s income, with analytics driving global demand. India’s competitive advantages, including a skilled talent pool and lower operational costs, have made it an attractive destination for global players to establish captive centers.
Highlighting the industry’s success, Nitin Kamat, President of the 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 MRSI, 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 sector employed approximately 145,000 full-time professionals in FY2024, with growing demand for AI, machine learning, and data science expertise. Analytics remains a key area for early-career talent, positioning India as a leader in insights-driven transformation.
For more details, download the executive summary of The Indian Research & Insights Industry Report 2024 at MRSI Insights.
