Mumbai: The Market Research Society of India today launched its inaugural edition of the Indian Research & Insights (R&I) Industry Report. As per the report, the Indian R&I industry is expected to grow at a 12-14% CAGR to $4.2 billion (INR 31,300 crore) by 2025-26, compared to $2.1 bn (INR 17,200 crore) in 2020-21. Moreover, India is fast becoming the global analytics hub, with international markets accounting for 3/4th of its revenues. As per the report, the Indian R&I sector employs more than 125,000 people.
During 2020-21, Marketing Analytics services accounted for 52% of the total Indian R&I industry revenues, while traditional Market Research and Syndicated/ Publishing services stood at 32% and 16%, respectively. By 2025 26, Analytics services will account for 59%, while Custom Market Research and Syndicated/ Publishing services will account for 27% and 14%, respectively, as per the report. The FMCG and Retail sectors are the largest consumer for Research and Insights with a share of 27%, followed by Information, Communications & Telecom (16%) and Banking, Financial Services & Insurance (15%).
Commenting on the report, Sandeep Arora, President, MRSI, said, “The Indian Research & Insights industry has staged a robust recovery and is emerging as the most sought-after destination for analytics, globally. The availability of talent coupled with proven expertise in data handling, technology, infrastructure and cost competitiveness will lead to an orbital shift in the industry by 2030. We not only expect the R&I industry to grow 2X in the next five years but can safely estimate the industry size to reach $10 bn by 2030, especially with the strategic direction that most providers are adopting to move towards MR 3.0. We are excited and proud to launch the inaugural edition of the Indian Research & Insights industry report.”