Mumbai: India’s research and insights industry continued its strong growth trajectory in FY2025, reaching a market size of ₹29,008 crore (USD 3.5 billion), according to the latest industry sizing report released by the Market Research Society of India (MRSI). This marks a 10.9% growth over FY2024, when the industry stood at ₹26,300 crore (USD 3.2 billion).
Titled ‘The Indian Research & Insights Industry 2025 Update’, the annual report highlights the sector’s transition towards a more mature and diversified ecosystem, driven by wider adoption of advanced analytics, evolving consumer demand, and strong alignment with India’s overall GDP growth. The report underscores how innovation, collaboration, and technology-led capabilities are reshaping the research and insights landscape.
The industry is segmented into three core service lines—Analytics, Custom Market Research, and Syndicated Research—with Analytics emerging as the largest and fastest-growing segment, accounting for nearly 60% of the total market. More than 90% of analytics demand continues to come from international clients. The segment recorded 14% growth in FY2025, fuelled by rising adoption of predictive modelling, customer lifetime value analysis, econometrics, and AI-driven solutions. Agentic AI, in particular, is enabling autonomous, real-time insights and continuous optimisation at scale.
Custom Market Research grew by 8%, supported by increasing demand for specialised consumer experience research. Advanced techniques such as facial coding, eye tracking, and emotional response monitoring are gaining traction as brands seek deeper behavioural insights. Syndicated Research posted a 6% growth, witnessing a modest recovery led by manufacturing-focused clients and increased outsourcing to India-based captive research centres. However, this segment continues to face challenges, particularly in media measurement, as traditional television metrics come under pressure amid the rapid shift towards digital and streaming platforms.
Commenting on the industry’s evolution, Nitin Kamat, Chief Growth & Partnerships Officer, TAM Media Research and President, Market Research Society of India, said, “The Indian research and insights industry is entering a phase of maturity, where growth is driven less by volume and more by value. In alignment with Hon. Prime Minister Narendra Modi’s vision of Viksit Bharat 2047, which emphasises innovation, advanced capabilities and strategic value creation across sectors, the industry is gearing up to work alongside India Inc. to fuel progress. The shift from traditional data delivery to integrated, AI-enabled insights helps businesses act with speed and precision. Looking ahead, we expect the industry to evolve towards deeper adoption of advanced analytics and agentic AI, enabling India to lead in delivering actionable strategic intelligence on the global stage.”
Echoing this sentiment, Mitali Chowhan, Director General, Market Research Society of India, added, “Despite global uncertainties, the Indian Research & Insights industry continues to demonstrate resilience and relevance. The steady double-digit growth reflects increasing trust in data-driven decision-making across sectors. With rising digital maturity, hyperlocal insight needs, and growing international mandates, India is well placed to shape the future of insight-led transformation globally.”
Looking ahead, MRSI projects the industry to reach ₹32,500 crore in FY2026, with an estimated growth rate of 10–12%, despite global economic headwinds and geopolitical uncertainties. Growth is expected to be driven by rising international demand for integrated insight delivery, increased use of AI for deeper and faster analysis, and the expansion of global companies’ captive centres in India. Domestically, higher digital maturity, growing demand for hyperlocal insights, increased investment in brand strategy beyond CPG, and a revival in B2B research linked to manufacturing and automotive sectors are set to further accelerate industry momentum.
