Indian Research and Insights Industry Overtakes China, Reaches $2.9 Bn in FY'23

• Grew by 17.6% over FY2022
• Expected to reach USD 3.4 Bn in FY2024
• Overtakes China and secures the third position in global markets, after US and UK

India’s apex industry-led market research body, Market Research Society of India (MRSI) has announced the launch of its industry sizing report titled ‘The Indian Research & Insights Industry 2023 Update’. As per the report, India’s market research and insights industry grew by 17.6% in FY2023 reaching USD 2.9 Bn from USD 2.7 Bn in FY2022. Currently at the third position globally, India’s market research and insights industry is further expected to reach USD 3.4 Bn in 2024.

With a strong growth trajectory, supported with global confidence, India is considered a talent hub with strong analytics expertise. The growth witnessed aligns with the global research and insights industry, which posted a substantial 12% increase to reach USD 130 Bn, over USD 118 Bn in the previous year. Data analytics is the fastest-growing sector of the global insights industry in absolute terms.

With large project commissions and strategic work being revived, India’s market research industry is well aligned with the Government of India's Vision-2030 strategy. Custom research and analytics have also fuelled the domestic market to grow by 12%. Analytics business from local clients continues to grow with an increasing focus on combining survey data, client data, and social data to derive insights.

Speaking on the industry’s growth, Paru Minocha, President at Market Research Society of India said, “The Indian research and insights industry witnessed another year of significant growth, achieving a substantial size of USD 2.9 Billion. This growth is a testament to India being the focus growth market for companies and the market research industry's ability to navigate challenges and capitalize on emerging opportunities to enable that growth. In addition, there is global confidence in India as a talent hub and as a market that is pivotal in offering valuable insights and research solutions.”

Mitali Chowhan, Director General at Market Research Society of India further added, “The growth our sector is undergoing is very encouraging. This has helped maintain us our Global ranking, and infact has moved us up to the third position in the global Market Research & Insights industry. India’s significant capabilities, along with our industry's ability to adapt effectively to challenges and thrive on both global and domestic fronts is something we can be proud of.”

The BFSI, FMCG, Technology, and Healthcare sectors continue to contribute significantly to sectors growth and revenue. Emerging sectors like Telecom, Electric Vehicles, and Gaming have seen increased demand for analytics and custom research. While online data collection is gaining traction, traditional methods such as face-to-face interviews remain relevant for their cost competitiveness and ability to provide wider coverage of the Indian consumer.

The executive summary of The Indian Research & Insights Industry Report 2023 is available to download at – https://insight.mrsi.co.in/indian-industry-report/

About MRSI

Market Research Society of India (MRSI) is a unique, dynamic and a not-for-profit autonomous market research body formed in 1988 by a large fraternity of research suppliers and users from across India. MRSI works with ESOMAR to bring Indian industry’s voice to the global forum.

MRSI aims to guide, encourage and uphold the highest quality standards of professionalism for all those who use, need, generate or interpret insights/data in the market research industry. It is a platform that brings marketing professionals and insight professionals together and instills a code of conduct that should be followed in the market research industry in India and showcases developments and innovations that take place.

Marketing and social research users, providers, innovators and generators are members of MRSI along with organizations which provide support services to the industry, thus holistically representing the interests of the industry at large.

To learn more, visit mrsi.co.in

Riding on Analytics, Indian Research and Insights Industry to Grow 2x by 2026 to $4.2 Bn: MRSI

Testament to #MakeInIndia with 3/4th of revenues being generated from international markets

Inaugural and baseline edition of Indian R&I industry launched by MRSI

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 $2.1bn (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."

MRSI partnered with Value Notes as the research partner for ensuring methodological objectivity of the report. The report curates the findings from exhaustive desk research, secondary data of 198 companies, and more than 140 interviews conducted with the industry professionals. All the data reported was stress-tested and sanity checked through expert interviews and triangulations. Besides the findings, the Report also includes exclusive thought leadership pieces from marque professionals from Indian R&I industry - on the industry's diverse segments. The 150+ paged report is available on a subscription basis on the MRSI website (www.mrsi.co.in).

About MRSI

The Market Research Society of India (MRSI) is a unique, dynamic and a not-for-profit autonomous market research body formed in 1988 by a large fraternity of research suppliers and users spread across India.

MRSI aims to guide, encourage, and uphold the highest quality standards of professionalism for all those who use, need, generate, or analyse and interpret insights/data in the research & insight industry. It is a platform that brings marketing professionals and insight professionals together and instills a code of conduct that should be followed in the research & insight industry in India and showcases the developments and innovations that take place.

Marketing and social research users, pure play analytics, KPOs, technology providers, consulting firms and anyone in the space of providing, using or buying consumer insights are members of MRSI along with organizations which provide support services to the industry, thus, it holistically represents the interests of the industry rather than specific sections.