Indian Research and Insights Industry reaches USD 3.2 bn in FY2024: MRSI

The Market Research Society of India (MRSI) has released its annual industry sizing report, titled ‘The Indian Research and Insights Industry 2024 Update’. The report shows the sector’s growth, reaching USD 3.2 billion in FY2024, a 12.6% increase from USD 2.9 billion in FY2023. The industry is expected to grow to USD 3.4 billion in FY2025, highlighting its role in driving insights-driven transformation in India’s economy.

Analytics, focused on customer and marketing data, makes up 58% of the market and is growing at 17%, driven by the use of big data, AI, and machine learning in sectors like retail, finance, and media. Custom Market Research, which addresses specific business problems for clients, has grown by 9% and now accounts for 29% of the industry. This reflects a shift toward sector-specific insights to address challenges like rural FMCG slowdowns and short-term volatility. E-commerce, automotive, and BFSI sectors are expanding demand for personalised insights, while manufacturing presents untapped opportunities for research firms.

International clients account for 80% of revenue in the Research and Insights industry, driven by a focus on ESG, sustainability, and the circular economy. Analytics is a key driver of international demand, with Indian firms leading in innovation and scalability. India's lower costs and skilled workforce also attract global companies to set up captive centers, supporting sector growth.

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 digitalisation accelerates in sectors like retail, e-commerce, finance, and media. The growing trend of organisations investing in internal capabilities is reshaping the ecosystem, with smaller, faster, and more localised research increasingly relying on client data, social media, and behavioural 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-personalised 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.