India’s Research Industry Revenue Projected to Reach $3.4 Billion in FY25: MRSI
Market Research Society of India’s (MRSI) report, The Indian Research & Insights Industry 2024 Update.
The report highlights that analytics, the process of analysing data to uncover patterns for decision-making, forms the backbone of the industry. Focused on customer and marketing analytics, it accounts for 58% of the market and has grown by 17%, driven by the adoption of big data, AI, and machine learning in sectors such as retail, finance, and media.
Similarly, Custom Market Research—tailored studies commissioned by clients to address specific business challenges—has grown by 9%, now representing 29% of the market.
This trend reflects a growing demand for actionable, sector-specific insights to address challenges such as rural FMCG slowdowns and short-term market volatility. Sectors like e-commerce, automotive, and BFSI are capitalising on the demand for personalised insights, while the manufacturing sector presents untapped opportunities for research firms to expand their reach.
International clients remain the primary revenue source for the Research and Insights industry, contributing 80% of total revenues. This is driven by a heightened focus on ESG factors, sustainability, and the circular economy. Analytics continues to be a major driver of international demand, with Indian firms excelling in innovation and scalability. Additionally, India’s cost advantages and skilled talent pool attract global companies to establish captive centres, supporting sustained growth in the sector.
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