~ 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 ~
December 20, 2023; Mumbai, India: India’s apex industry-led market research body, Market Research Society of India (MRSI) today 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.