India’s market research industry valued at $3.2bn

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INDIA – India’s market research industry grew 12.6% to a total of $3.2bn in the 2024 financial year, according to figures from the Market Research Society of India (MRSI).

MRSI also projected that the Indian market would grow to $3.4bn in 2025, with customer and marketing analytics accounting for 58% of the total market.

Analytics grew 17% from the previous year, which MRSI put down to the adoption of AI, machine learning and big data in retail, finance and media.

Custom market research grew 9% from the previous year and accounted for 29% of the Indian market research sector, with sectors such as e-commerce and automotive increasingly focusing on personalised insights.

International clients remain the top revenue source for the Indian research and insights industry, accounting for an 80% share. On the supply side, analytics remains a major driver of international demand.

The research and insights sector employed around 145,000 full-time professionals in2024, with a growing demand for skills in AI, machine learning and data science.

Nitin Kamat, president at MRSI, 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 MRSI, 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.”

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