Today, the Market Research Society of India (MRSI) unveiled its comprehensive industry sizing report, ‘The Indian Research & Insights Industry 2023 Update.’ According to this report, India’s market research and insights sector surged by a remarkable 17.6% in FY2023, reaching USD 2.9 billion from the previous year’s USD 2.7 billion. This growth positions India at the third spot globally, with projections pointing toward a USD 3.4 billion industry in 2024.

As per the press release, India’s ascent in this sector, supported by a robust growth trajectory, underscores the country’s status as a talent pool showcasing strong analytics expertise. This growth mirrors the global research and insights industry, which experienced a substantial 12% increase, reaching USD 130 billion compared to the prior year’s USD 118 billion. Notably, data analytics emerges as the fastest-growing sector in the global insights industry.

The market research industry’s growth aligns harmoniously with the Government of India’s Vision-2030 strategy, with a particular emphasis on custom research and analytics that have catalyzed domestic market expansion by 12%. Local clients are increasingly focusing on amalgamating survey data, client data, and social data to derive actionable insights.

Paru Minocha, President of Market Research Society of India, expressed, “India’s research and insights industry achieved remarkable growth, hitting USD 2.9 billion. This underscores India’s significance as a focal growth market and the industry’s prowess in navigating challenges to capitalize on emerging opportunities.”

Mitali Chowhan, Director General at Market Research Society of India, highlighted, “Our sector’s encouraging growth has solidified our global ranking, elevating us to the third position in the global Market Research & Insights industry. India’s substantial capabilities and our industry’s adeptness in adapting to challenges, both globally and domestically, is a point of pride.”

Contributions from the BFSI, FMCG, Technology, and Healthcare sectors have been pivotal, while emerging sectors like Telecom, Electric Vehicles, and Gaming are driving increased demand for analytics and custom research. Despite the rising popularity of online data collection, traditional methods like face-to-face interviews remain relevant due to cost competitiveness and broader coverage of the Indian consumer.

The executive summary of ‘The Indian Research & Insights Industry Report 2023′ is available for download on the MRSI website