Indian research and insights industry reaches $3.2 billion in FY2024: Report

The Indian research and insights industry has reached a remarkable milestone, touching $3.2 billion in FY2024, as revealed by the Market Research Society of India’s (MRSI) latest annual report. Titled ‘The Indian Research and Insights Industry 2024 Update’, the report underscores the sector’s robust 12.6% growth from $2.9 billion in FY2023, with projections of hitting $3.4 billion by FY2025.

This growth is particularly significant for brands and their creative and advertising agencies, as the report highlights a fundamental shift toward data-driven decision-making. The Indian market's dynamic economy, coupled with increasing digitalisation, has positioned the research industry as a key enabler of insights-driven transformation across sectors.

Nitin Kamat, president of 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.” He added that this shift toward flexible research solutions and strategic B2B insights highlights the industry’s adaptability to evolving client needs.

Analytics, forming 58% of the sector’s revenue, has emerged as the backbone of the Indian research industry, growing at a striking 17% year-on-year. With sectors like retail, finance, and media integrating big data, artificial intelligence, and machine learning into their decision-making processes, customer and marketing analytics continue to drive this segment’s growth.

Custom market research, which accounts for 29% of the market, is another significant contributor. Growing at 9%, this segment reflects brands’ increasing reliance on tailored insights to navigate specific business challenges.

Unlike syndicated research, which provides broad trends, custom studies offer deep dives into product categories, target audiences, and regional markets, enabling brands to craft precise strategies.

This shift is particularly relevant for creative and advertising agencies working with Indian brands. By understanding local consumer preferences, regional trends, and competitor dynamics, agencies can develop campaigns that resonate deeply with their audience. As India’s advertising landscape evolves, custom research equips agencies to tackle sector-specific issues, such as rural FMCG slowdowns or fluctuating market demands, with data-backed precision.

Sectors like e-commerce, automotive, and BFSI (banking, financial services, and insurance) have been early adopters of personalised insights, leveraging data to enhance customer experiences. Meanwhile, the manufacturing sector presents untapped opportunities for research firms, particularly as global supply chains seek greater localisation and sustainability.

Sustainability and ESG (Environmental, Social, and Governance) factors have also become central to the research industry’s narrative. International clients, contributing 80% of the sector’s revenue, increasingly demand insights that align with sustainability goals and the circular economy. For India, this translates into an opportunity to cater to global demands while enhancing its reputation as a hub for high-quality insights.

Mitali Chowhan, director general at MRSI, emphasised the sector’s resilience and adaptability. She stated, “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 around 145,000 professionals in FY2024, with growing demand for expertise in AI, machine learning, and data science. Analytics, a key employer for early-career talent, continues to attract professionals keen to work in cutting-edge areas of data interpretation and strategic intelligence.

As the industry evolves, the focus on hyper-personalised insights and advancements in AI is expected to drive transformative growth in FY2025. With projected growth rates of 11% to 14%, the sector aims to expand analytics capabilities, penetrate emerging markets, and meet the sustained demand for strategic intelligence.

For brands and creative agencies, the implications of this growth are clear: the reliance on robust, localised, and actionable insights will only deepen. Whether designing campaigns, launching products, or refining customer experiences, data-backed strategies are no longer optional but a competitive necessity.

The Indian research and insights industry’s $3.2 billion valuation is not just a number—it represents an evolving ecosystem that empowers brands to navigate a complex, diverse, and rapidly changing market landscape. For the advertising and marketing industry, it’s a call to integrate research at the heart of their strategies, ensuring relevance and resonance in every campaign.