By Our Staff
Market research body, Market Research Society of India (MRSI) has announced the launch of its now-annual 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, and ahead of China, India’s market research and insights industry is further expected to reach USD 3.4 Bn in 2024.
Notes a communique: “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.”
Speaking on the industry’s growth, MRSI President Paru Minocha 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.”
Added Mitali Chowhan, Director General at MRSI: “The growth our sector is undergoing is very encouraging. This has helped maintain us our global ranking, and in fact has moved us up to the third position in the global Market Research and 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.
The executive summary of The Indian Research & Insights Industry Report 2023 is available to download on https://insight.mrsi.co.in/indian-industry-report/