Mumbai: The Indian research and insights (R&I) industry is expected to grow at 12-14 per cent CAGR to $4.2 billion (Rs 31,300 crore) by 2025-26, compared to $2.1 bn (INR 17,200 crore) in 2020-21, according to a new report.
The latest analysis was presented by the Market Research Society of India which launched its inaugural edition of the Indian Research & Insights (R&I) Industry Report, here on Thursday. As per the report, India is fast becoming the global analytics hub, with international markets accounting for three-fourth of its revenues. The Indian R&I sector currently employs more than 125,000 people.
During 2020-21, marketing analytics services accounted for 52 per cent of the total Indian R&I industry revenues, while traditional market research and syndicated/ publishing services stood at 32 per cent and 16 per cent, respectively. By 2025-26, analytics services would account for 59 per cent, while custom market research and syndicated/ publishing services would account for 27 per cent and 14 per cent, respectively, the report forecasts.
At present, the FMCG and retail sectors are the largest consumers for research and insights with a share of 27 per cent, followed by information, communications & telecom (16 per cent) and BFSI (15 per cent).
"The Indian research & insights industry has staged a robust recovery and is emerging as the most sought-after destination for analytics, globally. The availability of talent coupled with proven expertise in data handling, technology, infrastructure, and cost competitiveness will lead to an orbital shift in the industry by 2030,” said MRSI president Sandeep Arora. “We not only expect the R&I industry to grow 2X in the next five years but can safely estimate the industry size to reach $10 bn by 2030, especially with the strategic direction that most providers are adopting to move towards MR 3.0.”
MRSI partnered with Value Notes as the research partner for ensuring methodological objectivity of the 150+ report. The study curates the findings from exhaustive desk research, secondary data of 198 companies, and more than 140 interviews conducted with industry professionals.
