India's Market Research Industry Surges 10.9% to ₹29,008 Cr, Fueled by AI

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AuthorKavya Nair|Published at:
India's Market Research Industry Surges 10.9% to ₹29,008 Cr, Fueled by AI
Overview

India's market research sector expanded 10.9% to ₹29,008 crore ($3.5 Bn) in FY25, according to MRSI. Growth is driven by international demand, AI adoption, and domestic digital maturity. Analytics leads expansion, with projections indicating sustained double-digit growth.

Indian Insights Industry Posts Strong FY25 Expansion

India's market research industry achieved a significant milestone, reaching ₹29,008 crore ($3.5 billion) in the fiscal year 2025. This represents a robust 10.9% increase from the previous year's ₹26,300 crore ($3.2 billion). The Market Research Society of India (MRSI) released these figures in its annual update, projecting continued steady growth of around 10% for FY2026 despite global economic turbulence.

Key Growth Drivers Identified

Several factors are propelling this expansion. Rising international demand for integrated data insights, coupled with the increasing integration of artificial intelligence, are key. Furthermore, the necessity to synthesize multiple data sources for faster, more tailored intelligence is boosting the sector. Global companies expanding their operations in India are expected to bolster international mandates. Domestically, increased digital maturity and a growing appetite for hyperlocal insights will support momentum.

Sectoral Performance and Future Outlook

Analytics emerged as the largest and fastest-growing segment, capturing nearly 60% of the market share. This segment, largely driven by international clients, saw 14% growth in FY25, bolstered by predictive modeling and econometrics. Custom market research grew by 8%, with specialized services like facial coding gaining traction. Syndicated research expanded by 6%, benefiting from manufacturing-led clients and outsourcing to Indian captive centers.

Nitin Kamat, Chief Growth & Partnerships Officer at TAM Media Research and President at MRSI, highlighted the industry's shift. "Growth is driven less by volume and more by value," Kamat stated. He added that the industry is aligning with India's vision for advanced capabilities and strategic value creation, moving towards AI-enabled insights for businesses to act with speed and precision. Mitali Chowhan, Director General at MRSI, emphasized the industry's resilience and increasing trust in data-driven decision-making globally.

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