Indian Insights Industry Now 'World's Third Largest'

In Mumbai, professional body the Market Research Society of India (MRSI) says the country's market research and insights industry grew by 17.6% in 2023, reaching $US 2.9bn - the world's third largest, overtaking China. The Society expects further strong growth to $3.4bn in 2024.

The Indian Research & Insights Industry 2023 Update says the country's MR growth 'aligns with' the global research and insights industry, which posted a substantial 12% increase to reach $US 130bn, with data analytics the fastest-growing sector in absolute terms.

The report says the Government of India's Vision-2030 strategy has led to large project commissions and strategic work being revived, while custom research and analytics have also fuelled growth. This includes growing analytics business from local clients, with an increasing focus on combining survey, client and social data to derive insights.

Strong growth verticals include the BFSI, FMCG, technology and healthcare sectors, while the report says emerging sectors like telecom, Electric Vehicles and gaming have seen increased demand for analytics and custom research. Online data collection is 'gaining traction' but traditional methods such as face-to-face interviews 'remain relevant for their cost competitiveness and ability to provide wider coverage of the Indian consumer'.

Society President Paru Minocha says another year of 'significant 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'. He adds: '...there is global confidence in India as a talent hub and as a market that is pivotal in offering valuable insights and research solutions'. Mitali Chowhan, the MRSI's Director General, says the rise reflects the industry's 'ability to adapt effectively to challenges and thrive on both global and domestic fronts'.

The US remains comfortably the world's largest research market, with the United Kingdom also well ensconced in its second place.

An executive summary is available to download here .