Indian research and insights industry reaches INR 29,008 cr in FY25: MRSI

India’s research and insights industry is expected to sustain its steady 10% growth trajectory in FY2026, despite global economic headwinds and geopolitical uncertainties, according to a report by the Market Research Society of India (MRSI).

The market research body estimated that the sector reached INR 29,008 crores ($3.5 billion) in FY2025, up 10.9% from INR 26,300 crores ($3.2 billion) in FY2024. The growth signals a transition towards a more mature and diversified research and insight market, characterised by broader access to analytics services and evolving trends in manufacturing and consumer demand.

Nitin Kamat, chief growth and partnerships officer, TAM Media Research and President at Market Research Society of India, said, the industry is entering a phase of maturity, where growth is driven less by volume and more by value.

Leading the charge

Analytics continued to be the largest and fastest-growing segment, accounting for nearly 60% of the market, with over 90% of demand driven by international clients. The segment grew by 14% in FY2025, fuelled by increased adoption of predictive modelling, customer lifetime value analysis, and econometrics.

While traditional services like social media and web analytics have matured, digital platforms, cloud infrastructure, and AI-driven solutions now enable greater scalability, with agentic AI powering autonomous, real-time insights and continuous optimisation. “The shift from traditional data delivery to integrated, AI‑enabled insights helps businesses act with speed and precision,” Kamat commented.  

The Custom Market Research segment recorded an 8% growth, with specialised services such as consumer experience research gaining traction through techniques like facial coding, eye tracking, and emotional response monitoring. Similarly, Syndicated Research grew by 6%, witnessing a modest rebound led by manufacturing-focused clients and increased outsourcing of research mandates to India-based captive centres.

However, the segment continues to navigate challenges in media measurement, as traditional television metrics face pressure amid the accelerating adoption of digital and streaming platforms.

The steady demand for tailored intelligence

Despite global economic headwinds and geopolitical uncertainties, MRSI forecasts that the industry will maintain its current growth trajectory, driven by rising international demand for integrated insight delivery, as clients increasingly seek to synthesise diverse data sources, leverage AI for deeper analysis, and access faster, more tailored intelligence.

The expansion of global companies’ operations and captive centres in India will further strengthen international mandates, while the domestic market will benefit from growing digital maturity and rising demand for hyperlocal insights.

Kamat also predicted a deeper adoption of advanced analytics and agentic AI.

Some of the other factors that could work in the sector’s favour are an increased investment in brand strategy across non-CPG sectors, a revival in strategic B2B research linked to manufacturing and automotive growth, and the expanding role of SMEs relying on research to guide competitive decision-making.