Testament to #MakeInIndia with 3/4th of revenues being generated from international markets
Inaugural and baseline edition of Indian R&I industry launched by MRSI
The Market Research Society of India today launched its inaugural edition of the Indian Research & Insights (R&I) Industry Report. As per the report, the Indian R&I industry is expected to grow at a 12-14% CAGR to $4.2 billion (INR 31,300 crore) by 2025-26, compared to $2.1bn (INR 17,200 crore) in 2020-21. Moreover, India is fast becoming the global analytics hub, with international markets accounting for 3/4th of its revenues. As per the report, the Indian R&I sector employs more than 125,000 people.During 2020-21, Marketing Analytics services accounted for 52% of the total Indian R&I industry revenues, while traditional Market Research and Syndicated/ Publishing services stood at 32% and 16%, respectively. By 2025-26, Analytics services will account for 59%, while Custom Market Research and Syndicated/ Publishing services will account for 27% and 14%, respectively, as per the report. The FMCG and Retail sectors are the largest consumer for Research and Insights with a share of 27%, followed by Information, Communications & Telecom (16%) and Banking, Financial Services & Insurance (15%).
Commenting on the report, Sandeep Arora, President, MRSI, said, "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. 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. We are excited and proud to launch the inaugural edition of the Indian Research & Insights industry report."
MRSI partnered with Value Notes as the research partner for ensuring methodological objectivity of the report. The report curates the findings from exhaustive desk research, secondary data of 198 companies, and more than 140 interviews conducted with the industry professionals. All the data reported was stress-tested and sanity checked through expert interviews and triangulations. Besides the findings, the Report also includes exclusive thought leadership pieces from marque professionals from Indian R&I industry - on the industry's diverse segments. The 150+ paged report is available on a subscription basis on the MRSI website (www.mrsi.co.in).
About MRSI
The Market Research Society of India (MRSI) is a unique, dynamic and a not-for-profit autonomous market research body formed in 1988 by a large fraternity of research suppliers and users spread across India.
MRSI aims to guide, encourage, and uphold the highest quality standards of professionalism for all those who use, need, generate, or analyse and interpret insights/data in the research & insight industry. It is a platform that brings marketing professionals and insight professionals together and instills a code of conduct that should be followed in the research & insight industry in India and showcases the developments and innovations that take place.
Marketing and social research users, pure play analytics, KPOs, technology providers, consulting firms and anyone in the space of providing, using or buying consumer insights are members of MRSI along with organizations which provide support services to the industry, thus, it holistically represents the interests of the industry rather than specific sections.
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