India is among the top three fastest-growing research and insights markets in Asia Pacific and it touched $2.3 billion in 2021, as per ‘The Indian Research and Insights Industry Report 2021’ prepared by Market Research Society of India (MRSI).
Union Minister of Commerce and Industry, Consumer Affairs and Food and Public Distribution and Textiles, Piyush Goyal unveiled the latest figures for the Indian consumer research and insights industry at MRSI’s 30th Annual Market Research Seminar held in Delhi on November 17-18, 2022. Goyal graced the event as the chief guest.
MRSI is an industry-led market research body that guides, encourages and upholds the highest quality standards of professionalism for all those who use, need, generate or interpret insights/data in the market research industry.
Inspired by the idea of ‘Contemporising Your Roots’, MRSI’s seminar hopes to further growth for the sector by bringing together the best minds from across the industry.
The report predicts that the research and insights industry is expected to grow to $4.2 billion in FY26.
As per the report, the revenue of Indian research and insights industry is expected to double by FY26, primarily driven by the increasing demand for analytics, also fuelled by international demand.
“FY21 revenue was expectedly impacted by the COVID 19 pandemic, with the biggest declines in custom MR services and syndicated products. However, robust international demand for analytics services ensured that the overall industry declined only marginally. The strong turnaround seen in H2 FY21 continues in the first half of current year (FY22), in line with economic recovery in both Indian and international markets,” it says.
The report further says that domestic custom market research services will recover and grow at double digits in FY22, to reach pre-pandemic levels. “Thereafter, growth till FY26 is expected to settle at a rate of around 6% to 7%.”
As per the report, FMCG, Retail, ICT and BFSI are the largest buyers of research and insights services in 2021, and these sectors will continue to dominate. Fintech and digitalisation will drive demand from these sectors, both in international and Indian markets.
It further states that verticals that got severely affected by COVID-19 in FY21, such as Travel and Hospitality, are expected to bounce back stronger post pandemic due to pent-up demand.
Meanwhile, at the seminar, Goyal said that the entire market research industry in India has matured significantly in the last few years. There’s a lot more use of technology, more analytical skills and AI being used. He opined that the industry can come up with insightful researches on areas concerning Commerce and Industry - for example, which areas one should be investing in, where the export markets are or where a plant should be located ideally.
“Given the complexities of a large and diverse nation like India, we must adopt technology intelligently, smartly and make sure that we don’t lose the essence of our work in the outcomes. The market research should have real resonance on the ground,” he said.
He emphasised that India has a huge potential to digitise as much as possible especially the surveys. If language skills are improved along with the tools of analysis the companies will be able to compete better for the developed markets.
Manish Makhijani, Global Insights Director, Hindustan Unilever and current President at MRSI, added, “Firstly, we thank Piyush Goyal ji for taking time out, unveiling the report and addressing our industry colleagues. India is on a steady growth track when it comes to the research and insights industry. It is encouraging to witness India gain a position of pride in the global sector. We are positive that the sector will continue to drive overall growth as we step towards achieving the vision of becoming the $30 trillion economy over the next 30 years.”
The executive summary of report is available to download on: https://insight.mrsi.co.in/indian-industry-report/.