Indian research and insights industry grows 10.9% to Rs 29,008 crore in FY25

New Delhi: India’s research and insights industry reached a value of Rs 29,008 crore in FY25, marking a 10.9% increase from Rs 26,300 crore in the previous financial year, according to the Market Research Society of India’s (MRSI) latest industry sizing report.

The findings were released in MRSI’s annual publication titled The Indian Research & Insights Industry 2025 Update, which tracks the performance and structure of the sector.

The report indicates that the industry’s expansion reflects a gradual shift towards a more mature and diversified market, with wider adoption of analytics services and growing alignment with changes in manufacturing and consumer demand.

Analytics remained the largest segment, accounting for nearly 60% of the overall market. The segment recorded 14% growth in FY25, supported largely by demand from international clients, who contributed more than 90% of analytics revenues. Increased use of predictive modelling, customer lifetime value analysis and econometrics contributed to the segment’s performance, alongside wider deployment of cloud-based platforms and AI-driven tools.

Custom market research grew by 8% during the year, with demand rising for specialised techniques such as facial coding, eye tracking and emotional response analysis, particularly in consumer experience research.

Syndicated research posted 6% growth, aided by manufacturing-led clients and a rise in outsourced research mandates to India-based captive centres. However, the segment continues to face challenges as traditional television measurement comes under pressure from the growing adoption of digital and streaming platforms.

Commenting on the industry’s trajectory, Nitin Kamat, Chief Growth & Partnerships Officer at TAM Media Research and President of the Market Research Society of India, said, “The Indian research and insights industry is entering a phase of maturity, where growth is driven less by volume and more by value. In alignment with Hon. Prime Minister Narendra Modi’s vision of Viksit Bharat 2047, which emphasises innovation, advanced capabilities and strategic value creation across sectors, the industry is gearing up to work alongside India Inc. to fuel progress. 

The shift from traditional data delivery to integrated, AI-enabled insights helps businesses act with speed and precision. Looking ahead, we expect the industry to evolve towards deeper adoption of advanced analytics and agentic AI, enabling India to lead in delivering actionable strategic intelligence on the global stage.”

Mitali Chowhan, Director General at MRSI, added, “Despite global uncertainties, the Indian Research & Insights industry continues to demonstrate resilience and relevance. The steady double-digit growth reflects increasing trust in data-driven decision-making across sectors. With rising digital maturity, hyperlocal insight needs, and growing international mandates, India is well placed to shape the future of insight-led transformation globally.”

The report projects that the industry will continue to grow at around 10% in FY26, potentially reaching Rs 32,500 crore. This growth is expected to be supported by rising international demand for integrated insight delivery, deeper use of AI for analysis, and faster turnaround requirements. 

Domestically, increased digital maturity, higher demand for hyperlocal insights, renewed strategic B2B research linked to manufacturing and automotive sectors, and wider adoption of research by SMEs are likely to contribute to continued momentum.