India’s research and insights industry hits Rs 29,008 crore in FY25

MUMBAI: India’s research and insights industry expanded to Rs 29,008 crore in FY2025, growing 10.9 per cent year-on-year, as analytics-led services and rising international demand pushed the sector into a more mature, diversified phase.

According to the Market Research Society of India (MSRI), the industry rose from Rs 26,300 crore in FY2024 and is expected to reach about Rs 32,500 crore in FY2026, implying growth of 10–12 per cent despite global economic uncertainty.

Analytics remained the largest and fastest-growing segment, accounting for nearly 60 per cent of the market. The segment grew 14 per cent in FY2025, driven largely by overseas clients, who contributed more than 90 per cent of demand. Increased use of predictive modelling, customer lifetime value analysis and econometrics underpinned the expansion, with agentic AI enabling real-time, autonomous insights.

Custom market research grew 8 per cent, buoyed by demand for advanced consumer experience tools such as facial coding, eye tracking and emotional response measurement. Syndicated research rose 6 per cent, aided by a modest rebound in manufacturing-led demand and greater outsourcing to India-based captive research centres, though media measurement continues to face disruption as audiences shift to digital and streaming platforms.

TAM Media Research chief growth and partnerships officer and MSRI president Nitin Kamat, said growth is now being driven by value rather than volume, with firms moving from traditional data delivery to integrated, AI-enabled insight systems.

MRSI director general Mitali Chowhan, said steady double-digit growth reflects rising trust in data-led decision-making across sectors, even amid global volatility.

Looking ahead, mrsi expects continued momentum in FY2026, led by international mandates, deeper adoption of advanced analytics, and growing domestic demand for hyperlocal insights across both consumer and B2B sectors.