India’s research and insights industry grows 10.9% to Rs 29,008 Cr in FY 2025

India’s market research and insights industry reached Rs 29,008 crore (USD 3.5 billion) in the 2025 financial year, up 10.9% from Rs 26,300 crore (USD 3.2 billion) in FY2024, according to a new report released by the Market Research Society of India (MRSI).

The annual industry sizing report, titled “The Indian Research & Insights Industry 2025 Update,” noted the growth reflects a more mature and diversified market, with wider use of analytics services and changing demand patterns across manufacturing and consumer sectors.

According to the report, analytics remained the largest and fastest-growing segment, accounting for nearly 60% of the overall market. More than 90% of demand in this segment came from international clients. Analytics services grew 14% in FY2025, driven by increased use of predictive modelling, customer lifetime value analysis and econometrics. The report noted that while traditional social media and web analytics have stabilised, the adoption of digital platforms, cloud infrastructure and AI-based tools has increased.

Custom market research grew 8% during the year, with higher demand for specialised services such as consumer experience research using techniques including facial coding, eye tracking and emotional response analysis. Syndicated research expanded 6%, supported by manufacturing-led demand and increased outsourcing of research work to India-based captive centres. However, the report said the segment continues to face challenges in media measurement as digital and streaming platforms gain ground over traditional television.

Speaking on the industry’s growth, Nitin Kamat, Chief Growth & Partnerships Officer, TAM Media Research and President at 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 Market Research Society of India, further 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 projected growth of about 10% in FY2026, despite global economic and geopolitical pressures. It said future growth is expected to be driven by rising international demand for integrated insights, greater use of AI-driven analysis, and faster delivery of customised intelligence. Expansion of multinational companies’ operations and captive centres in India, along with rising domestic demand for hyperlocal insights and research-led decision-making by small and medium enterprises, is also expected to support industry growth.