MRSI said that the figures showed that the industry was worth INR 29,008 crores last year, up from INR 26,300 crores ($3.2bn) in 2024.

Analytics was the fastest growing segment of the Indian market research industry, accounting for 60% of the domestic market, with 90% of demand driven by international clients, and with growth of 14% for 2025.

Custom market research had 8% growth, while syndicated research was up 6%, MRSI said.

India is one of the largest market research industries in the world, albeit behind the US and UK, which are ranked first and second respectively.

Nitin Kamat, chief growth and partnerships officer at TAM Media Research and president at MRSI, said: “The Indian research and insights industry is entering a phase of maturity, where growth is driven less by volume and more by value.

“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.”