Indian market research industry grows to $2.9bn

MRSI said that the latest figures mean India is the world’s third largest market research and insights industry, and is projected to grow to $3.4bn in 2024.

Custom research and analytics have fuelled growth in the domestic market to grow by 12%, and MRSI said that analytics business from local clients continues to grow with an increasing focus on combining survey data, client data and social data.

Paru Minocha, president at MRSI, said: “This growth is a testament to India being the focus growth market for companies and the market research industry’s ability to navigate challenges and capitalise on emerging opportunities to enable that growth.

“In addition, there is global confidence in India as a talent hub and as a market that is pivotal in offering valuable insights and research solutions.”

Mitali Chowhan, director general at MRSI, added: “The growth our sector is undergoing is very encouraging. This has helped maintain us our global ranking, and in fact has moved us up to the third position in the global market research and insights industry.

“India’s significant capabilities, along with our industry’s ability to adapt effectively to challenges and thrive on both global and domestic fronts is something we can be proud of.”