The market research industry is growing at the rate of 12-14 percent annually till FY26 to cross the USD 4-billion mark, according to a report by Market Research Society of India which is based on inputs from over 198 companies.
As per the report, the industry was USD 2.1 billion in FY21 and is on course to double to USD 4.2 billion by FY26, motivated by the fact that the country is the global analytics hub. Working for international markets accounts for three-fourths of its revenue of the industry that employs over 1.25 lakh personnel.
In FY21, marketing analytics services accounted for 52 percent of the total industry revenue, while traditional market research and syndicated/publishing services brought 32 percent and 16 percent, respectively.
The report expects by FY26, analytics services to account for 59 percent, while market research and syndicated/ publishing services will account for 27 percent and 14 percent, respectively.
The FMCG and retail sectors are the largest consumers for market research and insights with a share of 27 percent, followed by information, communications, and telecom (16 %), and banking, financial services, and insurance (15 %).
According to the report, the availability of talent, coupled with proven expertise in data handling, technology, infrastructure, and cost competitiveness will lead to an orbital shift in the industry by 2030, when it is expected to scale past the USD 10-billion mark.
Source: Business Standard, Financial Express