Mumbai — India’s research and insights industry reached a value of ₹29,008 crore in the 2025 financial year, reflecting a year-on-year growth of 10.9%, according to an annual industry sizing report released by the Market Research Society of India.
The report, titled The Indian Research & Insights Industry 2025 Update, said the sector expanded from ₹26,300 crore in FY2024, supported by rising demand for analytics and a broader mix of research services. The industry is projected to grow to about ₹32,500 crore in FY2026, representing an estimated growth rate of 10% to 12%.
Analytics remained the largest service segment, accounting for nearly 60% of the overall market. The segment recorded 14% growth during FY2025, with more than 90% of demand coming from international clients. According to the report, growth was driven by increased use of predictive modelling, customer lifetime value analysis, and econometric techniques, alongside wider adoption of digital platforms, cloud infrastructure, and artificial intelligence–based tools.
Custom market research grew by 8% during the year, with higher demand for specialised consumer experience studies using methods such as facial coding, eye tracking, and emotional response analysis. Syndicated research services expanded by 6%, supported by manufacturing-focused clients and greater outsourcing of research work to India-based captive centres, though challenges persist in media measurement amid shifting viewership patterns.
Nitin Kamat, President of the Market Research Society of India and Chief Growth and Partnerships Officer at TAM Media Research, said the industry is moving toward value-led growth, with increased emphasis on integrated and AI-enabled insights. Mitali Chowhan, Director General of the society, said continued double-digit growth reflects rising confidence in data-driven decision-making across sectors.
The report noted that international demand, digital maturity, and expanding corporate operations in India are expected to support steady growth in FY2026 despite global economic uncertainties.
