Market research industry to touch $4.2 bn by FY26, says report

The market research industry is on course to grow 12-14 per cent annually till FY26 to cross the USD 4-billion mark, according to a report.

As per the report by Market Research Society of India, the industry was USD 2.1 billion in FY21 and is on course to double to USD 4.2 billion by FY26, driven 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 per cent of the total industry revenue, while traditional market research and syndicated/publishing services brought 32 per cent and 16 per cent, respectively.

The report expects by FY26, analytics services to account for 59 per cent, while market research and syndicated/ publishing services will account for 27 per cent and 14 per cent, respectively.

The FMCG and retail sectors are the largest consumers for market research and insights with a share of 27 per cent, followed by information, communications and telecom (16 per cent), and banking, financial services and insurance (15 per cent).

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. The report is based on inputs from over 198 companies.