~ India among the top 3 fastest growing research and insights markets in Asia Pacific ~
~ Touched $2.7 Bn in FY2022 ~
~ Expected to grow to $4.2 Bn in FY26 ~
November 18, 2022; Mumbai, India: Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Govt. of India., Shri Piyush Goyal unveiled the latest figures for the Indian Consumer Research & Insights Industry at Market Research Society of India’s (MRSI), 30th Annual Market Research Seminar held in Delhi on November 17-18, 2022. Hon’ble Shri Piyush Goyal, graced the event as the Chief Guest. MRSI is India’s foremost industry-led market research body that guides, encourages and upholds the highest quality standards of professionalism for all those who use, need, generate or interpret insights/data in the market research industry.
Aptly themed and inspired by the idea of ‘Contemporising Your Roots’, MRSI’s seminar hopes to further growth for the sector by bringing together the best minds from across the industry.
Unveiling the growth figures at MRSI’s 30th Annual Market Research Seminar, and talking about the surveys taken by the industry Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Govt. of India., Shri Piyush Goyal, said that the entire market research industry in India has matured significantly in the last few years. There’s a lot more use of technology, more analytical skills and AI being used. He opined that the industry can come up with insightful researches on areas concerning Commerce & Industry for example which areas one should be investing in, where the export markets are or where a plant should be located ideally.
“Given the complexities of a large and diverse nation like India, we must adopt technology intelligently, smartly and make sure that we don’t lose the essence of our work in the outcomes. The market research should have real resonance on the ground.” Shri Goyal said.
He emphasised that India has a huge potential to digitise as much as possible especially the surveys. If language skills are improved along with the tools of analysis the companies will be able to compete better for the developed markets.
Manish Makhijani, Global Insights Director, Hindustan Unilever Ltd. and current President at MRSI further added, “Firstly, we thank Hon’ble Minister Shri Piyush Goyal for taking time out, unveiling the report and addressing our industry colleagues. India is on a steady growth track when it comes to the research and insights industry. It is encouraging to witness India gain a position of pride in the global sector. We are positive that the sector will continue to drive overall growth as we step towards achieving the vision of becoming the $30 trillion economy over the next 30 years.”
