Market Research Sector To Reach $ 4.2 Billion By FY26, Report Says
The market research industry is on track to grow 12-14% per year through FY26 to cross the $ 4 billion mark, according to a report.
According to the Market Research Society of India report, the sector was worth US $ 2.1 billion in FY21 and is on track to double to reach US $ 4.2 billion by the exercise 26, thanks to the fact that the country is the center of global analysis.
Working for international markets accounts for three quarters of its income from the industry which employs more than 1.25 lakh of staff.
In FY21, marketing analytics services accounted for 52% of total industry revenue, while traditional market research and syndication / publication services accounted for 32% and 16%, respectively.
The report expects that by FY26, analytics services will account for 59%, while market research and syndication / publication services will account for 27% and 14%, respectively.
The FMCG and retail sectors are the largest consumers of market research and information with a share of 27%, followed by information, communications and telecommunications (16%) and banking, financial services and insurance (15%).
According to the report, the availability of talent, coupled with a proven track record in data processing, technology, infrastructure and cost competitiveness, will drive an orbital shift in the industry by 2030, when it is expected. surpass the $ 10 billion mark. The report is based on contributions from over 198 companies.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)