Welcome to the January issue of ValueNotes Connect.

The past two years have seen a tiny virus radically change the way the world works. Some businesses have struggled, while others have done remarkably well. The biggest winner has been the digital economy – as we must now sell, communicate, educate, transact, work, entertain (in short, do everything) online. The digitalization trend has accelerated dramatically, and there’s no going back.

Even as businesses grapple with Omicron, supply chain issues, mobility challenges and workforce constraints; they have to adapt rapidly to new ways of doing business. The future is always uncertain, but right now, it is murkier than usual.

As researchers we study a variety of industries to try and provide insights into the future. However, we rarely look at our own industry. We were fortunate to work with the Market Research Society of India (MRSI) to help them craft the first ever report on “The Research and Insights Industry in India”.

This turned out to be an eye-opener in many ways. Despite being part of the industry, we were surprised by the pace of change and transformation of the industry. Several factors are driving this change:

– An explosion in the availability of data; no longer limited by surveys

– Significant sophistication and availability of technology and tools; and the use of analytics

– A variety of “new” services that leverage new forms of data and tech tools

– Changing client expectations

The Indian Research and Insights industry is thriving amidst these changes, and learning to re-invent business models to deal with the new realities. Some interesting findings:

– Around 3/4ths of the revenue of Indian service providers comes from international business

– Analytics services have already gained > 50% of the overall research and insights pie

– Double digit growth expected till 2026, thanks to tailwinds for outsourcing and digitalisation

A few more glimpses from the report are available in media reports – Industry Today, APN News and IndianTelevision.

A complete copy of The Indian Research & Insights Industry Report 2021 is available on the MRSI’s website. The report provides market size and growth numbers; segmentation by customer vertical, by service, and by type of provider. It also addresses key trends and outlook that will impact the industry going forward.

For those interested in India’s fast-growing research and insights industry, this report is a must-read.

And on that note, we wish all our readers the best wishes for 2022. Stay safe!

Warm regards.

• Brand Equity: Indian research and insights industry to reach INR 31,300 crore by 2026
• Financial Express: Market research industry to touch $4.2 bn by FY26
• Adgully: MRSI, Indian Research & Insights Industry Report