Race for the Future: Market Research with Commitment, Focus & Acceleration

Established in 1988, The Market Research Society of India (MRSI) exemplifies the unwavering dedication to unifying and advancing the market research industry, both in India and on the global stage. As we reflect on 37 years of remarkable journey and the vision of my predecessors, the work carried out by the former managing committees and the dedicated teams who have meticulously shaped MRSI into what it stands today is commendable. Taking up the mantle of leadership from such esteemed individuals is a privilege, and the newly elected Managing Committee is committed towards fortifying MRSI's core pillars: Building Profile, Building Pride, Building Network, and Building Trust.

My journey in the market research industry began in 2005 with TAM Media Research. Alongside, over the years, my role within MRSI evolved – from representing my company to serving on the Managing Committee, where I held the position of Treasurer for two years. Following my re-election at the recently held AGM, I am honoured to now serve as the President with the steadfast support of our members.

MRSI serves as your association, representing your organization collectively within the Market Research industry. As a dedicated member of MRSI and an industry leader, I urge you to engage with our newly elected Managing Committee. We welcome you to share your valuable views, concerns, and suggestions.

Turning our focus to the broader market research landscape, the Sizing Report Update 2024 revealed that the Indian Market Research sector has achieved a remarkable revenue milestone of USD 3.2 billion, reflecting a robust growth rate of 12.6%. This achievement is a testament to the collective efforts of our members, whose unwavering dedication has driven this upward trajectory. As we prepare to undertake a comprehensive study next year to further delineate the size and scope of our industry, I encourage you to closely examine the regional comparisons that will be featured in the upcoming ESOMAR report.

This impressive growth underscores India's dynamic economic landscape, a burgeoning consumer base, and our industry's relentless pursuit of innovation. I extend my deepest gratitude to all MRSI members who have been instrumental in addressing the evolving needs of our industry, embracing cutting-edge technologies, and pioneering research methodologies that enhance our capabilities across traditional and emerging media.

In response to our industry's rapid evolution, MRSI recognized the imperative for a new socio-economic classification system, leading to the introduction of ISEC. This robust and adaptive system is designed to accurately mirror India's complex socio-economic landscape. Its swift adoption will ensure that we remain agile and responsive to the demands of the new-age ecosystem.

Looking into the future, we anticipate that the convergence of artificial intelligence and data analytics will propel our industry into new global markets. Our role is no longer confined to identifying trends – we are now at the forefront of shaping them. This evolution is giving rise to new market categories that empower businesses to innovate and thrive in a data-driven economy. This shift will enable businesses to connect with Bharat, beyond India, unlocking unprecedented growth opportunities both domestically and internationally.

As we navigate this era of rapid growth and continuous innovation, the market research industry is poised to play a pivotal role in reshaping our social and economic landscape. By leveraging new technologies, expanding our market reach, and operating with purpose, our industry will sustain its growth and continue delivering exceptional value to businesses and communities alike.

MRSI remains steadfast in its commitment to supporting this industry by fostering a culture of knowledge sharing, celebrating achievements, and strengthening the foundational pillars. Our shared objective is to sustain our forward momentum and steer the industry towards a future characterized by stability and sustainability.