Chatbot Market

Chatbot Market Trends & Growth Analysis – Latest Insights

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13575
  • Published Date: Sep, 2024
  • Pages: 238
  • Category: Information Technology & Semiconductors
  • Format: PDF
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Market Dynamics

Drivers

The rising demand for personalized customer experiences: Companies increasingly utilize chatbots to provide personalized customer experiences. This trend propels the development of chatbot solutions leveraging consumer data to deliver more personalized & relevant responses. Further, with the increasing use of digital communication channels, consumers are expecting 24/7 support chatbots can provide round-the-clock support, making them a popular solution for companies looking to improve their consumer support capabilities.

Restraints

The lack of awareness: The lack of awareness due to the relatively early presence in the tech-adoption life cycle, high-cost deployment, and the system integration complexities hamper market growth. Moreover, combining chatbots with existing technologies & systems can be complex. This could hamper the adoption of chatbots, specifically among businesses that lack the necessary technical expertise. Additionally, chatbots can provide cost-effective and efficient consumer support, but they lack the personal touch that human agents can provide. This could lead to consumer dissatisfaction and impede the adoption of chatbots.

Opportunities

The growing use of chatbots in the e-commerce sector: The rising demand for better consumer service and the increasing use of smart devices worldwide are helping to boost the market growth. Moreover, the increasing concentration of website and mobile applications, the increasing need for many languages consumer support, and the rising incorporation of a chatbot with single search hyperlinks, social networking sites, natural language processing (NLP), and the improvement of artificial intelligence (AI) are helping to stimulate market growth. 

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Component
          4.3.2. Market Attractiveness Analysis By Type
          4.3.3. Market Attractiveness Analysis By Deployment
          4.3.4. Market Attractiveness Analysis By Application
          4.3.5. Market Attractiveness Analysis By End User
          4.3.6. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing demand from SMEs
          5.2.2. The rising demand for personalized customer experiences
    5.3. Restraints
          5.3.1. The lack of awareness of effects of chatbot technology
          5.3.2. The concerns regarding security and privacy
    5.4. Opportunities
          5.4.1. Technological advancements in Chatbots
          5.4.2. The growing use of chatbots in the e-commerce sector
    5.5. Challenges
          5.5.1. User Experience Issues

6. Global Chatbot Market Analysis and Forecast, By Component
    6.1. Segment Overview
    6.2. Services
    6.3. Solution

7. Global Chatbot Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Web-Based
    7.3. Standalone
    7.4. AI-Powered
    7.5. Messenger-Based
    7.6. Rule-Based

8. Global Chatbot Market Analysis and Forecast, By Deployment
    8.1. Segment Overview
    8.2. On-premise
    8.3. Cloud

9. Global Chatbot Market Analysis and Forecast, By Application
    9.1. Segment Overview
    9.2. Retail
    9.3. Healthcare
    9.4. Media and Entertainment
    9.5. Real Estate
    9.6. Education
    9.7. E-commerce
    9.8. Banking Financial Services and Insurance (BFSI)
    9.9. Others

10. Global Chatbot Market Analysis and Forecast, By End User
    10.1. Segment Overview
    10.2. Large Enterprises
    10.3. Small and Medium Enterprises

11. Global Chatbot Market Analysis and Forecast, By Regional Analysis
    11.1. Segment Overview
    11.2. North America
          11.2.1. U.S.
          11.2.2. Canada
          11.2.3. Mexico
    11.3. Europe
          11.3.1. Germany
          11.3.2. France
          11.3.3. U.K.
          11.3.4. Italy
          11.3.5. Spain
    11.4. Asia-Pacific
          11.4.1. Japan
          11.4.2. China
          11.4.3. India
    11.5. South America
          11.5.1. Brazil
    11.6. Middle East and Africa
          11.6.1. UAE
          11.6.2. South Africa

12. Global Chatbot Market-Competitive Landscape
    12.1. Overview
    12.2. Market Share of Key Players in Global Chatbot Market
          12.2.1. Global Company Market Share
          12.2.2. North America Company Market Share
          12.2.3. Europe Company Market Share
          12.2.4. APAC Company Market Share
    12.3. Competitive Situations and Trends
          12.3.1. Product Launches and Developments
          12.3.2. Partnerships, Collaborations, and Agreements
          12.3.3. Mergers & Acquisitions
          12.3.4. Expansions

13. Company Profiles
    13.1. Artificial Solutions
          13.1.1. Business Overview
          13.1.2. Company Snapshot
          13.1.3. Company Market Share Analysis
          13.1.4. Company Product Portfolio
          13.1.5. Recent Developments
          13.1.6. SWOT Analysis
    13.2. Aivo LLC
          13.2.1. Business Overview
          13.2.2. Company Snapshot
          13.2.3. Company Market Share Analysis
          13.2.4. Company Product Portfolio
          13.2.5. Recent Developments
          13.2.6. SWOT Analysis
    13.3. Google
          13.3.1. Business Overview
          13.3.2. Company Snapshot
          13.3.3. Company Market Share Analysis
          13.3.4. Company Product Portfolio
          13.3.5. Recent Developments
          13.3.6. SWOT Analysis
    13.4. Inbenta Holdings Inc.
          13.4.1. Business Overview
          13.4.2. Company Snapshot
          13.4.3. Company Market Share Analysis
          13.4.4. Company Product Portfolio
          13.4.5. Recent Developments
          13.4.6. SWOT Analysis
    13.5. Creative Virtual Ltd.
          13.5.1. Business Overview
          13.5.2. Company Snapshot
          13.5.3. Company Market Share Analysis
          13.5.4. Company Product Portfolio
          13.5.5. Recent Developments
          13.5.6. SWOT Analysis
    13.6. eGain Corporation
          13.6.1. Business Overview
          13.6.2. Company Snapshot
          13.6.3. Company Market Share Analysis
          13.6.4. Company Product Portfolio
          13.6.5. Recent Developments
          13.6.6. SWOT Analysis
    13.7. IBM
          13.7.1. Business Overview
          13.7.2. Company Snapshot
          13.7.3. Company Market Share Analysis
          13.7.4. Company Product Portfolio
          13.7.5. Recent Developments
          13.7.6. SWOT Analysis
    13.8. smartbots
          13.8.1. Business Overview
          13.8.2. Company Snapshot
          13.8.3. Company Market Share Analysis
          13.8.4. Company Product Portfolio
          13.8.5. Recent Developments
          13.8.6. SWOT Analysis
    13.9. Nuance Communications, Inc.
          13.9.1. Business Overview
          13.9.2. Company Snapshot
          13.9.3. Company Market Share Analysis
          13.9.4. Company Product Portfolio
          13.9.5. Recent Developments
          13.9.6. SWOT Analysis
    13.10. Contus
          13.10.1. Business Overview
          13.10.2. Company Snapshot
          13.10.3. Company Market Share Analysis
          13.10.4. Company Product Portfolio
          13.10.5. Recent Developments
          13.10.6. SWOT Analysis
    13.11. Conversica,Inc.
          13.11.1. Business Overview
          13.11.2. Company Snapshot
          13.11.3. Company Market Share Analysis
          13.11.4. Company Product Portfolio
          13.11.5. Recent Developments
          13.11.6. SWOT Analysis
    13.12. Amazon Web Services, Inc.
          13.12.1. Business Overview
          13.12.2. Company Snapshot
          13.12.3. Company Market Share Analysis
          13.12.4. Company Product Portfolio
          13.12.5. Recent Developments
          13.12.6. SWOT Analysis
    13.13. Kevit
          13.13.1. Business Overview
          13.13.2. Company Snapshot
          13.13.3. Company Market Share Analysis
          13.13.4. Company Product Portfolio
          13.13.5. Recent Developments
          13.13.6. SWOT Analysis
    13.14. CogniCor Technologies
          13.14.1. Business Overview
          13.14.2. Company Snapshot
          13.14.3. Company Market Share Analysis
          13.14.4. Company Product Portfolio
          13.14.5. Recent Developments
          13.14.6. SWOT Analysis
    13.15. Cyfuture India Pvt. Ltd.
          13.15.1. Business Overview
          13.15.2. Company Snapshot
          13.15.3. Company Market Share Analysis
          13.15.4. Company Product Portfolio
          13.15.5. Recent Developments
          13.15.6. SWOT Analysis

List of Table

1. Global Chatbot Market, By Component, 2020-2033 (USD Billion)

2. Global Services, Chatbot Market, By Region, 2020-2033 (USD Billion) 

3. Global Solution, Chatbot Market, By Region, 2020-2033 (USD Billion) 

4. Global Chatbot Market, By Type, 2020-2033 (USD Billion)

5. Global Web-based, Chatbot Market, By Region, 2020-2033 (USD Billion)

6. Global Standalone, Chatbot Market, By Region, 2020-2033 (USD Billion)

7. Global AI-powered, Chatbot Market, By Region, 2020-2033 (USD Billion)

8. Global Messenger-based, Chatbot Market, By Region, 2020-2033 (USD Billion)

9. Global Rule-Based, Chatbot Market, By Region, 2020-2033 (USD Billion)

10. Global Chatbot Market, By Deployment, 2020-2033 (USD Billion)

11. Global On-premise, Chatbot Market, By Region, 2020-2033 (USD Billion)

12. Global Cloud, Chatbot Market, By Region, 2020-2033 (USD Billion)

13. Global Chatbot Market, By Application, 2020-2033 (USD Billion)

14. Global Retail, Chatbot Market, By Region, 2020-2033 (USD Billion)

15. Global Healthcare, Chatbot Market, By Region, 2020-2033 (USD Billion)

16. Global Media and Entertainment, Chatbot Market, By Region, 2020-2033 (USD Billion)

17. Global Real Estate, Chatbot Market, By Region, 2020-2033 (USD Billion)

18. Global Education, Chatbot Market, By Region, 2020-2033 (USD Billion)

19. Global E-commerce, Chatbot Market, By Region, 2020-2033 (USD Billion)

20. Global Banking Financial Services and Insurance (BFSI), Chatbot Market, By Region, 2020-2033 (USD Billion)

21. Global Others Chatbot Market, By Region, 2020-2033 (USD Billion)

22. Global Chatbot Market, By End User, 2020-2033 (USD Billion)

23. Global Large Enterprises, Chatbot Market, By Region, 2020-2033 (USD Billion)

24. Global Small and Medium Enterprises, Chatbot Market, By Region, 2020-2033 (USD Billion)

25. North America Chatbot Market, By Component, 2020-2033 (USD Billion)

26. North America Chatbot Market, By Type, 2020-2033 (USD Billion)

27. North America Chatbot Market, By Deployment, 2020-2033 (USD Billion)

28. North America Chatbot Market, By Application, 2020-2033 (USD Billion)

29. North America Chatbot Market, By End User, 2020-2033 (USD Billion)

30. U.S. Chatbot Market, By Component, 2020-2033 (USD Billion)

31. U.S. Chatbot Market, By Type, 2020-2033 (USD Billion)

32. U.S. Chatbot Market, By Deployment, 2020-2033 (USD Billion)

33. U.S. Chatbot Market, By Application, 2020-2033 (USD Billion)

34. U.S. Chatbot Market, By End User, 2020-2033 (USD Billion)

35. Canada Chatbot Market, By Component, 2020-2033 (USD Billion)

36. Canada Chatbot Market, By Type, 2020-2033 (USD Billion)

37. Canada Chatbot Market, By Deployment, 2020-2033 (USD Billion)

38. Canada Chatbot Market, By Application, 2020-2033 (USD Billion)

39. Canada Chatbot Market, By End User, 2020-2033 (USD Billion)

40. Mexico Chatbot Market, By Component, 2020-2033 (USD Billion)

41. Mexico Chatbot Market, By Type, 2020-2033 (USD Billion)

42. Mexico Chatbot Market, By Deployment, 2020-2033 (USD Billion)

43. Mexico Chatbot Market, By Application, 2020-2033 (USD Billion)

44. Mexico Chatbot Market, By End User, 2020-2033 (USD Billion)

45. Europe Chatbot Market, By Component, 2020-2033 (USD Billion)

46. Europe Chatbot Market, By Type, 2020-2033 (USD Billion)

47. Europe Chatbot Market, By Deployment, 2020-2033 (USD Billion)

48. Europe Chatbot Market, By Application, 2020-2033 (USD Billion)

49. Europe Chatbot Market, By End User, 2020-2033 (USD Billion)

50. Germany Chatbot Market, By Component, 2020-2033 (USD Billion)

51. Germany Chatbot Market, By Type, 2020-2033 (USD Billion)

52. Germany Chatbot Market, By Deployment, 2020-2033 (USD Billion)

53. Germany Chatbot Market, By Application, 2020-2033 (USD Billion)

54. Germany Chatbot Market, By End User, 2020-2033 (USD Billion)

55. France Chatbot Market, By Component, 2020-2033 (USD Billion)

56. France Chatbot Market, By Type, 2020-2033 (USD Billion)

57. France Chatbot Market, By Deployment, 2020-2033 (USD Billion)

58. France Chatbot Market, By Application, 2020-2033 (USD Billion)

59. France Chatbot Market, By End User, 2020-2033 (USD Billion)

60. U.K. Chatbot Market, By Component, 2020-2033 (USD Billion)

61. U.K. Chatbot Market, By Type, 2020-2033 (USD Billion)

62. U.K. Chatbot Market, By Deployment, 2020-2033 (USD Billion)

63. U.K. Chatbot Market, By Application, 2020-2033 (USD Billion)

64. U.K. Chatbot Market, By End User, 2020-2033 (USD Billion)

65. Italy Chatbot Market, By Component, 2020-2033 (USD Billion)

66. Italy Chatbot Market, By Type, 2020-2033 (USD Billion)

67. Italy Chatbot Market, By Deployment, 2020-2033 (USD Billion)

68. Italy Chatbot Market, By Application, 2020-2033 (USD Billion)

69. Italy Chatbot Market, By End User, 2020-2033 (USD Billion)

70. Spain Chatbot Market, By Component, 2020-2033 (USD Billion)

71. Spain Chatbot Market, By Type, 2020-2033 (USD Billion)

72. Spain Chatbot Market, By Deployment, 2020-2033 (USD Billion)

73. Spain Chatbot Market, By Application, 2020-2033 (USD Billion)

74. Spain Chatbot Market, By End User, 2020-2033 (USD Billion)

75. Asia Pacific Chatbot Market, By Component, 2020-2033 (USD Billion)

76. Asia Pacific Chatbot Market, By Type, 2020-2033 (USD Billion)

77. Asia Pacific Chatbot Market, By Deployment, 2020-2033 (USD Billion)

78. Asia Pacific Chatbot Market, By Application, 2020-2033 (USD Billion)

79. Asia Pacific Chatbot Market, By End User, 2020-2033 (USD Billion)

80. Japan Chatbot Market, By Component, 2020-2033 (USD Billion)

81. Japan Chatbot Market, By Type, 2020-2033 (USD Billion)

82. Japan Chatbot Market, By Deployment, 2020-2033 (USD Billion)

83. Japan Chatbot Market, By Application, 2020-2033 (USD Billion)

84. Japan Chatbot Market, By End User, 2020-2033 (USD Billion)

85. China Chatbot Market, By Component, 2020-2033 (USD Billion)

86. China Chatbot  Market, By Type, 2020-2033 (USD Billion)

87. China Chatbot Market, By Deployment, 2020-2033 (USD Billion)

88. China Chatbot Market, By Application, 2020-2033 (USD Billion)

89. China Chatbot Market, By End User, 2020-2033 (USD Billion)

90. India Chatbot Market, By Component, 2020-2033 (USD Billion)

91. India Chatbot Market, By Type, 2020-2033 (USD Billion)

92. India Chatbot  Market, By Deployment, 2020-2033 (USD Billion)

93. India Chatbot Market, By Application, 2020-2033 (USD Billion)

94. India Chatbot Market, By End User, 2020-2033 (USD Billion)

95. South America Chatbot Market, By Component, 2020-2033 (USD Billion)

96. South America Chatbot Market, By Type, 2020-2033 (USD Billion)

97. South America Chatbot Market, By Deployment, 2020-2033 (USD Billion)

98. South America Chatbot Market, By Application, 2020-2033 (USD Billion)

99. South America Chatbot Market, By End User, 2020-2033 (USD Billion)

100. Brazil Chatbot Market, By Component, 2020-2033 (USD Billion)

101. Brazil Chatbot Market, By Type, 2020-2033 (USD Billion)

102. Brazil Chatbot Market, By Deployment, 2020-2033 (USD Billion)

103. Brazil Chatbot Market, By Application, 2020-2033 (USD Billion)

104. Brazil Chatbot Market, By End User, 2020-2033 (USD Billion)

105. Middle East and Africa Chatbot Market, By Component, 2020-2033 (USD Billion)

106. Middle East and Africa Chatbot Market, By Type, 2020-2033 (USD Billion)

107. Middle East and Africa Chatbot Market, By Deployment, 2020-2033 (USD Billion)

108. Middle East and Africa Chatbot Market, By Application, 2020-2033 (USD Billion)

109. Middle East and Africa Chatbot Market, By End User, 2020-2033 (USD Billion)

110. UAE Chatbot Market, By Component, 2020-2033 (USD Billion)

111. UAE Chatbot Market, By Type, 2020-2033 (USD Billion)

112. UAE Chatbot Market, By Deployment, 2020-2033 (USD Billion)

113. UAE Chatbot Market, By Application, 2020-2033 (USD Billion)

114. UAE Chatbot Market, By End User, 2020-2033 (USD Billion)

115. South Africa Chatbot Market, By Component, 2020-2033 (USD Billion)

116. South Africa Chatbot Market, By Type, 2020-2033 (USD Billion)

117. South Africa Chatbot Market, By Deployment, 2020-2033 (USD Billion)

118. South Africa Chatbot Market, By Application, 2020-2033 (USD Billion)

119. South Africa Chatbot Market, By End User, 2020-2033 (USD Billion)

List of Figures 

1. Global Chatbot Market Segmentation

2. Global Chatbot Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Chatbot Market Attractiveness Analysis By Component

9. Global Chatbot Market Attractiveness Analysis By Type 

10. Global Chatbot Market Attractiveness Analysis By Deployment

11. Global Chatbot Market Attractiveness Analysis By Application

12. Global Chatbot Market Attractiveness Analysis By End User

13. Global Chatbot Market Attractiveness Analysis By Region

14. Global Chatbot Market: Dynamics

15. Global Chatbot Market Share By Component (2023 & 2033)

16. Global Chatbot Market Share By Type (2023 & 2033)

17. Global Chatbot Market Share By Deployment (2023 & 2033)

18. Global Chatbot Market Share By Application (2023 & 2033)

19. Global Chatbot Market Share By End User (2023 & 2033)

20. Global Chatbot Market Share By Regions (2023 & 2033)

21. Global Chatbot Market Share By Company (2023)

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global chatbot based on below mentioned segments:

Global Chatbot Market by Component: 

  • Services
  • Solution

Global Chatbot Market by Type:

  • Web-Based
  • Standalone
  • AI-Powered
  • Messenger-Based
  • Rule-Based

Global Chatbot Market by Deployment:

  • On-premise
  • Cloud

Global Chatbot Market by Application:

  • Retail
  • Healthcare
  • Media and Entertainment
  • Real Estate
  • Education
  • E-commerce
  • Banking Financial Services and Insurance (BFSI)
  • Others

Global Chatbot Market by End User:

  • Large Enterprises
  • Small and Medium Enterprises

Global Chatbot by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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