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Audiobooks Market

Audiobooks Market Size by Target Audience (Kids and Adults), Preferred Devices (Personal Digital Assistants, Laptops & Tablets, Smartphones, and Others), Genre (Non-Fiction and Fiction), Distribution Channels (One-Time Download, Subscription-based), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13603
  • Published Date: Jul, 2023
  • Pages: 236
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global audiobooks market was valued at USD 5.85 billion in 2022, growing at a CAGR of 25.64% from 2023 to 2032. The market is expected to reach USD 57.38 billion by 2032. The increasing demand for digital media-supporting devices, such as eReaders, smartphones, and tablets, availability of high-speed data networks are propelling the market growth.

Market Introduction:

Audiobook means any digital file, including one or more works, which contains recorded readings of the work and may also incorporate, among other things, other text, sounds, art, photographs, images, video, metadata and other digital content linked to that work. Audiobooks are abridged versions or can be exact word-for-word versions of books. An audiobook is a digital audio transformation of a traditional book. It permits readers to listen to a text recording performed by a narrator or a cast of voice actors. Audiobooks come in popular audio file formats like MP3, WMV, WMA, AAC, etc. Audiobooks have become increasingly popular in recent years due to their accessibility & convenience, particularly for those who have hectic plans or prefer to multitask while listening. Audiobooks for macOS & iOS instruments are available for download on the Apple Books store and app.

Audiobooks Market Size

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Recent Development
  • For example, in January 2023, Plan B Entertainment & Audible Company collaborated to make 'A Summer Love Thing,' the initial development by Bradford Young.
  • For example, in Mar-2021, Scribd Company launched Scribd Audio with Audiobooks from Independent Publishers. The new subscription service Scribd would present audiobook tags, expanding with 'Black Imagination' to its newly established Scribd Audio brand. Further, the new Scribd Audio would traverse a combination of genres & topics.

Market Dynamics:

Drivers

The rising popularity and customer demand: The rising popularity of audiobooks among customers, the changing customer preferences, advanced technical progress, and an ageing population are the driving factors of the market growth. Audiobooks deliver convenience, permitting people to listen to books while multitasking or during trips. The demand for audiobooks has been fueled by the availability of digital platforms & the vacuity of a broad range of titles. However, the rising penetration of advanced wireless telecom networks & easy high-speed internet access across developing countries is helping to boost market growth.

Restraints:

The high production costs: The high production costs is the restraining factors of the market growth. Further, audiobook licensing & distribution rights can be complicated and vary by language or region. Authors and publishers must guide these challenges to make their books available as audiobooks. The fragmentation of rights ownership can occasionally lead to delays or restrictions in the availability of specific titles. Moreover, audiobooks are susceptible to piracy & copyright infringement like other digital media. Protecting intellectual property rights & preventing unauthorized distribution & sharing of audiobooks pose constant challenges for the industry.

Opportunities:

Technological advancements & digital platforms: Technological advancements like improved streaming capabilities & enhanced audio quality have immensely contributed to the growth of the audiobook market. Digital platforms & dedicated audiobook apps have made it easier for customers, publishers, and authors to access, create, and distribute audiobook content. Additionally, increasing the provision of promotions by businesses to promote customers is helping boost market growth. However, the technical development & sophistication of reading machines that provide a similar experience to reading an actual book propel market growth over the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest global audiobooks market, with a 48.23% market revenue share in 2022. The early and quick technological adoption to improve user experience is expected to propel market growth in this region. Moreover, changing consumer preferences, advanced technical progress, and an ageing population are anticipated to drive market growth in this region. The Asia Pacific region will account for the largest market share with revenue growth. This growth is attributed to the growing internet connectivity and rising literacy rates across countries such as India and China.  

North America Region Audiobooks Market Share in 2022 - 48.23%

 

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Target Audience Segment Analysis

The target audience segment is divided into kids and adults. The kids segment dominated the market, with a market share of around 58.09% in 2022. This growth is attributed to the increased adoption of audiobooks for educational purposes.    

Preferred Devices Segment Analysis

The preferred devices segment is divided into personal digital assistants, laptops & tablets, smartphones, and others. The smartphone segment dominated, with a market share of around 31.19% in 2022. This growth is attributed to the rising adoption of smartphones with advanced functionalities. 

Genre Segment Analysis

The genre segment is divided into non-fiction and fiction. The non-fiction segment dominated the market, with a share of around 52.21% in 2022. This growth is attributed to the surge in other genre materials that include; skill development, history, and biographies. Further, audiobooks offer the convenience of listening to a non-fiction book while doing other things, such as exercising, driving, or household chores.

Distribution Channels Segment Analysis

The distribution channels segment is divided into one-time download and subscription-based. The one-time download segment dominated the market, with a share of around 56.12% in 2022. This growth is attributed to the surge in consumers' preference for single high-quality audiobooks. Additionally, the surge in offering discounts by enterprises to cater to the attraction of consumers is helping to boost the segment's market growth. Further, the subscription-based segment is anticipated to dominate the market in the forthcoming years due to the increasing consumers' preferences to buy more subscription bases models over single-time download models.

Some of the Key Market Players:
  • Barnes_Noble Booksellers
  • Downpour
  • Amazon
  • Google
  • Scribd
  • LibriVox
  • Kobo
  • OverDrive   

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 5.85 Billion
Market size value in 2032 USD 57.38 Billion
CAGR (2023 to 2032) 25.64%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Target Audience, Preferred Devices, Genre, and Distribution Channel

Frequesntly Asked Questions

As per The Brainy Insights, the size of the audiobooks market was valued at USD 5.85 Billion in 2022 to USD 57.38 Billion by 2032.

The global audiobooks market is growing at a CAGR of 25.64% during the forecast period 2023-2032.

North America region emerged as the largest market for audiobooks.

Key players are Barnes_Noble Booksellers, Downpour, Amazon, Google, Scribd, LibriVox, Kobo, and OverDrive, and among others.

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  • Segmentation on the basis of any specific country or region
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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 Target Audience
          4.3.2. Market Attractiveness Analysis By Preferred Devices
          4.3.3. Market Attractiveness Analysis By Genre
          4.3.4. Market Attractiveness Analysis By Distribution Channel
          4.3.5. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The rising popularity and customer demand
          5.2.2. The changing customer lifestyle & preferences
          5.2.3. The growing demand for eBooks
    5.3. Restraints
          5.3.1. The high production costs
          5.3.2. The limited content availability
    5.4. Opportunities
          5.4.1. Technological advancements & digital platforms
          5.4.2. The growing smartphone and internet penetration

6. Global Audiobooks Market Analysis and Forecast, By Target Audience
    6.1. Segment Overview
    6.2. Kids
    6.3. Adults

7. Global Audiobooks Market Analysis and Forecast, By Preferred Devices
    7.1. Segment Overview
    7.2. Personal Digital Assistants
    7.3. Laptops & Tablets
    7.4. Smartphones
    7.5. Others

8. Global Audiobooks Market Analysis and Forecast, By Genre
    8.1. Segment Overview
    8.2. Non-Fiction
    8.3. Fiction

9. Global Audiobooks Market Analysis and Forecast, By Distribution Channel
    9.1. Segment Overview
    9.2. One-Time Download
    9.3. Subscription-Based

10. Global Audiobooks Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Audiobooks Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in Global Audiobooks Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Product Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. Barnes_Noble Booksellers
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. Downpour
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. Amazon
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. Google
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Scribd
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. LibriVox
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. Kobo
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. OverDrive
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis

List of Table

1. Global Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

2. Global Kids, Audiobooks Market, By Region, 2019-2032 (USD Billion) 

3. Global Adults, Audiobooks Market, By Region, 2019-2032 (USD Billion) 

4. Global Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

5. Global Personal Digital Assistants, Audiobooks Market, By Region, 2019-2032 (USD Billion)

6. Global Laptops & Tablets, Audiobooks Market, By Region, 2019-2032 (USD Billion)

7. Global Smartphones, Audiobooks Market, By Region, 2019-2032 (USD Billion)

8. Global Others, Audiobooks Market, By Region, 2019-2032 (USD Billion)

9. Global Audiobooks Market, By Genre, 2019-2032 (USD Billion)

10. Global Non-Fiction, Audiobooks Market, By Region, 2019-2032 (USD Billion)

11. Global Fiction, Audiobooks Market, By Region, 2019-2032 (USD Billion)

12. Global Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

13. Global Subscription-Based, Audiobooks Market, By Region, 2019-2032 (USD Billion)

14. North America Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

15. North America Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

16. North America Audiobooks Market, By Genre, 2019-2032 (USD Billion)

17. North America Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

18. U.S. Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

19. U.S. Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

20. U.S. Audiobooks Market, By Genre, 2019-2032 (USD Billion)

21. U.S. Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

22. Canada Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

23. Canada Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

24. Canada Audiobooks Market, By Genre, 2019-2032 (USD Billion)

25. Canada Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

26. Mexico Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

27. Mexico Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

28. Mexico Audiobooks Market, By Genre, 2019-2032 (USD Billion)

29. Mexico Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

30. Europe Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

31. Europe Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

32. Europe Audiobooks Market, By Genre, 2019-2032 (USD Billion)

33. Europe Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

34. Germany Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

35. Germany Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

36. Germany Audiobooks Market, By Genre, 2019-2032 (USD Billion)

37. Germany Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

38. France Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

39. France Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

40. France Audiobooks Market, By Genre, 2019-2032 (USD Billion)

41. France Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

42. U.K. Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

43. U.K. Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

44. U.K. Audiobooks Market, By Genre, 2019-2032 (USD Billion)

45. U.K. Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

46. Italy Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

47. Italy Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

48. Italy Audiobooks Market, By Genre, 2019-2032 (USD Billion)

49. Italy Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

50. Spain Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

51. Spain Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

52. Spain Audiobooks Market, By Genre, 2019-2032 (USD Billion)

53. Spain Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

54. Asia Pacific Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

55. Asia Pacific Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

56. Asia Pacific Audiobooks Market, By Genre, 2019-2032 (USD Billion)

57. Asia Pacific Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

58. Japan Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

59. Japan Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

60. Japan Audiobooks Market, By Genre, 2019-2032 (USD Billion)

61. Japan Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

62. China Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

63. China Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

64. China Audiobooks Market, By Genre, 2019-2032 (USD Billion)

65. China Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

66. India Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

67. India Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

68. India Audiobooks Market, By Genre, 2019-2032 (USD Billion)

69. India Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

70. South America Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

71. South America Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

72. South America Audiobooks Market, By Genre, 2019-2032 (USD Billion)

73. South America Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

74. Brazil Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

75. Brazil Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

76. Brazil Audiobooks Market, By Genre, 2019-2032 (USD Billion)

77. Brazil Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

78. Middle East and Africa Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

79. Middle East and Africa Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

80. Middle East and Africa Audiobooks Market, By Genre, 2019-2032 (USD Billion)

81. Middle East and Africa Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

82. UAE Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

83. UAE Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

84. UAE Audiobooks Market, By Genre, 2019-2032 (USD Billion)

85. UAE Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

86. South Africa Audiobooks Market, By Target Audience, 2019-2032 (USD Billion)

87. South Africa Audiobooks Market, By Preferred Devices, 2019-2032 (USD Billion)

88. South Africa Audiobooks Market, By Genre, 2019-2032 (USD Billion)

89. South Africa Audiobooks Market, By Distribution Channel, 2019-2032 (USD Billion)

List of Figures 

1. Global Audiobooks Market Segmentation

2. Global Audiobooks 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 Audiobooks Market Attractiveness Analysis By Target Audience  

9. Global Audiobooks Market Attractiveness Analysis By Preferred Devices 

10. Global Audiobooks Market Attractiveness Analysis By Genre

11. Global Audiobooks Market Attractiveness Analysis By Distribution Channel

12. Global Audiobooks Market Attractiveness Analysis By Region

13. Global Audiobooks Market: Dynamics

14. Global Audiobooks Market Share By Target Audience (2023 & 2032)

15. Global Audiobooks Market Share By Preferred Devices (2023 & 2032)

16. Global Audiobooks Market Share By Genre (2023 & 2032)

17. Global Audiobooks Market Share By Distribution Channel (2023 & 2032)

18. Global Audiobooks Market Share By Regions (2023 & 2032)

19. Global Audiobooks Market Share By Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global audiobooks based on below mentioned segments:

Global Audiobooks Market by Target Audience:

  •  Kids
  • Adults

Global Audiobooks Market by Preferred Devices:

  • Personal Digital Assistants
  • Laptops & Tablets
  • Smartphones
  • Others

Global Audiobooks Market by Genre:

  • Non-Fiction
  • Fiction

Global Audiobooks Market by Distribution Channel:

  • One-Time Download
  • Subscription-Based

Global Audiobooks 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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