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The global Business Travel market generated USD 999.08 billion revenue in 2023 and is projected to grow at a CAGR of 10.82% from 2024 to 2033. The market is expected to reach USD 2,791.13 billion by 2033. The surge in travel and tourism activities and the rapid growth of businesses globally are driving the robust expansion of the global business travel market. Technological advancements have played a pivotal role, facilitating convenient access to hotel and transport bookings through online portals contributing to the market's continued growth. Moreover, increased infrastructural investments by regional governments are expected to drive market expansion in the foreseeable future. The advancement in technology, surge in the digitalization of travel payments, and convenience of business service in hotels are also some of the factors driving the market.
Business travel is the undertaking of journeys by individuals representing their organization for work-related purposes. This aspect involves physically relocating employees or professionals to destinations beyond their typical workplace, typically with the primary objective of carrying out business activities. These activities include attending meetings and conferences and engaging in tasks designed to contribute to the organization's operational objectives. Business travel is central to the functioning of organizations, catalyzing relationship-building, expanding market reach, and facilitating critical face-to-face interactions. These interactions are essential for effective collaboration, negotiation, and professional development. Business travel is a multifaceted practice that holds integral importance across various industries. It is characterized by its focus on advancing the organization's business interests and achieving specific operational goals. In essence, business travel is a dynamic and essential component of professional engagement, contributing significantly to organizational growth and success.
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Economic Growth and Corporate Profitability - Positive economic conditions and increased corporate profitability often result in higher business travel budgets. Companies are more willing to invest in travel for their employees when the overall economic outlook is favourable.
Industry-Specific Demands - Certain industries, such as finance, consulting, and sales, heavily rely on personal interactions. Professionals in these sectors frequently engage in business travel to meet clients, attend conferences, and participate in industry events.
Globalization and International Business Expansion - As businesses expand globally, face-to-face meetings, negotiations, and collaborations become crucial. Business travel facilitates direct communication, relationship building, and exploring new market opportunities.
Rising Costs - The increasing costs associated with business travel, including airfare, accommodation, and transportation, can act as a deterrent. Companies may seek cost-effective alternatives like virtual meetings to reduce overall travel expenses.
Remote Work Trends - The rise of work-from-home (WFH) and flexible work arrangements has reduced the necessity for physical presence in many business activities. Professionals can accomplish tasks remotely, minimizing the need for extensive travel.
Technology Integration - Integrating advanced technologies within the business travel sector opens opportunities for improved efficiency and enhanced traveller experiences. Innovative technologies such as data analytics (DA), artificial intelligence (AI), and virtual reality (VR) can optimize travel processes, from itinerary planning to expense management.
Personalization and Customization - There is an opportunity for business travel services to focus on personalization and customization. Tailoring travel experiences to individual preferences and needs can enhance customer satisfaction and loyalty, creating a niche for specialized services in the market.
Sustainability Initiatives - The increasing emphasis on sustainability presents an opportunity for the business travel sector to adopt eco-friendly practices. Companies prioritizing sustainable travel options, such as carbon offset programs and green accommodations, can attract environmentally conscious clients.
Security and Safety Concerns - Security risks, including geopolitical tensions, terrorism, and civil unrest, pose challenges for business travellers. Companies and travel service providers must prioritize the safety of their clients, implement robust security measures, and stay abreast of global developments.
Regulatory Complexity - Navigating the complex web of international travel regulations, visa requirements, and compliance standards presents a significant challenge. Frequent changes in regulations and administrative hurdles can complicate travel planning and execution.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most prominent global Business Travel market, with a 43.89% market revenue share in 2023.
Asia Pacific Region Business Travel Market Share in 2023 - 43.89%
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The Asia Pacific region has been undergoing robust economic growth, with several countries emerging as major global economic players. This growth has increased business activities, trade partnerships, and investments, driving the demand for business travel. Furthermore, many nations in the Asia Pacific are undergoing rapid urbanization and investing heavily in infrastructure development. The construction of business hubs, conference centres, and modern transportation facilities has made the region more attractive for business travellers. Additionally, the corporate sector in Asia Pacific has expanded significantly, driven by the growth of industries such as technology, finance, manufacturing, and services. Increased business activities and cross-border collaborations contribute to more business travel. North America held a significant position as the second-largest global business travel market in 2023. North America, especially Silicon Valley in California, is a global hub for technological innovation. The presence of major tech companies and the hosting of numerous industry events and conferences attract professionals worldwide, boosting business travel. Many multinational corporations and major industry players have their headquarters in North America. The need for executives, key personnel, and decision-makers to conduct business meetings and attend events contributes to substantial business travel. In addition, North America has a well-developed transportation infrastructure, including airports, highways, and public transportation systems. This factor facilitates easy connectivity and accessibility, making business travel more efficient.
The service segment is classified into business activity, food & lodging and transportation. The food & lodging segment dominated the market, with a share of around 56.13% in 2023. Food and lodging are essential components of any business travel experience. Professionals travelling for business require accommodation for overnight stays and access to meals during their trips. The demand for these services is inherent to the nature of business travel. Business travellers often have specific expectations for comfort and convenience during their trips. Lodging services, including hotels and serviced apartments, offer a comfortable and secure environment, while food services ensure that travellers have convenient access to meals that suit their schedules. Additionally, business trips often involve networking, client meetings, and negotiations. Lodging services provide a central and professional meeting place; dining options are crucial for client entertainment. Hotels with conference facilities and on-site restaurants are preferred for such occasions.
The industry segment includes corporate and government. The corporate segment dominated the market, with a share of around 66.65% in 2023. Corporations engage in business travel to conduct essential operations, including meetings, negotiations, and collaborations. As companies expand globally or operate in multiple locations, the need for executives and employees to travel becomes integral to sustaining and growing the business. Furthermore, face-to-face interactions are crucial in building and maintaining client relationships. The corporate sector heavily relies on personal meetings to discuss projects, address client needs, and foster long-term partnerships, necessitating frequent business travel. Also, high-level decision-making often requires executives to come together for strategy formulation, planning, and critical discussions. Corporate leaders frequently engage in business travel to ensure effective communication and alignment on key business initiatives.
The traveller segment is divided into group and solo. The group segment dominated the market, with a share of around 60.03% in 2023. Group travellers often consist of teams working on collaborative projects. Face-to-face interactions during project meetings and brainstorming sessions are vital for effective communication, fostering teamwork, achieving project milestones, and driving the demand for group business travel. Moreover, group travel is prevalent when companies attend conferences, seminars, and industry events. These gatherings provide opportunities for professional development, networking, and staying updated on industry trends. The collective attendance of teams amplifies the demand for business travel services. Besides, sales teams frequently travel in group business to meet clients, present pitches, and conduct negotiations. Group travel allows for cohesive client presentations and facilitates relationship-building efforts, particularly when multiple team members are involved in the sales process.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 999.08 Billion |
| Market size value in 2033 | USD 2,791.13 Billion |
| CAGR (2024 to 2033) | 10.82% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| 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 | Service, Industry, and Traveller |
As per The Brainy Insights, the size of the business travel market was valued at USD 999.08 billion in 2023 to USD 2,791.13 billion by 2033.
The global business travel market is growing at a CAGR of 10.82% during the forecast period 2024-2033.
Asia Pacific became the largest market for business travel.
Globalization and international business expansion are driving the market's 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 Service
4.3.2. Market Attractiveness Analysis by Industry
4.3.3. Market Attractiveness Analysis by Traveller
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Economic Growth and Corporate Profitability
5.2.2. Industry-Specific Demands
5.3. Restraints
5.3.1. Rising Costs
5.4. Opportunities
5.4.1. Technology Integration
5.4.2. Personalization and Customization
5.5. Challenges
5.5.1. Security and Safety Concerns
6. Global Business Travel Market Analysis and Forecast, By Service
6.1. Segment Overview
6.2. Business Activity
6.3. Food & Lodging
6.4. Transportation
7. Global Business Travel Market Analysis and Forecast, By Industry
7.1. Segment Overview
7.2. Corporate
7.3. Government
8. Global Business Travel Market Analysis and Forecast, By Traveller
8.1. Segment Overview
8.2. Group
8.3. Solo
9. Global Business Travel Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Business Travel Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Business Travel Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Industry Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. Airbnb, Inc.
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Industry Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. American Express Company
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Industry Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. BCD Group
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Industry Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Booking Holdings
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Industry Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Carlson Holdings, Inc.
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Industry Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. CWT Solutions
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Industry Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Corporate Travel Management
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Industry Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Citi Group
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Industry Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Chase
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Industry Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Direct Travel, Inc.
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Industry Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
11.11. Egencia LLC
11.11.1. Business Overview
11.11.2. Company Snapshot
11.11.3. Company Market Share Analysis
11.11.4. Company Industry Portfolio
11.11.5. Recent Developments
11.11.6. SWOT Analysis
11.12. Expedia, Inc.
11.12.1. Business Overview
11.12.2. Company Snapshot
11.12.3. Company Market Share Analysis
11.12.4. Company Industry Portfolio
11.12.5. Recent Developments
11.12.6. SWOT Analysis
11.13. Frosch International Travel
11.13.1. Business Overview
11.13.2. Company Snapshot
11.13.3. Company Market Share Analysis
11.13.4. Company Industry Portfolio
11.13.5. Recent Developments
11.13.6. SWOT Analysis
11.14. Fareportal
11.14.1. Business Overview
11.14.2. Company Snapshot
11.14.3. Company Market Share Analysis
11.14.4. Company Industry Portfolio
11.14.5. Recent Developments
11.14.6. SWOT Analysis
11.15. Flight Centre Travel Group Limited
11.15.1. Business Overview
11.15.2. Company Snapshot
11.15.3. Company Market Share Analysis
11.15.4. Company Industry Portfolio
11.15.5. Recent Developments
11.15.6. SWOT Analysis
11.16. Hogg Robinson Ltd
11.16.1. Business Overview
11.16.2. Company Snapshot
11.16.3. Company Market Share Analysis
11.16.4. Company Industry Portfolio
11.16.5. Recent Developments
11.16.6. SWOT Analysis
11.17. Navan, Inc.
11.17.1. Business Overview
11.17.2. Company Snapshot
11.17.3. Company Market Share Analysis
11.17.4. Company Industry Portfolio
11.17.5. Recent Developments
11.17.6. SWOT Analysis
11.18. Ovation Travel Group
11.18.1. Business Overview
11.18.2. Company Snapshot
11.18.3. Company Market Share Analysis
11.18.4. Company Industry Portfolio
11.18.5. Recent Developments
11.18.6. SWOT Analysis
11.19. Priceline
11.19.1. Business Overview
11.19.2. Company Snapshot
11.19.3. Company Market Share Analysis
11.19.4. Company Industry Portfolio
11.19.5. Recent Developments
11.19.6. SWOT Analysis
11.20. Travel Leaders Group
11.20.1. Business Overview
11.20.2. Company Snapshot
11.20.3. Company Market Share Analysis
11.20.4. Company Industry Portfolio
11.20.5. Recent Developments
11.20.6. SWOT Analysis
11.21. TravelPerk S.L.U
11.21.1. Business Overview
11.21.2. Company Snapshot
11.21.3. Company Market Share Analysis
11.21.4. Company Industry Portfolio
11.21.5. Recent Developments
11.21.6. SWOT Analysis
11.22. Wexas Travel
11.22.1. Business Overview
11.22.2. Company Snapshot
11.22.3. Company Market Share Analysis
11.22.4. Company Industry Portfolio
11.22.5. Recent Developments
11.22.6. SWOT Analysis
List of Table
1. Global Business Travel Market, By Service, 2020-2033 (USD Billion)
2. Global Business Activity, Business Travel Market, By Region, 2020-2033 (USD Billion)
3. Global Food & Lodging, Business Travel Market, By Region, 2020-2033 (USD Billion)
4. Global Transportation, Business Travel Market, By Region, 2020-2033 (USD Billion)
5. Global Business Travel Market, By Industry, 2020-2033 (USD Billion)
6. Global Corporate, Business Travel Market, By Region, 2020-2033 (USD Billion)
7. Global Government, Business Travel Market, By Region, 2020-2033 (USD Billion)
8. Global Business Travel Market, By Traveller, 2020-2033 (USD Billion)
9. Global Group, Business Travel Market, By Region, 2020-2033 (USD Billion)
10. Global Solo, Business Travel Market, By Region, 2020-2033 (USD Billion)
11. Global Business Travel Market, By Region, 2020-2033 (USD Billion)
12. North America Business Travel Market, By Service, 2020-2033 (USD Billion)
13. North America Business Travel Market, By Industry, 2020-2033 (USD Billion)
14. North America Business Travel Market, By Traveller, 2020-2033 (USD Billion)
15. U.S. Business Travel Market, By Service, 2020-2033 (USD Billion)
16. U.S. Business Travel Market, By Industry, 2020-2033 (USD Billion)
17. U.S. Business Travel Market, By Traveller, 2020-2033 (USD Billion)
18. Canada Business Travel Market, By Service, 2020-2033 (USD Billion)
19. Canada Business Travel Market, By Industry, 2020-2033 (USD Billion)
20. Canada Business Travel Market, By Traveller, 2020-2033 (USD Billion)
21. Mexico Business Travel Market, By Service, 2020-2033 (USD Billion)
22. Mexico Business Travel Market, By Industry, 2020-2033 (USD Billion)
23. Mexico Business Travel Market, By Traveller, 2020-2033 (USD Billion)
24. Europe Business Travel Market, By Service, 2020-2033 (USD Billion)
25. Europe Business Travel Market, By Industry, 2020-2033 (USD Billion)
26. Europe Business Travel Market, By Traveller, 2020-2033 (USD Billion)
27. Germany Business Travel Market, By Service, 2020-2033 (USD Billion)
28. Germany Business Travel Market, By Industry, 2020-2033 (USD Billion)
29. Germany Business Travel Market, By Traveller, 2020-2033 (USD Billion)
30. France Business Travel Market, By Service, 2020-2033 (USD Billion)
31. France Business Travel Market, By Industry, 2020-2033 (USD Billion)
32. France Business Travel Market, By Traveller, 2020-2033 (USD Billion)
33. U.K. Business Travel Market, By Service, 2020-2033 (USD Billion)
34. U.K. Business Travel Market, By Industry, 2020-2033 (USD Billion)
35. U.K. Business Travel Market, By Traveller, 2020-2033 (USD Billion)
36. Italy Business Travel Market, By Service, 2020-2033 (USD Billion)
37. Italy Business Travel Market, By Industry, 2020-2033 (USD Billion)
38. Italy Business Travel Market, By Traveller, 2020-2033 (USD Billion)
39. Spain Business Travel Market, By Service, 2020-2033 (USD Billion)
40. Spain Business Travel Market, By Industry, 2020-2033 (USD Billion)
41. Spain Business Travel Market, By Traveller, 2020-2033 (USD Billion)
42. Asia Pacific Business Travel Market, By Service, 2020-2033 (USD Billion)
43. Asia Pacific Business Travel Market, By Industry, 2020-2033 (USD Billion)
44. Asia Pacific Business Travel Market, By Traveller, 2020-2033 (USD Billion)
45. Japan Business Travel Market, By Service, 2020-2033 (USD Billion)
46. Japan Business Travel Market, By Industry, 2020-2033 (USD Billion)
47. Japan Business Travel Market, By Traveller, 2020-2033 (USD Billion)
48. China Business Travel Market, By Service, 2020-2033 (USD Billion)
49. China Business Travel Market, By Industry, 2020-2033 (USD Billion)
50. China Business Travel Market, By Traveller, 2020-2033 (USD Billion)
51. India Business Travel Market, By Service, 2020-2033 (USD Billion)
52. India Business Travel Market, By Industry, 2020-2033 (USD Billion)
53. India Business Travel Market, By Traveller, 2020-2033 (USD Billion)
54. South America Business Travel Market, By Service, 2020-2033 (USD Billion)
55. South America Business Travel Market, By Industry, 2020-2033 (USD Billion)
56. South America Business Travel Market, By Traveller, 2020-2033 (USD Billion)
57. Brazil Business Travel Market, By Service, 2020-2033 (USD Billion)
58. Brazil Business Travel Market, By Industry, 2020-2033 (USD Billion)
59. Brazil Business Travel Market, By Traveller, 2020-2033 (USD Billion)
60. Middle East and Africa Business Travel Market, By Service, 2020-2033 (USD Billion)
61. Middle East and Africa Business Travel Market, By Industry, 2020-2033 (USD Billion)
62. Middle East and Africa Business Travel Market, By Traveller, 2020-2033 (USD Billion)
63. UAE Business Travel Market, By Service, 2020-2033 (USD Billion)
64. UAE Business Travel Market, By Industry, 2020-2033 (USD Billion)
65. UAE Business Travel Market, By Traveller, 2020-2033 (USD Billion)
66. South Africa Business Travel Market, By Service, 2020-2033 (USD Billion)
67. South Africa Business Travel Market, By Industry, 2020-2033 (USD Billion)
68. South Africa Business Travel Market, By Traveller, 2020-2033 (USD Billion)
List of Figures
1. Global Business Travel Market Segmentation
2. Business Travel 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 Business Travel Market Attractiveness Analysis by Service
9. Global Business Travel Market Attractiveness Analysis by Industry
10. Global Business Travel Market Attractiveness Analysis by Traveller
11. Global Business Travel Market Attractiveness Analysis by Region
12. Global Business Travel Market: Dynamics
13. Global Business Travel Market Share by Service (2023 & 2033)
14. Global Business Travel Market Share by Industry (2023 & 2033)
15. Global Business Travel Market Share by Traveller (2023 & 2033)
16. Global Business Travel Market Share by Regions (2023 & 2033)
17. Global Business Travel 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 Business Travel market based on below-mentioned segments:
Global Business Travel Market by Service:
Global Business Travel Market by Industry:
Global Business Travel Market by Traveller:
Global Business Travel Market by Region:
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.
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Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
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:
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:
The demand side for the market is estimated through:
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:
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:
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:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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