Consumer Identity and Access Management (CIAM) Market

Consumer Identity and Access Management (CIAM) Market Size By Deployment Type (Cloud and On-Premises), By Service (Professional Services and Managed Services), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13427
  • Published Date: Apr, 2023
  • Pages: 239
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global consumer identity and access management (CIAM) market is expected to reach USD 40,183.4 million by 2032, at a CAGR of 18% during the forecast period 2023 to 2032. Asia Pacific is expected to grow the fastest during the forecast period.

Market Overview:

Consumer identity and access management (IAM) controls consumer identities and provides authentication services. Consumer IAM solutions preserve user profile information and let businesses give their clients a safer, more dependable, and improved experience. It is also appropriate for maintaining customer profile databases, protecting the client registration process, and requiring authentication when clients and other users access a company's services. The adoption of consumer IAM by businesses is also strongly impacted by the surge in cyberattack incidences. To provide a safe environment for using services and making purchases online, businesses have deployed consumer IAM solutions. A solid IAM strategy reduces security risk by limiting unauthorised access to sensitive information.The increased administration of vast amounts of data for simplifying and processing drives the global consumer identity access management (CIAM) market. Furthermore, growing awareness of regulatory compliance and access management tools are important factors driving the customer identity access management (CIAM) market growth during the forecast period.

Consumer Identity and Access Management (CIAM) Market Size

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Recent Development
  • In February 2022, Akamai Technologies announced the acquisition of Linode, an infrastructure-as-a-service platform provider that offers developer-friendly cloud capabilities. The acquisition aims to improve edge computing services by establishing a cloud platform for developing, running, and securing applications from the cloud to the edge.

Market Dynamics:

Drivers

Rising Usage of Mobile Devices- The growing use of mobile devices is a crucial factor driving consumer IAM adoption across various industries. Furthermore, enterprises have a great demand for cloud-based consumer IAM services for centralized security and effective management of essential data. Consumer IAM solutions aid in the management of large customer databases as well as the authorization of clients who log in using numerous devices. As a result, this feature, which provides centralized security and management, significantly impacts the adoption of these solutions, which will drive market growth.

Restraints:

Budget Issues- Budgetary concerns for CIAM solution adoption and a need for more experienced individuals hamper the growth of the customer access and identity management market over the forecast period. Integrating powerful security technologies results in significant initial investment and maintenance costs for deploying CIAM systems, which may be challenging for small businesses.

Opportunities:

Widespread Usage of IoT- The widespread adoption of the Internet of Things (IoT) across numerous industries has increased consumers' reliance on mobile devices. Customers access their financial accounts via various mobile devices, necessitating improved authentication methods to reduce cyber dangers. These mobile devices are more resistant to data loss, bolstering the market for consumer IAM solutions such as multifactor authentication and identity proofing. The increased use of mobile devices is expected to generate significant development prospects for the consumer IAM market throughout the forecast period.

Challenges:

Lack of Skilled Professionals- The element impeding market expansion will be a shortage of skilled labour. As a result, the need for more competent people remains a critical challenge for CIAM specialists in efficiently carrying out IT security operations.

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 most significant global consumer identity and access management (CIAM) market, with a 46% market revenue share in 2022.

North America dominates the consumer identity and access management (CIAM) market with a 46% market revenue share in 2022. In a digitalized world where everything is done online, the emergence of cybercrime has put people's safety at risk, resulting in financial or other damages. The increasing frequency of data breaches affecting diverse consumers in the United States is boosting the region's demand for consumer identity and access management market. According to research provided by the Identity Theft Resource Center (ITRC), the United States recorded 1862 data breaches in 2021.

Asia Pacific is expected to witness the fastest growth during the forecast period because of the enormous investments by enterprises toward developing efficient database management systems. The key contributors to the market growth are predicted to be India, Japan, South Korea, and China.

North America Region Consumer Identity and Access Management (CIAM) Market Share in 2022 - 46%

 

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Deployment Type Analysis:

The deployment type segment is divided into cloud and on-premises. The cloud segment dominated the market, with a share of around 55% in 2022. Customers are embracing digital technologies to increase productivity as technology advances. Cloud technologies enable service providers to provide simple, on-demand access to a shared pool of configurable resources such as networks, servers, storage, applications, and services, which can be deployed and released fast with minimal administration effort. Customers who use the cloud can benefit from the scalability, skill, quick returns, rapid hardware and software implementation, and many more. Furthermore, cloud technologies provide users with numerous benefits, like more excellent data storage and seamless access to the web, email, social media, etc. Because of these benefits, many consumer goods firms and consumers are adopting cloud technologies.

Service Analysis:

The service segment is divided into professional services and managed services. The professional services segment dominated the market, with a share of around 56.0% in 2022. This is due to an increase in the frequency of cyber-attacks, government rules for data protection, and the growing usage of mobile devices. Furthermore, the predicted fall in the cost of cloud IAM services would give a lucrative opportunity to grow professional services. Furthermore, aiding organizations has raised their success rates while decreasing organizational risks, consequently improving professional services.

List of Key Market Players:
  • Aware Inc
  • Equifax Inc.
  • GB Group
  • Centrify Corporation
  • Experian Plc.
  • Lifelock Inc.
  • Gigya Inc.
  • Mitek Systems Inc.
  • Okta, Inc.
  • Janrain, Inc.
  • Lexisnexis Risk Solutions Inc. (Relx Plc)
  • MorphotrustUsa (Safran)
  • Ping Identity Corporation
  • Onegini
  • Transunion
  • Traxion Inc.

Report Description:

Attribute Description
Market Size Revenue (USD Million)
Market size value in 2022 USD 7,798 million
Market size value in 2032 USD 40,183.4 million
CAGR (2023 to 2032) 18%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments North America, Asia Pacific, Europe, Latin America, Middle East and Africa
Segments Deployment Type, Service

Frequesntly Asked Questions

As per The Brainy Insights, the size of the consumer identity and access management (CIAM) market was valued at USD 7,798 million in 2022 to USD 40,183.4 million by 2032.

The global consumer identity and access management (CIAM) market is growing at a CAGR of 18% during the forecast period 2023-2032.

North America emerged as the largest consumer identity and access management (CIAM) market.

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 Deployment Type
          4.3.2. Market Attractiveness Analysis by Service
          4.3.3. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Rising Usage of Mobile Devices
    5.3. Restraints
          5.3.1. Budget Issues
    5.4. Opportunities
          5.4.1. Widespread Usage of IoT
    5.5. Challenges
          5.5.1. Lack of Skilled Professionals

6. Global Consumer Identity and Access Management (CIAM) Market Analysis and Forecast, By Deployment Type
    6.1. Segment Overview
    6.2. Cloud
    6.3. On-Premises

7. Global Consumer Identity and Access Management (CIAM) Market Analysis and Forecast, By Service
    7.1. Segment Overview
    7.2. Professional Services
    7.3. Managed Services

8. Global Consumer Identity and Access Management (CIAM) Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Consumer Identity and Access Management (CIAM) Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in Global Consumer Identity and Access Management (CIAM) Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. Aware Inc
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Equifax Inc.
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. GB Group
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Centrify Corporation
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Experian Plc.
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Lifelock Inc.
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Gigya Inc.
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Mitek Systems Inc.
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Okta, Inc.
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Janrain, Inc.
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Product Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
    10.11. Lexisnexis Risk Solutions Inc. (Relx Plc)
          10.11.1. Business Overview
          10.11.2. Company Snapshot
          10.11.3. Company Market Share Analysis
          10.11.4. Company Product Portfolio
          10.11.5. Recent Developments
          10.11.6. SWOT Analysis
    10.12. MorphotrustUsa (Safran)
          10.12.1. Business Overview
          10.12.2. Company Snapshot
          10.12.3. Company Market Share Analysis
          10.12.4. Company Product Portfolio
          10.12.5. Recent Developments
          10.12.6. SWOT Analysis
    10.13. Ping Identity Corporation
          10.13.1. Business Overview
          10.13.2. Company Snapshot
          10.13.3. Company Market Share Analysis
          10.13.4. Company Product Portfolio
          10.13.5. Recent Developments
          10.13.6. SWOT Analysis
    10.14. Onegini
          10.14.1. Business Overview
          10.14.2. Company Snapshot
          10.14.3. Company Market Share Analysis
          10.14.4. Company Product Portfolio
          10.14.5. Recent Developments
          10.14.6. SWOT Analysis
    10.15. Transunion
          10.15.1. Business Overview
          10.15.2. Company Snapshot
          10.15.3. Company Market Share Analysis
          10.15.4. Company Product Portfolio
          10.15.5. Recent Developments
          10.15.6. SWOT Analysis
    10.16. Traxion Inc.
          10.16.1. Business Overview
          10.16.2. Company Snapshot
          10.16.3. Company Market Share Analysis
          10.16.4. Company Product Portfolio
          10.16.5. Recent Developments
          10.16.6. SWOT Analysis
 

List of Table

1. Global Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

2. Global Cloud, Consumer Identity and Access Management (CIAM) Market, By Region, 2019-2032 (USD Million) 

3. Global On-Premises, Consumer Identity and Access Management (CIAM) Market, By Region, 2019-2032 (USD Million) 

4. Global Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

5. Global Professional Services, Consumer Identity and Access Management (CIAM) Market, By Region, 2019-2032 (USD Million)

6. Global Managed Services, Consumer Identity and Access Management (CIAM) Market, By Region, 2019-2032 (USD Million)

7. North America Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

8. North America Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

9. U.S. Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

10. U.S. Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

11. Canada Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

12. Canada Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

13. Mexico Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

14. Mexico Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

15. Europe Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

16. Europe Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

17. Germany Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

18. Germany Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

19. France Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

20. France Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

21. U.K. Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

22. U.K. Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

23. Italy Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

24. Italy Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

25. Spain Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

26. Spain Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

27. Asia Pacific Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

28. Asia Pacific Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

29. Japan Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

30. Japan Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

31. China Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

32. China Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

33. India Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

34. India Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

35. South America Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

36. South America Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

37. Brazil Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

38. Brazil Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

39. Middle East and Africa Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

40. Middle East and Africa Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

41. UAE Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

42. UAE Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

43. South Africa Consumer Identity and Access Management (CIAM) Market, By Deployment Type, 2019-2032 (USD Million)

44. South Africa Consumer Identity and Access Management (CIAM) Market, By Service, 2019-2032 (USD Million)

List of Figures 

1. Global Consumer Identity and Access Management (CIAM) Market Segmentation

2. Global Consumer Identity and Access Management (CIAM) 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 Consumer Identity and Access Management (CIAM) Market Attractiveness Analysis by Deployment Type

9. Global Consumer Identity and Access Management (CIAM) Market Attractiveness Analysis by Service

10. Global Consumer Identity and Access Management (CIAM) Market Attractiveness Analysis by Region

11. Global Consumer Identity and Access Management (CIAM) Market: Dynamics

12. Global Consumer Identity and Access Management (CIAM) Market Share by Deployment Type (2023 & 2032)

13. Global Consumer Identity and Access Management (CIAM) Market Share by Service (2023 & 2032)

14. Global Consumer Identity and Access Management (CIAM) Market Share by Regions (2023 & 2032)

15. Global Consumer Identity and Access Management (CIAM) Market Share by Company (2022)

This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global consumer identity and access management (CIAM) market based on the below-mentioned segments:

Global Consumer Identity and Access Management (CIAM) Market By Deployment Type:

  • Cloud
  • On-Premises

Global Consumer Identity and Access Management (CIAM) Market By Service:

  • Professional Services
  • Managed Services

Global Consumer Identity and Access Management (CIAM) Market 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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