Contactless Biometrics Technology Market

Contactless Biometrics Technology Market Size by Application (Fingerprint, Hand Geometry, Voice, Iris, Face, and Others), Component (Hardware, Software, and Services), End-User (Transport & Logistics, Government, Defense & Security, Healthcare & Life Sciences, Consumer Electronics, Banking & Finance and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13323
  • Published Date: Sep, 2024
  • Pages: 237
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global contactless biometrics technology market was valued at USD 14.56 billion in 2023, increasing at a CAGR of 18.10% from 2024 to 2033 and anticipated to reach USD 76.84 billion by 2033. Asia Pacific is expected to grow the fastest during the forecast period. Also, the increasing usage of contactless devices is expected to drive market growth during the forecast period. Contactless biometrics seems promising in making payments, attending purposes (remotely), preventing unauthorized login, securing access to premises and many more without the fear of catching a contagious disease.

Market Introduction

Biometrics is the process utilized to recognize, identify and authenticate people based on their physical or behavioral features. These systems help in matching a person’s identifiers to their biometric template that is already stored in the database. The technology verifies whether the individuals resemble their claimed identity and is thus utilized to control access to buildings, rooms, and computers. A way of biometric authentication that does not require the user to contact the system physically is called contactless biometric authentication. It includes technologies like iris recognition, facial recognition, voice recognition, etc. Contactless biometric technology offers several benefits, like speed and efficiency, temperature scanning, social distancing, storing health check information, and can identify users wearing masks. Biometric technologies typically refer to the use of technology to identify a person based on some aspect of their biology. Contactless biometrics technology permits longer run times with fewer consumables and less cleaning, lowering operating costs.

Contactless Biometrics Technology Market Size

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Recent Development

For example, in January 2022, IDEMIA Company launched two new generations of contactless fingerprint terminals, named MorphoWave SP and MorphoWave XP. The latest versions are empowered with physical integrations with software integrations with turnstiles manufacturers.

For example, on March 2021, CE Colo Company selected Touchless Biometric Systems AG firm to protect their valuable assets by implementing a secure, stellar, and reliable biometric access control system.

Market Dynamics:

Drivers

The increasing demand for vascular biometricsThe growing adoption of biometrics due to its cost-effectiveness, ability to easily blend cloud technology with healthcare services, and high-end assurance and security propel the market growth. Additionally, biometrics is an identification technology that is used to recognize individuals by their physical traits like voice, fingerprints, face, iris, and palm vein. However, the increasing implementation of biometrics in different sectors, such as homeland security, law, and the military, is helping to stimulate market growth. Further, the growing integration of biometric systems with IoT apparatuses and the rising adoption of e-passports are expected to drive market growth during the forecast period.

Restraints:

The high costs associated with biometric systemsThe limitations in detecting unauthorized and authorized users and data security concerns are restraining factors of the market. Moreover, the establishment of broad ethical principles for artificial intelligence and the high cost of investment is hampering the market growth. Additionally, the high price associated with deploying the services and software hinders market growth over the forecast period.

Opportunities:

The rising penetration of smartphones and tablets: The ever-increasing use of smartphones and facial or finger recognition systems is one of the driving factors of the market growth. Furthermore, the rising investment in facial recognition technologies used by defense and government industries is also helping to stimulate market growth. Additionally, the increasing growth of the digitalization trend, along with the rising demand for contactless card payments instead of PIN feed-in, are also propelling the market growth. Additionally, the increasing competition among mobile carriers, the emergence of 4G and 5G network technologies, along with the standardization and upgrading of operating systems are also helping to propel the market growth. Moreover, establishing subcommittees on machine learning and AI within the federal government has drawn traction toward the AI industry. These factors are also helping to boost the market growth during the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include Europe, South America, Asia Pacific, North America, the Middle East, and Africa. North America emerged as the largest global contactless biometrics technology market, with a 45.07% market revenue share in 2023. North America dominates the contactless biometrics technology market due to government initiatives that support the adoption of contactless biometrics solutions. Moreover, the growing number of air travelers worldwide and the presence of a significant number of market players are driving factors of the market growth in this region. Additionally, favorable government initiatives and the rising application of facial recognition systems and iris biometrics are expected to drive market growth in this region. Asia Pacific is expected to grow the fastest during the forecast period due to the outbreak of the COVID-19 epidemic in China. Further, the increasing digitalization in the industrial sector across developing countries and the increasing demand for touchless technology for security & safety system is also helping to drive market growth. However, the growing adoption of biometrics as a service in healthcare across different verticals within the healthcare industry is a driving factor of the market growth in this region.

North America Region Contactless Biometrics Technology Market Share in 2023 - 45.07%

 

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Application segment analysis

The application segment is divided into fingerprint, hand geometry, voice, iris, face, and others. The iris segment dominated, with a market share of around 21.06% in 2023. This growth is attributed to the increasing adoption of iris technology by state and local agencies for border security, hospitals, financial institutes, and several sensitive projects. Further, by 2033, the fingerprint segment will likely dominate the market due to the increasing usage of fingerprint sensors for biometric authentication in consumer electronics.

Component segment analysis

The component segment is divided into hardware, software, and services. In 2023, the software segment dominated the market with 42.17%. This growth is attributed to the increasing demand for robust fraud detection and prevention systems. Further, by 2033, the hardware segment will likely dominate the market due to the rising focus on hardware-centric protection capabilities. Additionally, the increasing use of biometric technology in customer electronics for authentication & identification applications is also helping to boost the segment’s market growth.  

End-user segment analysis

The end-user segment is divided into transport & logistics, government, defense & security, healthcare & life sciences, consumer electronics, banking & finance, and others. In 2023, the government segment dominated the market with 22.08%. This growth is attributed to the increasing use of biometrics systems by government and defense sectors for various purposes, such as military access control (military biometrics) and civil or criminal verification. Further, by 2033, the transport & logistics segment will likely dominate the market due to the rising applications in freight cars, cargo vehicles, and railways. 

Some of the Key Market Players:
  • Fujitsu Limited
  • 3M
  • Aware Inc.
  • Touchless Biometric Systems AG
  • Fingerprint Cards AB
  • NEC Corporation
  • HID Global
  • Neurotechnology
  • nViaSoft
  • IDEMIA
  • Privaris
  • Griaule Biometrics
  • Lumidigm Inc.
  • Siemens AG
  • RCG Holdings Limited
  • Thales SA
  • Assa Abloy AB
  • M2SYS Technology
  • Gemalto N.V.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 14.56 Billion
Market size value in 2033 USD 76.84 Billion
CAGR (2024 to 2033) 18.10%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The key regions are North America, South America, Europe, Asia Pacific, and Middle East & Africa.
Segments Key Segments are application, component, end-user, and regions

Frequesntly Asked Questions

As per The Brainy Insights, the size of the contactless biometrics technology market was valued at USD 14.56 billion in 2023 to USD 76.84 billion by 2033.

The global contactless biometrics technology market is growing at a CAGR of 18.10% during the forecast period 2024-2033.

North America region emerged as the largest market for contactless biometrics technology.

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 Application
          4.3.2. Market Attractiveness Analysis By Component
          4.3.3. Market Attractiveness Analysis By End-User
          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. The increasing usage of contactless devices
          5.2.2. The increasing adoption of facial recognition technology across different applications
          5.2.3. The increasing demand for vascular biometrics
          5.2.4. The ever-increasing adoption of facial recognition technology
    5.3. Restraints
          5.3.1. The high costs associated with biometric systems
          5.3.2. The lack of intelligence expertise
    5.4. Opportunities
          5.4.1. The rising penetration of smartphones and tablets
          5.4.2. The high implementation rates of biometrics in the healthcare sector

6. Global Contactless Biometrics Technology Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Fingerprint
    6.3. Hand Geometry
    6.4. Voice
    6.5. Iris
    6.6. Face
    6.7. Others

7. Global Contactless Biometrics Technology Market Analysis and Forecast, By Component
    7.1. Segment Overview
    7.2. Hardware
    7.3. Software
    7.4. Services

8. Global Contactless Biometrics Technology Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Transport & Logistics
    8.3. Government
    8.4. Defense & Security
    8.5. Healthcare & Life Sciences
    8.6. Consumer Electronics
    8.7. Banking & Finance
    8.8. Others

9. Global Contactless Biometrics Technology 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 Contactless Biometrics Technology Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Contactless Biometrics Technology 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. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Fujitsu Limited
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. 3M
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Aware Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Touchless Biometric Systems AG
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Fingerprint Cards AB
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. NEC Corporation
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. HID Global
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Neurotechnology
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. nViaSoft
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. IDEMIA
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Privaris
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Griaule Biometrics
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Lumidigm Inc.
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis
    11.14. Siemens AG
          11.14.1. Business Overview
          11.14.2. Company Snapshot
          11.14.3. Company Market Share Analysis
          11.14.4. Company Product Portfolio
          11.14.5. Recent Developments
          11.14.6. SWOT Analysis
    11.15. RCG Holdings Limited
          11.15.1. Business Overview
          11.15.2. Company Snapshot
          11.15.3. Company Market Share Analysis
          11.15.4. Company Product Portfolio
          11.15.5. Recent Developments
          11.15.6. SWOT Analysis
    11.16. Thales S.A.
          11.16.1. Business Overview
          11.16.2. Company Snapshot
          11.16.3. Company Market Share Analysis
          11.16.4. Company Product Portfolio
          11.16.5. Recent Developments
          11.16.6. SWOT Analysis
    11.17. Assa Abloy AB
          11.17.1. Business Overview
          11.17.2. Company Snapshot
          11.17.3. Company Market Share Analysis
          11.17.4. Company Product Portfolio
          11.17.5. Recent Developments
          11.17.6. SWOT Analysis
    11.18. M2SYS Technology
          11.18.1. Business Overview
          11.18.2. Company Snapshot
          11.18.3. Company Market Share Analysis
          11.18.4. Company Product Portfolio
          11.18.5. Recent Developments
          11.18.6. SWOT Analysis
    11.19. Gemalto N.V.
          11.19.1. Business Overview
          11.19.2. Company Snapshot
          11.19.3. Company Market Share Analysis
          11.19.4. Company Product Portfolio
          11.19.5. Recent Developments
          11.19.6. SWOT Analysis

List of Table

1. Global Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

2. Global Fingerprint, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion) 

3. Global Hand Geometry, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion) 

4. Global Voice, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion) 

5. Global Iris, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion) 

6. Global Face, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion) 

7. Global Others, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

8. Global Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

9. Global Hardware, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

10. Global Software, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

11. Global Services, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

12. Global Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

13. Global Transport & Logistics, Government, Defense & Security, Healthcare & Life Sciences, Consumer Electronics, Banking & Finance and Others, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

14. Global Government, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

15. Global Defense & Security, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

16. Global Healthcare & Life Sciences, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

17. Global Consumer Electronics, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

18. Global Banking & Finance, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

19. Global Others, Contactless Biometrics Technology Market, By Region, 2020-2033 (USD Billion)

20. North America Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

21. North America Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

22. North America Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

23. U.S. Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

24. U.S. Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

25. U.S. Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

26. Canada Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

27. Canada Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

28. Canada Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

29. Mexico Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

30. Mexico Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

31. Mexico Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

32. Europe Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

33. Europe Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

34. Europe Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

35. Germany Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

36. Germany Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

37. Germany Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

38. France Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

39. France Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

40. France Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

41. U.K. Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

42. U.K. Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

43. U.K. Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

44. Italy Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

45. Italy Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

46. Italy Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

47. Spain Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

48. Spain Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

49. Spain Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

50. Asia Pacific Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

51. Asia Pacific Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

52. Asia Pacific Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

53. Japan Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

54. Japan Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

55. Japan Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

56. China Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

57. China Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

58. China Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

59. India Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

60. India Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

61. India Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

62. South America Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

63. South America Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

64. South America Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

65. Brazil Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

66. Brazil Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

67. Brazil Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

68. Middle East and Africa Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

69. Middle East and Africa Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

70. Middle East and Africa Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

71. UAE Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

72. UAE Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

73. UAE Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

74. South Africa Contactless Biometrics Technology Market, By Application, 2020-2033 (USD Billion)

75. South Africa Contactless Biometrics Technology Market, By Component, 2020-2033 (USD Billion)

76. South Africa Contactless Biometrics Technology Market, By End-User, 2020-2033 (USD Billion)

List of Figures 

1. Global Contactless Biometrics Technology Market Segmentation

2. Global Contactless Biometrics Technology Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top- Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Contactless Biometrics Technology Market Attractiveness Analysis By Application

9. Global Contactless Biometrics Technology Market Attractiveness Analysis By Component 

10. Global Contactless Biometrics Technology Market Attractiveness Analysis By End-User

11. Global Contactless Biometrics Technology Market Attractiveness Analysis By Region

12. Global Contactless Biometrics Technology Market: Dynamics

13. Global Contactless Biometrics Technology Market Share By Application (2023 & 2033)

14. Global Contactless Biometrics Technology Market Share By Component (2023 & 2033)

15. Global Contactless Biometrics Technology Market Share By End-User (2023 & 2033)

16. Global Contactless Biometrics Technology Market Share By Regions (2023 & 2033)

17. Global Contactless Biometrics Technology 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 contactless biometrics technology based on below mentioned segments:

Global Contactless Biometrics Technology Market by Application:

  • Fingerprint
  • Hand Geometry
  • Voice
  • Iris
  • Face
  • Others

Global Contactless Biometrics Technology Market by Component:

  • Hardware
  • Software
  • Services

Global Contactless Biometrics Technology Market by End-User:

  • Transport & Logistics
  • Government
  • Defense & Security
  • Healthcare & Life Sciences
  • Consumer Electronics
  • Banking & Finance
  • Others

Global Contactless Biometrics Technology 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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