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The global customer experience management market was valued at USD 14.02 billion in 2022, growing at a CAGR of 16.05% from 2023 to 2032. The market is expected to reach USD 62.11 billion by 2032. The increasing focus of business organizations on retaining their customers by providing consistent and enhanced customer experience across multiple channels propels market growth.
Customer Experience Management (CXM) is the discipline of understanding consumers and implementing strategic plans that enable cross-functional engagement and a customer-centric culture to drive impact, satisfaction and loyalty. Customer experience management can be considered a company's proactive investment in producing the best possible customer experience. Customer experience includes physical interactions, such as the retail experience, and digital interactions, such as websites and social media posts. CRM software focuses on improving customer relationships by providing companies with smart tools to develop a successful approach. Customer Experience Management is also qualified to automate various business processes. It provides managers with essential tools to help monitor and measure business performance and productivity. A customer experience management system is expected to simplify and streamline business workflow and help businesses easily bridge the gaps between marketing, sales, and customer service departments, helping businesses of all sizes reach their bottom line at a nominal cost.
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The rapid spread of smart technologies: A growing share of work done through digital engagement models based on collaborative platforms and devices contributes to market growth. In addition, the customer experience management market is increasing due to the rapid adoption of smart technologies, such as artificial intelligence, machine learning, and the Internet of Things reducing the cost of computing and storage. In addition, growing demand for CEM across multiple sectors and increasing consumer access to digital platforms to Interact with organizations and businesses are also fueling market growth.
Data security & privacy concerns are restraining factors of market growth. Further, customer experience management solutions typically involve analyzing and collecting large amounts of customer data, including personal information like addresses, names, and payment details. Data breaches and cyber-attacks can also significantly influence businesses, leading to reputational damage, financial losses, and legal liabilities. These risks can be a substantial barrier to adopting customer experience management solutions, especially for businesses in highly regulated industries.
The introduction of new tools: Market players' surging introduction of new tools & other innovative products is the opportunity factor for market growth. Further, the technological advancements in cloud and big data analytics to design, manage, and improve end-to-end customer experience processes & sustain the cutthroat competition, different companies are anticipated to drive market growth during the forecast period. However, a growing trend in the investment towards consumer retention strategies than consumer acquisition strategies is also helping boost the market growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest global customer experience management market, with a 42.36% market revenue share in 2022. The rise in the adoption of CEM solutions in sectors such as retail, telecom, retail, and banking is expected to drive market growth in this region. Further, the rising internet penetration and pre-user online consumption organizations, along with the increasing adoption of customer experience management solutions across different regional industries, are also helping to boost the market growth in this region. However, the increasing social media marketing trend and the rising number of mobile users are also propelling market growth in this region. The Asia Pacific region will account for the largest market share with revenue growth. This growth is attributed to the increase in investments in state-of-art technologies & the rapid adoption of AI-augmented analytics instruments that can be utilized to perform predictive analysis. Moreover, customers' surging demand for personalized experiences across different industries is expected to propel market growth. However, the growing adoption of IoT-based sensors & technologies and the rising popularity of social media are helping to stimulate market growth in this region.
North America Region Customer Experience Management Market Share in 2022 - 42.36%
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The touch point type segment is divided into call centers, mobile, social media platforms, email, web services, and others. The call centers segment dominated the market, with a market share of around 23.15% in 2022. This growth is attributed to the increasing significance of social media in contact center operations.
The analytical tool segment is divided into speech analytics, EFM software, web analytics, text analytics, and others. The text analytics segment dominated the market, with a market share of around 28.21% in 2022. This growth is attributed to the increasing use of business intelligence for prompt decision-making.
The deployment segment is divided into on-premise and cloud. The cloud segment dominated the market, with a share of around 55.17% in 2022. This growth is attributed to the growing adoption of cloud-based deployment models & investments in advanced technologies to offer digital finance management assistance.
The end-user segment is divided into IT & telecom, construction/real estate, BFSI, service business, manufacturing, government, healthcare, retail, and others. The BFSI segment dominated the market, with a share of around 21.17% in 2022. This growth is attributed to raised demand for CEM solutions, particularly in contact centers.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 14.02 Billion |
| Market size value in 2032 | USD 62.11 Billion |
| CAGR (2023 to 2032) | 16.05% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Touch Point Type, Analytical Tool, Deployment, End-User |
North America region emerged as the largest market for customer experience management.
The market's growth will be influenced by the rapid spread of smart technologies.
Data security and privacy concerns could hamper the market growth.
The rising expansion in the healthcare industry will provide huge opportunities to the 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 Touch Point Type
4.3.2. Market Attractiveness Analysis By Analytical Tool
4.3.3. Market Attractiveness Analysis By Deployment
4.3.4. Market Attractiveness Analysis By End-User
4.3.5. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The increasing trend of social media marketing
5.2.2. The growing emphasis on customer satisfaction across industries and sectors
5.2.3. The rapid spread of smart technologies
5.2.4. The increasing device (BYOD) trend and organizations shifting toward virtualization technology
5.3. Restraints
5.3.1. The data security and privacy concerns
5.3.2. The lack of technical know-how in underdeveloped and backward economies
5.4. Opportunities
5.4.1. The introduction of new tools
5.4.2. The rising expansion in the healthcare industry
6. Global Customer Experience Management Market Analysis and Forecast, By Touch Point Type
6.1. Segment Overview
6.2. Call Centers
6.3. Mobile
6.4. Social Media Platforms
6.5. Email
6.6. Web Services
6.7. Others
7. Global Customer Experience Management Market Analysis and Forecast, By Analytical Tool
7.1. Segment Overview
7.2. Speech Analytics
7.3. EFM Software
7.4. Web Analytics
7.5. Text Analytics
7.6. Others
8. Global Customer Experience Management Market Analysis and Forecast, By Deployment
8.1. Segment Overview
8.2. On-premise
8.3. Cloud
9. Global Customer Experience Management Market Analysis and Forecast, By End-User
9.1. Segment Overview
9.2. IT & Telecom
9.3. Construction/Real Estate
9.4. BFSI
9.5. Service Business
9.6. Manufacturing
9.7. Government
9.8. Healthcare
9.9. Retail
9.10. Others
10. Global Customer Experience Management Market Analysis and Forecast, By Regional Analysis
10.1. Segment Overview
10.2. North America
10.2.1. U.S.
10.2.2. Canada
10.2.3. Mexico
10.3. Europe
10.3.1. Germany
10.3.2. France
10.3.3. U.K.
10.3.4. Italy
10.3.5. Spain
10.4. Asia-Pacific
10.4.1. Japan
10.4.2. China
10.4.3. India
10.5. South America
10.5.1. Brazil
10.6. Middle East and Africa
10.6.1. UAE
10.6.2. South Africa
11. Global Customer Experience Management Market-Competitive Landscape
11.1. Overview
11.2. Market Share of Key Players in Global Customer Experience Management Market
11.2.1. Global Company Market Share
11.2.2. North America Company Market Share
11.2.3. Europe Company Market Share
11.2.4. APAC Company Market Share
11.3. Competitive Situations and Trends
11.3.1. Product Launches and Developments
11.3.2. Partnerships, Collaborations, and Agreements
11.3.3. Mergers & Acquisitions
11.3.4. Expansions
12. Company Profiles
12.1. Clarabridge
12.1.1. Business Overview
12.1.2. Company Snapshot
12.1.3. Company Market Share Analysis
12.1.4. Company Product Portfolio
12.1.5. Recent Developments
12.1.6. SWOT Analysis
12.2. Avaya Inc.
12.2.1. Business Overview
12.2.2. Company Snapshot
12.2.3. Company Market Share Analysis
12.2.4. Company Product Portfolio
12.2.5. Recent Developments
12.2.6. SWOT Analysis
12.3. Adobe Genesys
12.3.1. Business Overview
12.3.2. Company Snapshot
12.3.3. Company Market Share Analysis
12.3.4. Company Product Portfolio
12.3.5. Recent Developments
12.3.6. SWOT Analysis
12.4. Freshworks Inc.
12.4.1. Business Overview
12.4.2. Company Snapshot
12.4.3. Company Market Share Analysis
12.4.4. Company Product Portfolio
12.4.5. Recent Developments
12.4.6. SWOT Analysis
12.5. Clarabridge
12.5.1. Business Overview
12.5.2. Company Snapshot
12.5.3. Company Market Share Analysis
12.5.4. Company Product Portfolio
12.5.5. Recent Developments
12.5.6. SWOT Analysis
12.6. Oracle
12.6.1. Business Overview
12.6.2. Company Snapshot
12.6.3. Company Market Share Analysis
12.6.4. Company Product Portfolio
12.6.5. Recent Developments
12.6.6. SWOT Analysis
12.7. Open Text Corporation
12.7.1. Business Overview
12.7.2. Company Snapshot
12.7.3. Company Market Share Analysis
12.7.4. Company Product Portfolio
12.7.5. Recent Developments
12.7.6. SWOT Analysis
12.8. SAP SE
12.8.1. Business Overview
12.8.2. Company Snapshot
12.8.3. Company Market Share Analysis
12.8.4. Company Product Portfolio
12.8.5. Recent Developments
12.8.6. SWOT Analysis
12.9. Medallia Inc.
12.9.1. Business Overview
12.9.2. Company Snapshot
12.9.3. Company Market Share Analysis
12.9.4. Company Product Portfolio
12.9.5. Recent Developments
12.9.6. SWOT Analysis
12.10. IBM
12.10.1. Business Overview
12.10.2. Company Snapshot
12.10.3. Company Market Share Analysis
12.10.4. Company Product Portfolio
12.10.5. Recent Developments
12.10.6. SWOT Analysis
12.11. Service Management Group (SMG)
12.11.1. Business Overview
12.11.2. Company Snapshot
12.11.3. Company Market Share Analysis
12.11.4. Company Product Portfolio
12.11.5. Recent Developments
12.11.6. SWOT Analysis
12.12. SAS Institute Inc.
12.12.1. Business Overview
12.12.2. Company Snapshot
12.12.3. Company Market Share Analysis
12.12.4. Company Product Portfolio
12.12.5. Recent Developments
12.12.6. SWOT Analysis
12.13. Verint
12.13.1. Business Overview
12.13.2. Company Snapshot
12.13.3. Company Market Share Analysis
12.13.4. Company Product Portfolio
12.13.5. Recent Developments
12.13.6. SWOT Analysis
12.14. Tech Mahindra Limited
12.14.1. Business Overview
12.14.2. Company Snapshot
12.14.3. Company Market Share Analysis
12.14.4. Company Product Portfolio
12.14.5. Recent Developments
12.14.6. SWOT Analysis
12.15. Zendesk
12.15.1. Business Overview
12.15.2. Company Snapshot
12.15.3. Company Market Share Analysis
12.15.4. Company Product Portfolio
12.15.5. Recent Developments
12.15.6. SWOT Analysis
12.16. Qualtrics
12.16.1. Business Overview
12.16.2. Company Snapshot
12.16.3. Company Market Share Analysis
12.16.4. Company Product Portfolio
12.16.5. Recent Developments
12.16.6. SWOT Analysis
List of Table
1. Global Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
2. Global Call Centers, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
3. Global Mobile, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
4. Global Social Media Platforms, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
5. Global Email, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
6. Global Web Services, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
7. Global Others, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
8. Global Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
9. Global Speech Analytics, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
10. Global EFM Software, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
11. Global Web Analytics, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
12. Global Text Analytics, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
13. Global Others, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
14. Global Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
15. Global On-premise, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
16. Global Cloud, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
17. Global Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
18. Global IT & Telecom, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
19. Global Construction/Real Estate, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
20. Global BFSI, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
21. Global Service Business, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
22. Global Manufacturing, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
23. Global Government, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
24. Global Healthcare, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
25. Global Retail, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
26. Global Others, Customer Experience Management Market, By Region, 2019-2032 (USD Billion)
27. North America Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
28. North America Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
29. North America Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
30. North America Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
31. U.S. Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
32. U.S. Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
33. U.S. Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
34. U.S. Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
35. Canada Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
36. Canada Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
37. Canada Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
38. Canada Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
39. Mexico Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
40. Mexico Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
41. Mexico Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
42. Mexico Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
43. Europe Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
44. Europe Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
45. Europe Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
46. Europe Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
47. Germany Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
48. Germany Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
49. Germany Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
50. Germany Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
51. France Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
52. France Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
53. France Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
54. France Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
55. U.K. Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
56. U.K. Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
57. U.K. Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
58. U.K. Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
59. Italy Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
60. Italy Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
61. Italy Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
62. Italy Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
63. Spain Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
64. Spain Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
65. Spain Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
66. Spain Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
67. Asia Pacific Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
68. Asia Pacific Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
69. Asia Pacific Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
70. Asia Pacific Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
71. Japan Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
72. Japan Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
73. Japan Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
74. Japan Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
75. China Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
76. China Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
77. China Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
78. China Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
79. India Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
80. India Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
81. India Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
82. India Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
83. South America Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
84. South America Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
85. South America Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
86. South America Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
87. Brazil Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
88. Brazil Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
89. Brazil Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
90. Brazil Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
91. Middle East and Africa Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
92. Middle East and Africa Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
93. Middle East and Africa Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
94. Middle East and Africa Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
95. UAE Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
96. UAE Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
97. UAE Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
98. UAE Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
99. South Africa Customer Experience Management Market, By Touch Point Type, 2019-2032 (USD Billion)
100. South Africa Customer Experience Management Market, By Analytical Tool, 2019-2032 (USD Billion)
101. South Africa Customer Experience Management Market, By Deployment, 2019-2032 (USD Billion)
102. South Africa Customer Experience Management Market, By End-User, 2019-2032 (USD Billion)
List of Figures
1. Global Customer Experience Management Market Segmentation
2. Global Customer Experience Management 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 Customer Experience Management Market Attractiveness Analysis By Touch Point Type
9. Global Customer Experience Management Market Attractiveness Analysis By Analytical Tool
10. Global Customer Experience Management Market Attractiveness Analysis By Deployment
11. Global Customer Experience Management Market Attractiveness Analysis By End-User
12. Global Customer Experience Management Market Attractiveness Analysis By Region
13. Global Customer Experience Management Market: Dynamics
14. Global Customer Experience Management Market Share By Touch Point Type (2023 & 2032)
15. Global Customer Experience Management Market Share By Analytical Tool (2023 & 2032)
16. Global Customer Experience Management Market Share By Deployment (2023 & 2032)
17. Global Customer Experience Management Market Share By End-User (2023 & 2032)
18. Global Customer Experience Management Market Share By Regions (2023 & 2032)
19. Global Customer Experience Management Market Share By Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented global customer experience management based on below mentioned segments:
Global Customer Experience Management Market by Touch Point Type:
Global Customer Experience Management Market by Analytical Tool:
Global Customer Experience Management Market by Deployment:
Global Customer Experience Management Market by End-User:
Global Customer Experience Management 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.
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:
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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