Cyber Weapon Market

Cyber Weapon Market Size by Type (Offensive, and Defensive), Application (Air Traffic Control, National Defense System, Automated Transportation System, Hospital, Smart Power Grid, Communication Network, and Industrial Control System) End-User (BFSI, Government, Corporate, Defense and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13459
  • Published Date: May, 2023
  • Pages: 236
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global cyber weapon market was valued at USD 10.23 billion in 2022 and growing at a CAGR of 10.0% from 2023 to 2032. The market is expected to reach USD 26.53 billion by 2032. An increase in defense costs associated with the constant development of cyber weapons as warfare devices is also anticipated to propel market growth. Paramilitary, Military, and intelligence agencies penetrate the enemy's network using cyber weapons, viruses, or malware. The rising need for breaking the target's privacy and ensuring the host country's independence is anticipated to propel the global market substantially over the projection years. Inappropriate usage of cyber weapons by cybercriminals and defensive use by law enforcement officials also add to market need.

Market Introduction:

The cyber weapon could be described as a computer code used or designed to threaten or cause physical, functional, or mental harm to structures, systems or living beings. The threat of cyberwarfare attacks grows as a country's vital systems are increasingly connected to the internet. Even if these systems can be adequately secured, they can still be hacked by perpetrators recruited by nation-states to discover weaknesses and exploit them. The central governments consider cyberspace to be the fifth domain of warfare, such as space, land, sea, and air, and due to this reason, principal countries are mass investing in creating new cyber capabilities to save it. The military domain has supported the awareness that a threat moving through cyberspace may include a severe danger to citizens' safety and the government's stability. This consideration, however, is open to other scenarios, including the use of military operations in cyberspace for offensive purposes that offer many advantages compared to a conventional attack. Cyber weapons could hit other systems and networks that are not considered targets in unexpected ways. In severe cases, it is possible to attack the methods of the host nation in a sort of boomerang outcome. Although cyberwarfare generally refers to cyber-attacks performed by one nation-state on another, it can also represent attacks by terrorist groups or hacker groups aimed at promoting the ideals of a country. In data theft, Cybercriminals hack computer systems to steal sensitive information that can be utilized for intelligence, held for sold, ransom, used to provoke scandals and chaos, or destroyed.

Cyber Weapon Market Size

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Recent Development

In October 2020, BAE systems founded a cyber threat detection service called Fox shield suit for the United States military platform to recognize cyber-attacks in real-time. It can work with ground, air and space vehicles to protect, identify and recover from cyber-attacks.

In November 2021, FireEye and McAfee's industry established Integration with Amazon inspector and a new cloud security solution for AWS. It declared the availability of new cloud security capabilities on Amazon Web Services (AWS) and integration with Amazon Inspector. It allows consumers with technology enablement, funding, and go-to-market help as they relocate independent software vendor (ISV) workloads onto AWS and accelerate their digital transformation.

Market Dynamics:

Drivers

Increase In Need for Defense Intelligence and Surveillance In Military Operations- Defense intelligence and surveillance in military operations have noticed a substantial development in need in current years. The increase in international pressures and the progressive use of irregular warfare have demanded the expansion of more specific surveillance capabilities. Military groups want the most outstanding technologies to gain a tactical advantage. It forms a substantial prospect for the cyber weapons market. Cyber weapons are now critical components of advanced military functions. These devices help military groups track enemy actions, gather intelligence, and establish attacks on aggressive infrastructure and communication grids.

Restraints:

The Increased Cost of The Development of Cyber Weapons- Developing cyber weapons is a costly and challenging task involving significant investment in time, resources, and technical knowledge. Because only a few companies have the finances and ability to support the creation of these complicated technologies, the increased development cost is a substantial limitation on the cyber weapons market. Similarly, cyber weapons research is occasionally covered in secretiveness, making it inconceivable for possible clients to consider the price and capabilities of these systems.

Opportunities:

Increasing Demand for Security and Safety of The Data- The demand for systems surveillance, hardware, intellectual property, theft & destruction of targets’ data, and crucial operations of manufacturing & business activities are anticipated to push the cyber weapon market considerably. The rise in demand to control financial losses by the rival mainly causes the market needs. The market is predicted to increase substantially over the projection years owing to the need across different application domains like military, government organizations, public utilities, communication networks, essential services (banking and insurance) and financial systems. The personal data in these segments are highly vulnerable to surprising damages by rouge digital mass shooters paired with deranged & outraged hackers, which is additionally anticipated to push the cyber weapons market significantly.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global cyber weapon market, with a 35.8% share of the market revenue in 2022.

North America will notice a significant boost in the cyber weapon market during the projection years. The region's development is owing to government support for developing and elevating cyber weapons and the vast use of cyber weapons in defense. The United States government is preparing to create a cyber-mission force from 2018 to 2027 under the U.S. Army Cyber Center of Excellence (CCoE). The existence of essential companies like Broadcom, Northrop FireEye, Inc., Cisco Systems, Grumman Corporation, and others pushes the market's growth.

North America Region Cyber Weapon Market Share in 2022 - 35.8%

 

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Type Segment Analysis

The type segment is divided into offensive, and defensive. The defensive segment dominated the market, with a market share of around 58% in 2022. Due to the high demand from corporates to defend against intellectual property theft or the destruction of data and systems.

Application Segment Analysis

The application segment is divided into air traffic control, national defense system, automated transportation system, hospital, smart power grid, communication network, and industrial control system. The national defense system segment dominated the market, with a market share of around 18% in 2022. The national defense system is being adjusted to deliver a safety shield for the country or state. Cyber-attacks and growing conflicts between nations globally are one of the primary reasons for the advanced use of cyber weapons in the national defense system.

End-User Segment Analysis

The end-user segment is divided into BFSI, government, corporate, defense and others. The government segment dominated the market, with a market share of around 25% in 2022. The growth is attributed to high use of cyber weapon by governments for offensive cyber activities.

Some of the Key Market Players:
  • Airbus Group SE
  • Avast Software
  • AVG Technologies
  • BAE Systems plc
  • Boeing
  • Cisco Systems
  • Code Decode Labs
  • EADS
  • FireEye Inc.
  • General Dynamics Corporation
  • Kaspersky Lab
  • Lockheed Martin Corporation
  • Mandiant
  • Mcafee
  • Northrop Grumman Corporation
  • Raytheon Company
  • Symantec Corporation

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 10.23 Billion
Market size value in 2032 USD 26.53 Billion
CAGR (2023 to 2032) 10.0%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments 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 Type, Application, End-User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the cyber weapon market was valued at USD 10.23 billion in 2022 to USD 26.53 billion by 2032.

Global cyber weapon market is growing at a CAGR of 10.0% during the forecast period 2023-2032.

North America region emerged as the largest market for the cyber weapon market.

Increase in need for defense intelligence and surveillance in military operations drives the market growth.

1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Type
          4.3.2. Market Attractiveness Analysis by Application
          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. Increase In Need for Defense Intelligence and Surveillance in Military Operations
    5.3. Restraints
          5.3.1. The Increased Cost of The Development of Cyber Weapons
    5.4. Opportunities
          5.4.1. Increasing Demand for Security and Safety of The Data are Pushing Market Growth

6. Global Cyber Weapon Market Analysis and Forecast, By Type:
    6.1. Segment Overview
    6.2. Offensive
    6.3. Defensive

7. Global Cyber Weapon Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Air Traffic Control
    7.3. National Defense System
    7.4. Automated Transportation System
    7.5. Hospital
    7.6. Smart Power Grid
    7.7. Communication Network
    7.8. Industrial Control System

8. Global Cyber Weapon Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. BFSI
    8.3. Government
    8.4. Corporate
    8.5. Defense
    8.6. Others

9. Global Cyber Weapon 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 Cyber Weapon Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Cyber Weapon 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. Airbus Group SE
          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. Avast Software.
          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. AVG Technologies
          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. BAE Systems plc.
          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. Boeing.
          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. Cisco Systems
          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. Code Decode Labs.
          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. EADS
          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. FireEye Inc.
          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. General Dynamics Corporation
          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. Kaspersky Lab.
          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. Lockheed Martin Corporation.
          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. Mandiant
          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. Mcafee
          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. Northrop Grumman Corporation
          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. Raytheon Company
          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. Symantec Corporation
          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
 

List of Table

1. Global Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

2. Global Offensive Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

3. Global Defensive Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

4. Global Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

5. Global Air Traffic Control Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

6. Global National Defense System Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

7. Global Automated Transportation System Cyber Weapon Market, By Region, 2019-2032 (USD Billion)

8. Global Hospital Cyber Weapon Market, By Region, 2019-2032 (USD Billion)

9. Global Smart Power Grid Cyber Weapon Market, By Region, 2019-2032 (USD Billion)

10. Global Communication Network Cyber Weapon Market, By Region, 2019-2032 (USD Billion)

11. Global Industrial Control System Cyber Weapon Market, By Region, 2019-2032 (USD Billion)

12. Global Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

13. Global BFSI Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

14. Global Government Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

15. Global Corporate Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

16. Global Defense Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

17. Global Others Cyber Weapon Market, By Region, 2019-2032 (USD Billion) 

18. North America Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

19. North America Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

20. North America Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

21. U.S. Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

22. U.S. Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

23. U.S. Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

24. Canada Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

25. Canada Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

26. Canada Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

27. Mexico Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

28. Mexico Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

29. Mexico Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

30. Europe Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

31. Europe Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

32. Europe Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

33. Germany Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

34. Germany Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

35. Germany Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

36. France Cyber Weapon Market, By Type 2019-2032 (USD Billion) 

37. France Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

38. France Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

39. U.K. Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

40. U.K. Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

41. U.K. Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

42. Italy Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

43. Italy Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

44. Italy Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

45. Spain Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

46. Spain Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

47. Spain Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

48. Asia Pacific Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

49. Asia Pacific Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

50. Asia Pacific Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

51. Japan Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

52. Japan Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

53. Japan Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

54. China Cyber Weapon Market, By Type 2019-2032 (USD Billion) 

55. China Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

56. China Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

57. India Cyber Weapon Market, By Type 2019-2032 (USD Billion) 

58. India Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

59. India Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

60. South America Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

61. South America Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

62. South America Cyber Weapon Market, By End-User, 2019-2032 (USD Billion)

63. Brazil Cyber Weapon Market, By Type 2019-2032 (USD Billion) 

64. Brazil Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

65. Brazil Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

66. Middle East and Africa Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

67. Middle East and Africa Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

68. Middle East and Africa Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

69. UAE Cyber Weapon Market, By Type, 2019-2032 (USD Billion) 

70. UAE Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

71. UAE Cyber Weapon Market, By End-User, 2019-2032 (USD Billion) 

72. South Africa Cyber Weapon Market, By Type 2019-2032 (USD Billion) 

73. South Africa Cyber Weapon Market, By Application, 2019-2032 (USD Billion) 

74. South Africa Cyber Weapon Market, By End-User, 2019-2032 (USD Billion)  

List of Figures 

1. Global Cyber Weapon Market Segmentation

2. Cyber Weapon 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 Cyber Weapon Market Attractiveness Analysis by Type 

9. Global Cyber Weapon Market Attractiveness Analysis by Application

10. Global Cyber Weapon Market Attractiveness Analysis by End-User 

11. Global Cyber Weapon Market Attractiveness Analysis by Region

12. Global Cyber Weapon Market: Dynamics

13. Global Cyber Weapon Market Share by Type (2022 & 2032)

14. Global Cyber Weapon Market Share by Application (2022 & 2032)

15. Global Cyber Weapon Market Share by End-User (2022 & 2032)

16. Global Cyber Weapon Market Share by Regions (2022 & 2032)

17. Global Cyber Weapon Market Share by Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global cyber weapon market based on below mentioned segments:

Global Cyber Weapon Market Type:

  • Offensive
  • Defensive

Global Cyber Weapon Market Application:

  • Air Traffic Control
  • National Defense System
  • Automated Transportation System
  • Hospital
  • Smart Power Grid
  • Communication Network
  • Industrial Control System

Global Cyber Weapon Market End-User:

  • BFSI
  • Government
  • Corporate
  • Defense
  • Others

Global Cyber Weapon 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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