Identity Analytics Market

Identity Analytics Market Size by Component (Solutions and Services), Deployment Mode (Cloud and On-Premise), Vertical (BFSI, Government & Defense, IT & Telecom, Retail, Healthcare and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14365
  • Published Date: Jun, 2024
  • Pages: 238
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global Identity Analytics market was valued at USD 1,164.56 Million in 2023 and growing at a CAGR of 28.67% from 2024 to 2033. The market is expected to reach USD 14,485.55 Million by 2033. The surge in the cases of identity-related security hazards and growing instances of data breaches in professional organizations are some of the factors driving the identity analytics market. Moreover, the growing acceptance of enterprise mobility trends like wireless communication networks is one of the factors driving the market, as identity-related risks are involved. These identity analytics solutions use advanced algorithms and machine learning methodology for analyzing user behaviour, detecting the behaviour and mitigating identity-related problems.      

Market Introduction:

Identity analytics solutions help address the problem of defection by allowing organizations to identify unauthorized access attempts, suspicious activities, and unusual patterns in real-time. These platforms use advanced algorithms and machine learning methodologies to study behaviour and help mitigate identity-related issues. With fast digital transformation and remote workforce culture, several businesses face problems identifying and verifying user identities. There is a problem in the prevention of fraud and following regulatory compliance. All these factors will eventually drive the identity analytics market. Presently, there is a surge in the prevalence of identity-based access provision and authentication. Also, there is a significant increase in cybercrime and hacking. All these factors are fueling the growth of the market. Moreover, there is growing support from the government by investing in the IT sector, and the growing demand to have secure users from unauthorized accessibility is propelling the growth of the market. Also, the government has imposed strict rules to improve efficiency and decrease infrastructure costs, driving the market. There are growing cases of data breaches and identity-related fraud, the surge in networked communications, and the growing adoption of smartphones and the Internet for daily tasks. The increase in organizations adopting the Bring Your Own Device (BYOD)  trend is fueling the market's growth. Moreover, there is a surge in the adoption of the cloud, and growth in connected technology like the IoT is driving the market. The development of the AI-enabled identity analytics platform and the surge in the growth of big data is providing a good opportunity for the market. It has been observed that cybercriminals are using more sophisticated methodologies to exploit vulnerabilities, and hence, there is a need for advanced identity analytics solutions.  Identity analytics software helps in detecting anomalies and potential threats, which are generally overlooked by conventional security measures, and hence, it offers a more dynamic and effective method for cybersecurity. The increase in the complexity of cyber threats is the major factor in the market's growth as organizations seek better, more advanced solutions to protect their digital assets.

Identity Analytics Market Size

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Recent Development
  • In April 2024: Okta announced its teaming up with Savex Technologies, one of the leading IT distributors in India. This partnership helps the organization sell and support the complete range of Okta identity and access management solutions in the country, including Okta Workforce Identity Cloud and Okta Customer Identity Cloud. This factor eventually helped the organization gain a share in the Identity Analytics market.

Market Dynamics:

Drivers

Growing mobile networks and Internet According to one of the articles from 2017, there were more than 250 million mobile users in the US, which is growing fast. The telecommunication sector is investing majorly in fibre deployments, upgrades in HFC technology, and mobile broadband networks to meet the surging expectations of subscribers.  Mobile devices and internet connectivity have become crucial due to video streaming, payments, etc. One study suggests that US consumers look at their devices more than eight billion times daily on average. Their activities include watching videos, playing games, chatting, banking, shopping, and m-training. Hence, there is a huge opportunity, especially for data centres. All these factors are eventually driving the Identity Analytics market.

Restraints:

High Cost– There is a high cost related to the use of Identity analytics services, and a lack of proper privileged access control hinders the market. Also, there is a shortage of expertise and compliance related to dynamic regulatory requirements. Moreover, there is a shortage of skilled professionals who can monitor and effectively access the functionalities. The lack of standardization and fast changes in the economic strategies are some more hindrances for the market.  All these factors are acting as restraints for the market to grow.

Opportunities:

Use of cloud-based systems for the industrial distribution sector – Cloud-based systems provide more flexibility and scalability as the industrial distribution business grows. The connection between different parts of the business provides better opportunities for employees to get more visibility about the organisation's performance. Higher management can see where they can improve categories like SCM, customer feedback, and business bottlenecks. Also, this helps distribution channels adopt a more data-driven approach that can be stored in the cloud. Cloud also takes care of the customer information. It helps the analytic specialists get year-to-year information, which helps improve the plan. All these factors would, in turn, drive the Identity Analytics market in the forecasting period.

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 Identity Analytics market, with a 41.06% share of the market revenue in 2023. This market share is attributed to the large presence of key tech organizations and infrastructure for the most advanced cybersecurity. There is a large adoption of identity analytics solutions, fueling the region's market growth. Also, the region's rapid industrialization increases the threat of unauthorized users, particularly in the US, a technically advanced country. Also, there is a surge in cyber attacks in the region, which has led to the growing adoption of identity analytics solutions in several verticals, such as BFSI, government, and defence. Also, the government is developing regulations to decrease the rate of cyberattacks in the region. All these factors are driving the Identity Analytics market in the region.

North America Region Identity Analytics Market Share in 2023 - 41.06%

 

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  • Asia Pacific has the highest CAGR in the forecasting period. This trend is broadly attributed to the region's digital technology development. Also, networked communication is growing in the region, especially in countries like Japan, China, Australia and India. The awareness regarding IoT and Cloud is also growing, resulting in the faster adoption of connected devices and improving the economics of the countries. Also, many organizations are adopting identity analytics solutions to improve their security and streamline operations and decision-making capability. All these factors are fueling the market in the region at a fast pace.
Component Segment Analysis

The component size segment is divided into solutions and services. The solutions segment dominated the market, with a market share of around 63.12% in 2023.  This significant market share is attributed to the solutions' reduction in the risk of identity access as they leverage machine learning and advanced analytics. Conventional identity and access control systems cannot effectively detect identity theft, leading businesses to depend broadly on cutting-edge technologies such as identity analytics solutions.

Deployment Mode Type Segment Analysis

The deployment mode type segment is divided into cloud and on-premise. Cloud segment dominated the market, with a market share of around 65.32% in 2023. This market share is attributed to the surge in the adoption of cloud technology to take care of identity and access processes. This is broadly due to its flexibility, scalability, and cost-effectiveness. The growing adoption of cloud-based identity analytics shows an increase in consumers' confidence in cloud platforms and related security and reliability. The cloud mode offers several advantages like agility and efficiency for the management of identity-related issues, etc.

Vertical Segment Analysis

The vertical segment is divided into BFSI, government & defense, IT & telecom, retail, healthcare and others. BFSI segment dominated the market, with a market share of around 33.43% in 2023. This market share is attributed to the growing adoption of identity analytics solutions in the BFSI sector due to the use of advanced analytics to protect sensitive data, personalize the customer experience, and detect fraud. Moreover, there are cybersecurity threats which are broadly faced by financial institutions, leading to the growing adoption of identity analytics platforms.

Some of the Key Market Players:
  • Okta Inc.
  • Oracle Corporation
  • Anomalix Inc.
  • One Identity LLC (Quest Software Inc.)
  • Hitachi ID Systems Inc
  • Brainwave GRC
  • Forgerock Inc.
  • Gurucul Solutions Pvt Ltd.
  • Securonix Inc.
  • Confluxsys LLC
  • Evidian
  • Verint Systems Inc.
  • Nexis GmbH

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 1,164.56 Million
Market size value in 2033 USD 14,485.55 Million
CAGR (2024 to 2033) 28.67%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Component, Deployment Mode and Vertical

Frequesntly Asked Questions

North America region emerged as the largest market for the Identity Analytics.

The market's growth will be influenced by growing mobile networks and Internet.

Use of cloud-based systems for the industrial distribution sector 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 Component
          4.3.2. Market Attractiveness Analysis By Deployment Mode
          4.3.3. Market Attractiveness Analysis By Vertical
          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. Growing mobile networks and Internet
    5.3. Restraints
          5.3.1. High Cost
    5.4. Opportunities
          5.4.1. Use of cloud-based systems for the industrial distribution sector
    5.5. Challenges
          5.5.1. Economic slowdown

6. Global Identity Analytics Market Analysis and Forecast, By Component
    6.1. Segment Overview
    6.2. Solutions
    6.3. Services

7. Global Identity Analytics Market Analysis and Forecast, By Deployment Mode
    7.1. Segment Overview
    7.2. Cloud
    7.3. On-Premise

8. Global Identity Analytics Market Analysis and Forecast, By Vertical
    8.1. Segment Overview
    8.2. BFSI
    8.3. Government & Defence
    8.4. IT & Telecom
    8.5. Retail
    8.6. Healthcare
    8.7. Others

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

11. Company Profiles
    11.1. Okta Inc.
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Component Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Oracle Corporation
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Component Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Anomalix Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Component Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. One Identity LLC (Quest Software Inc.)
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Component Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Hitachi ID Systems Inc
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Component Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Brainwave GRC
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Component Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Forgerock Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Component Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Gurucul Solutions Pvt Ltd.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Component Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Securonix Inc.
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Component Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Confluxsys LLC
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Component Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Evidian
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Component Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Verint Systems Inc.
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Component Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Nexis GmbH
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Component Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis
 

List of Table

1. Global Identity Analytics Market, By Component, 2020-2033 (USD Million)

2. Global Solutions, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

3. Global Services, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

4. Global Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million) 

5. Global Cloud, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

6. Global On-Premise, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

7. Global Identity Analytics Market, By Vertical, 2020-2033 (USD Million) 

8. Global BFSI, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

9. Global Government & Defence, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

10. Global IT & Telecom, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

11. Global Retail, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

12. Global Healthcare, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

13. Global Others, Identity Analytics Market, By Region, 2020-2033 (USD Million) 

14. North America Identity Analytics Market, By Component, 2020-2033 (USD Million)

15. North America Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

16. North America Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

17. U.S. Identity Analytics Market, By Component, 2020-2033 (USD Million)

18. U.S. Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

19. U.S. Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

20. Canada Identity Analytics Market, By Component, 2020-2033 (USD Million)

21. Canada Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

22. Canada Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

23. Mexico Identity Analytics Market, By Component, 2020-2033 (USD Million)

24. Mexico Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

25. Mexico Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

26. Europe Identity Analytics Market, By Component, 2020-2033 (USD Million)

27. Europe Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

28. Europe Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

29. Germany Identity Analytics Market, By Component, 2020-2033 (USD Million)

30. Germany Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

31. Germany Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

32. France Identity Analytics Market, By Component, 2020-2033 (USD Million)

33. France Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

34. France Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

35. U.K. Identity Analytics Market, By Component, 2020-2033 (USD Million)

36. U.K. Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

37. U.K. Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

38. Italy Identity Analytics Market, By Component, 2020-2033 (USD Million)

39. Italy Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

40. Italy Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

41. Spain Identity Analytics Market, By Component, 2020-2033 (USD Million)

42. Spain Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

43. Spain Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

44. Asia Pacific Identity Analytics Market, By Component, 2020-2033 (USD Million)

45. Asia Pacific Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

46. Asia Pacific Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

47. Japan Identity Analytics Market, By Component, 2020-2033 (USD Million)

48. Japan Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

49. Japan Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

50. China Identity Analytics Market, By Component, 2020-2033 (USD Million)

51. China Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

52. China Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

53. India Identity Analytics Market, By Component, 2020-2033 (USD Million)

54. India Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

55. India Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

56. South America Identity Analytics Market, By Component, 2020-2033 (USD Million)

57. South America Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

58. South America Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

59. Brazil Identity Analytics Market, By Component, 2020-2033 (USD Million)

60. Brazil Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

61. Brazil Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

62. Middle East and Africa Identity Analytics Market, By Component, 2020-2033 (USD Million)

63. Middle East and Africa Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

64. Middle East and Africa Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

65. UAE Identity Analytics Market, By Component, 2020-2033 (USD Million)

66. UAE Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

67. UAE Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

68. South Africa Identity Analytics Market, By Component, 2020-2033 (USD Million)

69. South Africa Identity Analytics Market, By Deployment Mode, 2020-2033 (USD Million)

70. South Africa Identity Analytics Market, By Vertical, 2020-2033 (USD Million)

List of Figures 

1. Global Identity Analytics Market Segmentation

2. Global Identity Analytics 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 Identity Analytics Market Attractiveness Analysis By Component  

9. Global Identity Analytics Market Attractiveness Analysis By Deployment Mode 

10. Global Identity Analytics Market Attractiveness Analysis By Vertical 

11. Global Identity Analytics Market Attractiveness Analysis By Region

12. Global Identity Analytics Market: Dynamics

13. Global Identity Analytics Market Share By Component (2023 & 2033)

14. Global Identity Analytics Market Share By Deployment Mode (2023 & 2033)

15. Global Identity Analytics Market Share By Vertical (2023 & 2033)

16. Global Identity Analytics Market Share By Regions (2023 & 2033)

17. Global Identity Analytics 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 Identity Analytics market based on below mentioned segments:

Global Identity Analytics Market by Component:

  • Solutions
  • Services

Global Identity Analytics Market by Deployment Mode:

  • Cloud
  • On-Premise

Global Identity Analytics Market by Vertical:

  • BFSI
  • Government & Defence
  • IT & Telecom
  • Retail
  • Healthcare
  • Others

Global Identity Analytics 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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