Pilates and Yoga Studios Market

Pilates and Yoga Studios Market Size by Type (Merchandise Sales, Pilates Classes, Pilates and Yoga Accreditation Training, and Yoga Classes), Application (Small Scale, Medium Scale and Massive), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13850
  • Published Date: Sep, 2024
  • Pages: 238
  • Category: Consumer Goods
  • Format: PDF
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The global Pilates and Yoga Studios market generated USD 152.30 billion revenue in 2023 and is projected to grow at a CAGR of 10.60% from 2024 to 2033. The market is expected to reach USD 417.07 billion by 2033. The Pilates and yoga studios market is experiencing significant growth due to the growing fitness awareness among the younger population and an upsurge in health consciousness. Furthermore, governmental initiatives promoting a healthy lifestyle, coupled with an increase in disposable income, are expected to contribute to the expansion of the market over the forecast period.

Market Introduction:

Pilates and Yoga Studios are fitness establishments that offer a range of classes and services focused on Pilates and yoga practices. These studios typically provide a dedicated space for individuals to engage in instructor-led sessions to improve physical strength, flexibility, and overall well-being. Pilates and yoga, both renowned for their mind-body approach to fitness, involve various exercises and postures designed to enhance core strength, balance, and mental relaxation. Clients attending Pilates and Yoga Studios can expect a combination of mat-based exercises, equipment-based workouts (in the case of Pilates), and guided yoga sessions that incorporate different poses, breathing techniques, and meditation. These studios often cater to individuals of various fitness levels, from beginners to advanced practitioners. In addition to physical benefits, Pilates and Yoga Studios often emphasize wellness's mental and emotional aspects, promoting stress reduction and mindfulness. The popularity of these studios has grown as more people recognize the holistic benefits of integrating Pilates and yoga into their fitness routines.

Pilates and Yoga Studios Market Size

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Recent Development
  • In May 2023: Solidcore, a boutique fitness company inspired by Pilates, recently celebrated the inauguration of its 100th studio and successfully secured additional funding from private equity firm Kohlberg & Company. The infusion of fresh capital, complemented by continued support from existing investors VMG Partners and Peterson Partners, aims to propel Solidcore's expansion into new cities. This strategic move is in response to the escalating demand from its expanding fitness clientele. The recent milestone of opening the 100th studio and the new investment signifies Solidcore's ambitious growth plans for the current year. The company aims to launch approximately 25 studios in the coming year. It has set a broader target of establishing over 250 studios worldwide in the next three to five years, including potential ventures into international markets.  
  • In February 2022: ONCAP has officially announced its acquisition of a controlling interest in Merrithew International Inc. in partnership with the firm's founders, Lindsay and Moira Merrithew. Merrithew is a key player in mindful movement and one of the biggest producers and distributors of pilates equipment, accessories, instructional content, and training globally.

Market Dynamics:

Drivers

Increasing Health Awareness - Increasing awareness of the significance of physical and mental well-being drives individuals towards fitness activities such as pilates and yoga. The emphasis on a healthy lifestyle and preventive healthcare measures contributes to the demand for these fitness practices.

Rising Stress Levels - The modern, fast-paced lifestyle has increased stress levels among individuals. Pilates and yoga are recognized for their stress-relieving and relaxation benefits, attracting people looking for ways to manage stress.

Rising Social Media and Influencer Marketing - Social media platforms are important in promoting fitness trends. Influencers and celebrities often showcase their pilates and yoga routines, creating a positive image and driving interest in these practices.

Restraints:

High Initial Investment for Studios - Establishing and maintaining a pilates or yoga studio involves significant upfront costs, including equipment, space rental, and instructor salaries. This high initial investment can hinder entrepreneurs looking to enter the market.

Competition from Alternative Fitness Options - Pilates and yoga studios compete with alternative fitness options, including home workout programs, online classes, and other fitness trends. The accessibility and convenience of these alternatives may limit the growth of studio-based practices.

Opportunities:

Corporate Partnerships and Wellness Programs - Collaborating with corporations to provide on-site or subsidized pilates and yoga classes for employee wellness programs can open up a significant market segment.

Digital Transformation and Online Classes - Expanding online by offering virtual classes can reach a global audience. Creating on-demand classes or live-streaming sessions allows studios to reach individuals who may not have access to a physical studio.

Customized Programs for Specialized Groups - Developing specialized programs tailored to specific demographics, such as seniors, pregnant women, or individuals with specific health concerns, can attract niche markets and enhance inclusivity.

Challenges:

Instructor Availability and Quality - Finding skilled and qualified instructors can be challenging. The quality of instructors significantly influences the success of a studio, and turnover or a shortage of experienced professionals can impact the consistency of classes.

Seasonal Fluctuations - The demand for pilates and yoga classes may experience seasonal fluctuations, with increased interest during certain times of the year (e.g., New Year's resolutions) and lower attendance during holiday seasons.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region emerged as the most prominent global Pilates and Yoga Studios market, with a 45.17% market revenue share in 2023.

North America Region Pilates and Yoga Studios Market Share in 2023 - 45.17%

 

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North America has experienced a significant cultural shift towards health and wellness. The population, particularly in the United States and Canada, places a high value on physical fitness, stress reduction, and overall well-being, aligning well with the principles of Pilates and yoga. In addition, there has been a growing awareness of the importance of a healthy lifestyle, with individuals seeking activities that promote both physical and mental health. Pilates and yoga cater to this demand, contributing to their popularity in North America. North America, particularly the United States, has a relatively affluent population with disposable income. This financial capacity allows individuals to invest in fitness activities like Pilates and yoga, which may involve class memberships, specialized equipment, and wellness-related products. Furthermore, North America often leads global fitness trends, and the region has been at the forefront of incorporating innovation into the fitness industry. Pilates and yoga studios in North America frequently adopt new class formats, technology, and marketing strategies to stay ahead of the curve. Additionally, North America has numerous large urban centers where fitness trends often originate and gain popularity. The concentration of Pilates and yoga studios in cities facilitates accessibility for a large and diverse population. Europe held the second-highest market share in 2022. Many European countries have a strong cultural emphasis on holistic wellness, with a focus on maintaining a significant balance between physical and mental well-being. Pilates and yoga, known for their holistic approach, align well with this cultural emphasis. Europe has a culture that often values an active lifestyle, with outdoor activities, fitness, and wellness being integral parts of daily life. Pilates and yoga fit seamlessly into this lifestyle, contributing to their popularity. Besides, Europe attracts a significant number of wellness tourists seeking health-oriented experiences. Pilates and yoga studios, often in picturesque settings, have become integral parts of wellness tourism offerings, contributing to their growth.

Type Segment Analysis

The type segment is classified into merchandise sales, pilates classes, pilates and yoga accreditation training, and yoga classes. The yoga classes segment dominated the market, with a share of around 42.37% in 2023. Yoga has achieved widespread global popularity due to its holistic approach to health and well-being. Its origins in ancient practices and its focus on physical postures, breath control, and meditation make it appealing to a diverse audience. Yoga is a versatile practice that caters to a vast range of individuals, regardless of age or fitness level. The accessibility and adaptability of yoga classes make them inclusive and attractive to a broad demographic. Additionally, yoga emphasizes the mind-body connection, promoting mental well-being and physical fitness. This focus on holistic health resonates with individuals seeking a comprehensive approach to wellness.

Application Segment Analysis

The application segment is divided into small scale, medium scale and massive. The small scale segment dominated the market, with a share of around 57.39% in 2023. Small-scale Pilates and yoga studios often offer a more personalized and localized experience. This factor can appeal to individuals who prefer a close-knit community and more individualized attention from instructors. Furthermore, smaller studios are often deeply integrated into the local community. They may host events, workshops, and social gatherings that foster a sense of community among their members. This community engagement can contribute to member loyalty and attract new clients. Besides, small-scale studios may choose to specialize in specific niches, such as a particular style of yoga, a target demographic (e.g., prenatal yoga), or a unique approach to fitness. This specialization can make them stand out and attract a dedicated customer base.

Some of the Key Market Players:
  • Alona Pilates
  • Authentic Pilates Ltd.
  • Body & Soul Yoga Club
  • Balance Pilates
  • Core Studio Pilates & Yoga, LLC
  • Core Pilates & Yoga
  • Everyday Club Pty Ltd.
  • Fitness Firm Yoga and Pilates Studio
  • Flex Studio
  • Fitness Unlimited
  • Harmony Yoga Pilates Studio
  • Innerstellar Pilates & Yoga Studio
  • Longevita Pilates & Yoga Studio
  • M Pilates+ Yoga
  • Pilates Plus Online
  • Pilates Unlimited
  • Studio A Pilates & Yoga
  • Solidcore
  • The Pilates and Altitude Training Studio

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 152.30 Billion
Market size value in 2033 USD 417.07 Billion
CAGR (2024 to 2033) 10.60%
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 Type and Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the pilates and yoga studios market was valued at USD 152.30 billion in 2023 to USD 417.07 billion by 2033.

The global pilates and yoga studios market is growing at a CAGR of 10.60% during the forecast period 2024-2033.

The North America region became the largest market for pilates and yoga studios.

Increasing health awareness and rising social media and influencer marketing drive the market's 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 Application
          4.3.2. Market Attractiveness Analysis by Type
          4.3.3. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing Health Awareness
    5.3. Restraints
          5.3.1. High Initial Investment for Studios
    5.4. Opportunities
          5.4.1. Corporate Partnerships and Wellness Programs
    5.5. Challenges
          5.5.1. Economic Slowdown

6. Global Pilates and Yoga Studios Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Small Scale
    6.3. Medium Scale
    6.4. Massive

7. Global Pilates and Yoga Studios Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Merchandise Sales
    7.3. Pilates Classes
    7.4. Pilates and Yoga Accreditation Training
    7.5. Yoga Classes

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

9. Global Pilates and Yoga Studios Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Pilates and Yoga Studios Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Type Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. Alona Pilates
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Type Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Authentic Pilates Ltd.
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Type Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Body & Soul Yoga Club
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Type Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Balance Pilates
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Type Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Core Studio Pilates & Yoga, LLC
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Type Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Core Pilates & Yoga
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Type Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Everyday Club Pty Ltd
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Type Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Fitness Firm Yoga and Pilates Studio
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Type Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Flex Studio
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Type Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Fitness Unlimited
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Type Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
    10.11. Harmony Yoga Pilates Studio
          10.11.1. Business Overview
          10.11.2. Company Snapshot
          10.11.3. Company Market Share Analysis
          10.11.4. Company Type Portfolio
          10.11.5. Recent Developments
          10.11.6. SWOT Analysis
    10.12. Innerstellar Pilates & Yoga Studio
          10.12.1. Business Overview
          10.12.2. Company Snapshot
          10.12.3. Company Market Share Analysis
          10.12.4. Company Type Portfolio
          10.12.5. Recent Developments
          10.12.6. SWOT Analysis
    10.13. Longevita Pilates & Yoga Studio
          10.13.1. Business Overview
          10.13.2. Company Snapshot
          10.13.3. Company Market Share Analysis
          10.13.4. Company Type Portfolio
          10.13.5. Recent Developments
          10.13.6. SWOT Analysis
    10.14. M Pilates+ Yoga
          10.14.1. Business Overview
          10.14.2. Company Snapshot
          10.14.3. Company Market Share Analysis
          10.14.4. Company Type Portfolio
          10.14.5. Recent Developments
          10.14.6. SWOT Analysis
    10.15. Pilates Plus Online
          10.15.1. Business Overview
          10.15.2. Company Snapshot
          10.15.3. Company Market Share Analysis
          10.15.4. Company Type Portfolio
          10.15.5. Recent Developments
          10.15.6. SWOT Analysis
    10.16. Pilates Unlimited
          10.16.1. Business Overview
          10.16.2. Company Snapshot
          10.16.3. Company Market Share Analysis
          10.16.4. Company Type Portfolio
          10.16.5. Recent Developments
          10.16.6. SWOT Analysis
    10.17. Studio A Pilates & Yoga
          10.17.1. Business Overview
          10.17.2. Company Snapshot
          10.17.3. Company Market Share Analysis
          10.17.4. Company Type Portfolio
          10.17.5. Recent Developments
          10.17.6. SWOT Analysis
    10.18. Solidcore
          10.18.1. Business Overview
          10.18.2. Company Snapshot
          10.18.3. Company Market Share Analysis
          10.18.4. Company Type Portfolio
          10.18.5. Recent Developments
          10.18.6. SWOT Analysis
    10.19. The Pilates and Altitude Training Studio
          10.19.1. Business Overview
          10.19.2. Company Snapshot
          10.19.3. Company Market Share Analysis
          10.19.4. Company Type Portfolio
          10.19.5. Recent Developments
          10.19.6. SWOT Analysis

List of Table

1. Global Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

2. Global Small Scale, Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

3. Global Medium Scale, Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

4. Global Massive, Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

5. Global Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

6. Global Merchandise Sales, Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

7. Global Pilates Classes, Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

8. Global Pilates and Yoga Accreditation Training, Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

9. Global Yoga Classes, Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

10. Global Pilates and Yoga Studios Market, By Region, 2020-2033 (USD Billion) 

11. North America Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

12. North America Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

13. U.S. Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

14. U.S. Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

15. Canada Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

16. Canada Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

17. Mexico Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

18. Mexico Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

19. Europe Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

20. Europe Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

21. Germany Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

22. Germany Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

23. France Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

24. France Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

25. U.K. Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

26. U.K. Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

27. Italy Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

28. Italy Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

29. Spain Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

30. Spain Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

31. Asia Pacific Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

32. Asia Pacific Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

33. Japan Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

34. Japan Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

35. China Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

36. China Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

37. India Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

38. India Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

39. South America Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

40. South America Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

41. Brazil Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

42. Brazil Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

43. Middle East and Africa Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

44. Middle East and Africa Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

45. UAE Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

46. UAE Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

47. South Africa Pilates and Yoga Studios Market, By Application, 2020-2033 (USD Billion) 

48. South Africa Pilates and Yoga Studios Market, By Type, 2020-2033 (USD Billion) 

List of Figures 

1. Global Pilates and Yoga Studios Market Segmentation

2. Pilates and Yoga Studios 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 Pilates and Yoga Studios Market Attractiveness Analysis by Application

9. Global Pilates and Yoga Studios Market Attractiveness Analysis by Type

10. Global Pilates and Yoga Studios Market Attractiveness Analysis by Region

11. Global Pilates and Yoga Studios Market: Dynamics

12. Global Pilates and Yoga Studios Market Share by Application (2023 & 2033)

13. Global Pilates and Yoga Studios Market Share by Type (2023 & 2033)

14. Global Pilates and Yoga Studios Market Share by Regions (2023 & 2033)

15. Global Pilates and Yoga Studios 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 Pilates and Yoga Studios market based on below-mentioned segments:

Global Pilates and Yoga Studios Market by Type:

  • Merchandise Sales   
  • Pilates Classes
  • Pilates and Yoga Accreditation Training
  • Yoga Classes

Global Pilates and Yoga Studios Market by Application:

  • Small Scale
  • Medium Scale
  • Massive

Global Pilates and Yoga Studios 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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