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Smart Healthcare Market

Smart Healthcare Market Size by Application (Treatment, Storage and Inventory Management, Monitoring, and Others), Product Type (Electronic Health Records, Telemedicine, M-Health, Smart RFID Cabinets, RFID Kanban Systems, Smart Pills and Syringes, and Others), End-User (Home Care Settings, Hospitals, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13538
  • Published Date: Jun, 2023
  • Pages: 237
  • Category: Healthcare
  • Format: PDF
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The global smart healthcare market was valued at USD 97.25 billion in 2022, growing at a CAGR of 12.60% from 2023 to 2032. The market is expected to reach USD 318.62 billion by 2032. The growing adoption of mHealth, increasing health consciousness, rising consciousness about food habits, and government initiatives to digitize healthcare propel market growth.

Market Introduction:

Smart healthcare can incorporate doctors and patients onto a common platform for intelligent health monitoring by examining day-to-day human activities. Smart healthcare provides technologically advanced IT software & hardware products for superior healthcare service. Smart healthcare can incorporate doctors and patients onto a common platform for intelligent health monitoring by examining day-to-day human activities. Smart healthcare contains applications such as smart pills, syringes, smart RFID cabinets, electronic patient records, and others. Smart healthcare provides technologically advanced IT software & hardware products for superior healthcare service. It offers advantages like improved patient outcomes, reduced medical errors, and enhanced disease management. Smart homes are equipped with internet-connected appliances to promote the remote monitoring & management of appliances and systems like heating & lighting. Smart healthcare products utilize advanced communication technologies that work on smartphones, digital, and cloud-based platforms to provide better healthcare to patients.

Smart Healthcare Market Size

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Recent Development
  • For example, in March 2022, Intuitive MB Company launched a medical building operating system that uses the Internet of Things (IoT), machine learning, and artificial intelligence (AI) to create "smart" hospitals & medical office buildings.
  •  For instance, in March 2022, the Commonwealth Bank Company launched a new smart terminal called Smart Health, which helped major Australian health insurers improve their payment and claims.

Market Dynamics:

Drivers

Diffusion of IoT in Healthcare: The spread of technology to monitor daily physical activity and foster health awareness is expected to drive the market's growth. In addition, increasing demand for small electronic devices for real-time information is expected to boost the growth of the market. Additionally, increasing awareness of the many benefits of smart healthcare products, such as improved patient care, virtual assistance, user-friendly systems, self-monitoring, etc., is expected to drive market growth during the forecast period. The increased investment projects and integration of advanced machines and software in smart home healthcare are also helping to boost market growth.

Restraints:

The high cost of smart healthcare products: A shortage of qualified and educated professionals is restraining market growth. Moreover, the lack of technical knowledge among users and the high installation cost are expected to hinder market growth.

Opportunities:

The rising technological advancement: The rising technological breakthroughs in the healthcare industry, such as the Internet of Things, are anticipated to provide profitable opportunities for companies operating in the worldwide smart healthcare products industry. Moreover, the increasing technological advancements in smart healthcare products like cloud-based electronic records make entire health operations smoother and more efficient by sharing electronic records among healthcare stakeholders. This factor is expected to drive the market growth in the forthcoming year.

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 global smart healthcare market, with a 48.12% market revenue share in 2022. The supportive government policies for deploying digital health and the accessibility of infrastructure with high digital literacy are expected to propel market growth in this region. Moreover, a rise in government policies for the deployment of digital health & the availability of infrastructure with high digital literacy is expected to propel the market growth in this region. Additionally, the rise in the population affected with chronic diseases and pursuing an unhealthy lifestyle is helping to boost the market growth in this region. The Asia-Pacific region will account for the largest market share with revenue growth. This growth is attributed to their existing healthcare IT infrastructure and rising investments in smart healthcare countries like Australia, Japan, and India exhibit significant potential. Additionally, the well-developed healthcare IT infrastructure & increase in investments in smart healthcare are expected to propel market growth in this region. Moreover, the increasing number of government digitalization programs in emerging nations like India and China is expected to propel the adoption of digital healthcare solutions like health services.

North America Region Smart Healthcare Market Share in 2022 - 48.12%

 

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Application Segment Analysis

The application segment is divided into treatment, storage and inventory management, monitoring, and others. The storage and inventory management segment dominated the market, with a market share of around 34.17% in 2022. This growth is attributed to the increasing awareness of smart devices among patients.

Product Type Segment Analysis

The product type segment is divided into electronic health records, telemedicine, M-health, smart RFID cabinets, RFID kanban systems, smart pills and syringes, and others. The M-Health segment dominated the market, with a share of around 26.27% in 2022. This growth is attributed to the increasing awareness of maintaining physical health & lifestyle improvement. Additionally, mHealth focuses on obtaining information instantly to track diseases, diagnose illnesses, and provide timely information to the populace in underserved countries. Mobile health (mHealth) is significant in remote areas where doctors & nurses may not be present to provide therapy. Further, by 2032, the RFID Kanban systems segment will likely dominate the market due to the increasing demand for simplifying hospital inventory management as a cost-curbing measure and increasing incidences of clinical errors.

End-User Segment Analysis

The end-user segment is divided into home care settings, hospitals, and others. The hospital segment dominated the market, with a market share of around 43.18% in 2022. This growth is attributed to the presence of sophisticated IT and telecommunication infrastructure. The home care settings segment is anticipated to dominate the market by 56.03% in 2032 due to the rising e-commerce trend.

Some of the Key Market Players:
  • Cisco Systems Inc.
  • Abbott Laboratories
  • Allscripts Healthcare Solutions Inc.
  • International Business Machines Corp.
  • Alphabet Inc.
  • Hewlett Packard Enterprise Co.
  • General Electric Co.
  • Samsung Electronics Co. Ltd.
  • Microsoft Corp.

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 97.25 Billion
Market size value in 2032 USD 318.62 Billion
CAGR (2023 to 2032) 12.60%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Application, Product Type, End-User

Frequesntly Asked Questions

North America region emerged as the largest market for smart healthcare.

The market's growth will be influenced by the increasing adoption of IoT in healthcare.

The high cost of smart healthcare products could hamper the market growth.

The rising technological advancement will provide huge opportunities to the market.

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
  • Customers can be added on the basis of regions and countries
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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 Product Type
          4.3.3. Market Attractiveness Analysis By End-User
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The growing investments in smart healthcare
          5.2.2. The growing awareness about connected healthcare
          5.2.3. The increasing adoption of IoT in healthcare
    5.3. Restraints
          5.3.1. The high cost of smart healthcare products
          5.3.2. A lack of skilled and trained professionals
    5.4. Opportunities
          5.4.1. The rising technological advancement
          5.4.2. The rising mHealth adoption

6. Global Smart Healthcare Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Treatment
    6.3. Storage and Inventory Management
    6.4. Monitoring
    6.5. Others

7. Global Smart Healthcare Market Analysis and Forecast, By Product Type
    7.1. Segment Overview
    7.2. Electronic Health Records
    7.3. Telemedicine
    7.4. M-Health
    7.5. Smart RFID Cabinets
    7.6. RFID Kanban Systems
    7.7. Smart Pills and Syringes
    7.8. Others

8. Global Smart Healthcare Market Analysis and Forecast, By End-User
    8.1. Segment Overview
    8.2. Home Care Settings
    8.3. Hospitals
    8.4. Others

9. Global Smart Healthcare 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 Smart Healthcare Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Smart Healthcare 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. Cisco Systems Inc.
          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. Abbott Laboratories
          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. Allscripts Healthcare Solutions Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. International Business Machines Corp.
          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. Alphabet Inc.
          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. Hewlett Packard Enterprise Co.
          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. General Electric Co.
          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. Samsung Electronics Co. Ltd
          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. Microsoft Corp.
          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

List of Table

1. Global Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

2. Global Treatment, Smart Healthcare Market, By Region, 2019-2032 (USD Billion) 

3. Global Storage and Inventory Management, Smart Healthcare Market, By Region, 2019-2032 (USD Billion) 

4. Global Monitoring, Smart Healthcare Market, By Region, 2019-2032 (USD Billion) 

5. Global Others, Smart Healthcare Market, By Region, 2019-2032 (USD Billion) 

6. Global Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

7. Global Electronic Health Records, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

8. Global Telemedicine, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

9. Global M-Health, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

10. Global Smart RFID Cabinets, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

11. Global RFID Kanban Systems, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

12. Global Smart Pills and Syringes, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

13. Global Others, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

14. Global Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

15. Global Home Care Settings, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

16. Global Hospitals, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

17. Global Others, Smart Healthcare Market, By Region, 2019-2032 (USD Billion)

18. North America Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

19. North America Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

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

21. U.S. Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

22. U.S. Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

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

24. Canada Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

25. Canada Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

26. Canada Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

27. Mexico Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

28. Mexico Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

29. Mexico Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

30. Europe Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

31. Europe Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

32. Europe Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

33. Germany Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

34. Germany Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

35. Germany Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

36. France Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

37. France Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

38. France Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

39. U.K. Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

40. U.K. Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

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

42. Italy Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

43. Italy Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

44. Italy Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

45. Spain Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

46. Spain Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

47. Spain Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

48. Asia Pacific Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

49. Asia Pacific Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

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

51. Japan Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

52. Japan Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

53. Japan Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

54. China Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

55. China Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

56. China Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

57. India Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

58. India Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

59. India Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

60. South America Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

61. South America Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

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

63. Brazil Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

64. Brazil Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

65. Brazil Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

66. Middle East and Africa Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

67. Middle East and Africa Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

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

69. UAE Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

70. UAE Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

71. UAE Smart Healthcare Market, By End-User, 2019-2032 (USD Billion)

72. South Africa Smart Healthcare Market, By Application, 2019-2032 (USD Billion)

73. South Africa Smart Healthcare Market, By Product Type, 2019-2032 (USD Billion)

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

List of Figures 

1. Global Smart Healthcare Market Segmentation

2. Global Smart Healthcare Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top- Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Smart Healthcare Market Attractiveness Analysis By Application

9. Global Smart Healthcare Market Attractiveness Analysis By Product Type 

10. Global Smart Healthcare Market Attractiveness Analysis By End-User

11. Global Smart Healthcare Market Attractiveness Analysis By Region

12. Global Smart Healthcare Market: Dynamics

13. Global Smart Healthcare Market Share By Application (2023 & 2032)

14. Global Smart Healthcare Market Share By Product Type (2023 & 2032)

15. Global Smart Healthcare Market Share By End-User (2023 & 2032)

16. Global Smart Healthcare Market Share By Regions (2023 & 2032)

17. Global Smart Healthcare Market Share By Company (2022)

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global smart healthcare based on below mentioned segments:

Global Smart Healthcare Market by Application:

  • Treatment
  • Storage and Inventory Management
  • Monitoring
  • Others

Global Smart Healthcare Market by Product Type:

  • Electronic Health Records
  • Telemedicine
  • M-Health
  • Smart RFID Cabinets
  • RFID Kanban Systems
  • Smart Pills and Syringes
  • Others

Global Smart Healthcare Market by End-User:

  • Home Care Settings
  • Hospitals
  • Others

Global Smart Healthcare 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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