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Smart Lock Market

Smart Lock Market Size by Unlocking Mechanism (Touch Based, Card Key, Key Fob, Smartphone Based, and Keypad), Type (Lever Handles, Deadbolt, Padlock, and Others), Application (Industrial, Residential, Commercial, Government Institution, and Others), Communication Protocol (Wi-Fi, Bluetooth, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13534
  • Published Date: Jun, 2023
  • Pages: 236
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global smart lock market was valued at USD 2.67 billion in 2022, growing at a CAGR of 16.60% from 2023 to 2032. The market is expected to reach USD 12.40 billion by 2032. The increasing usage of smart locks in residential safety and the raised customer awareness about advanced security systems are propelling growth in the market. 

Market Introduction:

Smart locks without power locks utilize Wi-Fi or Bluetooth to connect to other home appliances installed. Smart lock technology is easy to use and unique compared to conventional methods. Locks can be utilized with a unique power cord or by seating a smart lock app on the phone. Smart locks also offer several customized entry & exit options through fingerprint, face unlock, via users' smartphones, or even gestures. The main features of the smart lock contain the physical lock, the key (which can be digitally encrypted, electronic, or a virtual key to provide keyless entry), a specific Bluetooth or Wi-Fi connection, and a mobile management app. Smart pre-lock technology contains machine keys, passwords, paper clips, I.D. codes, and code names which are tiresome to take care of and can potentially lead to the theft or loss of data.

Smart Lock Market Size

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Recent Development
  • For example, in May 2021, SAMSUNG SDS decided to extend its intelligent A.I. contact centre corporation, which assists in maintaining data protection. This development aids the company in raising revenue.
  • For example, in October 2022, Level, a smart lock startup, launched Level, Lock-which supports unlocking via Level's mobile app & touch through capacitive sensors.
  • For example, in March 2023, Kwikset Company introduced Home Connect 620 smart lock on the ISC West program. This smart lock offers options, like a 10-button keypad with one-touch locking, permitting dealers to incorporate safety into smart home environments.

Market Dynamics:

Drivers

The rising need for high-performance integrated circuits: The increasing commercial & residential construction activities driven by rapid industrialization and urbanization drive market growth. Further, the rising customer spending on home remodelling and interior fittings, along with the technological advancements in customer electronic devices, are also helping to boost the market growth. Moreover, the rising innovations in smartphone technology & developments in hardware technology are boosting the market growth. With enhanced hardware functioning, the requirement for improved touchscreen displays is helping to boost the market growth over the forecast period.

Restraints:

The lack of awareness: The lack of awareness and the high cost of intelligent door locks, especially in rural areas, is the restraining factor of the market growth. Moreover, other factors, such as government regulations & rules and lack of implementation of advanced technologies, are hindering market growth.  

Opportunities:

The increasing adoption of smart home architecture: The increasing consumer awareness about the profits & convenience offered by these deadbolt smart locks are opportunities for market growth. Moreover, the increasing demand from consumers for features such as remote location operation & interactive experiences offered by smart home automation is also helping to boost the market growth. Additionally, the ever-increasing penetration of the Internet of Things (IoT), coupled with the advent of several technologies like Artificial Intelligence (A.I.) and Machine Learning (ML), is helping to boost market growth.

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 lock market, with a 47.53% market revenue share in 2022. Additionally, the high urbanization rate, the need for increased security in apartment buildings and condos, and a well-developed e-commerce infrastructure are expected to propel market growth in this region. The Asia-Pacific region will account for the largest market share with revenue growth. This growth is attributed to the expansion of smart city programs in several nations, including India & China. Also, the increasing number of residential & commercial projects and ongoing smart city initiatives in developing countries are expected to drive market growth in this region.

North America Region Smart Lock Market Share in 2022 - 47.53%

 

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Unlocking Mechanism Segment Analysis

The unlocking mechanism segment is divided into touch-based, card key, key fob, smartphone-based, and keypad. The touch-based segment dominated the market, with a share of around 27.34% in 2022. This growth is attributed to the high smartphone adoption rate and availability of raw materials. Moreover, fingerprint recognition technology is utilized in smart locks' touch-based unlocking mechanism.

Type Segment Analysis

The type segment is divided into lever handles, deadbolts, padlocks, and others. The deadbolt segment dominated the market, with a share of around 23.31% in 2022. This growth is attributed to their high security, durability, and compatibility with most doors.

Application Segment Analysis

The application segment is divided into industrial, residential, commercial, government institutions, and others. The residential segment dominated the market, with a market share of around 29.23% in 2022. This growth is attributed to the increasing adoption of smart home architecture.

Communication Protocol Segment Analysis

The communication protocol segment is divided into Wi-Fi, Bluetooth, and others. The Bluetooth segment dominated, with a market share of around 42.18% in 2022. This growth is attributed to the rising awareness of Bluetooth beacon technology. Moreover, Bluetooth is a wireless communication system that balances criteria like power consumption, dependability, range, bandwidth, and cost. Further, by 2032, the Wi-Fi segment will likely dominate the market due to the increasing acceptance of loT and access via different instruments like personal computers, cell phones, and tablets. 

Some of the Key Market Players:
  • Avent Security
  • Dessmann
  • ADEL Group
  • ASSA ABLOY AB
  • Allegion plc
  • GANTNER Electronic GmbH
  • Gate
  • Cansec Systems Ltd.
  • Master Lock Company LLC
  • Haven Lock, Inc.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 2.67 Billion
Market size value in 2032 USD 12.40 Billion
CAGR (2023 to 2032) 16.60%
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 Unlocking Mechanism, Type, Application, Communication Protocol

Frequesntly Asked Questions

As per The Brainy Insights, the size of the smart lock market was valued at USD 2.67 Billion in 2022 to USD 12.40 Billion by 2032.

Global smart lock market is growing at a CAGR of 16.60% during the forecast period 2023-2032.

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

The market's growth will be influenced by the growing safety & security concern.

The high costs of smart lock could hamper the market growth.

The raised use of IoT-based services will provide huge opportunities to the market.

Key players are Avent Security, Dessmann, ADEL Group, ASSA ABLOY AB, Allegion plc, GANTNER Electronic GmbH, Gate, Cansec Systems Ltd., Master Lock Company LLC, Haven Lock, Inc., and among others.

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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 Unlocking Mechanism
          4.3.2. Market Attractiveness Analysis By Type
          4.3.3. Market Attractiveness Analysis By Application
          4.3.4. Market Attractiveness Analysis By Communication Protocol
          4.3.5. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The growing safety & security concern
    5.3. Restraints
          5.3.1. The high costs of smart lock
    5.4. Opportunities
          5.4.1. The raised use of IoT-based services

6. Global Smart Lock Market Analysis and Forecast, By Unlocking Mechanism
    6.1. Segment Overview
    6.2. Touch Based
    6.3. Card Key
    6.4. Key Fob
    6.5. Smartphone Based
    6.6. Keypad

7. Global Smart Lock Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Lever Handles
    7.3. Deadbolt
    7.4. Padlock
    7.5. Others

8. Global Smart Lock Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Industrial
    8.3. Residential
    8.4. Commercial
    8.5. Government Institution
    8.6. Others

9. Global Smart Lock Market Analysis and Forecast, By Communication Protocol
    9.1. Segment Overview
    9.2. Wi-Fi
    9.3. Bluetooth, and Others

10. Global Smart Lock Market Analysis and Forecast, By Regional Analysis
    10.1. Segment Overview
    10.2. North America
          10.2.1. U.S.
          10.2.2. Canada
          10.2.3. Mexico
    10.3. Europe
          10.3.1. Germany
          10.3.2. France
          10.3.3. U.K.
          10.3.4. Italy
          10.3.5. Spain
    10.4. Asia-Pacific
          10.4.1. Japan
          10.4.2. China
          10.4.3. India
    10.5. South America
          10.5.1. Brazil
    10.6. Middle East and Africa
          10.6.1. UAE
          10.6.2. South Africa

11. Global Smart Lock Market-Competitive Landscape
    11.1. Overview
    11.2. Market Share of Key Players in Global Smart Lock Market
          11.2.1. Global Company Market Share
          11.2.2. North America Company Market Share
          11.2.3. Europe Company Market Share
          11.2.4. APAC Company Market Share
    11.3. Competitive Situations and Trends
          11.3.1. Product Launches and Developments
          11.3.2. Partnerships, Collaborations, and Agreements
          11.3.3. Mergers & Acquisitions
          11.3.4. Expansions

12. Company Profiles
    12.1. Avent Security
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. Dessmann
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. ADEL Group
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. ASSA ABLOY AB
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Allegion plc
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. GANTNER Electronic GmbH
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. Gate
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. Cansec Systems Ltd.
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. Master Lock Company LLC
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Product Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Haven Lock, Inc.
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Product Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis

List of Table

1. Global Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

2. Global Touch Based, Smart Lock Market, By Region, 2019-2032 (USD Billion) 

3. Global Card Key, Smart Lock Market, By Region, 2019-2032 (USD Billion) 

4. Global Key Fob, Smart Lock Market, By Region, 2019-2032 (USD Billion) 

5. Global Smartphone Based, Smart Lock Market, By Region, 2019-2032 (USD Billion) 

6. Global Keypad, Smart Lock Market, By Region, 2019-2032 (USD Billion) 

7. Global Smart Lock Market, By Type, 2019-2032 (USD Billion)

8. Global Lever Handles, Smart Lock Market, By Region, 2019-2032 (USD Billion)

9. Global Deadbolt, Smart Lock Market, By Region, 2019-2032 (USD Billion)

10. Global Padlock, Smart Lock Market, By Region, 2019-2032 (USD Billion)

11. Global Others, Smart Lock Market, By Region, 2019-2032 (USD Billion)

12. Global Smart Lock Market, By Application, 2019-2032 (USD Billion)

13. Global Industrial, Smart Lock Market, By Region, 2019-2032 (USD Billion)

14. Global Residential, Smart Lock Market, By Region, 2019-2032 (USD Billion)

15. Global Commercial, Smart Lock Market, By Region, 2019-2032 (USD Billion)

16. Global Government Institution, Smart Lock Market, By Region, 2019-2032 (USD Billion)

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

18. Global Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

19. Global Wi-Fi, Smart Lock Market, By Region, 2019-2032 (USD Billion)

20. Global Bluetooth, Smart Lock Market, By Region, 2019-2032 (USD Billion)

21. Global Others, Smart Lock Market, By Region, 2019-2032 (USD Billion)

22. North America Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

23. North America Smart Lock Market, By Type, 2019-2032 (USD Billion)

24. North America Smart Lock Market, By Application, 2019-2032 (USD Billion)

25. North America Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

26. U.S. Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

27. U.S. Smart Lock Market, By Type, 2019-2032 (USD Billion)

28. U.S. Smart Lock Market, By Application, 2019-2032 (USD Billion)

29. U.S. Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

30. Canada Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

31. Canada Smart Lock Market, By Type, 2019-2032 (USD Billion)

32. Canada Smart Lock Market, By Application, 2019-2032 (USD Billion)

33. Canada Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

34. Mexico Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

35. Mexico Smart Lock Market, By Type, 2019-2032 (USD Billion)

36. Mexico Smart Lock Market, By Application, 2019-2032 (USD Billion)

37. Mexico Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

38. Europe Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

39. Europe Smart Lock Market, By Type, 2019-2032 (USD Billion)

40. Europe Smart Lock Market, By Application, 2019-2032 (USD Billion)

41. Europe Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

42. Germany Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

43. Germany Smart Lock Market, By Type, 2019-2032 (USD Billion)

44. Germany Smart Lock Market, By Application, 2019-2032 (USD Billion)

45. Germany Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

46. France Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

47. France Smart Lock Market, By Type, 2019-2032 (USD Billion)

48. France Smart Lock Market, By Application, 2019-2032 (USD Billion)

49. France Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

50. U.K. Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

51. U.K. Smart Lock Market, By Type, 2019-2032 (USD Billion)

52. U.K. Smart Lock Market, By Application, 2019-2032 (USD Billion)

53. U.K. Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

54. Italy Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

55. Italy Smart Lock Market, By Type, 2019-2032 (USD Billion)

56. Italy Smart Lock Market, By Application, 2019-2032 (USD Billion)

57. Italy Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

58. Spain Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

59. Spain Smart Lock Market, By Type, 2019-2032 (USD Billion)

60. Spain Smart Lock Market, By Application, 2019-2032 (USD Billion)

61. Spain Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

62. Asia Pacific Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

63. Asia Pacific Smart Lock Market, By Type, 2019-2032 (USD Billion)

64. Asia Pacific Smart Lock Market, By Application, 2019-2032 (USD Billion)

65. Asia Pacific Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

66. Japan Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

67. Japan Smart Lock Market, By Type, 2019-2032 (USD Billion)

68. Japan Smart Lock Market, By Application, 2019-2032 (USD Billion)

69. Japan Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

70. China Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

71. China Smart Lock Market, By Type, 2019-2032 (USD Billion)

72. China Smart Lock Market, By Application, 2019-2032 (USD Billion)

73. China Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

74. India Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

75. India Smart Lock Market, By Type, 2019-2032 (USD Billion)

76. India Smart Lock Market, By Application, 2019-2032 (USD Billion)

77. India Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

78. South America Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

79. South America Smart Lock Market, By Type, 2019-2032 (USD Billion)

80. South America Smart Lock Market, By Application, 2019-2032 (USD Billion)

81. South America Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

82. Brazil Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

83. Brazil Smart Lock Market, By Type, 2019-2032 (USD Billion)

84. Brazil Smart Lock Market, By Application, 2019-2032 (USD Billion)

85. Brazil Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

86. Middle East and Africa Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

87. Middle East and Africa Smart Lock Market, By Type, 2019-2032 (USD Billion)

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

89. Middle East and Africa Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

90. UAE Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

91. UAE Smart Lock Market, By Type, 2019-2032 (USD Billion)

92. UAE Smart Lock Market, By Application, 2019-2032 (USD Billion)

93. UAE Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

94. South Africa Smart Lock Market, By Unlocking Mechanism, 2019-2032 (USD Billion)

95. South Africa Smart Lock Market, By Type, 2019-2032 (USD Billion)

96. South Africa Smart Lock Market, By Application, 2019-2032 (USD Billion)

97. South Africa Smart Lock Market, By Communication Protocol, 2019-2032 (USD Billion)

List of Figures 

1. Global Smart Lock Market Segmentation

2. Global Smart Lock 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 Smart Lock Market Attractiveness Analysis By Unlocking Mechanism  

9. Global Smart Lock Market Attractiveness Analysis By Type 

10. Global Smart Lock Market Attractiveness Analysis By Application

11. Global Smart Lock Market Attractiveness Analysis By Communication Protocol

12. Global Smart Lock Market Attractiveness Analysis By Region

13. Global Smart Lock Market: Dynamics

14. Global Smart Lock Market Share By Unlocking Mechanism (2023 & 2032)

15. Global Smart Lock Market Share By Type (2023 & 2032)

16. Global Smart Lock Market Share By Application (2023 & 2032)

17. Global Smart Lock Market Share By Communication Protocol (2023 & 2032)

18. Global Smart Lock Market Share By Regions (2023 & 2032)

19. Global Smart Lock 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 lock based on below mentioned segments:

Global Smart Lock Market by Unlocking Mechanism:

  • Touch Based
  • Card Key
  • Key Fob
  • Smartphone Based
  • Keypad

Global Smart Lock Market by Type:

  • Lever Handles
  • Deadbolt
  • Padlock
  • Others

Global Smart Lock Market by Application:

  • Industrial
  • Residential
  • Commercial
  • Government Institution
  • Others

Global Smart Lock Market by Communication Protocol:

  • Wi-Fi
  • Bluetooth
  • Others

Global Smart Lock 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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