Smart Parking Systems Market

Smart Parking Systems Market Size by Type (On-Street and Off-Street), Application (Commercial, Government and Others), Component (Hardware, Software and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-13536
  • Published Date: Aug, 2024
  • Pages: 234
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global smart parking systems market was valued at USD 8.13 billion in 2023 and grew at a CAGR of 17.5% from 2024 to 2033. The market is expected to reach USD 40.79 billion by 2033. Increasing vehicle ownership will drive the growth of the global smart parking systems market. Smart parking systems, also known as automated parking systems, are robustly rising across the globe. The world's expanding population and widespread reliance on cars have raised concerns about parking infrastructure, resulting in the need for upgrading existing facilities within cities. Additionally, an uptick in per capita income and improved lifestyles have led to a surge in personal mobility requirements, consequently driving automobile sales, particularly in metropolitan areas. With the availability of unoccupied land spaces comes a challenge for urban regions to effectively accommodate parking capacity while reducing demand, which may adversely affect citizens' commuting experience. Over the last several years, there has been a notable rise in high-rise construction. To combat the issue of limited parking spaces, real estate developers are focused on developing sustainable and smart buildings with smart parking infrastructure within the buildings.

Market Introduction:

A car/vehicle parking system is a mechanical device that expands parking space in a specific location. Parking systems shield cars from both theft and the elements. They provide the user with a feeling of security. Smart parking systems incorporate cutting-edge technology and equipment to enhance traditional parking structures and make them more effective and sustainable. Long-term resource optimization and cost, time, and energy savings are achieved through smart parking systems. Smart parking systems combine sensors, cameras, alarm systems, etc., to enhance functionality. For instance, real-time parking spot availability detection helps with parking optimization by providing users with information on parking availability, booking times, and payment alternatives. Additionally, this lessens traffic, which improves smooth traffic flow and is good for the environment because fewer carbon emissions are produced when there is less traffic. The most effective use of parking spaces is made possible by proper parking dimensions and parking assistance. Real-time monitoring is also made possible by smart parking solutions, increasing security and safety. Technology-based smart parking systems improve information interchange, safety, security, and sustainability while optimising parking spots.

Smart Parking Systems Market Size

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Recent Development
  • June 2023- At the IPMI Parking & Mobility Conference & Expo, IPS Group demonstrated how the Fully Integrated Smart Parking Ecosystem improves operations for a seamless user experience. A uniform user experience, operational efficiencies, and scalability are made possible by connecting technologies created from the bottom up through the IPS Fully Integrated Smart Parking Ecosystem. Agencies may get a complete picture of data from all technology partners by using IPS's automatic real-time reporting, analytics, KPIs, and visualization capabilities. By centralizing their data, parking staff are better able to focus on pressing concerns while keeping track of the entire operation. They can also anticipate opportunities that have an impact on laws in relation to inventory, demand- and dynamically based pricing, and operational effectiveness for law enforcement, maintenance, and collections.
  • March 2023 - Mangalore Smart City Limited (MSCL) plans to deploy smart parking systems that would enable users to reserve parking spaces using a smartphone app. The ultimate choice would be determined after meeting with the Mangalore City police and Mangalore City Corporation (MCC). The options include Mission Street Road, Nellikai Road, and Rosario Church Road, among others. The MCC must create a parking policy after identifying the parking lots for 280 four-wheelers. In order to enable users to pay for parking using their phones or credit cards, the MSCL is currently creating a procedure. The project is anticipated to be completed within the next four months and will be carried out via the website 1touchmangaluru.com.

Market Dynamics:

Drivers

The increasing demand for automobiles – the increasing disposable income of the population has increased the demand for automobiles globally. However, the number of vehicles is overburdening the existing transport and parking infrastructure. The lack of parking infrastructure translates into vehicles on the roadside, increasing traffic congestion, thereby increasing carbon emissions and wasting users' fuel, time and money. The growing woes of the urban population, given the lack of parking spaces, can be witnessed in the rising frustration of the citizens. Therefore, the urban local bodies are investing in modern and smart technologies to develop smart parking spaces and optimize existing parking spaces. They are using new technologies to re-route traffic according to parking space availability to reduce congestion and improve traffic flow, decreasing carbon emissions. Promoting smart city projects is in line with adopting smart parking systems in urban clusters. Therefore, increasing number of vehicle owners will drive the global smart parking systems market's growth.

Restraints:

The high installation costs smart parking systems integrate technology with human knowledge to improve conventional parking spaces and their operations. Smart parking systems utilize a variety of hardware, software and service to accomplish a functional system. Using cameras, sensors, signage, smart parking meters, computers, and communication devices requires substantial capital. Similarly, software development and maintenance of this hardware come with significant capital expenditure. Therefore, the high installation costs will hamper the market's growth.

Opportunities:

The development of new technologies and applications the automation of global economies has paved the way for the development of mobile applications that offer real-time data on the availability of parking spots. It also enables users to choose the parking spot and book conveniently by paying minimal fees over various payment options available on these apps. Using analytics by commercial users of smart parking systems will enable them to optimize their parking space, offer seamless services, safety, and security and reduce turnaround time. It enables them to identify gaps in their management and improve the same. It also facilitates better communication and information exchange. The local bodies also utilize mobile applications, sensors, cameras and other smart technologies to improve urban mobility. Therefore, developing new technologies and applications will offer lucrative market growth opportunities.

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 parking systems market, with a 36.2% market revenue share in 2023.

The well-established conventional parking systems have enabled easy technology integration to improve efficiency and convert them into smart parking systems. The presence of large commercial complexes, restaurants, malls, theatres, offices, and private residential spaces has increased the demand for smart parking systems. The safety and security of vehicles these systems offer is the primary driver of their demand in the market. The public authorities are also employing these systems in the cities to improve urban traffic movement.

North America Region Smart Parking Systems Market Share in 2023 – 36.2%

 

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  • February 2023 - One of North America's biggest municipal smart parking projects has recently been chosen for Eleven-x, a Canadian IoT business. The Arlington County, Virginia, project aims to increase parking efficiency and convenience for locals and visitors. The smart parking system will use wireless technology from eleven-x to track parking spaces and offer availability information in real-time. Drivers will be able to locate open places more quickly and spend less time driving around the block looking for parking as a result. Additionally, the data will be utilized to improve local traffic flow and parking enforcement. The smart parking system helps Arlington County achieve its goals of enhancing livability, sustainability, and economic growth.
Type Segment Analysis

The type segment is divided into on-street and off-street. The off-street segment dominated the market, with a market share of 67.3% in 2023. On-street parking, as the terms suggest, is when a vehicle is parked on the road or the street. Off-street parking refers to parking the vehicle/car somewhere other than the road. These spaces are parking lots and garages; they can be private or public. They can be indoors or outdoors. Applying smart parking systems in an off-street parking space is more effective and practical. Off-street Parking is inexpensive and flexible. It is convenient and safe.

  • February 2023 - The Navi Mumbai Municipal Corporation (NMMC) has designed 56 contemporary parking lots around the city to address the growing parking issues. In addition to using parking spaces on the street, the local body has begun purchasing plots from the City and Industrial Development Corporation (CIDCO). Utilizing technology, the creative methods will allow drivers to reserve parking spaces online and guarantee adequate supply to meet demand.
Application Segment Analysis

The application segment is divided into commercial, government and others. The commercial segment dominated the market, with a market share of 49.4% in 2023. Commercial applications of smart parking systems can be corporate buildings, office spaces, shopping malls, and theatre complexes, among others. Commercial applications dominate the segment as these establishments strive to provide the utmost customer satisfaction with their services. They invest in modern solutions to make the customer experience convenient and seamless. Furthermore, commercial parking space service providers offer secure parking spaces at minimal rates around the city, which are increasing in demand given the lack of parking spaces on-street. The rising construction of office buildings, malls, and public utility spaces will propel demand.

Component Segment Analysis

The component segment is divided into hardware, software, and services. The services segment dominated the market, with a market share of 40.3% in 2023. The services segment includes parking maintenance and monitoring, system integration, mobile application services, and consulting services. Professionals in the industry offer the services. Services improve parking space optimization and customer satisfaction and reduce the turnaround time, congestion and carbon footprints. 

Some of the Key Market Players:
  • Aisin Corporation
  • Amano McGann, Inc.
  • Continental AG
  • IEM SA
  • IPS Group, Inc.
  • Robert Bosch GmbH
  • Smart Parking Ltd
  • SWARCO
  • TKH Group
  • Urbiotica SL

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 8.13 Billion
Market size value in 2033 USD 40.79 Billion
CAGR (2024 to 2033) 17.5%
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, Application and Component

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global smart parking systems market was valued at USD 8.13 billion in 2023 to USD 40.79 billion by 2033.

Global smart parking systems market is growing at a CAGR of 17.5% during the forecast period 2024-2033.

The market's growth will be influenced by the increasing demand for automobiles.

The high installation costs could hamper the market growth.

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

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Type
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by Component
          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 increasing demand for automobiles
    5.3. Restraints
          5.3.1. The high installation costs
    5.4. Opportunities
          5.4.1. The development of new technologies and applications
    5.5. Challenges
          5.5.1. The complex process of integration

6. Global Smart Parking Systems Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. On-Street
    6.3. Off-Street

7. Global Smart Parking Systems Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Commercial
    7.3. Government
    7.4. Others

8. Global Smart Parking Systems Market Analysis and Forecast, By Component
    8.1. Segment Overview
    8.2. Hardware
    8.3. Software
    8.4. Services

9. Global Smart Parking Systems 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 Parking Systems Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Smart Parking Systems 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. Aisin Corporation
          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. Amano McGann, Inc.
          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. Continental AG
          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. IEM SA
          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. IPS Group, 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. Robert Bosch GmbH
          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. Smart Parking Ltd
          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. SWARCO
          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. TKH Group
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Urbiotica SL
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

2. Global On-Street Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

3. Global Off-Street Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

4. Global Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

5. Global Commercial Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

6. Global Government Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

7. Global Others Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

8. Global Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

9. Global Hardware Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

10. Global Software Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

11. Global Services Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

12. Global Smart Parking Systems Market, By Region, 2020-2033 (USD Billion) 

13. North America Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

14. North America Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

15. North America Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

16. U.S. Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

17. U.S. Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

18. U.S. Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

19. Canada Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

20. Canada Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

21. Canada Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

22. Mexico Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

23. Mexico Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

24. Mexico Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

25. Europe Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

26. Europe Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

27. Europe Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

28. Germany Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

29. Germany Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

30. Germany Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

31. France Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

32. France Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

33. France Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

34. U.K. Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

35. U.K. Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

36. U.K. Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

37. Italy Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

38. Italy Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

39. Italy Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

40. Spain Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

41. Spain Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

42. Spain Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

43. Asia Pacific Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

44. Asia Pacific Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

45. Asia Pacific Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

46. Japan Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

47. Japan Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

48. Japan Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

49. China Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

50. China Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

51. China Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

52. India Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

53. India Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

54. India Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

55. South America Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

56. South America Smart Parking Systems Market, By Application, 2020-2033 (USD Billion)

57. South America Smart Parking Systems Market, By Component, 2020-2033 (USD Billion)

58. Brazil Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

59. Brazil Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

60. Brazil Smart Parking Systems Market, By Component, 2020-2033 (USD Billion)

61. Middle East and Africa Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

62. Middle East and Africa Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

63. Middle East and Africa Smart Parking Systems Market, By Component, 2020-2033 (USD Billion)

64. UAE Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

65. UAE Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

66. UAE Smart Parking Systems Market, By Component, 2020-2033 (USD Billion)

67. South Africa Smart Parking Systems Market, By Type, 2020-2033 (USD Billion) 

68. South Africa Smart Parking Systems Market, By Application, 2020-2033 (USD Billion) 

69. South Africa Smart Parking Systems Market, By Component, 2020-2033 (USD Billion) 

List of Figures 

1. Global Smart Parking Systems Market Segmentation

2. Smart Parking Systems 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 Parking Systems Market Attractiveness Analysis by Type

9. Global Smart Parking Systems Market Attractiveness Analysis by Application

10. Global Smart Parking Systems Market Attractiveness Analysis by Component

11. Global Smart Parking Systems Market Attractiveness Analysis by Region

12. Global Smart Parking Systems Market: Dynamics

13. Global Smart Parking Systems Market Share by Type (2023 & 2033)

14. Global Smart Parking Systems Market Share by Application (2023 & 2033)

15. Global Smart Parking Systems Market Share by Component (2023 & 2033)

16. Global Smart Parking Systems Market Share by Regions (2023 & 2033)

17. Global Smart Parking Systems 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 smart parking systems market based on below mentioned segments:

Global Smart Parking Systems Market by Type:

  • On-Street
  • Off-Street

Global Smart Parking Systems Market by Application:

  • Commercial
  • Government
  • Others

Global Smart Parking Systems Market by Component:

  • Hardware
  • Software
  • Services

Global Smart Parking Systems 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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