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Travel Insurance Market

Travel Insurance Market Size by Type (Single Trip Travel Insurance, Multiple Trip Travel Insurance & Extended Trip Travel Insurance), End-User (Family Travelers, Business Travelers, Education Travelers, Senior Citizens, Adventure Travelers & Others), Distribution Channel, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-12707
  • Published Date: Sep, 2024
  • Pages: 237
  • Category: Automotive & Transportation
  • Format: PDF
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The global travel insurance market is expected to reach USD 76.21 billion by 2033, at a CAGR of 13% from 2024 to 2033. Travel insurance market growth would be driven by the increasing number of domestic & international travelers, growing tourism demand, easy availability of online travel booking & holiday packages. People are aware of the risks involved in travelling. Now people find out about the geographical conditions and political situations of a place before going to a place and then prepare accordingly and only then go to that place. Travel insurance is also important in this preparation because if they have to face any problem in an unknown country or city, they can face it through it.

Market Overview:

Travel insurance is a niche segment of the insurance sector. Insurance is a cushion that protects an individual from unforeseen financial or material losses. The person availing insurance is guaranteed that if any of the unforeseen circumstances mentioned in the insurance agreement occur, the insurance company will compensate the losses. Similarly, while traveling, many things can go unplanned and create emergencies. One could lose the luggage at the airport; luggage could be stolen, luggage could be damaged, flights could be delayed/canceled, a person could fall sick, or is injured, among many other things. These unforeseen circumstances lead to unexpected expenditure and financial loss of an individual. Travel insurance helps mitigate this financial loss by compensating the individual for these emergencies. The majority of the travel insurance plans cover trip cancellation, trip interruption, flight delays, medical emergencies, and evacuations, lost, damaged, or stolen luggage. Travel insurance covers the whole trip, from the first day of travel till the traveler's return. Various tour and travel companies offer these insurance services with their holiday packages; this helps attract more consumers as such policies mitigate the risks of traveling abroad. Travel insurances allow travelers to have peace of mind and enjoy the trip stress-free. Even the governments of various countries have implemented guidelines that make having travel insurance a mandatory prerequisite before applying for a visa. Such initiatives are gaining traction as they protect travelers from unforeseen financial losses and boost the tourism sector in the process. Market players are providing customized plans to travelers, which is anticipated to facilitate market expansion. Travel insurance gives mental satisfaction to the travellers because the travellers know that they have already covered themself for the possible risks. Due to this, he will not have to worry or wander in an unknown city or country in case of legal and medical emergencies. Many insurance companies also cover foreign events in their insurance policies.

Travel Insurance Market Size

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Market Dynamics:

Drivers
  • Growing tourism industry

The covid 19 pandemic had a severe negative impact on the tourism industry. However, with normalcy slowly returning for the world, various initiatives by governments and travel companies to boost tourism demand are expected to drive the market for travel insurance. Companies are offering products that cover covid related expenses of testing and quarantine. Coupled with the pent up demand for travel after the pandemic induced lockdowns is anticipated to boost the travel insurance market.

Restraints:
  • Lack of awareness

There is a lack of awareness about such policies, which provide a cover for financial loss while traveling. The stressful process of claiming and collecting insurance coverage money is also hindering the market's growth; people find it challenging to get the insurance money because of the extensive documentation and inquiries. Developing a seamless and quick claiming process for the customers can help overcome this hurdle.

Opportunities:
  • Customization of travel insurance plans

Travelers are of various kinds; some are adventurous while others prefer sightseeing and staycations. The risks associated with every travel after different, for example, trekking in the Himalayas is riskier than going to Europe. The varying risks associated with different trips demand plans that are catered according to that trip. Companies are providing an extensive range of policies customized according to the trip and needs of the consumer. This customization enhances the product and service quality for the industry, thereby attracting more consumers and providing lucrative opportunities for the market.

Challenges:
  • The lingering negative effect of the pandemic

The need for vaccination certificates, in addition to negative covid test reports, mandatory quarantine guidelines of various countries for international travelers is restricting the uptick in the market. The fear of getting infected or getting stuck if infected makes people more cautious about traveling. The increase in freight charges and hotel charges which are still reeling from the negative impact of the pandemic, is reflected in the drop in the number of international travelers.

Segmentation Analysis:

The global travel insurance market has been segmented based on type, end-user, distribution channel, and regions.

  • The type segment is divided into single trip travel insurance, multiple trip travel insurance & extended trip travel insurance. The single trip travel insurance segment dominated the market, with a market share of around 48% in 2023. The majority of international travelers usually are not frequent travelers. Travel insurance does not attract significant domestic travelers as the familiarity of the place reduces uncertainties or emergencies, or at least this is the perception. International travel is long distance with prolonged stays and infrequent for a person, making single trip travel insurance the most cost-effective and ideal policy option.
  • The end-user segment is divided into family travelers, business travelers, education travelers, senior citizens, adventure travelers & others. Over the forecast period, the education travelers segment is expected to grow at the fastest CAGR of 19.3%. The limited number of top educational institutions in developing economies is increasing the number of students opting to study abroad. The exposure to diverse opportunities and job security associated with top schools abroad is driving the demand for courses offered by these institutions. The rise in disposable income of the population enables individuals to travel and stay abroad for educational purposes.
  • The distribution channel is divided into insurance companies, insurance intermediaries, insurance brokers, insurance aggregators, banks & others. In 2023, the insurance intermediaries segment dominated the market, accounting for around 39% of global revenue. As the name suggests, insurance intermediaries are intermediate individuals/institutions between the customer and the insurance company. The dominance of this segment can be attributed to the ability of insurance intermediaries that help in establishing a connective link with the consumer, retaining consumer trust, and acting as marketing agents for insurance policies.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the largest market for the global travel insurance market, with a 34.2% share of the market revenue in 2023.

Europe region Travel Insurance Market Share in 2023 - 34.2%

 

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  • The European region currently dominates the travel insurance market due to the growing travel and tourism within the region; the European Union trade block is providing the necessary push to the tourism sector of this region by making cross-border travel and intra-regional travel hassle-free. The Asia Pacific region is expected to grow during the forecast period following the increase in business travels in the region spearheaded by India & China. Business travelers contribute significantly to the travel insurance market.
Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global travel insurance industry.

Vistara, a major aviation giant in the Indian market, partnered with Allianz, a major market player in the insurance industry, to provide optional travel insurance. The travel insurance will cover trip cancellations & interruptions, baggage issues, flight delays & medical emergencies. This partnership will help Vistara boost its sales and reach pre-pandemic flight demands.

List of Key Market Players:
  • Allianz
  • AXA
  • American International Group Inc.
  • American Express Company
  • Generali Group
  • Zurich Insurance Group AG
  • Chubb Ltd.
  • Travel Insured International
  • Assicurazioni Generali S.P.A
  • Travel Safe Insurance
Key Target Audience
  • End users
  • Travel Companies
  • Market Players
  • Investors
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global travel insurance market, Industry Analysis, Trends, Analysis and Forecast, 2024 to 2033 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2023 is considered as the base year of the report. 2020 to 2022 are the historic years, and 2024 to 2033 are the forecast years. The global travel insurance market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each segment, region, and country catering to the global travel insurance market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of travel insurance based on type, end-user, distribution channel, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to the global travel insurance market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global travel insurance market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of the porter's five forces analysis coupled with SWOT analysis to provide business related data and information. Porter's five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company's growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market related, i.e., global travel insurance market) is covered to comprehend the adoption rate and evaluate the market size. 

Frequesntly Asked Questions

As per The Brainy Insights, the size of the travel insurance market was valued at USD 22.45 billion in 2023 to USD 76.21 billion by 2033.

The global travel insurance market is growing at a CAGR of 13% during the forecast period 2024-2033.

Europe region emerged as the largest market for travel insurance.

The market's growth will be influenced by the growing tourism industry.

Lack of awareness could hamper market growth.

Customization of travel insurance plans will provide huge opportunities to the market.

Key players are Allianz, AXA, American International Group Inc., American Express Company, Generali Group, Zurich Insurance Group AG, Chubb Ltd., Travel Insured International, Assicurazioni Generali S.P.A, and Travel Safe Insurance.

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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
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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 Type
          4.3.2. Market Attractiveness Analysis by End User
          4.3.3. Market Attractiveness Analysis by Distribution Channel
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Growing tourism industry
    5.3. Restraints
          5.3.1. Lack of awareness
    5.4. Opportunities
          5.4.1. Customization of travel insurance plans
    5.5. Challenges
          5.5.1. The lingering negative impact of the pandemic

6. Global Travel Insurance Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Single Trip Travel Insurance
    6.3. Multiple Trip Travel Insurance
    6.4. Extended Trip Travel Insurance

7. Global Travel Insurance Market Analysis and Forecast, By End User
    7.1. Segment Overview
    7.2. Family Travelers
    7.3. Business Travelers
    7.4. Education Travelers
    7.5. Senior Citizens
    7.6. Adventure Travelers

8. Global Travel Insurance Market Analysis and Forecast, By Distribution Channel
    8.1. Segment Overview
    8.2. Insurance Companies
    8.3. Insurance Intermediaries
    8.4. Insurance Brokers
    8.5. Insurance Aggregators
    8.6. Banks
    8.7. Others

9. Global Travel Insurance 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 Travel Insurance Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Travel Insurance 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. Allianz
          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. AXA
          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. American International Group 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. American Express Company
          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. Generali Group
          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. Zurich Insurance Group AG
          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. Chubb 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. Travel Insured International
          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. Assicurazioni Generali S.P.A
          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. Travel Safe Insurance
          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 Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

2. Global Single Trip Travel Insurance Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

3. Global Multiple Trip Travel Insurance Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

4. Global Extended Trip Travel Insurance Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

5. Global Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

6. Global Family Travelers Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

7. Global Business Travelers Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

8. Global Education Travelers Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

9. Global Senior Citizens Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

10. Global Adventure Travelers Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

11. Global Others Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

12. Global Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

13. Global Insurance Companies Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

14. Global Insurance Intermediaries Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

15. Global Insurance Brokers Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

16. Global Insurance Aggregators Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

17. Global Banks Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

18. Global Others Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

19. Global Travel Insurance Market, By Region, 2020-2033 (USD Billion) 

20. North America Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

21. North America Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

22. North America Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

23. U.S. Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

24. U.S. Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

25. U.S. Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

26. Canada Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

27. Canada Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

28. Canada Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

29. Mexico Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

30. Mexico Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

31. Mexico Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

32. Europe Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

33. Europe Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

34. Europe Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

35. Germany Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

36. Germany Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

37. Germany Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

38. France Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

39. France Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

40. France Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

41. U.K. Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

42. U.K. Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

43. U.K. Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

44. Italy Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

45. Italy Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

46. Italy Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

47. Spain Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

48. Spain Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

49. Spain Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

50. Asia Pacific Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

51. Asia Pacific Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

52. Asia Pacific Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

53. Japan Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

54. Japan Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

55. Japan Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

56. China Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

57. China Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

58. China Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

59. India Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

60. India Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

61. India Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

62. South America Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

63. South America Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

64. South America Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

65. Brazil Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

66. Brazil Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

67. Brazil Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

68. Middle East and Africa Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

69. Middle East and Africa Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

70. Middle East and Africa Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

71. UAE Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

72. UAE Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

73. UAE Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

74. South Africa Travel Insurance Market, By Type, 2020-2033 (USD Billion) 

75. South Africa Travel Insurance Market, By End User, 2020-2033 (USD Billion) 

76. South Africa Travel Insurance Market, By Distribution Channel, 2020-2033 (USD Billion) 

List of Figures 

1. Global Travel Insurance Market Segmentation

2. Travel Insurance 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 Travel Insurance Market Attractiveness Analysis by Type

9. Global Travel Insurance Market Attractiveness Analysis by End User

10. Global Travel Insurance Market Attractiveness Analysis by Distribution Channel

11. Global Travel Insurance Market Attractiveness Analysis by Region

12. Global Travel Insurance Market: Dynamics

13. Global Travel Insurance Market Share by Type (2023 & 2033)

14. Global Travel Insurance Market Share by End User (2023 & 2033)

15. Global Travel Insurance Market Share by Distribution Channel (2023 & 2033)

16. Global Travel Insurance Market Share by Regions (2023 & 2033)

17. Global Travel Insurance 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 travel insurance market based on below-mentioned segments:

Global Travel Insurance Market By Type:

  • Single Trip Travel Insurance
  • Multiple Trip Travel Insurance
  • Extended Trip Travel Insurance

Global Travel Insurance Market By End User:

  • Family Travelers
  • Business Travelers
  • Education Travelers
  • Senior Citizens
  • Adventure Travelers
  • Others

Global Travel Insurance Market By Distribution Channel:

  • Insurance Companies
  • Insurance Intermediaries
  • Insurance Brokers
  • Insurance Aggregators
  • Banks
  • Others

Global Travel Insurance 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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