Buy Now Pay Later Market

Buy Now Pay Later Market Size by Channel Type (Point-of-Sale (POS), & Online), Enterprise Type (Large Enterprise, & Small and Medium Enterprises), Application, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12702
  • Published Date: Mar, 2022
  • Pages: 238
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global buy now pay later market is expected to reach USD 39.99 billion by 2030, at a CAGR of 23.6% from 2022 to 2030. Buy now pay later market growth would be driven by the increasing demand for installment-based payments, rising adoption of alternate financing options by retailers & the convenient & affordable nature of the buy now pay later model.

Market Overview:

Budgeting is a part of every consumer household, a business entity, and the government. The purchases and the expenditures made by a consumer or the business are made after considering the available income & savings. Usually, the middle-class population cannot afford high-end appliances and luxury products given their low income and minuscule savings. Similarly, small and medium enterprises cannot buy capital-intensive machinery with their available revenue or cash flows. Buy now pay later (BNPL) allows the consumers and the small & medium enterprises to purchase out-of-budget items on a short-term financing basis. BNPL enables the consumer to pay for the item in small installments stretched over a period of time. The interest-free payments are an added benefit. The use of the buy now pay later short-term financing model increases affordability, gives instant access to credit, ensures a safe and secure transaction. The approval of BNPL is a simple procedure and offers transparency about the transactions. BNPL also has certain advantages over credit cards. Consumers need to have a good credit score. The approval standards are high, lowering the approval rates of credit cards. Hidden charges levied on credit cards make them expensive and repel potential customers. In contrast, BNPL has no pre-conditions about having a good credit history. It also has low-cost pricing, easier approval, and follows a transparent procedure. BNPL can be provided on a stand-alone basis for just one or two purchases if the consumer desires so. Businesses can use buy now pay later arrangements with their creditors, suppliers, or vendors, which allows businesses to purchase high-end equipment and machinery without straining the company's cash flows. The retailers who utilize this credit model can improve their sales and consumer base. It helps establish a long-term relationship between the retailer and consumers, which is good for the business. BNPL ensures steady cash flow even when the sales are down.

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Market Dynamics:

Drivers:
  • The rising demand for no EMI installment-based payments

The covid 19 pandemic increased unemployment rates and induced financial insecurity in the population. Pandemic induced lockdowns led to a change in consumer purchasing habits; consumers preferred purchases on credit, delayed payments, or small installments. These features allow the customers to spread on their expenses, which ensured financial security. The trend of deferred payments is anticipated to continue owing to interest-free repayment options, growing demand for high-end products by the millennial population, and an increasing number of retailers adopting the BNPL model.

Restraints:
  • High late fees on delayed repayment

As mentioned earlier, BNPL allows the consumer to purchase the item and pay for it in small installments over a period of time. The payment schedules are customized according to the purchased products. Defaulting on the payments attracts high late fees, which could hamper the growth of the market. BPNL has higher fees, 2%-6% of the purchased amount, making it a less attractive short-term financing option for customers with tight-monthly budgets. The short-term nature of BNPL payments does not help build the consumer's credit score. The perks attached to credit cards like cash backs and rewards are missing in the BNPL model.

Opportunities:
  • Increasing adoption by retailers

Online shopping witnessed a significant due to the covid 19 induced lockdowns. Online platforms enabled convenient and no-contact shopping. All purchases were made through online platforms. Online platforms provide no EMI payment options on purchases above a certain amount. This BNPL model is native to the e-commerce industry. With the e-commerce boom, there was an increase in online shoppers for high-end products. Online platforms were taking away the market share of brick-and-mortar players. To compete with the online distributing platforms, a growing number of retailers are adopting the buy now pay later model. BNPL is helping them increase the customer base as more people can now buy those products that were earlier out of their budget. The increase in customers, in turn, increases the sales of the retailers and gives them a competitive advantage. This process helps build trust with the customer and retain them for a long time.

Challenges:
  • Integration of BPNL is expensive

Integrating the BNPL model into the local checkout processes of the retailer requires specialized tools and technical expertise, which can be expensive. Small and medium retailers cannot afford the integration, leaving a potential customer base out of the market and hindering the market's growth.

Segmentation Analysis:

The global buy now pays later market has been segmented based on channel type, enterprise type, application, and regions.

  • The channel type segment is divided into point-of-sale (POS) & online. The online segment dominated the market, with a market share of around 52% in 2021. The buy now pay later model is native to the E-commerce industry. It has witnessed significant growth during the pandemic. It is well established and mature when compared to the point-of-sales segment.
  • The enterprise type segment is divided into large enterprise and small & medium enterprise. Over the forecast period, the small & medium enterprise segment is expected to grow at the fastest CAGR of 25.7%. The deployment of the buy now pay later model attracts more customers as it increases the affordability of high-end products and gives access to credit for the purchase. The expansion of the customer base increases the sales conversion rate, which is the primary and significant source of revenue for small & medium enterprises to stay afloat. To gain a competitive edge in the market, an increase in the adoption of BNPL by small & medium enterprises will contribute to the growth of this segment.
  • The application segment is divided into retail, consumer electronics, healthcare, leisure & entertainment, fashion & garment, and others. In 2021, the retail segment dominated the market, accounting for around 32% of global revenue. With increasing disposable income and rapid urbanization, the growing population will contribute significantly towards consumption demand. The increasing awareness about BNPL coupled with rising consumption can be attributed to the dominance of the retail segment in the BNPL market.
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 market for the global buy now pay later market, with a 34% share of the market revenue in 2021.

  • North America region currently dominates the buy now pay later market due to the extensive presence of major market players and developed digital economy with high-speed internet connectivity. The Asia Pacific region is expected to grow during the forecast period due to the rising inflation with an increasing credit-averse young population.

North America region Buy Now Pay Later Market Share in 2021 - 34%

 

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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 buy now pay later industry.

The buy now pay later market is growing extensively in India. BNPL is a well-established payment model in the clothing, travel & accommodation industries. Swiggy and Zomato, the prominent food delivery platforms, are exploring the application of BNPL in the food delivery market. With the extensive network of restaurants, the food delivery sector can provide lucrative opportunities for the BNPL market.

List of Key Market Players:

  • Affirm
  • Afterpay
  • Klarna
  • LatitutePay
  • Openpay
  • PayPal
  • Prepay Inc.
  • QuadPay Inc.
  • Sizzle
  • Splitit

Key Target Audience

  • Retailers
  • Healthcare Institutions
  • Market Players
  • Investors
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers

Report Description:

  • Global buy now pay later market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2021 is considered as the base year of the report. 2019 and 2020 are the historic years, and 2022 to 2030 are the forecast years. The global buy now pay later 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 buy now pay later 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 buy now pay later based on channel type, enterprise type, application, 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 buy now pay later 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 buy now pay later 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 buy now pay later 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 buy now pay later market was valued at USD 5.94 billion in 2021 to USD 39.99 billion by 2030.

Global buy now pay later market is growing at a CAGR of 23.6% during the forecast period 2022-2030.

The global buy now pay later market has been segmented based on channel type, enterprise type, application, and regions. The online segment led the market in 2021. The retail segment led the market in 2021.

North America region emerged as the largest market for the buy now pay later.

The market's growth will be influenced by the rising demand for no EMI instalment-based payments.

High late fees on delayed payment could hamper the market growth.

Increasing adoption by retailers of buy now pay later will provide huge opportunities to the market.

Key players are Affirm, Afterpay, Klarna, LatitutePay, Openpay, PayPal, Prepay Inc., QuadPay Inc., Sizzle, and Splitit.

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 Channel Type
          4.3.2. Market Attractiveness Analysis by Enterprise Type
          4.3.3. Market Attractiveness Analysis by Application
          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 rising demand for no EMI instalment-based payments
    5.3. Restraints
          5.3.1. High late fees on delayed repayment
    5.4. Opportunities
          5.4.1. Increasing adoption by retailers
    5.5. Challenges
          5.5.1. Integration of BNPL is expensive

6. Global Buy Now Pay Later Market Analysis and Forecast, By Channel Type
    6.1. Segment Overview
    6.2. Point-Of-Sales (POS)
    6.3. Online

7. Global Buy Now Pay Later Market Analysis and Forecast, By Enterprise Type
    7.1. Segment Overview
    7.2. Large Enterprise
    7.3. Small & Medium Enterprise

8. Global Buy Now Pay Later Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Retail
    8.3. Consumer Electronics
    8.4. Healthcare
    8.5. Leisure & Entertainment
    8.6. Fashion & Garment
    8.7. Others

9. Global Buy Now Pay Later 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 Buy Now Pay Later Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Buy Now Pay Later 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. Affirm
          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. Afterpay
          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. Klarna
          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. LatitudePay
          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. Openpay
          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. PayPal
          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. Prepay Inc.
          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. QuadPay Inc.
          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. Sizzle
          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. Splitit
          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 Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

2. Global Point-Of-Sales (POS) Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

3. Global Online Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

4. Global Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

5. Global Large Enterprise Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

6. Global Small & Medium Enterprise Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

7. Global Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

8. Global Retail Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

9. Global Consumer Electronics Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

10. Global Healthcare Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

11. Global Leisure & Entertainment Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

12. Global Fashion & Garment Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

13. Global Others Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

14. Global Buy Now Pay Later Market, By Region, 2019-2030 (USD Billion) 

15. North America Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

16. North America Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

17. North America Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

18. U.S. Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

19. U.S. Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

20. U.S. Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

21. Canada Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

22. Canada Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

23. Canada Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

24. Mexico Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

25. Mexico Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

26. Mexico Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

27. Europe Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

28. Europe Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

29. Europe Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

30. Germany Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

31. Germany Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

32. Germany Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

33. France Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

34. France Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

35. France Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

36. U.K. Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

37. U.K. Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

38. U.K. Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

39. Italy Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

40. Italy Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

41. Italy Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

42. Spain Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

43. Spain Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

44. Spain Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

45. Asia Pacific Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

46. Asia Pacific Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

47. Asia Pacific Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

48. Japan Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

49. Japan Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

50. Japan Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

51. China Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

52. China Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

53. China Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

54. India Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

55. India Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

56. India Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

57. South America Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

58. South America Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

59. South America Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

60. Brazil Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

61. Brazil Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

62. Brazil Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

63. Middle East and Africa Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

64. Middle East and Africa Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

65. Middle East and Africa Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

66. UAE Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

67. UAE Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

68. UAE Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

69. South Africa Buy Now Pay Later Market, By Channel Type, 2019-2030 (USD Billion) 

70. South Africa Buy Now Pay Later Market, By Enterprise Type, 2019-2030 (USD Billion) 

71. South Africa Buy Now Pay Later Market, By Application, 2019-2030 (USD Billion) 

List of Figures 

1. Global Buy Now Pay Later Market Segmentation

2. Buy Now Pay Later 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 Buy Now Pay Later Market Attractiveness Analysis by Channel Type

9. Global Buy Now Pay Later Market Attractiveness Analysis by Enterprise Type

10. Global Buy Now Pay Later Market Attractiveness Analysis by Application

11. Global Buy Now Pay Later Market Attractiveness Analysis by Region

12. Global Buy Now Pay Later Market: Dynamics

13. Global Buy Now Pay Later Market Share by Channel Type (2022 & 2030)

14. Global Buy Now Pay Later Market Share by Enterprise Type (2022 & 2030)

15. Global Buy Now Pay Later Market Share by Application (2022 & 2030)

16. Global Buy Now Pay Later Market Share by Regions (2022 & 2030)

17. Global Buy Now Pay Later Market Share by Company (2021)

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

Global Buy Now Pay Later Market By Channel Type:

  • Point-Of-Sale (POS)
  • Online

Global Buy Now Pay Later Market By Enterprise Type:

  • Large Enterprises
  • Small & Medium Enterprises

Global Buy Now Pay Later Market By Application:

  • Retail
  • Consumer Electronics
  • Healthcare
  • Leisure & Entertainment
  • Fashion & Garment
  • Others

Global Buy Now Pay Later 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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