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The global contact center software market was valued at USD 31.49 billion in 2022, which is anticipated to grow at a CAGR of 22.95% from 2023 to 2032. The use of cloud-based and virtual contact center solutions to improve business continuity is a significant factor in the market's expansion. In contact centers worldwide, the goal is to change the customer experience from a single interaction to a full journey of dependable and tailored contacts. At this point, contact center software is assisting companies in making sure that customers have a smooth experience across all communication channels. The market is expanding due to the significant emphasis that companies place on simplifying and personalizing client interactions.
Multi-channel and single-channel call centers benefit from contact center software's effective management of large volumes for outbound and incoming customer contacts. Customer interactions can take the form of phone calls, VoIP calls, live chats, faxes, emails, SMS/text messages, chatbot talks, and social media messages. The software's primary purposes include routing customer contacts to agents and reporting and tracking essential metrics related to customer interactions. This software allows businesses to communicate with their clients online without a PBX phone system on-site. It is affordable, simple to install and operate, and allows organizations greater visibility and control over their operations. With a focus on interactions between contact center personnel and clients, it assists in boosting a contact center's effectiveness and productivity. The primary purpose of the software is to assign customer contacts to agents, track essential metrics associated with those interactions, and report on those metrics. A contact center system is a technical solution that raises the effectiveness and productivity of a contact center by facilitating communication between customers and contact center staff. Companies worldwide are adopting work-from-home policies to cut down on the spread of viruses, which has prompted businesses to invest in contact center software to deliver smooth, high-quality services. With the use of this software, businesses may communicate with customers remotely. The need for contact center software is anticipated to rise as these technologies are more implemented due to the benefits of the software. The need for contact center software is anticipated to rise as these technologies are more implemented due to the benefits of the software. Because of globalization, businesses can communicate with clients who live worldwide. But as a result, managing the entire database and resolving every issue within the allotted time has become more difficult for the customer service department. Because of this, businesses are implementing cloud-based contact center solutions, which make it easier to centralize databases and enable them to efficiently carry out all operations connected to call routing, recording, customer engagement, customer satisfaction, and inquiry management. In the past decade, there has been a tremendous evolution in the interactions between businesses and their clients. Attracting new clients, keeping existing ones, and responding to their inquiries in a way that promotes organizational growth are currently the primary responsibilities of Customer Relationship Management (CRM) experts. Professionals can efficiently complete all of these tasks with contact center solutions, which also give customers the answers to their questions.
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A rising need for automated client services- The growing need for automated customer care services is one of the significant critical factors propelling the expansion of the contact center software market. Executives in charge of customer care also preserve deeper connections with consumers to produce long-term value for the company. Additionally, to guarantee brand loyalty, they must concentrate on keeping their current clientele. As a result, businesses choose automation to reduce the time spent responding to common customer questions and instead use that time to handle complex problems and engage with new clients. Artificial intelligence (AI) and machine learning technologies are being used by businesses on a larger scale to improve the consumer experience. For instance, social media management systems and chatbots powered by artificial intelligence (AI) can let clients quickly solve their problems. Robotic process automation (RPA) is anticipated to become an integral part of the contact center software market throughout the projection period. The customer retention rate of businesses adopting omnichannel contact center solutions was more significant than those of competitors. Companies offering omnichannel services had an average profit margin per customer that was much higher than other businesses. Additionally, customers place a high value on self-service options when rating their interactions with contact centers. These options enable them to find the solutions they're looking for quickly and on any device, whenever needed. A seamless communication experience across all devices is also made possible by simply integrating cloud-based technology with omnichannel contact center solutions. Automated contact centers using machine learning and artificial intelligence (AI) will account for more interactions at contact centers than human agents.
Inadequate average response time and poor initial call resolution- Low FCR (First Call Resolution) and high ASA (Average Speed of Answer) have several adverse effects on contact centers, including decreased customer and agent satisfaction, high abandonment rates, longer handle times, and higher contact center costs. While many contact center solution providers are taking numerous steps to guarantee that client inquiries are handled within the allotted time, there is still a sizable discrepancy between the number of incoming phone calls attended and the number of questions answered on the first call. The effectiveness of contact centers can be assessed using measures like ASA and FCR from contact centers. While customers' demands have steadily increased, businesses have struggled to deliver the needed customer care. Customers shouldn't wait more than 20 seconds in a call queue. With this in consideration, the ASA cannot exceed 20 seconds. Customer waiting times that are more than 20 seconds have a negative impact on call volume or the number of calls handled each day.
An increase in the popularity of cloud-based contact center solutions- Numerous businesses have adopted cloud-based contact centers in response to the increasing use of internet-based services. Agents can connect from any location and quickly access client information in real-time because of the flexibility provided by cloud-based solutions. Because agents are currently accessible from anywhere in the world due to cloud-based contact center solutions, they are no longer required to work full-time from an office location. Another benefit for businesses using cloud-based contact center services is improved system stability and secure solutions. Providers of contact center systems create an active infrastructure where the processing of end-use infrastructure occurs on two sites, thereby enhancing security.
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 contact center software market, with a 36.08% share of the market revenue in 2022.
Because most of the key players in the market are based in North America, the region led the global market in 2022. Furthermore, businesses in North American nations are investing heavily in cutting-edge technology like big data, analytics, and cloud platforms. Both large and small firms in the area are placing greater emphasis on boosting efficiency by optimizing outgoing and incoming operations. The quickly expanding e-commerce sector, associated with the more popular omnichannel approach to sales, is anticipated to further fuel the regional market expansion.
North America Region Contact Center Software Market Share in 2022 - 36.08%
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The solution segment is divided into call recording, customer collaboration, interactive voice responses (IVR), workforce optimization, automatic call distribution (ACD), dialer, computer telephony integration (CTI), and reporting & analytics. The interactive voice responses (IVR) segment dominated the market, with a market share of around 15.44% in 2022. Compared to traditional speech recognition software, interactive voice response solutions can interpret tones and dialects more accurately. Businesses can use interactive voice response (IVR) systems to connect callers to the appropriate departments or agents based on their specific needs. IVR solutions can also assist customers in resolving product-related questions independently rather than relying on customer service representatives. Contact centers with high call volumes frequently implement IVR solutions to handle several calls at once without making the callers' presence known to them.
The service segment is divided into support & maintenance, managed services, integration & deployment, and training & consulting. The integration & deployment segment dominated the market, with a market share of around 28.33% in 2022. It is due to the rising adoption of cloud-based contact center software solutions. Businesses worldwide are putting a lot of money into integrating various apps and technologies, like Customer Relationship Management (CRM), into their business operations, fueling the expansion of this market. A promising indicator for expanding the integration & deployment segment is the rising demand for business agility and quick cloud-based solution deployment.
The deployment segment is divided into on-premise and hosted. Throughout the projection, the hosted segment is expected to grow at the fastest CAGR of 24.86%. Because they can scale their services, cloud-based contact center solutions are preferred by businesses worldwide. Cloud-based solutions link agents and provide a secure intranet for staff collaboration and communication. Executives who use on-premise solutions would not be able to track the detailed information that cloud-based solutions are capable of providing about the agents and clients. Changing to cloud-based solutions can improve customer call answer rates by about 5% while lowering the average speed of answer (ASA) by as much as 50%.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 31.49 Billion |
| Market size value in 2032 | USD 248.57 Billion |
| CAGR (2023 to 2032) | 22.95% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Regional Segments | 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 | Solution, Service, Deployment |
As per The Brainy Insights, the size of the contact center software market was valued at USD 31.49 Billion in 2022 & USD 248.57 Billion by 2032.
Global contact center software market is growing at a CAGR of 22.95% during the forecast period 2023-2032.
North America region emerged as the largest market for the contact center software.
A rising need for automated client services is a significant driving factor for the growth of the contact center software market.
Inadequate average response time and poor initial call resolution are significant restraining factors for the growth of the contact center software market.
An increase in the popularity of cloud-based contact center solutions is a significant opportunity for the growth of the contact center software market.
Key players are ALE International, Amazon Web Services, Inc., Amtelco, Avaya Inc., Cisco Systems, Inc., Exotel Techcom Pvt. Ltd., Genesys, NEC Corp., Spok, Inc., Twilio Inc., Unify Inc., 8X8, Inc., among others.
1. Introduction
1.1. Objective 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 Solution
4.3.2. Market Attractiveness Analysis By Service
4.3.3. Market Attractiveness Analysis By Deployment
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. A rising need for automated client services
5.3. Restraints
5.3.1. Inadequate average response time and poor initial call resolution
5.4. Opportunities
5.4.1. An increase in the popularity of cloud-based contact center solutions
6. Global Contact Center Software Market Analysis and Forecast, By Solution
6.1. Segment Overview
6.2. Call Recording
6.3. Customer Collaboration
6.4. Interactive Voice Responses (IVR)
6.5. Workforce Optimization
6.6. Automatic Call Distribution (ACD)
6.7. Dialer
6.8. Computer Telephony Integration (CTI)
6.9. Reporting & Analytics
7. Global Contact Center Software Market Analysis and Forecast, By Service
7.1. Segment Overview
7.2. Support & Maintenance
7.3. Managed Services
7.4. Integration & Deployment
7.5. Training & Consulting
8. Global Contact Center Software Market Analysis and Forecast, By Deployment
8.1. Segment Overview
8.2. On-premise
8.3. Hosted
9. Global Contact Center Software 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 Contact Center Software Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Contact Center Software 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. ALE International
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. Amazon Web Services, 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. Amtelco
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. Avaya Inc.
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. Cisco Systems, 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. Exotel Techcom Pvt. Ltd.
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. Genesys
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. NEC Corp.
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. Spok, Inc.
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. Twilio Inc.
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
11.11. Unify Inc.
11.11.1. Business Overview
11.11.2. Company Snapshot
11.11.3. Company Market Share Analysis
11.11.4. Company Product Portfolio
11.11.5. Recent Developments
11.11.6. SWOT Analysis
11.12. 8X8, Inc.
11.12.1. Business Overview
11.12.2. Company Snapshot
11.12.3. Company Market Share Analysis
11.12.4. Company Product Portfolio
11.12.5. Recent Developments
11.12.6. SWOT Analysis
List of Table
1. Global Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
2. Global Call Recording, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
3. Global Customer Collaboration, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
4. Global Interactive Voice Responses (IVR), Contact Center Software Market, By Region, 2019-2032 (USD Billion)
5. Global Workforce Optimization, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
6. Global Automatic Call Distribution (ACD), Contact Center Software Market, By Region, 2019-2032 (USD Billion)
7. Global Dialer, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
8. Global Computer Telephony Integration (CTI), Contact Center Software Market, By Region, 2019-2032 (USD Billion)
9. Global Reporting & Analytics, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
10. Global Contact Center Software Market, By Service, 2019-2032 (USD Billion)
11. Global Support & Maintenance, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
12. Global Managed Services, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
13. Global Integration & Deployment, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
14. Global Training & Consulting, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
15. Global Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
16. Global On-premise, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
17. Global Hosted, Contact Center Software Market, By Region, 2019-2032 (USD Billion)
18. Global Contact Center Software Market, By Region, 2019-2032 (USD Billion)
19. North America Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
20. North America Contact Center Software Market, By Service, 2019-2032 (USD Billion)
21. North America Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
22. U.S. Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
23. U.S. Contact Center Software Market, By Service, 2019-2032 (USD Billion)
24. U.S. Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
25. Canada Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
26. Canada Contact Center Software Market, By Service, 2019-2032 (USD Billion)
27. Canada Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
28. Mexico Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
29. Mexico Contact Center Software Market, By Service, 2019-2032 (USD Billion)
30. Mexico Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
31. Europe Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
32. Europe Contact Center Software Market, By Service, 2019-2032 (USD Billion)
33. Europe Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
34. Germany Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
35. Germany Contact Center Software Market, By Service, 2019-2032 (USD Billion)
36. Germany Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
37. France Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
38. France Contact Center Software Market, By Service, 2019-2032 (USD Billion)
39. France Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
40. U.K. Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
41. U.K. Contact Center Software Market, By Service, 2019-2032 (USD Billion)
42. U.K. Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
43. Italy Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
44. Italy Contact Center Software Market, By Service, 2019-2032 (USD Billion)
45. Italy Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
46. Spain Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
47. Spain Contact Center Software Market, By Service, 2019-2032 (USD Billion)
48. Spain Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
49. Asia Pacific Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
50. Asia Pacific Contact Center Software Market, By Service, 2019-2032 (USD Billion)
51. Asia Pacific Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
52. Japan Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
53. Japan Contact Center Software Market, By Service, 2019-2032 (USD Billion)
54. Japan Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
55. China Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
56. China Contact Center Software Market, By Service, 2019-2032 (USD Billion)
57. China Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
58. India Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
59. India Contact Center Software Market, By Service, 2019-2032 (USD Billion)
60. India Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
61. South America Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
62. South America Contact Center Software Market, By Service, 2019-2032 (USD Billion)
63. South America Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
64. Brazil Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
65. Brazil Contact Center Software Market, By Service, 2019-2032 (USD Billion)
66. Brazil Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
67. Middle East and Africa Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
68. Middle East and Africa Contact Center Software Market, By Service, 2019-2032 (USD Billion)
69. Middle East and Africa Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
70. UAE Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
71. UAE Contact Center Software Market, By Service, 2019-2032 (USD Billion)
72. UAE Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
73. South Africa Contact Center Software Market, By Solution, 2019-2032 (USD Billion)
74. South Africa Contact Center Software Market, By Service, 2019-2032 (USD Billion)
75. South Africa Contact Center Software Market, By Deployment, 2019-2032 (USD Billion)
List of Figures
1. Global Contact Center Software Market Segmentation
2. Contact Center Software 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 Contact Center Software Market Attractiveness Analysis By Solution
9. Global Contact Center Software Market Attractiveness Analysis By Service
10. Global Contact Center Software Market Attractiveness Analysis By Deployment
11. Global Contact Center Software Market Attractiveness Analysis By Region
12. Global Contact Center Software Market: Dynamics
13. Global Contact Center Software Market Share by Solution (2023 & 2032)
14. Global Contact Center Software Market Share by Service (2023 & 2032)
15. Global Contact Center Software Market Share by Deployment (2023 & 2032)
16. Global Contact Center Software Market Share by Regions (2023 & 2032)
17. Global Contact Center Software Market Share by Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global contact center software market based on below mentioned segments:
Global Contact Center Software by Solution:
Global Contact Center Software by Service:
Global Contact Center Software by Deployment:
Global Contact Center Software by Region:
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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.
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Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
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:
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:
The demand side for the market is estimated through:
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:
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:
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:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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