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Conversational AI Market

Conversational AI Market Size by Deployment Mode (On-premises, Cloud-based), by End-user Industry (BFSI, Retail, E-Commerce, Healthcare & Life Science, Media and Entertainment, Education, and others), by Type (Chatbots, Intelligent Virtual Assistant (IVA)), by Technology (Natural Language Processing (NLP), Machine Learning & Deep Learning, Automatic Speech Recognition), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14002
  • Published Date: Jan, 2024
  • Pages: 237
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global Conversational AI market was valued at USD 8.5 billion in 2023 and growing at a CAGR of 24% from 2024 to 2033. The market is expected to reach USD 73.05 billion by 2033. Increased demand for AI-powered digital experience and increasing need for customer engagement drive the growth of the Conversational AI Market. Whereas, the introduction of generative models in AI and an advancement toward natural language processing may drive the growth of the Conversational AI Market in the period forecasted.

Market Introduction:

Conversational AI is an artificial intelligence technology designed to facilitate formal or informal one-on-one interactions with users. Its primary aim is to improve the flow and understanding of conversations, allowing it to grasp human thoughts, tackle intricate problems, and deliver the necessary outcomes and ultimate solutions to users in a seamless manner.

Conversational AI takes various types such as Chatbots and Intelligent Virtual Assistants (IVA) to better comprehend users' problems and provide output as per requirements in an easy and comprehensible manner. Further, Conversational AI uses various technologies to understand its users, Natural Language Processing (NLP), Machine Learning & Deep Learning and Automatic Speech Recognition are some of its advancements.

Conversational AI Market Size

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Recent Development
  • In February 2023, Open AI introduced an AI Tool Chat GPT. A conversational tool that is not only capable of solving day-to-day functional tasks but also helps the client solve their professional tasks, interacting with them like humans, and responding to them with anything they want.
  • In February, Google launched a new conversational AI tool “Bard”. The primary motto of this launch was to bring Google’s AI excellence and the human capability of massive language models under one umbrella.
  • In January 2023, Microsoft launched Azure AI Service. The primary aim of this launch was to enhance grade capabilities and build enterprise cutting-edge solutions for its ultimate clients. This in turn will help Microsoft enhance its employee productivity thereby boosting the organization's goals in the period forecasted

Market Dynamics:

Drivers

Increased demand for AI-powered digital experience – Conversational AI is increasingly becoming most empowered technology to boost digital experience. Users, across the globe, are exponentially using Conversational AI to engage with brands and other organizations on a larger scale. For this, the majority of the end-user industries are also using this technology to boost their presence across the globe and streamline their user engagement to a huge extent

Restraints:

Threat towards data breach and data security- One major threat that might hamper the growth of Conversational AI in the market is data security and data breach. Malware, phishing, cache hindrance, and ransomware are some of the major threats that may be used in employee personification. Which, in turn, may harm the organization’s credibility and lack of security issues with the organization.

Opportunities:

Introduction of generative models in AI- Conversational AI has widened the scope for almost all IT tech firms, where the developers can copy the codes to save their time and increase their productivity thereby focusing on multiple tasks simultaneously and enhancing their speed and efficiency. Thus, higher use of generative models may boost Conversational AI’s growth in the period forecasted.

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 Conversational AI market, accounting for 27.5% of the total market. Owing to increasing demand for Voice-based searches, increased demand for smartphones, and the highest penetration of various market players have propelled the growth of Conversational AI in the region. Whereas, Asia Pacific accounts for the highest growth rate in the market (18.7%), owing to an increased rate of technical experts in the region.

Asia Pacific Region Conversational AI Market Share in 2023 - 29.5%

 

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Deployment Segment Analysis

Cloud has dominated the market accounting for 38% of the total market. Rising demand for storing larger data and data files in the organization and better comprehension of the current market trends within the industry has played a pivotal role in the growth of the market in the period forecasted.

End-User Industry Segment Analysis

The E-Commerce segment has dominated the Conversational AI market with a market share of 24% in 2023. It is also expected to be the fastest-growing segment across the globe. Owing to the increased adoption of Chatbots and Virtual assistants to provide 24*7 service to its services.

Type Segment Analysis

The Chatbot segment has dominated the Conversational AI market and happens to be the fastest-growing segment within the market. It has acquired the market share of 25% in 2023. Owing to ease of use and increased adoption in a variety of End-User Industries

Technology Segment Analysis

NLP has dominated the Conversational AI market. Thereby acquiring 48% of the revenue in the global market in the year 2023. Breakthroughs in technology have constantly helped organizations to thrive in the market and comprehend complex user problems in more effortless ways.

Some of the Key Market Players:
  • Artificial Solutions
  • Baidu
  • IBM Corporation
  • Amazon Web Sevices Inc
  • Oracle Corporation
  • Google LLC
  • SAP SE
  • Microsoft Corporation
  • OpenAI
  • Kore.ai

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 8.5 Billion
Market size value in 2033 USD 73.05 Billion
CAGR (2024 to 2033) 24%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Type, End-User Industry

Frequesntly Asked Questions

As per The Brainy Insights, the size of the conversational AI market was valued at USD 8.5 billion in 2023 to USD 73.05 billion by 2033.

The global conversational AI market is growing at a CAGR of 24% during the forecast period 2024-2033.

The Asia Pacific region emerged as the largest market for the Conversational AI.

The increased demand for AI-powered digital experience will influence the market's growth.

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  • 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 Deployment Mode
          4.3.2. Market Attractiveness Analysis by End-User Industry
          4.3.3. Market Attractiveness Analysis by Type
          4.3.4. Market Attractiveness Analysis by Technology
          4.3.5. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increased demand for AI-powered digital experience
          5.2.2. Increasing need for customer engagement
    5.3. Restraints
          5.3.1. Threat towards data breach and data security
    5.4. Opportunities
          5.4.1. Introduction of generative models in AI
          5.4.2. Advancement towards natural language processing
    5.5. Challenges
          5.5.1. Threat of disclosing sensitive information

6. Global Conversational AI Market Analysis and Forecast, By Deployment Mode
    6.1. Segment Overview
    6.2. On-premises
    6.3. Cloud-based

7. Global Conversational AI Market Analysis and Forecast, By End-User Industry
    7.1. Segment Overview
    7.2. BFSI
    7.3. Retail
    7.4. E-Commerce
    7.5. Healthcare & Life Science
    7.6. Media and Entertainment
    7.7. Education
    7.8. Others

8. Global Conversational AI Market Analysis and Forecast, By Type
    8.1. Segment Overview
    8.2. Chatbots
    8.3. Intelligent Virtual Assistant (IVA)

9. Global Conversational AI Market Analysis and Forecast, By Technology
    9.1. Segment Overview
    9.2. Natural Language Processing (NLP)
    9.3. Machine Learning & Deep Learning
    9.4. Automatic Speech Recognition

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

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

12. Company Profiles
    12.1. Artificial Solutions
          12.1.1. Business Overview
          12.1.2. Company Snapshot
          12.1.3. Company Market Share Analysis
          12.1.4. Company Product Portfolio
          12.1.5. Recent Developments
          12.1.6. SWOT Analysis
    12.2. Baidu
          12.2.1. Business Overview
          12.2.2. Company Snapshot
          12.2.3. Company Market Share Analysis
          12.2.4. Company Product Portfolio
          12.2.5. Recent Developments
          12.2.6. SWOT Analysis
    12.3. IBM Corporation
          12.3.1. Business Overview
          12.3.2. Company Snapshot
          12.3.3. Company Market Share Analysis
          12.3.4. Company Product Portfolio
          12.3.5. Recent Developments
          12.3.6. SWOT Analysis
    12.4. Amazon Web Services Inc
          12.4.1. Business Overview
          12.4.2. Company Snapshot
          12.4.3. Company Market Share Analysis
          12.4.4. Company Product Portfolio
          12.4.5. Recent Developments
          12.4.6. SWOT Analysis
    12.5. Oracle Corporation
          12.5.1. Business Overview
          12.5.2. Company Snapshot
          12.5.3. Company Market Share Analysis
          12.5.4. Company Product Portfolio
          12.5.5. Recent Developments
          12.5.6. SWOT Analysis
    12.6. Google LLC
          12.6.1. Business Overview
          12.6.2. Company Snapshot
          12.6.3. Company Market Share Analysis
          12.6.4. Company Product Portfolio
          12.6.5. Recent Developments
          12.6.6. SWOT Analysis
    12.7. SAP SE
          12.7.1. Business Overview
          12.7.2. Company Snapshot
          12.7.3. Company Market Share Analysis
          12.7.4. Company Product Portfolio
          12.7.5. Recent Developments
          12.7.6. SWOT Analysis
    12.8. Microsoft Corporation
          12.8.1. Business Overview
          12.8.2. Company Snapshot
          12.8.3. Company Market Share Analysis
          12.8.4. Company Product Portfolio
          12.8.5. Recent Developments
          12.8.6. SWOT Analysis
    12.9. OpenAI
          12.9.1. Business Overview
          12.9.2. Company Snapshot
          12.9.3. Company Market Share Analysis
          12.9.4. Company Product Portfolio
          12.9.5. Recent Developments
          12.9.6. SWOT Analysis
    12.10. Kore.ai
          12.10.1. Business Overview
          12.10.2. Company Snapshot
          12.10.3. Company Market Share Analysis
          12.10.4. Company Product Portfolio
          12.10.5. Recent Developments
          12.10.6. SWOT Analysis
 

List of Table

1. Global Conversational AI Market, By Deployment Mode, 2020-2033(USD Billion)

2. Global On-premises, Conversational AI Market, By Region, 2020-2033(USD Billion) 

3. Global Cloud-based, Conversational AI Market, By Region, 2020-2033(USD Billion)

4. Global Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

5. Global BFSI, Conversational AI Market, By Region, 2020-2033(USD Billion)

6. Global Retail, Conversational AI Market, By Region, 2020-2033(USD Billion)

7. Global E-Commerce, Conversational AI Market, By Region, 2020-2033(USD Billion)

8. Global Healthcare & Life Science, Conversational AI Market, By Region, 2020-2033(USD Billion)

9. Global Media and Entertainment, Conversational AI Market, By Region, 2020-2033(USD Billion)

10. Global Education, Conversational AI Market, By Region, 2020-2033(USD Billion)

11. Global Others, Conversational AI Market, By Region, 2020-2033(USD Billion)

12. Global Conversational AI Market, By Type, 2020-2033(USD Billion)

13. Global Chatbots, Conversational AI Market, By Region, 2020-2033(USD Billion) 

14. Global Intelligent Virtual Assistant (IVA), Conversational AI Market, By Region, 2020-2033(USD Billion)

15. Global Conversational AI Market, By Technology, 2020-2033(USD Billion)

16. Global Natural Language Processing (NLP), Conversational AI Market, By Region, 2020-2033(USD Billion) 

17. Global Machine Learning & Deep Learning, Conversational AI Market, By Region, 2020-2033(USD Billion)

18. Global Automatic Speech Recognition, Conversational AI Market, By Region, 2020-2033(USD Billion)

19. North America Conversational AI Market, By Deployment, 2020-2033(USD Billion)

20. North America Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

21. North America Conversational AI Market, By Type, 2020-2033(USD Billion)

22. North America Conversational AI Market, By Technology, 2020-2033(USD Billion)

23. U.S. Conversational AI Market, By Deployment, 2020-2033(USD Billion)

24. U.S. Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

25. U.S. Conversational AI Market, By Type, 2020-2033(USD Billion)

26. U.S. Conversational AI Market, By Technology, 2020-2033(USD Billion)

27. Canada Conversational AI Market, By Deployment, 2020-2033(USD Billion)

28. Canada Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

29. Canada Conversational AI Market, By Type, 2020-2033(USD Billion)

30. Canada Conversational AI Market, By Technology, 2020-2033(USD Billion)

31. Mexico Conversational AI Market, By Deployment, 2020-2033(USD Billion)

32. Mexico Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

33. Mexico Conversational AI Market, By Type, 2020-2033(USD Billion)

34. Mexico Conversational AI Market, By Technology, 2020-2033(USD Billion)

35. Europe Conversational AI Market, By Deployment, 2020-2033(USD Billion)

36. Europe Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

37. Europe Conversational AI Market, By Type, 2020-2033(USD Billion)

38. Europe Conversational AI Market, By Technology, 2020-2033(USD Billion)

39. Germany Conversational AI Market, By Deployment, 2020-2033(USD Billion)

40. Germany Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

41. Germany Conversational AI Market, By Type, 2020-2033(USD Billion)

42. Germany Conversational AI Market, By Technology, 2020-2033(USD Billion)

43. France Conversational AI Market, By Deployment, 2020-2033(USD Billion)

44. France Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

45. France Conversational AI Market, By Type, 2020-2033(USD Billion)

46. France Conversational AI Market, By Technology, 2020-2033(USD Billion)

47. U.K. Conversational AI Market, By Deployment, 2020-2033(USD Billion)

48. U.K. Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

49. U.K. Conversational AI Market, By Type, 2020-2033(USD Billion)

50. U.K. Conversational AI Market, By Technology, 2020-2033(USD Billion)

51. Italy Conversational AI Market, By Deployment, 2020-2033(USD Billion)

52. Italy Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

53. Italy Conversational AI Market, By Type, 2020-2033(USD Billion)

54. Italy Conversational AI Market, By Technology, 2020-2033(USD Billion)

55. Spain Conversational AI Market, By Deployment, 2020-2033(USD Billion)

56. Spain Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

57. Spain Conversational AI Market, By Type, 2020-2033(USD Billion)

58. Spain Conversational AI Market, By Technology, 2020-2033(USD Billion)

59. Asia Pacific Conversational AI Market, By Deployment, 2020-2033(USD Billion)

60. Asia Pacific Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

61. Asia Pacific Conversational AI Market, By Type, 2020-2033(USD Billion)

62. Asia Pacific Conversational AI Market, By Technology, 2020-2033(USD Billion)

63. Japan Conversational AI Market, By Deployment, 2020-2033(USD Billion)

64. Japan Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

65. Japan Conversational AI Market, By Type, 2020-2033(USD Billion)

66. Japan Conversational AI Market, By Technology, 2020-2033(USD Billion)

67. China Conversational AI Market, By Deployment, 2020-2033(USD Billion)

68. China Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

69. China Conversational AI Market, By Type, 2020-2033(USD Billion)

70. China Conversational AI Market, By Technology, 2020-2033(USD Billion)

71. India Conversational AI Market, By Deployment, 2020-2033(USD Billion)

72. India Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

73. India Conversational AI Market, By Type, 2020-2033(USD Billion)

74. India Conversational AI Market, By Technology, 2020-2033(USD Billion)

75. South America Conversational AI Market, By Deployment, 2020-2033(USD Billion)

76. South America Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

77. South America Conversational AI Market, By Type, 2020-2033(USD Billion)

78. South America Conversational AI Market, By Technology, 2020-2033(USD Billion)

79. Brazil Conversational AI Market, By Deployment, 2020-2033(USD Billion)

80. Brazil Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

81. Brazil Conversational AI Market, By Type, 2020-2033(USD Billion)

82. Brazil Conversational AI Market, By Technology, 2020-2033(USD Billion)

83. Middle East and Africa Conversational AI Market, By Deployment, 2020-2033(USD Billion)

84. Middle East and Africa Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

85. Middle East and Africa Conversational AI Market, By Type, 2020-2033(USD Billion)

86. Middle East and Africa Conversational AI Market, By Technology, 2020-2033(USD Billion)

87. UAE Conversational AI Market, By Deployment, 2020-2033(USD Billion)

88. UAE Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

89. UAE Conversational AI Market, By Type, 2020-2033(USD Billion)

90. UAE Conversational AI Market, By Technology, 2020-2033(USD Billion)

91. South Africa Conversational AI Market, By Deployment, 2020-2033(USD Billion)

92. South Africa Conversational AI Market, By End-User Industry, 2020-2033(USD Billion)

93. South Africa Conversational AI Market, By Type, 2020-2033(USD Billion)

94. South Africa Conversational AI Market, By Technology, 2020-2033(USD Billion) 

List of Figures 

1. Global Conversational AI Market Segmentation

2. Global Conversational AI 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 Conversational AI Market Attractiveness Analysis by Deployment

9. Global Conversational AI Market Attractiveness Analysis by End-User Industry

10. Global Conversational AI Market Attractiveness Analysis by Type

11. Global Conversational AI Market Attractiveness Analysis by Technology

12. Global Conversational AI Market Attractiveness Analysis by Region

13. Global Conversational AI Market: Dynamics

14. Global Conversational AI Market Share by Deployment (2024 & 2033)

15. Global Conversational AI Market Share by End-User Industry (2024 & 2033)

16. Global Conversational AI Market Share by Type (2024 & 2033)

17. Global Conversational AI Market Share by Technology (2024 & 2033)

18. Global Conversational AI Market Share by Regions (2024 & 2033)

19. Global Conversational AI 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 conversational AI market based on below-mentioned segments:

Global Conversational AI Market by Deployment Mode:

  • On-Premises
  • Cloud-Based

Global Conversational AI Market by End-User Industry:

  • BFSI
  • Retail
  • E-Commerce
  • Healthcare & Life Science
  • Media & Entertainment
  • Education
  • Others

Global Conversational AI Market by Type:

  • Chatbots
  • Intelligent Virtual Assistant (IVA)

Global Conversational AI Market by Technology:

  • Natural Language Processing (NLP)
  • Machine Learning & Deep Learning
  • Automatic Speech Recognition

Global Conversational AI 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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