Digital Human Avatar Market

Digital Human Avatar Market Size by Product Type (Interactive and Non-Interactive), Industry Vertical (BFSI, Retail, Automotive, Gaming, Entertainment, Education, Healthcare, IT and Telecommunications and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13549
  • Published Date: Jul, 2023
  • Pages: 236
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global digital human avatar market was valued at USD 5.40 billion in 2022 and grew at a CAGR of 40% from 2023 to 2032. The market is expected to reach USD 156.19 billion by 2032. The rising adoption of digital human avatars as brand ambassadors will drive the growth of the global digital human avatar market.

Market Introduction:

A digital avatar is a human-like virtual assistant. They can be based on an actual person or on can be created on a set of different parameters as per the user’s choice. They represent individuals in various virtual contexts like virtual meetings, classrooms, gaming rooms, etc. Avatars include digital humans, as these digital human avatars are created according to a specific set of requirements that meet the user's needs, objectives and goals. They have become highly popular after the introduction of the metaverse. They contribute to developing effective, productive and interactive virtual work and learning environments. They are also developed as a brand. They embody the company's goals, missions, objectives, and values. They are the face of the brand. They interact with customers to offer an engaging, effective, personalized service experience. Interactive kiosks with cameras in banks, malls, eateries, etc., are also examples of digital human avatars used in the real world. A human digital avatar is used in education, healthcare, retail, entertainment, gaming and utilities. They offer an interactive and engaging learning environment which can be customized according to the learner. They are highly sought after in customer services, given their real-time data collection, processing and dissipation of much-required information to solve problems. Their growing presence in the social media world has created a personalized interactive experience. Consistent innovations will propel the market's growth in the future. They are also highly used as brand ambassadors for campaigns, government policies, sports, and business and other entertainment events.

Digital Human Avatar Market Size

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Recent Development
  • March 2023 - X-Avatar is an expressive implicit human avatar model developed by a research team from ETH Zurich and Microsoft to accurately represent the human body and hand movements, expressions, and other physical characteristics. 3D posed scans and RGB-D pictures are the two inputs that X-Avatar allows processing on. A human model described by articulated neural implicit surfaces captures the varied topology of clothed individuals. At the same time, a novel part-aware initialization method considerably increases the output quality by raising the sampling rate for smaller body parts.
  • June 2023 - NTT Communications, a Japanese company, unveiled an initiative named "Open Hub" to showcase its most recent accomplishment. This project addresses declining labour force, skill succession, and various work styles. NTT Com has created a talking avatar with a human-like face named "CONN" using digital human technology.. The word "CONNECT," which describes a link between numerous persons, is whence the name was derived. AI-generated her motion and speech. Ms Conn will appear at occasions, performances, business gatherings, and retail stores.
  • November 2022 - Ogilvy announced the opening of Reality, a "lab" for digital experiences devoted to exploring and developing new uses for technologies like AR, VR, and NFT. The firm will concentrate on three main areas: augmented Reality (AR), "synthetic experiences," which include brand avatars and virtual people, and "decentralized experiences," which include NFT design and web3 applications. With this statement, Ogilvy becomes the second network agency to invest significantly in creating virtual brand avatars.

Market Dynamics:

Drivers

The growing adoption of digital human avatars for brand representation – The consumer base of any company is a priority for them; therefore, each brand invests heavily in improving its customer management services. Additionally, branding, marketing and advertising are vital to revenue generation, which is why they are constantly evolving. The automation and digitization of economies have led to the growing adoption of digital human avatars for customer support services, brand imaging, advertising and marketing. Brands usually create and develop a digital human avatar that embodies the brand's image, values, goals, missions and objectives. These avatars become synonymous with their brands, and customers start associating them with the brand. The digital avatars enable an interactive, engaging and fast customer management service. They can process real-time data and offer optimum solutions to consumers, thereby personalizing their experience effectively. Therefore, brands' growing adoption of digital human avatars to improve their branding and customer services will drive the market’s growth.

Restraints:

The high costs of development The development of digital human avatars is a high-end, high-value, sophisticated process which is capital intensive. Large enterprises can leverage their capital strength and invest in developing their digital human avatars, unlike small enterprises. The lack of funds restricts the growth of both small enterprises and well as the potential growth of the global digital human avatar market. the high maintenance and integration costs will also limit the market's growth.

Opportunities:

The advancements in novel technologies like AI The technological advancements and radical development in artificial intelligence have propelled the growth of the human digital avatar market. The advancements have enabled the creation of virtual assistants like virtual teachers in the education sector. These digital human avatars promote an engaging and interactive learning experience at learners' pace and can be customized for the user's comfort. Similarly, they are used in healthcare for medical training and simulation purposes, improving teaching and learning experiences. They are being used in retail for more engaging and personalized customer experiences. Therefore, the advancements in novel technologies like AI will widen the scope of applications for digital human avatars and propel the market's growth in the forecast future.

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 most significant global digital human avatar market, with a 37% market revenue share in 2022.

The United States of America leads the regional market, given the technologically advanced market of the country. They lead novel technologies, including AI, machine learning, and AR. The leading developers and investors of the metaverse are headquartered in the region, thereby driving innovation and propelling the market’s growth. the well-established, networked and matured ICT infrastructure enables faster adoption of digital human avatars in the market. the rising research and development expenditure will augment the market’s growth.

North America Region Digital Human Avatar Market Share in 2022 - 37%

 

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  • March 2023 - NVIDIA offers creators and developers real-time AI solutions through the Omniverse Avatar Cloud Engine (ACE), a collection of cloud-native microservices for the end-to-end production of interactive avatars. NVIDIA is developing updates with early-access partners that will give users the resources they need to quickly design and deploy a variety of avatars, from interactive chatbots to smart digital humans.. Users of Omniverse ACE can now easily incorporate NVIDIA AI into their programmes, using Riva for voice AI, the NeMo service for NLU, and Omniverse Audio2Face or Live Portrait for 2D and 3D character animation driven by AI.
Product type Segment Analysis

The product type segment is divided into interactive and non-interactive. The interactive segment dominated the market, with a market share of around 53% in 2022. An interactive human avatar is a virtual embodiment of a real human or an imaginary person created according to user preferences or to perform a specific set of functions. They collect data on a real-time basis, process it and then respond accordingly to resolve user queries. They are used by businesses in their customer management support services. They are also used to participate in games, board rooms, meetings, entertainment, and social media spaces. Technological advancements have made iterative digital human avatars real-life-like representations that have captured the user's physical, behavioural and psychological nature with higher accuracy than earlier. They also enable individuals to express themselves creatively and create personalities that represent them or someone completely else. They have many applications in retail, education, healthcare, entertainment, ICT etc. The rising research and development expenditure is expected to propel the segment's growth in the forecast period.  

  • March 2023 - For a Hong Kong marketing campaign to advertise Huawei Technologies Co.'s laptops and cellphones, Pantheon Lab built digital human ambassadors. It created a virtual representative for the Hong Kong-based meme-sharing website 9GAG in late 2021. Pantheon Lab employs face-shifting and lip-syncing technology to make the digital human avatars look as realistic as possible. This technology is based on the generative adversarial network, a machine learning framework for producing synthetic data. Pantheon Lab has also integrated GPT-3, a language understanding and generating model created by US business Open AI that was the forerunner of ChatGPT for its digital humans with chat features.
Industry Vertical Segment Analysis

The industry vertical segment is divided into BFSI, retail, automotive, gaming, entertainment, education, healthcare, IT and Telecommunications and others. The BFSI segment dominated the market, with a market share of around 30% in 2022. The banking, financial services and insurance sector primarily utilise digital human avatars in customer relationship management services. These institutions have their digital avatar that represents their brand and its values. The avatar is an embodiment of the institutions. These avatars help BFSI institutions solve customer queries in real time, offering efficient, personalized and seamless customer service. They use it for advertising and promotion of their services as well. The automation and digitization of BFSI are driving the adoption of digital human avatars in the sector. They are also used for educational purposes to create awareness among customers.

Some of the Key Market Players:
  • Alibaba Group Holding Limited
  • Epic Games, Inc.
  • HOUR ONE AI
  • iFLYTEK Corporation
  • Inworld AI
  • Meta Platforms, Inc.
  • Microsoft Corporation
  • Offbeat Media Group
  • Soul Machines
  • Ziva Dynamics

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 5.40 Billion
Market size value in 2032 USD 156.19 Billion
CAGR (2023 to 2032) 40%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
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 Product Type and Industry Vertical

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global digital human avatar market was valued at USD 5.40 billion in 2022 to USD 156.19 billion by 2032.

Global digital human avatar market is growing at a CAGR of 40% during the forecast period 2023-2032.

The market's growth will be influenced by the growing adoption of digital human avatars for brand representation.

The high costs of development could hamper the market growth.

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

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Product Type
          4.3.2. Market Attractiveness Analysis By Industry Vertical
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The growing adoption of digital human avatars for brand representation
    5.3. Restraints
          5.3.1. The high costs of development
    5.4. Opportunities
          5.4.1. The development of novel technologies like AI, API, and IoT
    5.5. Challenges
          5.5.1. The growing ethical concerns

6. Global Digital Human Avatar Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Interactive
    6.3. Non-Interactive

7. Global Digital Human Avatar Market Analysis and Forecast, By Industry Vertical
    7.1. Segment Overview
    7.2. BFSI
    7.3. Retail
    7.4. Automotive
    7.5. Gaming
    7.6. Entertainment
    7.7. Education
    7.8. Healthcare
    7.9. IT and Telecommunications
    7.10. Others

8. Global Digital Human Avatar Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Digital Human Avatar Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Digital Human Avatar Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. Alibaba Group Holding Limited
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Epic Games, Inc.
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. HOUR ONE AI
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. iFLYTEK Corporation
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Inworld AI
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. Meta Platforms, Inc.
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Microsoft Corporation
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Offbeat Media Group
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Soul Machines
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. Ziva Dynamics
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Product Type Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis

List of Table

1. Global Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Interactive Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

3. Global Non-Interactive Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

4. Global Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

5. Global BFSI Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

6. Global Retail Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

7. Global Automotive Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

8. Global Gaming Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

9. Global Entertainment Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

10. Global Education Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

11. Global Healthcare Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

12. Global IT and Telecommunications Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

13. Global Others Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

14. Global Digital Human Avatar Market, By Region, 2019-2032 (USD Billion) 

15. North America Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

16. North America Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

17. U.S. Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

18. U.S. Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

19. Canada Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

20. Canada Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

21. Mexico Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

22. Mexico Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

23. Europe Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

24. Europe Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

25. Germany Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

26. Germany Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

27. France Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

28. France Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

29. U.K. Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

30. U.K. Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

31. Italy Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

32. Italy Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

33. Spain Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

34. Spain Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

35. Asia Pacific Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

36. Asia Pacific Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

37. Japan Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

38. Japan Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

39. China Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

40. China Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

41. India Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

42. India Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

43. South America Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

44. South America Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

45. Brazil Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

46. Brazil Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

47. Middle East and Africa Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

48. Middle East and Africa Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

49. UAE Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

50. UAE Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

51. South Africa Digital Human Avatar Market, By Product Type, 2019-2032 (USD Billion) 

52. South Africa Digital Human Avatar Market, By Industry Vertical, 2019-2032 (USD Billion) 

List of Figures 

1. Global Digital Human Avatar Market Segmentation

2. Digital Human Avatar 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 Digital Human Avatar Market Attractiveness Analysis By Product Type

9. Global Digital Human Avatar Market Attractiveness Analysis By Industry Vertical

10. Global Digital Human Avatar Market Attractiveness Analysis By Region

11. Global Digital Human Avatar Market: Dynamics

12. Global Digital Human Avatar Market Share by Product Type (2022 & 2032)

13. Global Digital Human Avatar Market Share by Industry Vertical (2022 & 2032)

14. Global Digital Human Avatar Market Share by Regions (2022 & 2032)

15. Global Digital Human Avatar 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 digital human avatar market based on below mentioned segments:

Global Digital Human Avatar Market by Product Type:

  • Interactive
  • Non-Interactive

Global Digital Human Avatar Market by Industry Vertical:

  • BFSI
  • Retail
  • Automotive
  • Gaming
  • Entertainment
  • Education
  • Healthcare
  • IT and Telecommunications
  • Others

Global Digital Human Avatar 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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