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Digital Transaction Management Market

Digital Transaction Management Market Size by Component (Solutions and Services), Application (Retail, Healthcare, IT and Telecommunications, Manufacturing, BFSI, Travel and Transportation, Government and Others), End User (Large Enterprises and Small and Medium Enterprises), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13741
  • Published Date: Oct, 2023
  • Pages: 239
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global digital transaction management market was valued at USD 10 billion in 2022 and grew at a CAGR of 25% from 2023 to 2032. The market is expected to reach USD 93.13 billion by 2032. The increasing demand for business automation will drive the growth of the global digital transaction management market.

Market Introduction:

The electronic transmission of funds might be referred to as a digital transaction. It is a practical type of money transfer technology that transfers money straight from one account to another. Digital transaction management makes it possible for these digital transactions to happen safely, securely, quickly, and securely. A cloud computing service called "Digital Transaction Management" enables users to manage document-based transactions digitally securely. Additionally, it controls the transactions to enhance service provision. To provide faster, simpler, more streamlined, and more secure operations, it tries to remove the friction in interactions between people, written documents, and digital data. Advanced capabilities for electronic signatures, workflow management tools that automate document-based procedures, and flexible infrastructure integration are all features that a perfect digital transaction management system would have. They can assist organizations in saving time and money by doing away with the requirement for paper documentation and labour-intensive manual procedures. Human error is decreased, and digital transactions increase client satisfaction.

Digital Transaction Management Market Size

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Recent Development
  • June 2023 - As the world's first choreographer of secure digital transactions, TrustCloud has fearlessly evolved. The opportunities that choreography presents have been recognized, explored, and tested by TrustCloud, especially its agility, flexibility, and technology neutrality, which are essential for securing trust-based digital transactions. Their platform's expansion follows their clients' digital and process transformation plans, focusing on a few important areas without ignoring the importance of each client's individuality and specific requirements. Managing large-scale applications using choreography has proven effective and secure, making it suitable for our institutions' international operations.

Market Dynamics:

Drivers

The increasing automation and digitization of businesses – The transformative changes in the contemporary world are associated with the increasing digitization and automation of businesses. The increasing ownership of smart connected devices, increased internet accessibility and penetration, advancement in internet technologies and wider coverage through better IT infrastructure have paved the way for automation of everyday services or businesses. The automation improves operational efficiency, workflow, database management, speed, safety, security, and accessibility and cuts costs. More and more businesses are going online and improving their digital infrastructure to automate all paperwork and other document-related transactions to improve customer experience. The demand from customers for safe, secure and fast digital transaction systems, given their convenience, has prompted more businesses to adopt digital transaction management. Therefore, increasing business automation and digitisation will drive the growth of the global digital transaction management market.

Restraints:

The risk of cyberattacks increases with automation – The growing digitization and automation expose the company or user assets, information, and other confidential credentials to cyberattacks. The vulnerability of cyberattacks is higher in a virtual or digital space. Even the most advanced technologies adopted by MNCs to protect their users have fallen prey to cyberattacks at some level in the recent past. The absence of robust regulatory cooperation to monitor the ever-growing digital space internationally increases the risk of cyberattacks. Therefore, the increasing risk of cyberattacks will limit the market's growth.

Opportunities:

The introduction of new, more safe and secure technologies – the risk of cyberattacks and other digital frauds are obstacles to the growth of the global digital transaction management market. The increasing investment towards developing more secure and enhanced technologies to protect consumer and business interests will bode well for the market. For instance, integrating blockchain technology across core healthcare, commerce, telecommunications, etc. sectors to offer a safe, secure, transparent and seamless transaction or document management will drive the market's growth during the forecast period.

  • September 2023 - In two 2023 GlobeTM Reports, including the Globe for Workflow and Content Automation and the Globe for Digital Transaction Management, Conga, the industry pioneer in Revenue Lifecycle Management solutions, announced that it has been positioned as a "Leader" by Aragon Research, Inc. The third annual Globe for Workflow and Content Automation from Aragon Research assesses 12 market players. Conga was recognized as a "Leader" in the report for the second year running, recognizing its increasing focus on growing its product range and investing in cutting-edge technologies like content AI for the changing market needs. Conga Sign and Conga Composer are hailed as flagship products because of their emphasis on sales and wide range of applications in various industries.
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 digital transaction management market, with a 37% share of the market revenue in 2022.

The region is home to the most advanced technologies adopted in digital transaction management, giving businesses and other stakeholders access to state-of-the-art software, hardware and solutions catering to their needs and requirements. The well-established and advanced digital infrastructure paves the way for the quick adoption of digital transaction management solutions or systems, driving the market's growth. The increasing collaboration and partnerships towards building a safe, sustainable and secure digital economy drive the market's growth and development.

North America Region Digital Transaction Management Market Share in 2022 - 37%

 

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Component Segment Analysis

The component segment is divided into solutions and services. The solutions segment dominated the market, with a market share of around 63% in 2022. Businesses incorporate solutions best suited to their needs and resort to customization for their unique problems. The presence of several key market players offering such solutions has driven the segment's growth. Furthermore, solution providers use advanced technologies to optimise business performance to offer the most efficient products.

  • June 2023 - Upon reviewing 20 of the largest Digital Transaction Management (DTM) providers, OneSpan, a security provider for digital agreements, announced that it had been selected as a leader in The Aragon Research Globe for Digital Transaction Management, 2023. Aragon Research examines important market trends and the continuous transition from paper-based transactions to digital operations in the report. OneSpan's distinctive position in the market is based on its commitment to providing secure technology and services and its solid security basis. E-signature, identity checking, authentication, high-assurance virtual collaboration, and secure vaulting are all provided by the OneSpan Transaction Cloud Platform. OneSpan has unveiled a range of fresh products and features throughout the past year to support many businesses.
Application Segment Analysis

The application segment is divided into retail, healthcare, IT and telecommunications, manufacturing, BFSI, travel and transportation, government and others. The BFSI segment dominated the market, with a market share of around 36% in 2022. The BFSI sector deals with digital monetary transactions much more than any other sector. The sector is in the driving seat of digital economy transformation. The scale of operation makes digital transaction management a convenient, fast, safe, secure and accessible means of improving customer satisfaction, operational efficiency, productivity and reducing costs, errors and transaction downtime. Digital transaction management enables the BFSI sector to deliver positive results in the fast-paced market. The shift towards mobile banking or Internet banking, along with the proliferation of UPI, has contributed to the segment's growth.

  • March 2023 - United Bank of Michigan successfully transitioned from its previous eSignature platform to IMM eSign for Banks, according to IMM, the only eSignature vendor specializing in eSignature and digital transaction solutions solely for financial institutions. The bank's core processing platform, Fiserv Premier, and other current business applications are seamlessly interfaced with IMM's enterprise-wide eSignature platform. The fundamental reasons it chose IMM eSign were its unique focus on financial institutions, corresponding domain expertise, and out-of-the-box interfaces. The bank noted immediate benefits, such as the capacity to carry out transactions more quickly and accurately in a paperless setting and to offer customers a better, more engaging experience both online and in person at the branch.
End-user Segment Analysis

The end-user segment is divided into large enterprises and small and medium enterprises. The large enterprises segment dominated the market, with a market share of around 58% in 2022. Large enterprises dealing with the sheer volume and amount of business, customers, and transactions need a digital transaction management system to streamline their systems and processes to improve efficiency and customer satisfaction. Additionally, unlike small and medium enterprises, they have the necessary capital to employ digital transaction management services, solutions and systems to suit their needs, requirements or objectives.

Some of the Key Market Players:
  • Entrust Corp.
  • eDOC Innovations
  • DocuSign Inc.
  • Ascertia
  • Adobe Systems Incorporated
  • eOriginal Inc.
  • HelloSign Inc.
  • Kofax Inc.
  • Nintex UK Ltd.
  • OneSpan

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 10 Billion
Market size value in 2032 USD 93.13 Billion
CAGR (2023 to 2032) 25%
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 and Africa. Furthermore, the regions are further analyzed at the country level.
Segments Component, Application, and End User

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global digital transaction management market was valued at USD 10 billion in 2022 to USD 93.13 billion by 2032.

Global digital transaction management market is growing at a CAGR of 25% during the forecast period 2023-2032.

The market's growth will be influenced by the increasing automation and digitization of businesses.

The risk of cyberattacks increases with automation could hamper the market growth.

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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 Component
          4.3.2. Market Attractiveness Analysis by Application
          4.3.3. Market Attractiveness Analysis by End User
          4.3.4. Market Attractiveness Analysis by Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The increasing automation and digitization of businesses
    5.3. Restraints
          5.3.1. The high cost of Digital Transaction Management in low- and middle-income countries
    5.4. Opportunities
          5.4.1. The introduction of new, more safe and secure technologies
    5.5. Challenges
          5.5.1. The lack of Digital literacy

6. Global Digital Transaction Management Market Analysis and Forecast, By Component
    6.1. Segment Overview
    6.2. Solutions
    6.3. Services

7. Global Digital Transaction Management Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Retail
    7.3. Healthcare
    7.4. IT and Telecommunications
    7.5. Manufacturing
    7.6. BFSI
    7.7. Travel and Transportation
    7.8. Government
    7.9. Others

8. Global Digital Transaction Management Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Large Enterprises
    8.3. Small and Medium Enterprises

9. Global Digital Transaction Management 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 Digital Transaction Management Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Digital Transaction Management 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. Entrust Corp.
          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. eDOC Innovations
          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. DocuSign Inc.
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Ascertia
          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. Adobe Systems Incorporated
          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. eOriginal Inc.
          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. HelloSign Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Kofax Inc.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Nintex UK Ltd.
          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. OneSpan
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

2. Global Solutions Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

3. Global Services Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

4. Global Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

5. Global Retail Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

6. Global Healthcare Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

7. Global IT and Telecommunications Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

8. Global Manufacturing Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

9. Global BFSI Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

10. Global Travel and Transportation Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

11. Global Government Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

12. Global Others Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

13. Global Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

14. Global Large Enterprises Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

15. Global Small and Medium Enterprises Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

16. Global Digital Transaction Management Market, By Region, 2019-2032 (USD Billion) 

17. North America Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

18. North America Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

19. North America Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

20. U.S. Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

21. U.S. Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

22. U.S. Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

23. Canada Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

24. Canada Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

25. Canada Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

26. Mexico Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

27. Mexico Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

28. Mexico Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

29. Europe Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

30. Europe Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

31. Europe Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

32. Germany Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

33. Germany Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

34. Germany Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

35. France Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

36. France Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

37. France Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

38. U.K. Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

39. U.K. Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

40. U.K. Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

41. Italy Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

42. Italy Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

43. Italy Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

44. Spain Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

45. Spain Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

46. Spain Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

47. Asia Pacific Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

48. Asia Pacific Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

49. Asia Pacific Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

50. Japan Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

51. Japan Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

52. Japan Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

53. China Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

54. China Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

55. China Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

56. India Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

57. India Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

58. India Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

59. South America Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

60. South America Digital Transaction Management Market, By Application, 2019-2032 (USD Billion)

61. South America Digital Transaction Management Market, By End User, 2019-2032 (USD Billion)

62. Brazil Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

63. Brazil Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

64. Brazil Digital Transaction Management Market, By End User, 2019-2032 (USD Billion)

65. Middle East and Africa Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

66. Middle East and Africa Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

67. Middle East and Africa Digital Transaction Management Market, By End User, 2019-2032 (USD Billion)

68. UAE Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

69. UAE Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

70. UAE Digital Transaction Management Market, By End User, 2019-2032 (USD Billion)

71. South Africa Digital Transaction Management Market, By Component, 2019-2032 (USD Billion) 

72. South Africa Digital Transaction Management Market, By Application, 2019-2032 (USD Billion) 

73. South Africa Digital Transaction Management Market, By End User, 2019-2032 (USD Billion) 

List of Figures 

1. Global Digital Transaction Management Market Segmentation

2. Digital Transaction Management 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 Transaction Management Market Attractiveness Analysis by Component

9. Global Digital Transaction Management Market Attractiveness Analysis by Application

10. Global Digital Transaction Management Market Attractiveness Analysis by End User

11. Global Digital Transaction Management Market Attractiveness Analysis by Region

12. Global Digital Transaction Management Market: Dynamics

13. Global Digital Transaction Management Market Share by Component (2022 & 2032)

14. Global Digital Transaction Management Market Share by Application (2022 & 2032)

15. Global Digital Transaction Management Market Share by End User (2022 & 2032)

16. Global Digital Transaction Management Market Share by Regions (2022 & 2032)

17. Global Digital Transaction Management 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 transaction management market based on below mentioned segments:

Global Digital Transaction Management Market by Component:

  • Solutions
  • Services

Global Digital Transaction Management Market by Application:

  • Retail
  • Healthcare
  • IT and Telecommunications
  • Manufacturing
  • BFSI
  • Travel and Transportation
  • Government
  • Others

Global Digital Transaction Management Market by End User:

  • Large Enterprises
  • Small and Medium Enterprises

Global Digital Transaction Management 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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