Electronic Toll Collection Market

Electronic Toll Collection Market Size by Application (Urban Areas, & Highways), Technology (Dedicated Short-Range Communication (DSRC), Radio-Frequency Identification (RFID) & Others), Type, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12729
  • Published Date: Apr, 2022
  • Pages: 236
  • Category: Automotive & Transportation
  • Format: PDF
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The global electronic toll collection market is expected to reach USD 14.56 billion by 2030, at a CAGR of 7.60% from 2022 to 2030. Electronic toll collection market growth would be driven by an effective way to decrease traffic congestion, environmental pollution, and accidents; government help to promote electronic toll collection; greater comfort and convenience of cashless payments; and the rising use of cutting-edge technologies in transport infrastructure.

Market Overview:

An electronic toll collection (ETC) system is an automatic tool that uses advanced cameras and detectors to function in different areas of a toll booth. Electronic toll collection can automatically grab pictures of the automobile's registration plate and check the transponders connected to vehicles to automatically collect the proper toll when the vehicle departs the toll booth. It uses different cutting-edge solutions, like video analytics, Global Positioning System (GPS), Global Navigation Satellite System (GNSS), and Dedicated Short-Range Communications (DSRC) for vehicle tracking and toll collection process. The process saves journey time for travelers, delivers a cashless facility, lowers the traffic congestion at the toll booths, and fastens toll transactions. The global ETC market is majorly pushed by the rising need to reduce traffic jams, owing to the growing numeral of automobiles on the road and increasing congestion. Government steps for the cashless transactions and the development of the  smart cities in additional countries are some other features that are expected to push the growth of the ETC market . Also, strategic alliances, acquisitions, and mergers, additionally support market growth. For example, in April 2018, TransCore declared the opening regarding the publication of specific protocols and measures known as "Super eGo (SeGo)" for the simplification and improved ease in the adoption of multi-protocol readers and transponders.

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Market Dynamics:

Drivers:
  • Government aid to accelerate electronic toll collection

The electronic toll collection market is primarily pushed by the steps undertaken by various governments to execute traffic-free roads for speedy cargo vehicles on highways and urban areas. Countries are rolling out a discounted program for drivers to promote electronic toll collection services. Government actions in developing nations mainly drive the substantial development of the ETC market to execute electronic toll collection systems on highways. Such steps aim to allow the easy flow of vehicles and avoid the issue of lines at toll plazas by electronically collecting toll fees.

Restraints:
  • Execution constraints in developing countries

Telecommunication technology and road infrastructure are essential factors for establishing an electronic toll collection system. Economically developing nations lack proper infrastructure, and the lack of technological advancements affects the implementation of electronic toll collection systems in these areas. Badly affected communications infrastructure such as lack of mobile service, computer, internet facility, imperfect conveyance; illiteracy; restrictions on the power supply; and deficiency of other vital resources are some of the elements that limit foreign and domestic investments in such countries, which further obstruct the development in the improvement of transport systems, like electronic toll collection, in such countries.

Opportunities:
  • An increasing numeral of public-private partnership agreements in the transportation sector

Electronic toll collection systems are difficult to install by a single partner; it needs the cooperation of numerous entities, including manufacturers, infrastructure providers, telecom operators, assistance providers, the public sector, and user groups. Thus, the private-public-partnership type successfully helps in incorporating an electronic toll collection system.

Challenges:
  • The problem is linked to inter-operation, standard guidelines, and a preference for toll technology.

Recent problems with implementing electronic toll collection systems are connected to interaction and technology choice. Even though some toll facilities in specific areas are currently interlinked, a single tag can be utilized at various tolls; there is a shortage of inter-operation with different states and toll facilities at crossings the border of the states or nations. The requirement for interoperability among toll roads and border crossings will continuously rise, particularly for the toll roads constructed at the border. Additionally, technology selection straightforwardly hits interoperability.

Segmentation Analysis:

The global electronic toll collection market has been segmented based on application, technology, type, and regions.

  • The application segment is divided into urban areas & highways. The highways segment dominated the market, with a market share of around 57% in 2021. Substantial government initiatives can count on ETC opportunities on highways and at the toll plazas, which is anticipated to make massive development opportunities for highway use for the electronic toll collection market.
  • The technology segment is divided into dedicated short-range communication (DSRC), radio-frequency identification (RFID) & others. The Radio-Frequency Identification (RFID) segment dominated the market, with a market share of around 40.2% in 2021. The adoption of RFID sensors growth in developing regions such as India, Japan, and China contributes to the market development during the predicted duration.
  • The type segment is divided into transponder- or tag-based toll collection systems & other toll collection systems. Transponder- or tag-based toll collection segment dominated the market, with a market share of around 60.1% in 2021. The growth is attributed to improved throughput, traffic flow, and responsibility in toll collection.
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 electronic toll collection market, with a 33.6% share of the market revenue in 2021.

  • North America currently dominates the ETC market because Canada and the United States being the essential countries with the most automobiles count, which is a critical contributing factor to the development of the electronic toll collection market. Further, both countries have the most significant interstate and state highway networks wherein advanced toll collection systems are deployed. Several toll deployment schemes are in progression for lanes with increased traffic.
  • APAC is anticipated to notice a significant growth rate during the projection time. Elements furnishing growth opportunities to the ETC market in this region include government steps to present and facilitate the usage of electronic toll collection systems, fast urbanization, improved road networks, and a high adoption rate of electronic toll systems in growing countries like China, India, etc.

North America Region Electronic Toll Collection Market Share in 2021 - 33.6%

 

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Competitive Analysis:

The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global electronic toll collection industry.

In June 2019, Kapsch TrafficCom signed an agreement with the IBI Canadian Group to extend its toll managing footprint in Europe by providing the Olympia Odos Greek motorway with 30 free-flow discount stations.

List of Key Market Players:

  • Conduent Business Services, LLC
  • Cubic Corporation
  • EFKON GmbH
  • Feig Electronic GmbH
  • Kapsch TrafficCom
  • Neology, Inc.
  • Raytheon Technologies Corporation
  • Siemens
  • Thales Group
  • TransCore
  • VINCI

Key Target Audience

  • Highways
  • Urban Areas
  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers

Report Description:

  • Global electronic toll collection Market, Industry Analysis, Trends, Analysis and Forecast, 2022 to 2030 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2021 is considered as the base year of the report. 2019 and 2020 are considered as the historic years and 2022 to 2030 are the forecast years. The global electronic toll collection market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions and countries catering to global electronic toll collection market. The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
  • The report encompasses with the relative data & information, which have been validated by the leading industry professionals and experts across the globe. The research report also delivers an outline of the attractiveness of electronic toll collection based on application, technology, type, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global electronic toll collection market. This offers vital and in-depth insights to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global electronic toll collection market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market related i.e., global electronic toll collection market) is covered to comprehend the adoption rate and evaluate the market size. 

Frequesntly Asked Questions

As per The Brainy Insights, the size of the electronic toll collection market was valued at USD 7.53 billion in 2021 to USD 14.56 billion by 2030.

Global electronic toll collection market is growing at a CAGR of 7.60% during the forecast period 2022-2030.

The global electronic toll collection market has been segmented based application, technology, type, and regions. The highways segment led the market in 2021. The Radio-Frequency Identification (RFID) segment led the market in 2021.

North America region emerged as the largest market for the electronic toll collection market.

The market's growth will be influenced by the government aid to accelerate electronic toll collection.

Execution constraints in developing countries could hamper the market growth.

An increasing numeral of public-private partnership agreements in the transportation sector of electronic toll collection systems will provide huge opportunities to the market.

Key players are Conduent Business Services, LLC, Cubic Corporation, EFKON GmbH, Feig Electronic GmbH , Kapsch TrafficCom , Neology, Inc., Raytheon Technologies Corporation Siemens ,Thales Group , TransCore , and VINCI.

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 Application
          4.3.2. Market Attractiveness Analysis by Technology
          4.3.3. Market Attractiveness Analysis by Type
          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. Government aid to accelerate electronic toll collection
    5.3. Restraints
          5.3.1. Execution constraints in developing countries
    5.4. Opportunities
          5.4.1. An increasing numeral of public-private partnership agreements in the transportation sector
    5.5. Challenges
          5.5.1. The problem is linked to inter-operation, standard guidelines, and a preference for toll technology

6. Global Electronic Toll Collection Market Analysis and Forecast, By Application:
    6.1. Segment Overview
    6.2. Urban Areas
    6.3. Highways

7. Global Electronic Toll Collection Market Analysis and Forecast, By Technology
    7.1. Segment Overview
    7.2. Dedicated Short-Range Communication (DSRC)
    7.3. Radio-Frequency Identification (RFID)
    7.4. Others

8. Global Electronic Toll Collection Market Analysis and Forecast, By Type
    8.1. Segment Overview
    8.2. Transponder- Or Tag-Based Toll Collection Systems
    8.3. Other Toll Collection Systems

9. Global Electronic Toll Collection 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 Electronic Toll Collection Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Electronic Toll Collection 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. Conduent Business Services, LLC
          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. Cubic Corporation
          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. EFKON GmbH.
          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. Feig Electronic GmbH.
          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. Mace Security International, Inc
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Neology, 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. Raytheon Technologies Corporation
          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. Siemens
          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. Thales Group
          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. TransCore
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. VINCI
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis

List of Table

1. Global Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

2. Global Urban Areas Electronic Toll Collection Market, By Region, 2019-2030 (USD Billion) 

3. Global Highways Electronic Toll Collection Market, By Region, 2019-2030 (USD Billion) 

4. Global Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

5. Global Dedicated Short-Range Communication (DSRC) Electronic Toll Collection Market, By Region, 2019-2030 (USD Billion) 

6. Global Radio-Frequency Identification (RFID) Electronic Toll Collection Market, By Region, 2019-2030 (USD Billion)

7. Global Others Electronic Toll Collection Market, By Region, 2019-2030 (USD Billion)

8. Global Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

9. Global Transponder- or tag-based toll collection systems Electronic Toll Collection Market, By Region, 2019-2030 (USD Billion) 

10. Global Other toll collection systems Electronic Toll Collection Market, By Region, 2019-2030 (USD Billion)

11. North America Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

12. North America Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

13. North America Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

14. U.S. Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

15. U.S. Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

16. U.S. Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

17. Canada Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

18. Canada Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

19. Canada Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

20. Mexico Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

21. Mexico Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

22. Mexico Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

23. Europe Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

24. Europe Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

25. Europe Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

26. Germany Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

27. Germany Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

28. Germany Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

29. France Electronic Toll Collection Market, By Application 2019-2030 (USD Billion) 

30. France Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

31. France Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

32. U.K. Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

33. U.K. Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

34. U.K. Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

35. Italy Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

36. Italy Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

37. Italy Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

38. Spain Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

39. Spain Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

40. Spain Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

41. Asia Pacific Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

42. Asia Pacific Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

43. Asia Pacific Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

44. Japan Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

45. Japan Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

46. Japan Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

47. China Electronic Toll Collection Market, By Application 2019-2030 (USD Billion) 

48. China Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

49. China Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

50. India Electronic Toll Collection Market, By Application 2019-2030 (USD Billion) 

51. India Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

52. India Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

53. South America Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

54. South America Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

55. South America Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion)

56. Brazil Electronic Toll Collection Market, By Application 2019-2030 (USD Billion) 

57. Brazil Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

58. Brazil Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

59. Middle East and Africa Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

60. Middle East and Africa Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

61. Middle East and Africa Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

62. UAE Electronic Toll Collection Market, By Application, 2019-2030 (USD Billion) 

63. UAE Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

64. UAE Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion) 

65. South Africa Electronic Toll Collection Market, By Application 2019-2030 (USD Billion) 

66. South Africa Electronic Toll Collection Market, By Technology, 2019-2030 (USD Billion) 

67. South Africa Electronic Toll Collection Market, By Type, 2019-2030 (USD Billion)  

List of Figures 

1. Global Electronic Toll Collection Market Segmentation

2. Electronic Toll Collection 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 Electronic Toll Collection Market Attractiveness Analysis by Application

9. Global Electronic Toll Collection Market Attractiveness Analysis by Technology

10. Global Electronic Toll Collection Market Attractiveness Analysis by Type

11. Global Electronic Toll Collection Market Attractiveness Analysis by Region

12. Global Electronic Toll Collection Market: Dynamics

13. Global Electronic Toll Collection Market Share by Application (2022 & 2030)

14. Global Electronic Toll Collection Market Share by Technology (2022 & 2030)

15. Global Electronic Toll Collection Market Share by Type (2022 & 2030)

16. Global Electronic Toll Collection Market Share by Regions (2022 & 2030)

17. Global Electronic Toll Collection Market Share by Company (2021)

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

Global Electronic Toll Collection Market by Application:

  • Urban Areas
  • Highways

Global Electronic Toll Collection Market by Technology:

  • Dedicated Short-Range Communication (DSRC)
  • Radio-Frequency Identification (RFID)
  • Others

Global Electronic Toll Collection Market by Method Type:

  • Transponder- Or Tag-Based Toll Collection Systems
  • Other Toll Collection Systems

Global Electronic Toll Collection 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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