Human Resource Management Market

Human Resource Management Market Size By Deployment Type (On-premises and Cloud), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Component (Services and Software), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13550
  • Published Date: Jul, 2023
  • Pages: 237
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global human resource management market was valued at USD 23.6 billion in 2022, growing at a CAGR of 13% from 2023 to 2032. The market is expected to reach USD 34.7 billion by 2032. The cost-benefit of human resources management and the additional benefits of cloud-based services, which enable shared infrastructure to categorize applicant details, are attributed to the market growth. The industry is expected to gain substantial traction in the coming years due to rising technical advancements.

Market Introduction:

The strategic administration of an organization's people resources, workplace culture, and environment is referred to as human resource management (HRM). It motivates staff to work towards the company's goal and contribute effectively and efficiently. The human resources department provides administrative services, expertise, training, legal and management advice, appropriate tools, coaching, and talent management oversight for the organization's efficient operation. Managers are accountable for the contribution, engagement, and increased productivity of the employees they are reporting carry out various HRM-related tasks. To implement a fully integrated talent management system, managers play a significant role in controlling the work environment and are primarily in charge of the recruitment process. Over the forecast period, increasing use of digitization and automation of human resource operations to create efficient and flexible ways will increase market demand. The growth may also be influenced by businesses' efforts to attract a suitable applicant pool, manage resources effectively, and retain human capital. Businesses are incorporating these innovations because they can strengthen and improve H.R. operations, which will drive the market.

Human Resource Management Market Size

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Recent Development

May 2022: As an Oracle Fusion Cloud Human Capital Management (HCM) component, Oracle intends to offer Oracle France Payroll. Organizations can automate workflows, manage compliance, and swiftly process payroll for French-speaking staff by including the new cloud payroll solution. Additionally, by automating complicated rules and computations and removing human processes, the addition will help organizations save time and decrease payroll errors.

April 2022: UKG and Dana-Farber Cancer Institute teamed up to provide a systematic employee experience. To automate manual scheduling procedures for its 6,000 doctors, nurses, and other hospital workers across its two main campuses and five satellite locations, Dana-Farber chose UKG Dimensions and UKG EZCall.

Market Dynamics:

Drivers

Technological Evolution- IoT's rapid technological evolution in both wired and wireless systems benefits market value. Additionally, the market shares are being accelerated by increased businesses and benefits like the high reliability that HRMS systems exhibit. Global industrialization accelerated economic growth, and the rising adoption of HRMS solutions drove the market's expansion. The widespread use of cloud computing and IoT (internet of things) gadgets further increases the market size.

Restraints:

Rising Cybercrimes- Rising cybersecurity and data security challenges are essential factors to limit the market growth. Furthermore, the high initial expenses associated with implementing human resource management solutions are a significant barrier expected to restrain market expansion.

Opportunities:

Enhanced Tools- Most businesses have implemented tools to monitor and enhance personnel management. Technology vendors work hard to deliver cutting-edge solutions that can arm customers with reliable employee data and all the tools they need to manage their workforce, maximizing personal and organizational performance.

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 global human resource management market, with a 49% market revenue share in 2022.

There are several vendors of HRM in North America. U.S. employers focus primarily on boosting labour productivity and efficiency by using HRM solutions for tasks like talent management, payroll administration, and attendance & time monitoring, among others. North America has consistently been an early adopter of new technology and has embraced cloud-native technologies excessively. Furthermore, because of governments' investments and the digitization projects that the region is pursuing. Additionally, the growing number of automation projects to increase organizational productivity will be a driving force in the regional market.

Mohegan chose Workday Human Capital Management (HCM) and Workday Financial Management in June 2022, according to Workday, Inc. Mohegan is a master developer and manager of prestigious entertainment resorts with more than 10,000 employees globally. The company is expanding operations internationally, especially in the United States and Canada, which is causing its growth to accelerate.

UKG Inc. announced in March 2022 that it had acquired Ascentis Corporation. In the last five years, Ascentis Corporation has seen a growth from 860 customers to 4,800 customers, offering a full suite of H.R. and labour management solutions. Several Ascentis personnel from the U.S. and Montevideo, Uruguay, joined UKG as part of the transaction.

North America Region Human Resource Management Market Share in 2022 - 49%

 

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Deployment Type Segment Analysis

The deployment type segment is divided into on-premises and cloud. The on-premises segment dominated the market, with a share of around 52% in 2022. On-premise solutions were the most practical choice in the early phases of introducing H.R. software to replace manual tasks. Some businesses choose on-premise H.R. solutions since they may be highly customized while not requiring internet connectivity. Data security is another service offered by on-premise solutions, which also assists businesses in complying with various laws.

Enterprise Size Segment Analysis

The enterprise size segment is divided into large enterprises and small & medium enterprises. The large enterprises segment dominated the market, with a market share of around 55% in 2022. Most revenue can be attributed to several major organizations' wide adoption of HRM solutions to manage their massive employee datasets effectively. With the help of these technologies, H.R. staff can easily access employee data, cutting down on time needed for manual tasks like tracking performance goals and providing feedback and reviews. These innovations help companies manage sizable employee databases and offer safe, global access to employee data in real-time.

Component Segment Analysis

The component segment is divided into services and software. The software segment dominated, with a market share of around 60% in 2022. The growing demand for talent management and core H.R. software from businesses across many industries to retain workforces can be ascribed to this growth. Additionally, workflow optimization and core H.R. software can enhance overall organizational productivity. Core H.R. solutions primarily aid management in strategic decision-making by easing the burden of carrying out routine H.R. tasks. For instance, The Amenity Collective, a provider of lifestyle services and hospitality, implemented Workday Human Capital Management (HCM), Workday Payroll, Workday Financial Management, and Workday Learning solutions in February 2023 to eliminate data silos and boost productivity, accelerating its business transformation.

Some of the Key Market Players:
  • Accenture
  • ADP, Inc.
  • Cegid
  • Ceridian HCM, Inc.
  • Cezanne HR Limited.
  • International Business Machines Corp. (IBM)
  • Kronos Incorporated
  • Mercer LLC
  • Oracle
  • PwC
  • SAP SE
  • UKG, Inc.
  • Workday, Inc.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 23.6 Billion
Market size value in 2032 USD 34.7 Billion
CAGR (2023 to 2032) 13%
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 Deployment Type, Enterprise Size, Component

Frequesntly Asked Questions

As per The Brainy Insights, the size of the human resource management market was valued at USD 23.6 billion in 2022 to USD 34.7 billion by 2032.

The global human resource management market is growing at a CAGR of 13% during the forecast period 2023-2032.

North America emerged as the largest human resource management market.

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

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis by Deployment Type
          4.3.2. Market Attractiveness Analysis by Enterprise Size
          4.3.3. Market Attractiveness Analysis by Component
          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. Technological evolution
    5.3. Restraints
          5.3.1. Rising cybercrimes
    5.4. Opportunities
          5.4.1. Enhanced tools
    5.5. Challenges
          5.5.1. Data security

6. Global Human Resource Management Market Analysis and Forecast, By Deployment Type
    6.1. Segment Overview
    6.2. On-premises
    6.3. Cloud

7. Global Human Resource Management Market Analysis and Forecast, By Enterprise Size
    7.1. Segment Overview
    7.2. Large Enterprises
    7.3. Small & Medium Enterprises

8. Global Human Resource Management Market Analysis and Forecast, By Component
    8.1. Segment Overview
    8.2. Services
    8.3. Software

9. Global Human Resource 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 Human Resource Management Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Human Resource 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. Accenture
          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. ADP, Inc.
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Cegid
          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. Ceridian HCM, Inc.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Cezanne HR Limited.
          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. International Business Machines Corp. (IBM)
          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. Kronos Incorporated
          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. Mercer LLC
          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. Oracle
          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. PwC
          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. SAP SE
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. UKG, Inc.
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Workday, Inc.
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis

List of Table

1. Global Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

2. Global On-premises, Human Resource Management Market, By Region, 2019-2032 (USD Billion) 

3. Global Cloud, Human Resource Management Market, By Region, 2019-2032 (USD Billion) 

4. Global Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

5. Global Large Enterprises, Human Resource Management Market, By Region, 2019-2032 (USD Billion)

6. Global Small & Medium Enterprises, Human Resource Management Market, By Region, 2019-2032 (USD Billion)

7. Global Human Resource Management Market, By Component, 2019-2032 (USD Billion)

8. Global Services, Human Resource Management Market, By Region, 2019-2032 (USD Billion) 

9. Global Software, Human Resource Management Market, By Region, 2019-2032 (USD Billion) 

10. North America Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

11. North America Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

12. North America Human Resource Management Market, By Component, 2019-2032 (USD Billion)

13. U.S. Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

14. U.S. Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

15. U.S. Human Resource Management Market, By Component, 2019-2032 (USD Billion)

16. Canada Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

17. Canada Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

18. Canada Human Resource Management Market, By Component, 2019-2032 (USD Billion)

19. Mexico Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

20. Mexico Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

21. Mexico Human Resource Management Market, By Component, 2019-2032 (USD Billion)

22. Europe Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

23. Europe Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

24. Europe Human Resource Management Market, By Component, 2019-2032 (USD Billion)

25. Germany Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

26. Germany Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

27. Germany Human Resource Management Market, By Component, 2019-2032 (USD Billion)

28. France Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

29. France Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

30. France Human Resource Management Market, By Component, 2019-2032 (USD Billion)

31. U.K. Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

32. U.K. Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

33. U.K. Human Resource Management Market, By Component, 2019-2032 (USD Billion)

34. Italy Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

35. Italy Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

36. Italy Human Resource Management Market, By Component, 2019-2032 (USD Billion)

37. Spain Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

38. Spain Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

39. Spain Human Resource Management Market, By Component, 2019-2032 (USD Billion)

40. Asia Pacific Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

41. Asia Pacific Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

42. Asia Pacific Human Resource Management Market, By Component, 2019-2032 (USD Billion)

43. Japan Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

44. Japan Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

45. Japan Human Resource Management Market, By Component, 2019-2032 (USD Billion)

46. China Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

47. China Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

48. China Human Resource Management Market, By Component, 2019-2032 (USD Billion)

49. India Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

50. India Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

51. India Human Resource Management Market, By Component, 2019-2032 (USD Billion)

52. South America Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

53. South America Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

54. South America Human Resource Management Market, By Component, 2019-2032 (USD Billion)

55. Brazil Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

56. Brazil Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

57. Brazil Human Resource Management Market, By Component, 2019-2032 (USD Billion)

58. Middle East and Africa Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

59. Middle East and Africa Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

60. Middle East and Africa Human Resource Management Market, By Component, 2019-2032 (USD Billion)

61. UAE Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

62. UAE Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

63. UAE Human Resource Management Market, By Component, 2019-2032 (USD Billion)

64. South Africa Human Resource Management Market, By Deployment Type, 2019-2032 (USD Billion)

65. South Africa Human Resource Management Market, By Enterprise Size, 2019-2032 (USD Billion)

66. South Africa Human Resource Management Market, By Component, 2019-2032 (USD Billion)

List of Figures 

1. Global Human Resource Management Market Segmentation

2. Global Human Resource 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 Human Resource Management Market Attractiveness Analysis by Deployment Type

9. Global Human Resource Management Market Attractiveness Analysis by Enterprise Size

10. Global Human Resource Management Market Attractiveness Analysis by Component

11. Global Human Resource Management Market Attractiveness Analysis by Region

12. Global Human Resource Management Market: Dynamics

13. Global Human Resource Management Market Share by Deployment Type (2023 & 2032)

14. Global Human Resource Management Market Share by Enterprise Size (2023 & 2032)

15. Global Human Resource Management Market Share by Component (2023 & 2032)

16. Global Human Resource Management Market Share by Regions (2023 & 2032)

17. Global Human Resource Management Market Share by Company (2022)

This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global human resource management market based on the below-mentioned segments:

Global Human Resource Management Market By Deployment Type:

  • On-premises
  • Cloud

Global Human Resource Management Market By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises

Global Human Resource Management Market By Component:

  • Services
  • Software

Global Human Resource 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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