Laser Processing Market

Laser Processing Market Size by Product (Solid-state, Gas, Fiber, Others), Process (Marking and Engraving, Material Processing, Micro-Processing), Application (Aerospace, Electronics and Microelectronics, Packaging, Automotive, Medical, Machine Tools), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13289
  • Published Date: Feb, 2023
  • Pages: 236
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global laser processing market was valued at USD 19.97 billion in 2022 and growing at a CAGR of 8.93% from 2023 to 2032. The market is expected to reach USD 46.99 billion by 2032. Europe is expected to increase the fastest during the forecast period.

Market Introduction:

Laser processing is a technology that performs operations including surface modification, laser marking, laser welding, laser drilling, laser cutting, and micro-processing using a laser beam produced by the thermal effect. The term "laser" is an acronym for Light Amplification by Stimulated Emission of Radiation. Hybrid, moving, and stationary beams are the three most frequent forms of projected beams utilized in laser processing. The most common laser processing techniques include material processing, etching, engraving, and micro-processing. This engraving and marking technique produces permanent, fast, and accurate results. They are used in many industrial applications because of their excellent beam quality, high efficiency, and high dependability. The semiconductor, medical, telecommunications, and electronics sectors primarily utilize these. These are also used in various industries, including the military, aircraft, machine tools, automotive, and architecture. In both industrial and commercial procedures, lasers are used for multiple tasks. Laser technology is frequently used in industrial processes such as engraving and branding, material processing, and other micro-processing. The term "material processing" refers to a broad range of operations on non-metal and metal materials, including drilling, engraving, cutting, and marking. There are many advantages of laser technology over conventional methods like plasma, water jet, and flame. Instead of engraving, marking, or drilling, flame and plasma technologies are employed for cutting, while waterjet is utilized for structuring and ablation. However, the waterjet is noisy when operating, which makes it uncomfortable for material processing. Contrarily, laser technology can complete all the above functions without generating noise pollution. The market for laser processing is expected to be fuelled by the potential advantages of precision and accuracy that laser processing has over traditional processing techniques. The use of laser cutting technology eliminates the need for retooling while processing the products. As a result, there is a greater demand for these kinds of products due to the quality of the finished goods. The industrial sectors are encouraged to employ laser processing technology in the manufacturing department due to such characteristics of laser technology. On the other hand, laser processing can be applied to various materials, including metals, adhesives, composites, plastics, polymers, and ceramics.

Laser Processing Market Size

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Recent Development

The Spectra-Physics Talon 532-70 lasers were introduced by MKS Instruments, Inc. in July 2022. It is a high-power green member of the Talon family of nanosecond pulsed diode-pumped solid-state (DPSS) lasers.

MADA introduced their ENSIS-6225AJ fiber laser cutting instrument to the European market in March 2022.

In April 2022, TRUMPF introduced its newest TruMicro ultrashort pulse laser product lines, the TruMicro 6000 and TruMicro 2000. The product line offers new technology platforms, which increase adaptability and precise power. The product line for microprocessing will be expanded by the two new generations of TruMicro lasers, which will also provide solutions to meet vital market needs.

Mitsubishi Electric Corporation announced the introduction of two new wire-laser metal 3D printers in March 2022, a major Japanese manufacturer of electronics and electrical equipment. Two variants of the AZ600 are offered: the AZ600-F20 and the AZ600-F40.

IPG Photonics launched LightWELD XR in March 2022 as the third item in its portable laser welding and cleaning device series. The laser offers a wide range of cleaning capabilities and portable laser welding to manage more materials and width than prior LightWELD products.

Market Dynamics:

Drivers

Innovative technologies- The improvement in audio and video quality contained on HD DVDs and HD3D displays over standard discs is leading to an increase in the use of laser technology in disc storage, which is boosting the industry's overall growth. The need for laser processing has increased in recent years due to the use of cutting-edge technologies, such as LiDAT, vertical-cavity and surface-emitting lasers, AR/VR techniques, and blue light in processing metals. On the other hand, the introduction of Ultra-short laser technology, which processes materials in the industrial sectors with the highest quality, is one of the factors driving the overall growth of the laser processing market.

Restraints:

High costs- It is relatively difficult and expensive to set up laser technology for the required application. The market for laser processing isn't expanding as quickly as it could because different processing applications require a lot of resources. The maintenance costs for traditional plasma cutting machines are around USD 5000 annually, whereas the maintenance costs for laser processing and cutting machines are around USD 10,000 annually. Even though the prices of the products processed using laser technology are decreasing, the technology is still relatively expensive.

Opportunities:

Increasing usage in the consumer electronics industry- Consumer electronics demand is rising across several nations, creating profitable market expansions. Since the consumer electronics industry makes extensive use of the laser processing technique, it is projected that consumer electronics will influence market growth. High-quality final products are manufactured by the medical and marking industries that use laser technologies. The growing need for dental treatment, laser microchemistry, and optical disc data storage further boosts the laser processing industry's overall growth.

Challenges:

Lack of skilled workforce- When technology entered the laser processing market, trained operators were needed. The main obstacle to the market's overall expansion is the scarcity of qualified individuals. Higher maintenance costs, higher operational costs, ownership costs, and various macroeconomic conditions are hampering the development of the laser processing market.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the highest in the global laser processing market, with a share of 39.05% and valued at USD 7.79 billion in 2022. Due to the growing number of OEMs in this area, it is anticipated to have significant growth. It is also projected that China will overtake other countries as the primary user of industrial lasers and micro- and material processing systems. Various reasons, including an increase in OEMs and the growth of the automobile sector, are predicted to contribute to the high development of nations like India, South Korea, Japan, and China. Another factor anticipated to drive market growth is the region's growing usage of laser systems in various application industries. Government restrictions on permanent and visible markings on consumer goods are expected to lead to higher utilization of laser processing technology across numerous regions.

Asia Pacific Region Laser Processing Market Share in 2022 - 39.05%

 

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Product Segment Analysis 

The product segment is divided into solid-state, gas, fiber, and others. The gas segment had the highest market share of 28.15% and was valued at USD 5.62 billion in 2022 in the laser processing market. The gas segment comprises lasers using helium-neon, argon-ion, carbon dioxide, copper, nitrogen, and other gases.

Process Segment Analysis

The process segment is divided into marking and engraving, material processing, and micro-processing. The material processing segment had the highest market share of 37.24% and was valued at USD 7.43 billion in 2022 in the laser processing market. This covers all the critical elements of laser and material processing, including the creation and application of laser beam welding, surface modifications, direct manufacturing, hybrid processes, cutting, and machining, forming micro deposition, ablation of bulk material and coatings, and micro-drilling.

Application Segment Analysis

The application segment is divided into aerospace, electronics and microelectronics, packaging, automotive, medical, and machine tools. The machine tools segment had the highest market share of 19.85% and was valued at USD 3.96 billion in 2022 in the laser processing market. The industrial sector's growing use of lasers for a wide range of material processing tasks, including cutting, welding, drilling, and engraving, is anticipated to fuel the growth of the machine tools segment. The growing demand for microelectronics is projected to fuel global laser processing market expansion.

Some of the Key Market Players:
  • Alpha Nov laser
  • Bystronic Laser AG
  • Eurolaser GmbH
  • Han's Laser Technology Industry Group Co., Ltd.
  • Newport Corporation (MKS Instruments, Inc.)
  • Coherent Inc.
  • Universal Laser Systems, Inc.
  • Altec GmbH
  • Epilog Laser, Inc.
  • LaserStar Technologies Corporation
  • Trumpf GmbH + Co. KG
  • Amada Co., Ltd.
  • IPG Photonics Corporation
  • Xenetech Global Inc.

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 19.97 Billion
Market size value in 2032 USD 46.99 Billion
CAGR (2023 to 2032) 8.93%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments The regions analyzed for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa.
Segments Product, Process, Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the laser processing market was valued at USD 19.97 billion in 2022 & USD 46.99 billion by 2032.

Global laser processing market is growing at a CAGR of 8.93% during the forecast period 2023-2032.

Asia Pacific region emerged as the largest market for the laser processing.

The market's growth will be influenced by innovative technologies.

Increasing usage in consumer electronics industry is one of the opportunities for the growth of the market.

Lack of skilled workforce is the challenge for the laser processing market.

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

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Product
          4.3.2. Market Attractiveness Analysis By Process
          4.3.3. Market Attractiveness Analysis By Application
          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. Innovative technologies
    5.3. Restraints
          5.3.1. High costs
    5.4. Opportunities
          5.4.1. Increasing usage in consumer electronics industry
    5.5. Challenges
          5.5.1. Lack of skilled workforce

6. Global Laser Processing Market Analysis and Forecast, By Product
    6.1. Segment Overview
    6.2. Solid-state
    6.3. Gas
    6.4. Fiber
    6.5. Others

7. Global Laser Processing Market Analysis and Forecast, By Process
    7.1. Segment Overview
    7.2. Marking and Engraving
    7.3. Material Processing
    7.4. Micro-Processing

8. Global Laser Processing Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Aerospace
    8.3. Electronics and Microelectronics
    8.4. Packaging
    8.5. Automotive
    8.6. Medical
    8.7. Machine Tools

9. Global Laser Processing 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 Laser Processing Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Laser Processing 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. Alpha Nov laser
          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. Bystronic Laser AG
          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. Eurolaser 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. Han's Laser Technology Industry Group Co., Ltd.
          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. Newport Corporation (MKS Instruments, 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. Coherent 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. Universal Laser Systems, 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. Altec GmbH
          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. Epilog Laser, Inc.
          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. LaserStar Technologies Corporation
          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. Trumpf GmbH + Co. KG
          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. Amada Co., Ltd.
          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. IPG Photonics Corporation
          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
    11.14. Xenetech Global Inc.
          11.14.1. Business Overview
          11.14.2. Company Snapshot
          11.14.3. Company Market Share Analysis
          11.14.4. Company Product Portfolio
          11.14.5. Recent Developments
          11.14.6. SWOT Analysis

List of Table

1. Global Laser Processing Market, By Product, 2019-2032 (USD Billion) 

2. Global Solid-state, Laser Processing Market, By Region, 2019-2032 (USD Billion) 

3. Global Gas, Laser Processing Market, By Region, 2019-2032 (USD Billion)

4. Global Fiber, Laser Processing Market, By Region, 2019-2032 (USD Billion)

5. Global Others, Laser Processing Market, By Region, 2019-2032 (USD Billion) 

6. Global Laser Processing Market, By Process, 2019-2032 (USD Billion) 

7. Global Marking and Engraving, Laser Processing Market, By Region, 2019-2032 (USD Billion) 

8. Global Material Processing, Laser Processing Market, By Region, 2019-2032 (USD Billion) 

9. Global Micro-Processing, Laser Processing Market, By Region, 2019-2032 (USD Billion)

10. Global Laser Processing Market, By Application, 2019-2032 (USD Billion) 

11. Global Aerospace, Laser Processing Market, By Region, 2019-2032 (USD Billion) 

12. Global Electronics and Microelectronicss, Laser Processing Market, By Region, 2019-2032 (USD Billion)

13. Global Packaging, Laser Processing Market, By Region, 2019-2032 (USD Billion) 

14. Global Automotive, Laser Processing Market, By Region, 2019-2032 (USD Billion)

15. Global Medical, Laser Processing Market, By Region, 2019-2032 (USD Billion)

16. Global Machine Tools, Laser Processing Market, By Region, 2019-2032 (USD Billion)

17. Global Laser Processing Market, By Region, 2019-2032 (USD Billion) 

18. North America Laser Processing Market, By Product, 2019-2032 (USD Billion) 

19. North America Laser Processing Market, By Process, 2019-2032 (USD Billion) 

20. North America Laser Processing Market, By Application, 2019-2032 (USD Billion) 

21. U.S. Laser Processing Market, By Product, 2019-2032 (USD Billion) 

22. U.S. Laser Processing Market, By Process, 2019-2032 (USD Billion) 

23. U.S. Laser Processing Market, By Application, 2019-2032 (USD Billion) 

24. Canada Laser Processing Market, By Product, 2019-2032 (USD Billion) 

25. Canada Laser Processing Market, By Process, 2019-2032 (USD Billion) 

26. Canada Laser Processing Market, By Application, 2019-2032 (USD Billion) 

27. Mexico Laser Processing Market, By Product, 2019-2032 (USD Billion) 

28. Mexico Laser Processing Market, By Process, 2019-2032 (USD Billion) 

29. Mexico Laser Processing Market, By Application, 2019-2032 (USD Billion)

30. Europe Laser Processing Market, By Product, 2019-2032 (USD Billion) 

31. Europe Laser Processing Market, By Process, 2019-2032 (USD Billion) 

32. Europe Laser Processing Market, By Application, 2019-2032 (USD Billion)

33. Germany Laser Processing Market, By Product, 2019-2032 (USD Billion) 

34. Germany Laser Processing Market, By Process, 2019-2032 (USD Billion) 

35. Germany Laser Processing Market, By Application, 2019-2032 (USD Billion) 

36. France Laser Processing Market, By Product, 2019-2032 (USD Billion) 

37. France Laser Processing Market, By Process, 2019-2032 (USD Billion) 

38. France Laser Processing Market, By Application, 2019-2032 (USD Billion)

39. U.K. Laser Processing Market, By Product, 2019-2032 (USD Billion) 

40. U.K. Laser Processing Market, By Process, 2019-2032 (USD Billion) 

41. U.K. Laser Processing Market, By Application, 2019-2032 (USD Billion)

42. Italy Laser Processing Market, By Product, 2019-2032 (USD Billion) 

43. Italy Laser Processing Market, By Process, 2019-2032 (USD Billion) 

44. Italy Laser Processing Market, By Application, 2019-2032 (USD Billion)

45. Spain Laser Processing Market, By Product, 2019-2032 (USD Billion) 

46. Spain Laser Processing Market, By Process, 2019-2032 (USD Billion) 

47. Spain Laser Processing Market, By Application, 2019-2032 (USD Billion) 

48. Asia Pacific Laser Processing Market, By Product, 2019-2032 (USD Billion) 

49. Asia Pacific Laser Processing Market, By Process, 2019-2032 (USD Billion) 

50. Asia Pacific Laser Processing Market, By Application, 2019-2032 (USD Billion) 

51. Japan Laser Processing Market, By Product, 2019-2032 (USD Billion) 

52. Japan Laser Processing Market, By Process, 2019-2032 (USD Billion) 

53. Japan Laser Processing Market, By Application 2019-2032 (USD Billion)

54. China Laser Processing Market, By Product, 2019-2032 (USD Billion) 

55. China Laser Processing Market, By Process, 2019-2032 (USD Billion) 

56. China Laser Processing Market, By Application, 2019-2032 (USD Billion)

57. India Laser Processing Market, By Product, 2019-2032 (USD Billion) 

58. India Laser Processing Market, By Process, 2019-2032 (USD Billion) 

59. India Laser Processing Market, By Application, 2019-2032 (USD Billion) 

60. South America Laser Processing Market, By Product, 2019-2032 (USD Billion) 

61. South America Laser Processing Market, By Process, 2019-2032 (USD Billion) 

62. South America Laser Processing Market, By Application, 2019-2032 (USD Billion) 

63. Brazil Laser Processing Market, By Product, 2019-2032 (USD Billion) 

64. Brazil Laser Processing Market, By Process, 2019-2032 (USD Billion) 

65. Brazil Laser Processing Market, By Application, 2019-2032 (USD Billion) 

66. Middle East and Africa Laser Processing Market, By Product, 2019-2032 (USD Billion) 

67. Middle East and Africa Laser Processing Market, By Process, 2019-2032 (USD Billion) 

68. Middle East and Africa Laser Processing Market, By Application, 2019-2032 (USD Billion)

69. UAE Laser Processing Market, By Product, 2019-2032 (USD Billion) 

70. UAE Laser Processing Market, By Process, 2019-2032 (USD Billion) 

71. UAE Laser Processing Market, By Application, 2019-2032 (USD Billion)

72. South Africa Laser Processing Market, By Product, 2019-2032 (USD Billion) 

73. South Africa Laser Processing Market, By Process, 2019-2032 (USD Billion) 

74. South Africa Laser Processing Market, By Application, 2019-2032 (USD Billion) 

 

List of Figures 

1. Global Laser Processing Market Segmentation

2. Laser Processing 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 Laser Processing Market Attractiveness Analysis By Product

9. Global Laser Processing Market Attractiveness Analysis By Process

10. Global Laser Processing Market Attractiveness Analysis By Application

11. Global Laser Processing Market Attractiveness Analysis By Region

12. Global Laser Processing Market: Dynamics

13. Global Laser Processing Market Share by Product (2023 & 2032)

14. Global Laser Processing Market Share by Process (2023 & 2032)

15. Global Laser Processing Market Share by Application (2023 & 2032)

16. Global Laser Processing Market Share by Regions (2023 & 2032)

17. Global Laser Processing Market Share by Company (2023)

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global laser processing market based on below mentioned segments:

Global Laser Processing Market by Product:

  • Solid-state
  • Gas
  • Fiber
  • Others

Global Laser Processing Market by Process:

  • Marking and Engraving
  • Material Processing
  • Micro-Processing

Global Laser Processing Market by Application:

  • Aerospace
  • Electronics and Microelectronics
  • Packaging
  • Automotive
  • Medical
  • Machine Tools

Global Laser Processing 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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