Metal Furniture Market

Metal Furniture Market Size by Application (Commercial, & Residential), Type (Table, Chair, Sofa, Bed, & Others), Distribution Channel, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12730
  • Published Date: Apr, 2022
  • Pages: 237
  • Category: Consumer Goods
  • Format: PDF
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The global metal furniture market is expected to reach USD 210 billion by 2030, at a CAGR of 4.2% from 2022 to 2030. Metal furniture market growth would be driven by rising demand for premium quality, comfortable & aesthetic luxury furniture attributed to the rising disposable income of the growing population. Improvement in the standard of living has created a demand for home décor, which will also contribute to the growth of the global metal furniture market.

Market Overview:

Furniture can be defined as articles that aid human activities like sitting, eating, sleeping & storage. A furniture is a mobile object which can be moved and placed according to the needs of an individual. Table, chair, bed, sofa, & cupboard are some examples of furniture. These articles are placed in apartments, commercial spaces, restaurants, schools, & parks to enhance the comfort of humans while they work, eat, relax, or sleep. Adding furniture to a space enhances its appearance and beauty. Wood, plastic, fabric, acryl, or glass make furniture. The use of metal to make furniture is what constitutes the global metal furniture market. The metals used can vary from steel, iron, aluminum, stainless steel, & carbon steel. Metal furniture is utilized in commercial spaces in the form of office furnishings or outdoor spaces like parks in the form of benches. The firm, durable, ductile, malleable, & lustrous properties of metal make it ideal for sturdy office, school, home, or outdoor furnishings. The resistance to extreme weather conditions, repulsive nature against bugs & termites, and ability to withstand disruptive chemicals increase its life span, making metal furniture a preferred choice over other materials. The malleable and ductile properties of metal make it versatile; it can be molded into different shapes and sizes to fit consumers' contemporary tastes & preferences. Metal furniture is made from recycled waste material, which is good for the environment. It can replace wood furniture, which will reduce deforestation and help fight climate change. The eco-friendly nature of metal furniture is also contributing to its rising popularity.  

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Market Dynamics:

Drivers:
  • The rising popularity of home & office decor

The increasing number of commercial & office spaces built will drive the demand for the metal furniture market. Office furnishings plays a vital role in the efficient functioning of the workforce by creating comfortable, aesthetically beautiful, calm, smart & functional spaces. Today the demand for residential areas is driven by the millennials. The increasing popularity of home décor to enhance the house's appearance, functionality and comfort is being witnessed in the millennial population. Rising commercial & residential spaces will drive the market for metal furniture as it is cost-effective and has a wide variety to fit contemporary furnishing needs.   

Restraints:
  • Heavy nature of metals

Metal furniture market growth would be hampered by its weight. Metals are heavy by nature, making them difficult to carry & move around. Consumer inhibitions regarding the difficulties associated with shifting metal furniture will hinder the growth of the metal furniture market. Metals absorb heat. Metal furniture utilized in outdoor furnishings gets extremely heated during the summer, rendering them useless for any use until they cool down.

Opportunities:
  • The rising popularity of smart furniture

With the advent of urbanization combined with increased disposable income, there has been an increasing demand for smart homes & offices. The increased internet penetration and the e-commerce boom have further fueled this demand, making smart furniture more accessible to the population. Digitally controlled operations of furniture, customizable virtual prints to enhance the appearance of furniture & improved functionality are growing in popularity. The rising popularity of smart furniture combined with increased disposable income will provide lucrative opportunities for the metal furniture market.

Challenges:
  • Availability of alternative furniture material

The stiff competition from wood, plastic & glass furniture in a fragmented global metal furniture market will challenge the market players. Aggressive advertising to promote brands and its create awareness about its sustainable features adds to the input costs increasing the retail price and making it expensive for an average middle-class individual. The middle-class population contributes significantly to consumer demand, and costly furniture can alienate this population leading to a loss of revenue.

Segmentation Analysis:

The global metal furniture market has been segmented based on application, type, distribution channel, and regions.

  • The application segment is divided into commercial & residential. The commercial segment dominated the market, with a market share of around 67% in 2021. The commercial segment includes schools, restaurants, schools, offices & hospitals. The increasing government expenditure on education, healthcare, and tourism infrastructure contributes to the growth of the metal furniture market. Growing construction of office & commercial spaces will also aid in the
  • segment's growth.  
  • The type segment is divided into table, chair, bed, sofa & others. Over the forecast period, the table segment is expected to grow at the fastest CAGR of 4.8%. The rising infrastructure investment in education & healthcare will drive the demand for tables in the forecast period.
  • The distribution channel segment is divided into supermarkets/hypermarkets, online stores, convenience stores, specialty stores, & others. In 2021, the specialty stores segment dominated the market, accounting for around 34% of global revenue. Specialty stores offer customizable services. Specialty stores allow a personalized shopping experience that instills customer confidence about the product. The expert sales staff clears all confusion & doubts of the stores' customers, which is an added benefit while making expensive & necessary purchases. Expert team and customized & personalized services combined define the dominance of the specialty store segment in the global metal furniture 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 region emerged as the largest market for the global metal furniture market with a 32% share of the market revenue in 2021.

  • The Asia Pacific currently dominates the metal furniture market due to the rising popularity of smart homes & office spaces combined with the increasing disposable income of the population. The Asia Pacific will continue its domination during the forecast period as
  • Significant  market players
  • concentrate on developing new furniture pieces befitting today's population's contemporary style.

Asia Pacific region Metal Furniture Market Share in 2021 - 32%

 

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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 metal furniture industry.

JSW ventured into the metal furniture industry by launching its steel furniture brand Forma. The new steel furniture venture aims to challenge the dominant metal furniture market player Godrej by integrating technology in the composition & design of their furniture.

List of Key Market Players:

  • IKEA
  • Godrej Furniture
  • Zinus
  • Cymax Group Inc.
  • Hillsdale Furniture
  • Simpli Home
  • Chyuan Chern Furniture Co. Ltd.
  • Meco Corporation
  • DHP Furniture
  • Steelcase Inc.

Key Target Audience

  • Residential & Commercial Spaces
  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm
  • Venture capitalists
  • Third-party knowledge providers
  • Value-Added Resellers (VARs)

Report Description:

  • Global Metal furniture 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 metal furniture 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 the global metal furniture 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 metal furniture based on application, type, distribution channel, 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 the global metal furniture 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 metal furniture 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. 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's 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 metal furniture 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 metal furniture market was valued at USD 145 billion in 2021 to USD 210 billion by 2030.

Global metal furniture market is growing at a CAGR of 4.2% during the forecast period 2022-2030.

The global metal furniture market has been segmented based on application, type, distribution channel, and regions. The commercial segment is led the market in 2021. The table segment is expected to grow the fastest during the forecast period of 2022-30.

Asia Pacific region emerged as the largest market for the metal furniture.

The market's growth will be influenced by the rising popularity of home and office decor.

Heavy nature of metals could hamper the market growth.

The rising popularity of smart furniture will provide huge opportunities to the market.

Key players include IKEA, Godrej Furniture, Zinus, Cymax Group Inc., Hillsdale Furniture, Simpli Home, Chyuan Chern Furniture Co. Ltd., Meco Corporation, DHP Furniture, and Steelcase Inc.

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 Type
          4.3.3. Market Attractiveness Analysis by Distribution Channel
          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. Rising popularity of home & office decor
    5.3. Restraints
          5.3.1. Heavy nature of metals
    5.4. Opportunities
          5.4.1. The rising popularity of smart furniture
    5.5. Challenges
          5.5.1. Availability of alternative furniture material

6. Global Metal Furniture Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Commercial
    6.3. Residential

7. Global Metal Furniture Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Table
    7.3. Chair
    7.4. Bed
    7.5. Sofa
    7.6. Others

8. Global Metal Furniture Market Analysis and Forecast, By Distribution Channel
    8.1. Segment Overview
    8.2. Supermarkets/Hypermarkets
    8.3. Convenience Stores
    8.4. Specialty Stores
    8.5. Online
    8.6. Others

9. Global Metal Furniture 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 Metal Furniture Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Metal Furniture 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. IKEA
          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. Godrej Furniture
          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. Zinus
          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. Cymax Group 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. Hillsdale Furniture
          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. Simpli Home
          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. Chyuan Chern Furniture Co. Ltd.
          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. Meco Coporation
          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. DHP Furniture
          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. Steelcase Inc.
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

2. Global Commercial Metal Furniture Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

3. Global Residential Metal Furniture Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

4. Global Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

5. Global Table Metal Furniture Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

6. Global Chair Metal Furniture Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

7. Global Bed Metal Furniture Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

8. Global Sofa Metal Furniture Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

9. Global Others Metal Furniture Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

10. Global Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

11. Global Supermarkets/Hypermarkets Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

12. Global Convenience Stores Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

13. Global Specialty Stores Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

14. Global Online Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

15. Global Others Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

16. Global Metal Furniture Market, By Region, 2019-2030 (USD Billion) 

17. North America Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

18. North America Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

19. North America Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

20. U.S. Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

21. U.S. Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

22. U.S. Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

23. Canada Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

24. Canada Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

25. Canada Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

26. Mexico Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

27. Mexico Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

28. Mexico Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

29. Europe Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

30. Europe Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

31. Europe Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

32. Germany Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

33. Germany Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

34. Germany Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

35. France Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

36. France Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

37. France Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

38. U.K. Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

39. U.K. Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

40. U.K. Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

41. Italy Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

42. Italy Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

43. Italy Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

44. Spain Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

45. Spain Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

46. Spain Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

47. Asia Pacific Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

48. Asia Pacific Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

49. Asia Pacific Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

50. Japan Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

51. Japan Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

52. Japan Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

53. China Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

54. China Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

55. China Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

56. India Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

57. India Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

58. India Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

59. South America Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

60. South America Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

61. South America Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

62. Brazil Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

63. Brazil Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

64. Brazil Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

65. Middle East and Africa Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

66. Middle East and Africa Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

67. Middle East and Africa Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

68. UAE Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

69. UAE Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

70. UAE Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

71. South Africa Metal Furniture Market, By Application, 2019-2030 (USD Billion) 

72. South Africa Metal Furniture Market, By Type, 2019-2030 (USD Billion) 

73. South Africa Metal Furniture Market, By Distribution Channel, 2019-2030 (USD Billion) 

List of Figures 

1. Global Metal Furniture Market Segmentation

2. Metal Furniture 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 Metal Furniture Market Attractiveness Analysis by Application

9. Global Metal Furniture Market Attractiveness Analysis by Type

10. Global Metal Furniture Market Attractiveness Analysis by Distribution Channel

11. Global Metal Furniture Market Attractiveness Analysis by Region

12. Global Metal Furniture Market: Dynamics

13. Global Metal Furniture Market Share by Application (2022 & 2030)

14. Global Metal Furniture Market Share by Type (2022 & 2030)

15. Global Metal Furniture Market Share by Distribution Channel (2022 & 2030)

16. Global Metal Furniture Market Share by Regions (2022 & 2030)

17. Global Metal Furniture 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 metal furniture market based on below mentioned segments:

Global Metal Furniture Market by Application:

  • Commercial
  • Residential

Global Metal Furniture Market by Type:

  • Table
  • Chair
  • Bed
  • Sofa
  • Others  

Global Metal Furniture Market by Distribution Channel:

  • Supermarkets/Hypermarkets
  • Convenience Stores
  • Specialty Stores
  • Online
  • Others

Global Metal Furniture 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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