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Oilfield Services Market

Oilfield Services Market Size by Application (Offshore and Onshore), Type (Field Operation, Equipment Rental, and Analytical services), Service (Seismic Services, Drilling Services, Well Completion Equipment & Services, Processing & Separation Services, Production, and Subsea Services), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-12797
  • Published Date: Jun, 2022
  • Pages: 235
  • Category: Consumer Goods
  • Format: PDF
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The global oilfield services market is expected to reach USD 312.50 billion by 2030, at a CAGR of 5.83% from 2022 to 2030. The increase in the exploration activities and production of oil & gas drives the expansion of the oilfield services market.

Market Overview:

 An oilfield service refers to all products & services associated with the oil and gas exploration and production process.. These oilfield services contain drilling & formation evaluation, well construction, and completion. Oilfield service companies are usually implicated in the production & development of the oil and gas enterprise. Oilfield services aid operators in handling the subsurface pressures, minimizing formation damage, controlling borehole erosion, optimizing drilling parameters, and investigating penetration rate & hole cleaning. It also contains technology-based services crucial for successful field operations like geological sciences, locating energy sources, drilling & formation evaluation, energy data management, etc.

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Market Dynamics:

Drivers:
  • The rise in several deep-water & ultra-deep-water drilling projects:

The increase in the number of projects is due to the stabilization of the crude oil price, which has raised the profit margin for drilling & production firms. This factor helps to drive the market growth during the forecast period. Additionally, technological advancements like directional drilling & hydraulic fracturing technology have assisted the proliferation of shale gas production from such critical reservoirs. Further, shale exploration needs a broad range of equipment & services in the oilfield. These factors also help to drive market growth during the forthcoming year.

Restraints:
  •  Volatility in oil & gas prices:

The volatility in oil & gas costs is one of the restraining factors of the market growth due to the demand-supply gap, geopolitics, and several other factors. Further, the oil & gas enterprise is experiencing inflexibility in crude oil prices that is attributed to the variations in supply & demand of crude oil. Moreover, this fluctuation disrupts the industry demand significantly, strengthening competition between the U.S., non-OPEC countries, and OPEC countries. Thus, the higher price of all results in delays in the forthcoming investments and projects that suspends the drilling projects failing the oilfield services.

Opportunities:
  • Rising demand and technological advancement:

The rising demand & technological progress are the market growth opportunity factor. The increasing production & exploration activities in the oil & gas enterprise are driving market growth factors. Further, the industry participants expect technological improvements that could aid them improve efficiency & productivity and decreasing time & labor costs. Thus, the oilfield service providers have operated to create more significant technical progress that has made E&P activities more efficient & cost-effective. This factor helps to drive the market growth during the upcoming year.

Challenges:
  • The high initial cost of investments:

The high initial cost of investments is a challenging market growth factor. Further, the initial price contains the ability to operate in harsh & remote environments, research, human resources, and equipment. However, the increasing usage of unconventional fuels in the production of crude oil & the rise in energy costs are other restraining factors of the market growth. Additionally, the environmental impacts of E&P activities & stringent government rules also hinder the market's growth.

Segmentation Analysis:

The global oilfield services market has been segmented based on application, type, service, and regions.

  • The application segment is divided into offshore and onshore. The offshore segment led the market with a market share of 57.24% in 2021 due to increasing investment in subsea gas & oil assets. Further, by 2030, the onshore segment will likely dominate the market due to the increasing number of onshore gas & oil exploration activities across several nations.
  • The type segment is divided into field operation, equipment rental, and analytical services. The equipment rental segment led the market with a market share of 41.06% in 2021 due to the rising worldwide investments in Exploration & Production (E&P).
  • The service segment is divided into seismic services, drilling services, well completion equipment & services, processing & separation services, production, and subsea services. The drilling services segment led the market with a market share of 23.35% in 2021 due to the technological advancement in the drilling equipment utilized in such unconventional shale reserves. Further, by 2030, the well completion equipment & services segment will likely dominate the market due to the growing volume of drilling activities for completing the incomplete wells.
Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region emerged as the largest market for the global oilfield services market with a 45.31% share of the market revenue in 2021.

  • The improved efficiencies and tightening of the supply chain are expected to contribute to the market for oilfield services. Furthermore, the rising drilling & production activities and progress in hydraulic fracturing technology are also helping to boost the market growth. Additionally, the well-enhancing productivity and growing U.S. oil export are also helping expand the market growth.
  • During the forecast period, the Asia Pacific region will record the highest growth due to an increase in a variety of oil rig counts & rising demand for oil & gas is helping boost the market growth in this region. Additionally, the government's growing investment in oil & gas enterprise also helps drive market growth.

North America Region Oilfield Services Market Share in 2021 - 45.31%

 

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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 oilfield services industry.

For example, in 2020, Baker Hughes & C3.ai launched an application based on artificial intelligence that allows the well operators to view the production data in real-time & the capability to anticipate the forthcoming production exactly. This application is available for the oil & gas consumers of the firm worldwide.

List of Key Market Players:

  • Halliburton Company
  • Baker Hughes Incorporated
  • Weatherford International, PLC
  • Schlumberger Limited
  • China Oilfield Services Limited (COSL)
  • National Oilwell Varco, Inc.
  • Trican Well Service, Ltd.
  • Superior Energy Services, Inc
  • Technipfmc.PLC
  • Nabors Industries, Ltd.
  • Welltec International APS
  • Nordic Well Services, LLC.

Key Target Audience:

  • Market Players
  • Investors
  • End-users
  • Government Authorities
  • Consulting And Research Firm

Report Description:

  • Global Oilfield Services 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 oilfield services market is based on revenue (USD Billion). The report incorporates the market study based on revenue. The study covers the market share revenue/market share/volume for each of the segments, regions and countries catering to global oilfield services 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 oilfield services based on application, type, service, and regions which are deduced and formulated based on their growth rate (CAGR), market size, and attractiveness by analyzing the present and prospects to fathom market growth and development in future.
  • The report illustrates the detailed (both quantitative and qualitative) analysis of historical data, revenues, key developments, along with the crucial strategies adopted by key organizations catering to global oilfield services 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 oilfield services market and a comparative assessment based on their product offering, business overviews, geographic presence, business strategies, segment market share, product development & innovations, recent developments, joint venture, partnerships, mergers & acquisitions, strategic alliances, SWOT analysis, and key financial information. This helps in evaluating the overall competition present in the market scenario.
  • The report provides an elaborative assessment of the porter’s five forces analysis coupled with SWOT analysis to provide business related data and information’s. Porter’s five forces model is analyzed to understand the overall competitive scenario that is prevailing in the market. Additionally, the SWOT analysis identifies both the positive and negative attributes of the market development which influences the company growth and development to sustain and survive in the long run.
  • Along with that, the report also focuses on the market related driving factors, growth limitations (restraints), potential industry opportunities, significant trends and development which act as a key potential for the investors.
  • Potential growth prospects along with the penetration rate analysis of the product (market related i.e., global oilfield services 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 oilfield services market was valued at USD 187.66 billion in 2021 to USD 312.50 billion by 2030.

Global oilfield services market is growing at a CAGR of 5.83% during the forecast period 2022-2030.

The global oilfield services market has been segmented based on application, type, service, and regions. The offshore segment led application segment in 2021.

North America region emerged as the largest market for the oilfield services.

The market's growth will be influenced by the increase in the exploration activities and production of oil & gas.

The volatility in oil & gas costs could hamper the market growth.

The rising demand & technological progress will provide considerable opportunities to the market.

Key players are Halliburton Company, Baker Hughes Incorporated, Weatherford International, PLC, Schlumberger Limited, China Oilfield Services Limited (COSL), National Oilwell Varco, Inc., Trican Well Service, Ltd.

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  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope
    1.4. Currency
    1.5. Key Target Audience

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Application
          4.3.2. Market Attractiveness Analysis By Type
          4.3.3. Market Attractiveness Analysis By Service
          4.3.4. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. The high drilling and production activity in shale fields
          5.2.2. The increase in the exploration activities and production of oil & gas
          5.2.3. The increasing number of drilling wells to explore shale gas
    5.3. Restraints
          5.3.1. The volatility in oil & gas costs
    5.4. Opportunities
          5.4.1. The rising demand & technological progress
    5.5. Challenges
          5.5.1. The high initial cost of investments

6. Global Oilfield Services Market Analysis and Forecast, By Application
    6.1. Segment Overview
    6.2. Offshore
    6.3. Onshore

7. Global Oilfield Services Market Analysis and Forecast, By Type
    7.1. Segment Overview
    7.2. Field Operation
    7.3. Equipment Rental
    7.4. Analytical Services

8. Global Oilfield Services Market Analysis and Forecast, By Service
    8.1. Segment Overview
    8.2. Seismic Services
    8.3. Drilling Services
    8.4. Well Completion Equipment & Services
    8.5. Processing & Separation Services
    8.6. Production
    8.7. Subsea Services

9. Global Oilfield Services 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 Oilfield Services Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Oilfield Services 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. Halliburton Company
          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. Baker Hughes Incorporated
          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. Weatherford International, PLC
          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. Schlumberger Limited
          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. China Oilfield Services Limited (COSL)
          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. National Oilwell Varco, 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. Trican Well Service, 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. Superior Energy Services, Inc.
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Technipfmc.PLC
          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. Nabors Industries, Ltd.
          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. Welltec International APS
          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. Nordic Well Services, LLC.
          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
 

List of Table

1. Global Oilfield Services Market, By Application, 2019-2030 (USD Billion)

2. Global Offshore, Oilfield Services Market, By Region, 2019-2030 (USD Billion) 

3. Global Onshore, Oilfield Services Market, By Region, 2019-2030 (USD Billion) 

4. Global Oilfield Services Market, By Type, 2019-2030 (USD Billion)

5. Global Field Operation, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

6. Global Equipment Rental, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

7. Global Analytical Services, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

8. Global Oilfield Services Market, By Service, 2019-2030 (USD Billion)

9. Global Seismic Services, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

10. Global Drilling Services, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

11. Global Well Completion Equipment & Services, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

12. Global Processing & Separation Services, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

13. Global Production, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

14. Global Processing & Separation Services, Production, and, Subsea Services, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

15. Global Subsea Services, Oilfield Services Market, By Region, 2019-2030 (USD Billion)

16. North America Oilfield Services Market, By Application, 2019-2030 (USD Billion)

17. North America Oilfield Services Market, By Type, 2019-2030 (USD Billion)

18. North America Oilfield Services Market, By Service, 2019-2030 (USD Billion)

19. U.S. Oilfield Services Market, By Application, 2019-2030 (USD Billion)

20. U.S. Oilfield Services Market, By Type, 2019-2030 (USD Billion)

21. U.S. Oilfield Services Market, By Service, 2019-2030 (USD Billion)

22. Canada Oilfield Services Market, By Application, 2019-2030 (USD Billion)

23. Canada Oilfield Services Market, By Type, 2019-2030 (USD Billion)

24. Canada Oilfield Services Market, By Service, 2019-2030 (USD Billion)

25. Mexico Oilfield Services Market, By Application, 2019-2030 (USD Billion)

26. Mexico Oilfield Services Market, By Type, 2019-2030 (USD Billion)

27. Mexico Oilfield Services Market, By Service, 2019-2030 (USD Billion)

28. Europe Oilfield Services Market, By Application, 2019-2030 (USD Billion)

29. Europe Oilfield Services Market, By Type, 2019-2030 (USD Billion)

30. Europe Oilfield Services Market, By Service, 2019-2030 (USD Billion)

31. Germany Oilfield Services Market, By Application, 2019-2030 (USD Billion)

32. Germany Oilfield Services Market, By Type, 2019-2030 (USD Billion)

33. Germany Oilfield Services Market, By Service, 2019-2030 (USD Billion)

34. France Oilfield Services Market, By Application, 2019-2030 (USD Billion)

35. France Oilfield Services Market, By Type, 2019-2030 (USD Billion)

36. France Oilfield Services Market, By Service, 2019-2030 (USD Billion)

37. U.K. Oilfield Services Market, By Application, 2019-2030 (USD Billion)

38. U.K. Oilfield Services Market, By Type, 2019-2030 (USD Billion)

39. U.K. Oilfield Services Market, By Service, 2019-2030 (USD Billion)

40. Italy Oilfield Services Market, By Application, 2019-2030 (USD Billion)

41. Italy Oilfield Services Market, By Type, 2019-2030 (USD Billion)

42. Italy Oilfield Services Market, By Service, 2019-2030 (USD Billion)

43. Spain Oilfield Services Market, By Application, 2019-2030 (USD Billion)

44. Spain Oilfield Services Market, By Type, 2019-2030 (USD Billion)

45. Spain Oilfield Services Market, By Service, 2019-2030 (USD Billion)

46. Asia Pacific Oilfield Services Market, By Application, 2019-2030 (USD Billion)

47. Asia Pacific Oilfield Services Market, By Type, 2019-2030 (USD Billion)

48. Asia Pacific Oilfield Services Market, By Service, 2019-2030 (USD Billion)

49. Japan Oilfield Services Market, By Application, 2019-2030 (USD Billion)

50. Japan Oilfield Services Market, By Type, 2019-2030 (USD Billion)

51. Japan Oilfield Services Market, By Service, 2019-2030 (USD Billion)

52. China Oilfield Services Market, By Application, 2019-2030 (USD Billion)

53. China Oilfield Services Market, By Type, 2019-2030 (USD Billion)

54. China Oilfield Services Market, By Service, 2019-2030 (USD Billion)

55. India Oilfield Services Market, By Application, 2019-2030 (USD Billion)

56. India Oilfield Services Market, By Type, 2019-2030 (USD Billion)

57. India Oilfield Services Market, By Service, 2019-2030 (USD Billion)

58. South America Oilfield Services Market, By Application, 2019-2030 (USD Billion)

59. South America Oilfield Services Market, By Type, 2019-2030 (USD Billion)

60. South America Oilfield Services Market, By Service, 2019-2030 (USD Billion)

61. Brazil Oilfield Services Market, By Application, 2019-2030 (USD Billion)

62. Brazil Oilfield Services Market, By Type, 2019-2030 (USD Billion)

63. Brazil Oilfield Services Market, By Service, 2019-2030 (USD Billion)

64. Middle East and Africa Oilfield Services Market, By Application, 2019-2030 (USD Billion)

65. Middle East and Africa Oilfield Services Market, By Type, 2019-2030 (USD Billion)

66. Middle East and Africa Oilfield Services Market, By Service, 2019-2030 (USD Billion)

67. UAE Oilfield Services Market, By Application, 2019-2030 (USD Billion)

68. UAE Oilfield Services Market, By Type, 2019-2030 (USD Billion)

69. UAE Oilfield Services Market, By Service, 2019-2030 (USD Billion)

70. South Africa Oilfield Services Market, By Application, 2019-2030 (USD Billion)

71. South Africa Oilfield Services Market, By Type, 2019-2030 (USD Billion)

72. South Africa Oilfield Services Market, By Service, 2019-2030 (USD Billion)

List of Figures 

1. Global Oilfield Services Market Segmentation

2. Global Oilfield Services Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top- Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Oilfield Services Market Attractiveness Analysis By Application

9. Global Oilfield Services Market Attractiveness Analysis By Type 

10. Global Oilfield Services Market Attractiveness Analysis By Service

11. Global Oilfield Services Market Attractiveness Analysis By Region

12. Global Oilfield Services Market: Dynamics

13. Global Oilfield Services Market Share By Application (2022 & 2030)

14. Global Oilfield Services Market Share By Type (2022 & 2030)

15. Global Oilfield Services Market Share By Service (2022 & 2030)

16. Global Oilfield Services Market Share By Regions (2022 & 2030)

17. Global Oilfield Services 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 oilfield services based on below mentioned segments:

Global Oilfield Services Market by Application:

  • Offshore
  • Onshore

Global Oilfield Services Market by Type:

  • Field Operation
  • Equipment Rental
  • Analytical services

Global Oilfield Services Market by Service:

  • Seismic Services
  • Drilling Services
  • Well Completion Equipment & Services
  • Processing & Separation Services
  • Production
  • Subsea Services

Global Oilfield Services 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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