Pet Sitting Market

Pet Sitting Market Size by Service Type (Care Visits and Drop-in Visits), Pet Type (Cats, Dogs and Others), Application (Dog Walking, Pet Transportation and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13676
  • Published Date: Sep, 2023
  • Pages: 236
  • Category: Healthcare
  • Format: PDF
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The global pet sitting market was valued at USD 2.48 billion in 2022 and is anticipated to grow at a CAGR of 10.63% from 2023 to 2032. The market is expected to reach USD 6.81 billion by 2032. The pet industry is projected to experience substantial growth, propelled by various crucial factors. These factors include a notable surge in pet-related spending, the resumption of back-to-office trends, the diversification of service offerings, a growing number of participants in the industry, and the implementation of strategic initiatives by various pet sitters and pet-sitting businesses. These combined elements are expected to drive significant expansion within the sector.

Market Introduction:

Pet sitting is a service in which individuals or professional caregivers, known as pet sitters, take care of pets on behalf of the pet owners. It involves providing various pet care tasks, such as feeding, walking, playing, and ensuring the overall well-being of the animals. Pet sitting is typically utilized when pet owners are away from home for work, vacations, or other commitments, and they want their pets to be cared for in a familiar and stress-free environment. Pet sitters may offer services in the pet owner's home or premises. During the pet sitting period, the caregiver ensures that the pets' daily routines are maintained and receive proper attention, love, and care. Depending on the pet's needs, the pet sitter may also administer medication, monitor health conditions, and follow specific care instructions provided by the owner. Pet sitting provides a convenient alternative to boarding pets in kennels or catteries, allowing pets to stay in a comfortable setting and reduce separation anxiety. It offers peace of mind to pet owners, knowing that their beloved companions are in the hands of responsible and compassionate caregivers during their absence.

Pet Sitting Market Size

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Recent Development
  • In August 2022: Wag Labs, Inc. (also known as "Wag!"), a prominent American pet services marketplace company, completed its business acquisition of CHW Acquisition Corporation. The company operates a mobile-first technology platform that facilitates on-demand and scheduled dog training, overnight care, walking, and other pet care services. The capital raised through this transaction will be utilized by Wag! to enhance and expand its different pet care services and offerings available on its platform. Additionally, the infusion of funds will enable them to expedite their growth as they continue to address the needs and concerns of pet parents throughout the country.
  • In February 2022: Petco Health and Wellness Company, Inc. has unveiled a fresh initiative in collaboration with Rover.com, the largest online marketplace for compassionate pet care. This joint venture aims to connect Petco's customers with a broad range of pet care services, like dog walking, boarding, and sitting. By teaming up with Rover, Petco reinforces its position as a leading player in the pet industry, offering a comprehensive ecosystem of health and wellness solutions spanning pet products, veterinary care, grooming, and training. The partnership allows Petco customers to conveniently access services for their pets (cats and dogs) directly through petco.com. This seamless integration enhances the overall customer experience, making it more comfortable and effortless for pet owners to care for their beloved companions and delivering them with a broad range of services at their fingertips.
  • In June 2021: PetSmart has introduced a fresh and captivating brand platform named "Anything for Pets," which aims to spotlight pet owners' boundless affection and devotion for their furry companions. Embracing worldwide pet-obsessed culture, PetSmart proudly unveils this new platform that reflects customers' unwavering love for their pets and the profound commitment PetSmart has to support these cherished animals. At the heart of the "Anything for Pets" campaign is a contemporary rendition of the beloved 1960s musical Oliver, portraying pet parents going to extraordinary lengths for their beloved pets. From rising at dawn for early morning walks to getting tattoos of their feathered friends, the campaign captures the touching and humorous moments demonstrating the unbreakable bond between pets and their loving owners. With "Anything for Pets," PetSmart celebrates the profound joy and fulfilment that pets bring to people's lives while reaffirming its dedication to going above and beyond in providing exceptional products and services for the well-being of these treasured companions.

Market Dynamics:

Drivers

Increasing Pet Ownership- The rising number of pet owners worldwide has increased the demand for pet-sitting services. As more people welcome pets into their families, the need for reliable and trustworthy caregivers during their absence has grown.

Busy Lifestyles- Modern lifestyles often involve busy work schedules, travel commitments, and social engagements, leaving pet owners with limited time to care for their pets. Pet sitting offers a convenient solution for pet owners who need someone to look after their pets when they are away.

Pet Humanization- Pets are increasingly considered part of the family, and pet owners prioritize their well-being and happiness. This trend has shown a higher need for personalized and attentive care for pets, boosting the popularity of pet-sitting services.

Restraints:

Lack of Regulation- The pet-sitting industry needs consistent regulations and standards in some regions. This absence of uniform guidelines can lead to varying levels of professionalism and quality of services, making it difficult for pet owners to pick reliable and trustworthy caregivers.

Liability and Insurance Issues- Pet sitters may face liability concerns, such as accidents or injuries to pets under their care. Obtaining appropriate insurance coverage can be costly for individual pet sitters and may deter some from entering the market.

Opportunities:

Partnership with Pet Businesses- Collaborating with pet-related businesses, such as veterinary clinics, pet stores, and grooming services, can create cross-promotional opportunities and expand customer reach.

Digital Platforms and Technology- Leveraging digital platforms, mobile apps, and online booking systems can enhance customer convenience and accessibility. Technology-driven solutions can streamline operations and improve pet owners' and caregivers' overall pet-sitting experience.

Challenges:

Maintaining Trust and Reputation- Building and maintaining trust with pet owners is crucial for the success of a pet-sitting business. Any dangerous incidents, such as accidents or mishandling of pets, can severely damage the business's reputation and lead to the loss of customers.

Intense Competition- The pet-sitting industry is becoming increasingly competitive, with numerous individual pet sitters and established pet-sitting businesses. These factors can lead to pricing pressures and make it challenging for new entrants to achieve a foothold in the market.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North American region emerged as the most prominent global pet sitting market, with a 41.72% market revenue share in 2022.

North America has a substantial and growing population of pet owners. A cultural shift towards considering pets as family members has increased pet ownership in the region, driving the demand for pet-sitting services. Additionally, modern lifestyles in North America often involve busy work schedules and frequent travel, leaving pet owners with limited time to care for their pets. This factor has created a strong demand for pet-sitting services to ensure pets receive proper care and attention in the owner's absence. North America has a relatively high standard of living and disposable income, allowing pet owners to afford professional pet-sitting services rather than relying on informal care options. The APAC region is anticipated to grow significantly over the forecast period. The APAC region has witnessed a substantial increase in the middle-class population with higher disposable income. As a result, pet ownership has grown significantly, and pet owners are ready to pay more for professional pet care services, including pet sitting.

North America Region Pet Sitting Market Share in 2022 - 41.72%

 

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Service Type Segment Analysis

The service type segment includes care visits and drop-in visits. The care visits segment accounted for the largest market share of around 58.64% in 2022. Care Visits offer flexible and customized solutions to pet owners. Pet sitters visit the pet owner's home to care for the pets, allowing the animals to remain in their familiar environment. This personalized approach is highly valued by pet owners who want their pets to receive individualized attention and care. Besides, many pets experience stress and anxiety when taken out of their home environment or placed in unfamiliar settings like boarding facilities. Care Visits alleviate this stress by keeping pets in a comfortable and secure space, resulting in happier and healthier animals.

Pet Type Segment Analysis

The pet type segment is classified into cats, dogs and others. The dogs segment dominated the market, with a share of around 83.25% in 2022. Dogs are among the favourite pets worldwide, commonly kept as companion animals in households. The high prevalence of dog ownership leads to more demand for pet-sitting services. Furthermore, dogs require regular and consistent care, including feeding, exercise, and bathroom breaks. Pet sitting services are often sought by dog owners who cannot be present due to work, travel, or other commitments, leading to a steady demand for dog sitting services.

Application Segment Analysis

The application segment is classified into dog walking, pet transportation and others. The dog walking segment dominated the market, with a share of around 57.31% in 2022. Dogs require daily activity or training to maintain their physical and mental well-being. Many dog owners have busy schedules that limit their ability to provide adequate daily walks, creating a significant demand for professional dog walking services. Besides, modern lifestyles often involve long work hours and other commitments, leaving pet owners with limited time to walk their dogs during the day. Dog walking services offer a convenient solution, ensuring dogs receive the exercise they need even when their owners are unavailable.

Some of the Key Market Players:
  • CareGuide Inc.
  • Camp Bow Wow
  • Best Friends Pet Care
  • Chicago Dog Walkers
  • Dogtopia Enterprises
  • DogVacay
  • Fetch! Pet Care
  • Holidog
  • Petco Health and Wellness Company
  • PetBacker
  • Pets at Home Inc.
  • PetSmart LLC
  • Rover.com
  • Swifto Inc.
  • Wag Labs Inc.
  • We Love Pets

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 2.48 Billion
Market size value in 2032 USD 6.81 Billion
CAGR (2023 to 2032) 10.63%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Service Type, Pet Type and Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the pet sitting market was valued at USD 2.48 billion in 2022 to USD 6.81 billion by 2032.

The global pet sitting market is growing at a CAGR of 10.63% during the forecast period 2023-2032.

The North American region became the largest market for pet sitting.

Increasing pet ownership and pet humanization influences the market's growth.

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 Service Type
          4.3.2. Market Attractiveness Analysis by Pet Type
          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. Increasing Pet Ownership
          5.2.2. Busy Lifestyles
          5.2.3. Pet Humanization
    5.3. Restraints
          5.3.1. Lack of Regulation
          5.3.2. Liability and Insurance Issues
    5.4. Opportunities
          5.4.1. Partnership with Pet Businesses
          5.4.2. Digital Platforms and Technology
    5.5. Challenges
          5.5.1. Maintaining Trust and Reputation
          5.5.2. Intense Competition

6. Global Pet Sitting Market Analysis and Forecast, By Service Type
    6.1. Segment Overview
    6.2. Care Visits
    6.3. Drop-in Visits

7. Global Pet Sitting Market Analysis and Forecast, By Pet Type
    7.1. Segment Overview
    7.2. Cats
    7.3. Dogs
    7.4. Others

8. Global Pet Sitting Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Dog Walking
    8.3. Pet Transportation
    8.4. Others

9. Global Pet Sitting 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 Pet Sitting Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Pet Sitting 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. CareGuide Inc.
          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. Camp Bow Wow
          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. Best Friends Pet Care
          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. Chicago Dog Walkers
          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. Dogtopia Enterprises
          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. DogVacay
          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. Fetch! Pet Care
          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. Holidog
          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. Petco Health and Wellness Company
          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. PetBacker
          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. Pets at Home Inc.
          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. PetSmart 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
    11.13. Rover.com
          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. Swifto 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
    11.15. Wag Labs Inc.
          11.15.1. Business Overview
          11.15.2. Company Snapshot
          11.15.3. Company Market Share Analysis
          11.15.4. Company Product Portfolio
          11.15.5. Recent Developments
          11.15.6. SWOT Analysis
    11.16. We Love Pets
          11.16.1. Business Overview
          11.16.2. Company Snapshot
          11.16.3. Company Market Share Analysis
          11.16.4. Company Product Portfolio
          11.16.5. Recent Developments
          11.16.6. SWOT Analysis

List of Table

1. Global Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

2. Global Care Visits Pet Sitting Market, By Region, 2019-2032 (USD Billion)

3. Global Drop-in Visits Pet Sitting Market, By Region, 2019-2032 (USD Billion)

4. Global Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

5. Global Cats Market, By Region, 2019-2032 (USD Billion)

6. Global Dogs Market, By Region, 2019-2032 (USD Billion)

7. Global Others Pet Sitting Market, By Region, 2019-2032 (USD Billion)

8. Global Pet Sitting Market, By Application, 2019-2032 (USD Billion)

9. Global Dog Walking Pet Sitting Market, By Region, 2019-2032 (USD Billion)

10. Global Pet Transportation Pet Sitting Market, By Region, 2019-2032 (USD Billion)

11. Global Others Pet Sitting Market, By Region, 2019-2032 (USD Billion)

12. Global Pet Sitting Market, By Region, 2019-2032 (USD Billion)

13. North America Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

14. North America Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

15. North America Pet Sitting Market, By Application, 2019-2032 (USD Billion)

16. U.S. Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

17. U.S. Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

18. U.S. Pet Sitting Market, By Application, 2019-2032 (USD Billion)

19. Canada Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

20. Canada Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

21. Canada Pet Sitting Market, By Application, 2019-2032 (USD Billion)

22. Mexico Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

23. Mexico Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

24. Mexico Pet Sitting Market, By Application, 2019-2032 (USD Billion)

25. Europe Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

26. Europe Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

27. Europe Pet Sitting Market, By Application, 2019-2032 (USD Billion)

28. Germany Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

29. Germany Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

30. Germany Pet Sitting Market, By Application, 2019-2032 (USD Billion)

31. France Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

32. France Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

33. France Pet Sitting Market, By Application, 2019-2032 (USD Billion)

34. U.K. Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

35. U.K. Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

36. U.K. Pet Sitting Market, By Application, 2019-2032 (USD Billion)

37. Italy Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

38. Italy Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

39. Italy Pet Sitting Market, By Application, 2019-2032 (USD Billion)

40. Spain Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

41. Spain Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

42. Spain Pet Sitting Market, By Application, 2019-2032 (USD Billion)

43. Asia Pacific Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

44. Asia Pacific Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

45. Asia Pacific Pet Sitting Market, By Application, 2019-2032 (USD Billion)

46. Japan Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

47. Japan Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

48. Japan Pet Sitting Market, By Application, 2019-2032 (USD Billion)

49. China Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

50. China Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

51. China Pet Sitting Market, By Application, 2019-2032 (USD Billion)

52. India Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

53. India Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

54. India Pet Sitting Market, By Application, 2019-2032 (USD Billion)

55. South America Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

56. South America Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

57. South America Pet Sitting Market, By Application, 2019-2032 (USD Billion)

58. Brazil Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

59. Brazil Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

60. Brazil Pet Sitting Market, By Application, 2019-2032 (USD Billion)

61. Middle East and Africa Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

62. Middle East and Africa Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

63. Middle East and Africa Pet Sitting Market, By Application, 2019-2032 (USD Billion)

64. UAE Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

65. UAE Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

66. UAE Pet Sitting Market, By Application, 2019-2032 (USD Billion)

67. South Africa Pet Sitting Market, By Service Type, 2019-2032 (USD Billion)

68. South Africa Pet Sitting Market, By Pet Type, 2019-2032 (USD Billion)

69. South Africa Pet Sitting Market, By Application, 2019-2032 (USD Billion)

List of Figures 

1. Global Pet Sitting Market Segmentation

2. Pet Sitting 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 Pet Sitting Market Attractiveness Analysis by Service Type

9. Global Pet Sitting Market Attractiveness Analysis by Pet Type

10. Global Pet Sitting Market Attractiveness Analysis by Application

11. Global Pet Sitting Market Attractiveness Analysis by Region

12. Global Pet Sitting Market: Dynamics

13. Global Pet Sitting Market Share by Service Type (2023 & 2032)

14. Global Pet Sitting Market Share by Pet Type (2023 & 2032)

15. Global Pet Sitting Market Share by Application (2023 & 2032)

16. Global Pet Sitting Market Share by Regions (2023 & 2032)

17. Global Pet Sitting Market Share by Company (2022)

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

Global Pet Sitting Market by Service Type:

  • Care Visits
  • Drop-in Visits

Global Pet Sitting Market by Pet Type:

  • Cats
  • Dogs 
  • Others

Global Pet Sitting Market by Application:

  • Dog Walking 
  • Pet Transportation
  • Others

Global Pet Sitting 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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