Smart Mirror Market

Smart Mirror Market Size by Type (Software, Hardware, Services), Application (Automotive, Hospitality & Retail, Smart Homes, Healthcare), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028

Base Year: 2020 Historical Data: 2018-19
  • Report ID: TBI-12562
  • Published Date: Oct, 2021
  • Pages: 226
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global smart mirror market is expected to reach USD 7.42 billion by 2028, at a CAGR of 17.2% during the forecast period 2021-2028. Growing demand for smart mirror in the retail industry is one of the key contributing factors for the growth of market.

Market Overview:

The smart mirror refers to the two-way glass mirror with an electronic display behind the glass.  This display is used to show the different kinds of information, including news updates, weather, date, and time. These mirrors are generally suitable for busy individuals who want multitask while staying up-to-date.  The two-way glass is used for the design of the smart mirror, which enables the graphics on display visible and clear. These smart mirrors come in a variety of formats, including small table mirror to the large bathroom mirror. These mirrors can be customized to show the feed, such as local weather, social media feed, news, and schedule.

For the development of the smart mirror, the three components are generally used–two-way glass, display, and computer device. The two-way glass mirror reflects light from one direction and allows light to pass from another direction. The small computer device is required to power up the smart mirror. The smart mirrors are now becoming increasingly popular in the homes as well as at commercial places. The smart mirror is projected to become the key component in the smart homes in the upcoming years. Apart from home, the smart mirrors an also be used in commercial palaces such as malls, clothing shops, salons, and beauty shops. Smart mirrors at the commercial places can help the owners to know the customers better by analyzing consumer behaviour. Some of the high-end smart mirrors can also be able to interact and feature touch screen display.

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Market Dynamics:

Drivers:
  • Increasing demand for smart mirrors in the retail industry

The smart mirror technology has the ability to transform the retail industry by enhancing the customer experience to the next level. The smart mirror uses the combination of variety of advanced technologies such as artificial intelligence, gesture recognition, and augmented reality. By combining these technologies in the smart mirror smart mirrors can superpose clothing on the image. The smart mirror can allow to change and try the cloth in the matter of seconds. In addition to this, these mirrors also helps the owner to understand the customer behaviour. Thus, increasing demand for smart mirrors in the retail industry to enhance the customer experience driving the growth of market.

  • Rising demand for smart mirrors in the automotive sector

The automotive industry is one of the most dynamic industry in terms of adoption of advanced technologies. The smart mirror is one of the most advanced technologies, which have turned the attention of automotive manufacturers. Many automotive manufacturers are focusing on the integration of smart mirror technology in their upcoming automobile models. In addition to this, increasing adoption of other technologies such as advanced driver assistance system in the automotive sector, further driving the growth of the market. 

Restraints:
  • Security and data privacy concern

Smart mirrors offer many advantages; however, increasing security and personal data concern may hamper the growth of the market. The smart mirrors can track and keep the personal information of users. For instance, in the retail industry, smart mirrors stores all the personal information of every customers for the study of consumer behavior. Thus, rising concern over personal data security may hamper the growth of the market over the forecast period.

Opportunities:
  • Rising number of startups and new companies in the smart mirror market

The smart mirror is relatively the new technology, and many startup companies are entering the market with an innovative product. These companies are heavily investing in the research and development to develop the new product to enhance the customers' overall experience. These companies are also customizing their smart mirrors as per customer requirements. Thus, the rising number of startup and new companies in the smart mirror market is likely to provide new opportunities in the upcoming years.

Challenges:
  • High prices of smart mirrors

Currently, the prices of smart mirrors are too high, as it a relatively new and innovative technology. The prices of these mirrors also increase with the added customization and customer requirements.  Many companies are offering smart mirrors at high prices, depending on the features of smart mirrors. Thus, high prices of smart mirrors may hinder the growth of the market over the forecast period.

Segmentation Analysis:

The global smart mirror market has been segmented based on type, application, and regions.

  • The type segment is divided into hardware, software, and services. The hardware segment is accounted for the major market share of 55.26% in the year 2020. The high adoption of the hardware components such as display, sensors, touch screen, and cameras for the smart mirror technology, driving the growth of the market.
  • The application segment classified into automotive, hospitality & retail, smart homes, healthcare, and others. The automotive sector dominated the global smart mirror market and held a market share of 65.23% in the year 2020. Increasing concern over the safety and security of the vehicle and passengers, driving the growth of the market.
Regional Segmentation Analysis:

The regions analyzed for the global smart mirror market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Europe region accounted for the major market share of 38.84% in the year 2020.

  • The growth is mainly due to the increasing adoption of smart mirror technology in various sectors such as automotive, retail, and hospitality. The Europe region is the largest hub for the automotive industry in the countries including Germany, Italy, and the UK. Many automobile manufacturers are focusing on the integration of smart mirror technology in their new automobile models. In addition to this, the rising adoption of smart mirror technology in the retail industry, further boosting the growth of the market.
  • The Asia Pacific region projected to grow at the highest CAGR of 17.5% over the forecast period. The growth is mainly attributed to the rising investment in the advanced technologies across the region. In addition to this, increasing IT infrastructure in countries such as India and China, further driving the growth of the market.

Europe Smart Mirror Market Share in 2020- 38.84%

 

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Competitive Analysis:

The key players of global smart mirror market are majorly focusing on adoption of various strategies such as new product development, joint venture, collaboration, technological integration, product innovations, mergers & acquisitions, and partnerships to gain the significant market share in the industry.

In July 2018, Japan Display Inc. announced the launch of IoT mirror which can change to full size or the partial size and can control via voice command to provide the updates such time, date, weather condition, schedule etc.

In March 2019, Ficosa announced the partnership with the Panasonic to develop the smart rear-view mirror with electronic toll collection for new BMW X5 in Japan.

List of Key Market Players:

  • Japan Display Inc.
  • Samsung Electronics
  • Perseus Mirrors
  • Gentex
  • Magna International Inc.
  • Electric Mirror
  • Seura
  • Ficosa
  • ALKE
  • Ad Notam
  • Dension
  • Keonn

Key Target Audience

  • Government Bodies
  • Investors/Shareholders
  • Regulatory bodies
  • Automotive OEMs
  • Technology Investors

Report Description:

  • Global Smart MirrorMarket, Industry Analysis, Trends, Analysis and Forecast, 2021 to 2028 is a forthcoming/imminent research report which is to be published by The Brainy Insights.
  • 2020 is considered as the base year of the report. 2018 and 2019 are considered as the historic years and 2021 to 2028 are the forecast years. The global smart mirror market is based on revenue (USD Million/Billion). The report incorporates the market study on the basis of revenue. The study covers the market share revenue/market share for each of the segments, regions and countries catering to global smart mirror 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 all across the globe. The research report also delivers an outline of the attractiveness of smart mirror and regions which are deduced and formulated on the basis of their growth rate (CAGR), market size, and attractiveness by analyzing the present and future prospects to 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 smart mirror market. This offers vital and in depth insights in order to depict the overall market scenario.
  • The report offers the detailed study for the company profiles of key organizations operating in the global smart mirror 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 so as 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 in order 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 products (market related i.e., global smart mirror market is covered in order to comprehend the adoption rate and evaluate the market size.

Frequesntly Asked Questions

As per The Brainy Insights, the size of the smart mirror market was valued at USD 2.20 billion in 2020 and is anticipated to reach USD 7.42 billion by 2028.

Global smart mirror market is growing at a CAGR of 17.2% during the forecast period 2021-2028.

The global smart mirror market has been segmented based on type, application, and regions. The hardware segment accounted for the major market share in the year 2020.

The Europe region emerged as the largest market for the smart mirror.

Increasing adoption of smart mirror in the retail sector is the significant driving factor for the growth of market.

High prices of smart mirror may limit the growth of the market over the forecast period.

Technological advancement in the smart mirror is expected to offer the future growth opportunity in the market.

Key players are Japan Display Inc., Samsung Electronics, Perseus Mirrors, Gentex, Magna International Inc., Electric Mirror, Seura, and Ficosa, among others.

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 Type
          4.3.2. Market Attractiveness Analysis By Application
          4.3.3. Market Attractiveness Analysis By Region
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Increasing demand for smart mirrors in the retail industry
          5.2.2. Rising demand for smart mirrors in the automotive sector
    5.3. Restrains
          5.3.1. Security and data privacy concern
    5.4. Opportunities
          5.4.1. Rising number of start-ups and new companies in the smart mirror market
    5.5. Challenges
          5.5.1. High prices of smart mirrors

6. Global Smart Mirror Market Analysis and Forecast, By Type
    6.1. Segment Overview
    6.2. Hardware
    6.3. Software
    6.4. Services

7. Global Smart Mirror Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Automotive
    7.3. Healthcare
    7.4. Smart Hone
    7.5. Hospitality & Retail
    7.6. Others

8. Global Smart Mirror Market Analysis and Forecast, By Regional Analysis
    8.1. Segment Overview
    8.2. North America
          8.2.1. U.S.
          8.2.2. Canada
          8.2.3. Mexico
    8.3. Europe
          8.3.1. Germany
          8.3.2. France
          8.3.3. U.K.
          8.3.4. Italy
          8.3.5. Spain
    8.4. Asia-Pacific
          8.4.1. Japan
          8.4.2. China
          8.4.3. India
    8.5. South America
          8.5.1. Brazil
    8.6. Middle East and Africa
          8.6.1. UAE
          8.6.2. South Africa

9. Global Smart Mirror Market-Competitive Landscape
    9.1. Overview
    9.2. Market Share of Key Players in the Smart Mirror Market
          9.2.1. Global Company Market Share
          9.2.2. North America Company Market Share
          9.2.3. Europe Company Market Share
          9.2.4. APAC Company Market Share
    9.3. Competitive Situations and Trends
          9.3.1. Product Launches and Developments
          9.3.2. Partnerships, Collaborations, and Agreements
          9.3.3. Mergers & Acquisitions
          9.3.4. Expansions

10. Company Profiles
    10.1. Japan Display Inc.
          10.1.1. Business Overview
          10.1.2. Company Snapshot
          10.1.3. Company Market Share Analysis
          10.1.4. Company Product Portfolio
          10.1.5. Recent Developments
          10.1.6. SWOT Analysis
    10.2. Samsung Electronics
          10.2.1. Business Overview
          10.2.2. Company Snapshot
          10.2.3. Company Market Share Analysis
          10.2.4. Company Product Portfolio
          10.2.5. Recent Developments
          10.2.6. SWOT Analysis
    10.3. Perseus Mirrors
          10.3.1. Business Overview
          10.3.2. Company Snapshot
          10.3.3. Company Market Share Analysis
          10.3.4. Company Product Portfolio
          10.3.5. Recent Developments
          10.3.6. SWOT Analysis
    10.4. Gentex
          10.4.1. Business Overview
          10.4.2. Company Snapshot
          10.4.3. Company Market Share Analysis
          10.4.4. Company Product Portfolio
          10.4.5. Recent Developments
          10.4.6. SWOT Analysis
    10.5. Marchesini Group
          10.5.1. Business Overview
          10.5.2. Company Snapshot
          10.5.3. Company Market Share Analysis
          10.5.4. Company Product Portfolio
          10.5.5. Recent Developments
          10.5.6. SWOT Analysis
    10.6. EquipmentMagna International Inc.
          10.6.1. Business Overview
          10.6.2. Company Snapshot
          10.6.3. Company Market Share Analysis
          10.6.4. Company Product Portfolio
          10.6.5. Recent Developments
          10.6.6. SWOT Analysis
    10.7. Electric Mirror
          10.7.1. Business Overview
          10.7.2. Company Snapshot
          10.7.3. Company Market Share Analysis
          10.7.4. Company Product Portfolio
          10.7.5. Recent Developments
          10.7.6. SWOT Analysis
    10.8. Seura
          10.8.1. Business Overview
          10.8.2. Company Snapshot
          10.8.3. Company Market Share Analysis
          10.8.4. Company Product Portfolio
          10.8.5. Recent Developments
          10.8.6. SWOT Analysis
    10.9. Ficosa
          10.9.1. Business Overview
          10.9.2. Company Snapshot
          10.9.3. Company Market Share Analysis
          10.9.4. Company Product Portfolio
          10.9.5. Recent Developments
          10.9.6. SWOT Analysis
    10.10. ALKE
          10.10.1. Business Overview
          10.10.2. Company Snapshot
          10.10.3. Company Market Share Analysis
          10.10.4. Company Product Portfolio
          10.10.5. Recent Developments
          10.10.6. SWOT Analysis
 

List of Table

1. Global Smart Mirror Market, By Type, 2018–2028 (USD Billion)

2. Global Hardware, Smart Mirror Market, By Region, 2018–2028 (USD Billion)

3. Global Software, Smart Mirror Market, By Region, 2018–2028 (USD Billion)

4. Global Services, Smart Mirror Market, By Region, 2018–2028 (USD Billion)

5. Global Smart Mirror Market, By Application, 2018–2028 (USD Billion)

6. Global Automotive, Smart Mirror Market, By Region, 2018–2028 (USD Billion)

7. Global Healthcare, Smart Mirror Market, By Region, 2018–2028 (USD Billion)

8. Global Smart Home, Smart Mirror Market, By Region, 2018–2028 (USD Billion)

9. Global Retail and Hospitality Smart Mirror Market, By Region, 2018–2028 (USD Billion)

10. Global Others, Smart Mirror Market, By Region, 2018–2028 (USD Billion)

11. Global Smart Mirror Market, By Region, 2018–2028 (USD Billion)

12. North America Smart Mirror Market, By Type, 2018–2028 (USD Billion)

13. North America Smart Mirror Market, By Application, 2018–2028 (USD Billion)

14. U.S. Smart Mirror Market, By Type, 2018–2028 (USD Billion)

15. U.S. Smart Mirror Market, By Application, 2018–2028 (USD Billion)

16. Canada Smart Mirror Market, By Type, 2018–2028 (USD Billion)

17. Canada Smart Mirror Market, By Application, 2018–2028 (USD Billion)

18. Mexico Smart Mirror Market, By Type, 2018–2028 (USD Billion)

19. Mexico Smart Mirror Market, By Application, 2018–2028 (USD Billion)

20. Europe Smart Mirror Market, By Type, 2018–2028 (USD Billion)

21. Europe Smart Mirror Market, By Application, 2018–2028 (USD Billion)

22. Germany Smart Mirror Market, By Type, 2018–2028 (USD Billion)

23. Germany Smart Mirror Market, By Application, 2018–2028 (USD Billion)

24. France Smart Mirror Market, By Type, 2018–2028 (USD Billion)

25. France Smart Mirror Market, By Application, 2018–2028 (USD Billion)

26. U.K. Smart Mirror Market, By Type, 2018–2028 (USD Billion)

27. U.K. Smart Mirror Market, By Application, 2018–2028 (USD Billion)

28. Italy Smart Mirror Market, By Type, 2018–2028 (USD Billion)

29. Italy Smart Mirror Market, By Application, 2018–2028 (USD Billion)

30. Spain Smart Mirror Market, By Type, 2018–2028 (USD Billion)

31. Spain Smart Mirror Market, By Application, 2018–2028 (USD Billion)

32. Asia Pacific Smart Mirror Market, By Type, 2018–2028 (USD Billion)

33. Asia Pacific Smart Mirror Market, By Application, 2018–2028 (USD Billion)

34. Japan Smart Mirror Market, By Type, 2018–2028 (USD Billion)

35. Japan Smart Mirror Market, By Application, 2018–2028 (USD Billion)

36. China Smart Mirror Market, By Type, 2018–2028 (USD Billion)

37. China Smart Mirror Market, By Application, 2018–2028 (USD Billion)

38. India Smart Mirror Market, By Type, 2018–2028 (USD Billion)

39. India Smart Mirror Market, By Application, 2018–2028 (USD Billion)

40. South America Smart Mirror Market, By Type, 2018–2028 (USD Billion)

41. South America Smart Mirror Market, By Application, 2018–2028 (USD Billion)

42. Brazil Smart Mirror Market, By Type, 2018–2028 (USD Billion)

43. Brazil Smart Mirror Market, By Application, 2018–2028 (USD Billion)

44. Middle East and Africa Smart Mirror Market, By Type, 2018–2028 (USD Billion)

45. Middle East and Africa Smart Mirror Market, By Application, 2018–2028 (USD Billion)

46. UAE Smart Mirror Market, By Type, 2018–2028 (USD Billion)

47. UAE Smart Mirror Market, By Application, 2018–2028 (USD Billion)

48. South Africa Smart Mirror Market, By Type, 2018–2028 (USD Billion)

49. South Africa Smart Mirror Market, By Application, 2018–2028 (USD Billion)

List of Figures 

1. Global Smart Mirror Market Segmentation

2. Smart Mirror 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 Smart Mirror Market Attractiveness Analysis By Type

9. Global Smart Mirror Market Attractiveness Analysis By Application

10. Global Smart Mirror Market Attractiveness Analysis By Region

11. Global Smart Mirror Market: Dynamics

12. Global Smart Mirror Market Share By Type(2021 & 2028)

13. Global Smart Mirror Market Share By Application(2021 & 2028)

14. Global Smart Mirror Market Share by Regions (2021 & 2028)

15. Global Smart Mirror Market Share by Company (2020)

This study forecasts revenue and volume growth at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global Smart Mirrormarket on the basis of below mentioned segments:

Global Smart Mirror Market by Type:

  • Software
  • Hardware
  • Services

Global Smart Mirror Market by Application:

  • Automotive
  • Hospitality & Retail
  • Smart Homes
  • Healthcare
  • Others

Global Smart Mirror 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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