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Swarm Intelligence Market

Swarm Intelligence Market Size by Capability (Optimization, Clustering, Scheduling and Routing), Application (Robotics, Drones and Human Swarming), End User (Transportation & Logistics, Robotics & Automation, Healthcare, Retail & e-Commerce and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13446
  • Published Date: Apr, 2023
  • Pages: 235
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global Swarm Intelligence market was valued at USD 21.72 Million in 2022 and growing at a CAGR of 35.33% from 2023 to 2032. The market is expected to reach USD 447.53 Million by 2032. Many organizations all across the world are already exploring this technology. For instance, Enswarm, a startup company in the UK, uses swarm technologies for recruiting and employment decisions. Similarly, Swarm.fund uses this technology with cryptocurrencies such as Bitcoin to develop a new fundraising model. This AI-powered technology is also getting used in diagnosing medical conditions. The medical community is planning to use smarms of nanobots for the precision delivery of drugs, targeting toxins, microsurgery and biological sensors. For instance, doctors from Stanford University joined the US-based organization Unanimous AI to diagnose pneumonia. It was found that Swarm AI was around 33% more accurate at correctly classifying patients in comparison to individual practitioners and around 22% more accurate in comparison to Stanford machine-learning program known as CheXNet.

Market Introduction:

Swarm intelligence comes under artificial intelligence, and it is motivated by the behavioural models of insects like bees, wasps and ants. This technology is like many people working on a platform and trying to accomplish a common objective on a big scale; it enhances human group decisions and helps predict occurrences.   Swarm intelligence is broadly used in drones and robotics, with agents like sonar, radar and cameras that collect data and information. The surge in the demand and strategies for better handling substantial data-related challenges and the growing use of smarm intelligence-powered drones etc., in the defence and military sector is fueling the growth of the swarm intelligence market. Swarm intelligence helps build a realistic and practical approach for performing the needed goal of locating and striking the target. For instance, based on one of the studies, the total sales of industrial robots globally increased by 29% and reached 380,550 units in 2017. Similarly, in the US, drones were anticipated to reach more than 7 million by 2020. Also, there are many benefits of swarm intelligence for financial intelligence. It helps in predicting the performance of the market. By using the collective intelligence of the group, an algorithm is used for analyzing financial data and forecasting future market behaviour. It helps the investors make more informed decisions and thus reduces the risk. Swarm intelligence can handle a large amount of data with ease and accuracy. By using machine learning, collective intelligence can find some meaningful patterns in the datasets, which can be useful for uncovering hidden correlations between different markets.

Swarm Intelligence Market Size

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Recent Development
  • In December 2021: Vanora Robots, an India-based robotics start-up, developed a home automation product using swarm intelligence technology. The organization has designed a switch called Hunch which learns the behaviour of many users and can differentiate between them. For instance, when the person switches off the fans and lights in the school for three days, Hunch understands the routine, and when the following day person switches off the third switch, it asks whether the remaining light needs to be switched off or not. There is a broad range of applications for such novel technology.
  • In September 2020: German startup organization called Brainalyzed offers an AI platform which uses smarm intelligence. It helps fintech organizations in scaling their profits and predicting market fluctuations. To improve decision-making, the organization has integrated smarm intelligence with data analytics. This AI solution aims to decrease costs and risks, surge operational efficiency and help the user make a better investment decision.
  • In March 2022: Waze, a subsidiary of Google, uses swarm intelligence to solve the traffic problem. The organization has further announced its plan to network more intensively with customers and authorities to improve the information quality of data obtained against traffic jams. This helps the organization solve the traffic problem better and gives a better experience, increasing its usage.

Market Dynamics:

Drivers

A broad range of applications of this novel technology – There could be several applications for this swarm intelligence. For instance, many space agencies are exploring this technology; for instance, the European Space Agency for self-assembly and interferometry is working on the orbital swarm. Likewise, NASA is working on using swarm technology for planetary exploration. Another instance would be AGILOX, an Austrian start-up company working on automated guided vehicles (AGVs) by applying swarm intelligence. There would be no need for an external control system, and the intelligent logistics vehicle would communicate with one another by themselves. These vehicles could restructure themselves to suit various functionality. Also, there is a need for swarm intelligence for drones in the military, transportation business and for executing big data problems. Swarm robots are widely used in the automotive and agricultural sectors. Hence there is huge potential for this novel technology. These factors are driving the growth of the swarm intelligence market. 

Restraints:

Resistance to the use of Swarm intelligence technology – Though swarm intelligence has a huge potential to grow, some industries are a bit resistant to utilising this new technology due to factors like data privacy concerns connected to this technology. Moreover, there is a lack of awareness and professionals who know about this technology; hence, there is a shortage of technical expertise in many nations. There is also a high-cost production issue due to high initial investment costs and research costs etc., for this intelligence. All these factors are acting as restraints on market growth.

Opportunities:

Growing use in telecommunication and military applications- It has broad applications in the military applications like in search and rescue missions in devastated areas. Tiny drones like cameras are programmed to perform together as one unit for performing a highly sensitive task like finding a survivor in a risky place. Similarly, in the telecommunication sector, each call goes through several intermediate nodes, which leads to congestion. The use of digital ants can be sent to uncongested networks, which helps the telecom centre agents to divert traffic and avoid delays. Swarm intelligence is also getting used by HR and recruitment. This helps the organizations by helping in hiring the best talent even before other competitors emerge and increases the wage levels. These factors would drive the swarm intelligence market in the forecasting period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest market for the global Swarm Intelligence market, with a 41.11% share of the market revenue in 2022.

North America region will account for the largest market share with revenue growth. The US and Canada are the leading countries in North America which are in the development of the swarm intelligence market. Also, the US is dominating the global market of swarm intelligence. Based on one of the studies in 2017, the US contributing more than USD 3 million to the global swarm intelligence market. Moreover, the US has the highest military budget, and they are introducing swarm robots that would change how it is fought. The US is also testing interconnected, cooperative drones capable of competing to beat adversaries.

  • These swarms can be available in many shapes and sizes. For instance, based on one of the articles in 2019, the US Defense Advanced Research Projects Agency (DARPA) was working on a program called Gremlins, in which they are working to micro-drones the shape and size of missiles which are designed to be dropped from planes and investigate over the large areas.

North America Region Swarm Intelligence Market Share in 2022 - 41.11%

 

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Capability Segment Analysis

The capability segment is divided into optimization, clustering, scheduling and routing. The optimization segment dominated the market, with a market share of around 41% in 2022. Several algorithm models are broadly used, like ant colony optimization (ACO) and particle swarm optimization (PSO). Swarm intelligence is a type of AI based on the collective behaviour of a decentralized, self-organized system. It is broadly used for analyzing large volumes of data and producing optimal solutions to the complex problems.

Application Analysis

The application segment is divided into robotics, drones and human swarming. The robotics segment dominated the market, with a market share of around 46% in 2022. This factor is because of the growing use of swarm robots in the industries like automotive and agriculture. Also, tiny devices called robot swarms are used to collect information about the surrounding environment using sonars, cameras and radars. When one of the swarms shares the collected information with other devices in the group, swarm intelligence allows the individual devices to function as one group.

End User Segment Analysis

The end user segment is divided into transportation & logistics, robotics & automation, healthcare, retail & e-commerce and others. The robotics & automation segment dominated the market, with a market share of around 49% in 2022. Swarm robotics has huge potential applications, like nanorobotics and macrobiotics. They could be used as distributed sensing tasks in micromachinery or the human body. Swarm robotics could also be used in search and rescue missions. Many automated models use swarm intelligence-optimized techniques and are used for several applications.

Some of the Key Market Players:
  • Power-Blox AG
  • Sentien Robotics, LLC
  • Apium Swarm Robotics
  • Swarm Technology
  • ConvergentAI, Inc.
  • Mobileye (Intel)
  • Continental AG
  • Valutico
  • Robert Bosch GmbH
  • Unanimous AI

Report Description: 

Attribute Description
Market Size Revenue (USD Million)
Market size value in 2022 USD 21.72 Million
Market size value in 2032 USD 447.53 Million
CAGR (2023 to 2032) 35.33%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Regional Segments 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 Capability, Application, End User

Frequesntly Asked Questions

North America region emerged as the largest market for the Swarm Intelligence.

The market's growth will be influenced by the A broad range of applications of this novel technology.

Many organizations are resistant to the use of Swarm intelligence technology could hamper the market growth.

Growing use in telecommunication and military applications will provide huge opportunities to the market.

Key players are Power-Blox AG, Sentien Robotics, LLC, Apium Swarm Robotics, Swarm Technology, ConvergentAI, Inc., Mobileye (Intel), Continental AG, Valutico, Robert Bosch GmbH and Unanimous AI among others.

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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 Capability
          4.3.2. Market Attractiveness Analysis By Application
          4.3.3. Market Attractiveness Analysis By End User
          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. Broad range of applications of this novel technology
    5.3. Restraints
          5.3.1. Resistance to the use of Swarm intelligence technology by some organizations
    5.4. Opportunities
          5.4.1. Growing use in telecommunication and military applications
    5.5. Challenges
          5.5.1. Economic slowdown

6. Global Swarm Intelligence Market Analysis and Forecast, By Capability
    6.1. Segment Overview
    6.2. Optimization
    6.3. Clustering
    6.4. Scheduling
    6.5. Routing

7. Global Swarm Intelligence Market Analysis and Forecast, By Application
    7.1. Segment Overview
    7.2. Robotics
    7.3. Drones
    7.4. Human Swarming

8. Global Swarm Intelligence Market Analysis and Forecast, By End User
    8.1. Segment Overview
    8.2. Transportation & Logistics
    8.3. Robotics & Automation
    8.4. Healthcare
    8.5. Retail & e-Commerce
    8.6. Others

9. Global Swarm Intelligence 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 Swarm Intelligence Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in Global Swarm Intelligence 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. Power-Blox AG
          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. Sentien Robotics, LLC
          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. Apium Swarm Robotics
          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. Swarm Technology
          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. ConvergentAI, Inc.
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Mobileye (Intel)
          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. Continental AG
          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. Valutico
          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. Robert Bosch GmbH
          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. Unanimous AI
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis

List of Table

1. Global Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

2. Global Optimization, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

3. Global Clustering, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

4. Global Scheduling, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

5. Global Routing, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

6. Global Swarm Intelligence Market, By Application, 2019-2032 (USD Million) 

7. Global Robotics, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

8. Global Drones, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

9. Global Human Swarming, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

10. Global Swarm Intelligence Market, By End User, 2019-2032 (USD Million) 

11. Global Transportation & Logistics, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

12. Global Robotics & Automation, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

13. Global Healthcare, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

14. Global Retail & e-Commerce, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

15. Global Others, Swarm Intelligence Market, By Region, 2019-2032 (USD Million) 

16. North America Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

17. North America Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

18. North America Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

19. U.S. Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

20. U.S. Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

21. U.S. Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

22. Canada Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

23. Canada Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

24. Canada Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

25. Mexico Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

26. Mexico Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

27. Mexico Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

28. Europe Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

29. Europe Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

30. Europe Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

31. Germany Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

32. Germany Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

33. Germany Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

34. France Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

35. France Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

36. France Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

37. U.K. Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

38. U.K. Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

39. U.K. Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

40. Italy Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

41. Italy Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

42. Italy Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

43. Spain Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

44. Spain Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

45. Spain Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

46. Asia Pacific Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

47. Asia Pacific Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

48. Asia Pacific Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

49. Japan Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

50. Japan Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

51. Japan Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

52. China Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

53. China Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

54. China Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

55. India Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

56. India Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

57. India Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

58. South America Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

59. South America Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

60. South America Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

61. Brazil Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

62. Brazil Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

63. Brazil Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

64. Middle East and Africa Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

65. Middle East and Africa Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

66. Middle East and Africa Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

67. UAE Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

68. UAE Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

69. UAE Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

70. South Africa Swarm Intelligence Market, By Capability, 2019-2032 (USD Million)

71. South Africa Swarm Intelligence Market, By Application, 2019-2032 (USD Million)

72. South Africa Swarm Intelligence Market, By End User, 2019-2032 (USD Million)

List of Figures 

1. Global Swarm Intelligence Market Segmentation

2. Global Swarm Intelligence 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 Swarm Intelligence Market Attractiveness Analysis By Capability  

9. Global Swarm Intelligence Market Attractiveness Analysis By Application 

10. Global Swarm Intelligence Market Attractiveness Analysis By End User 

11. Global Swarm Intelligence Market Attractiveness Analysis By Region

12. Global Swarm Intelligence Market: Dynamics

13. Global Swarm Intelligence Market Share By Capability (2023 & 2032)

14. Global Swarm Intelligence Market Share By Application (2023 & 2032)

15. Global Swarm Intelligence Market Share By End User (2023 & 2032)

16. Global Swarm Intelligence Market Share By Regions (2023 & 2032)

17. Global Swarm Intelligence 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 Swarm Intelligence market based on below mentioned segments:

Global Swarm Intelligence Market by Capability:

  • Optimization
  • Clustering
  • Scheduling
  • Routing

Global Swarm Intelligence Market by Application:

  • Robotics
  • Drones
  • Human Swarming

Global Swarm Intelligence Market by End User:

  • Transportation & Logistics
  • Robotics & Automation
  • Healthcare
  • Retail & e-Commerce
  • Others

Global Swarm Intelligence 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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