Research Methodology

After collecting data from secondary and primary sources, we proceed with analysis.

• Defining the market and its taxonomy, establishing the research scope, and conducting key analyses.
• Carefully examining the following to establish base numbers:
  • Analyzing company revenues and their corresponding market share (involving the analysis of revenue data released by publicly listed manufacturers).
  • Deriving market estimates by inspecting the primary market as well as its complementary markets.
• Presenting key findings based on major segments and outlining top strategies by major players.
• Analyzing the dynamics of the market, including drivers, opportunities, restraints, and challenges.
• Assessing macro-economic factors and the regulatory framework influencing the market.
• Evaluating market investment feasibility, conducting PEST and PORTER'S Five Force analyses.
• Performing impact analysis of drivers and restraints, and conducting industry chain and cost structure analyses.
• Developing a marketing strategy and examining the impact of the Russia-Ukraine war on the market.
• Creating opportunity maps, analyzing market competition scenarios, and conducting product life cycle analysis.
• Identifying opportunity orbits and manufacturer intensity maps.
• Analyzing major companies' sales by value and volume to gain comprehensive insights into the market.

Industry Analysis Matrix

For this study, we adopted a two-pronged approach, combining both qualitative and quantitative analyses to provide a comprehensive understanding of the research subject. Our methodology encompassed the following key steps:

Qualitative Analysis

• Conducted in-depth interviews with key stakeholders to gain valuable insights and perspectives.
• Utilized focus groups to encourage open discussions and explore diverse viewpoints.
• Thoroughly analyzed textual data from various sources, including documents, articles, and online forums.
• Employed thematic analysis to identify recurring patterns and emerging themes.

Quantitative Analysis

• Administered structured surveys to a representative sample of the target population.
• Collected numerical data on a range of variables to enable statistical analysis.
• Utilized statistical software to process and interpret the data efficiently.
• Applied various statistical techniques, such as regression analysis and correlation, to uncover meaningful relationships.

Combining Qualitative and Quantitative Findings

• Triangulated the qualitative and quantitative data to validate and complement each other's insights.
• Integrated the results to present a holistic and nuanced understanding of the research topic.
• Ensured the research conclusions were well-supported and robust.

This hybrid approach allowed us to delve deep into the underlying motivations, perceptions, and experiences of the participants while also providing quantifiable data to establish statistical significance. By blending qualitative richness with quantitative precision, our research methodology offers a powerful and compelling foundation for evidence-based decision-making.

Market Research Approaches

We employ both bottom-up and top-down approaches to segment and estimate quantitative aspects of the market. Moreover, a recurring theme present in all our research reports is data triangulation, which examines the market from three different perspectives.

Bottom-Up Approach in Research Methodology

How we use it:

• Begins with collecting data at the micro-level (individual data points, small samples).
• Data is aggregated and analyzed to form broader conclusions and insights.
• The market share of the vendors are included.
• Provides a granular view of the key players in the market, starting from the ground up.
• Useful for industries with diverse segments and varied customer preferences.

Why we prefer it:

• Effective in exploratory research when we have little pre-existing knowledge.
• Provides a more real-world perspective as it starts from actual data.
• Allows unexpected patterns and trends to emerge from data.
• Can lead to the creation of new theories.

Top-Down Approach in Research Methodology

How we use it:

• Starts with a macro-level view of the market (e.g., overall market size, industry trends).
• Analyzes large-scale data and market indicators to make general assumptions.
• Provides a broader perspective and identifies the main market drivers and trends.
• Narrowing down focus as data is scrutinized and specific segments are explored.
• Effective for quickly assessing overall market potential and opportunities in various regions.

Why we prefer it:

• Useful when a pre-existing theory or model exists.
• Provides a clear and logical framework for research.
• Allows for rigorous testing and validation of theories.
• Enables us to make specific predictions about future observations.

Both approaches are valuable in research and are often used together in a cycle of theory building and testing. The choice of approach depends on the nature of the research question, the state of existing knowledge, and the objectives of the research.

Value Chain Based Sizing & Forecasting

Penetration Modeling

• Assess and predict market reach by analyzing product features, pricing, substitutes, etc.
• Heuristic Year-on-Year Sales Estimation: Conducting primary interviews industry experts, KoLs, and distributors.
• Product Sizing and Forecasting: Utilizing the S-curve diffusion model involves analyzing the adoption and growth patterns of a product within the market.

 Consumer Behaviour

• Usage Rates and Patterns: We collect and analyze data on current product usage. It assists in product development and marketing strategies. Moreover, it also helps determine substitute rates.
• Market Penetration by User Base: This helps estimate total market size and assess success in engaging potential consumers. It also identifies unmet needs and growth opportunities to enhance market penetration,

Regression and Variable Analysis

• Identify key factors impacting growth and assigning appropriate weights to these variables.
• Using Quality Function Deployment (QFD) to assess market share, customer satisfaction, and preferences, providing insights into competitive positioning.
• Historical/Emperical data is establishing baseline estimates for analyzing future trends and making informed decisions.
• Exponential smoothing is used to predict future product performance by accounting for trends and patterns over time.

Trend Analysis

Trend analysis is conducted using year trending models to study historical data and identify patterns and trends that can influence future product penetration. This analysis aids in making proactive decisions and adapting strategies to capitalize on emerging opportunities and overcome challenges in the market.

DATA VALIDATION

By engaging with our in-house market analysts and industry experts, we validate all the collected data and cross-check it through calls or face-to-face interviews.

To validate the data included in the report, we conduct thorough strict quality checks. Simultaneously, we contact various members of our network to verify the data's authenticity, resulting in error elimination and eradication of doubtful information. Additionally, our research team co-relates with standard KIPs to gain insights into future trends.

We make sure to conduct multi-tier data validation through the following channels:

• External Thought-Leaders
• Market Analysts
• Subject Matter Experts
• Comparative Analysis
• Review Data Collection Instruments
• Continuous Monitoring

FINAL REPORT AND PRESENTATION

• Finalizing and validating data in collaboration with industry experts.
• Employing a dedicated Quality Control (QC) team for rigorous data review.
• Utilizing advanced data analysis models for generating valuable insights.
• Providing an integrated platform with robust analytics and advanced visualization capabilities.
• Ensuring consistency and efficiency with a standardized content management approach.
• Implementing common tagging and taxonomy structure for seamless information connectivity.
• Offering comprehensive market and company views for easy, accurate comparisons.
• Striving to provide clients with exceptional analytical resources for a competitive edge.
• Empowering clients to transform data into strategic insights for innovation and growth.