Integrated Pest Management Market
Integrated Pest Management Market Forecasts to 2028 - Global Analysis By Pest Type (Weeds, Invertebrates, Vertebrates, Pathogen and Other Pest Types), Control Method (Biological Control, Chemical Control, Cultural Control, Mechanical and Physical Controls and Other Control Methods), Application (Agricultural, Residential, Industrial, Commercial Buildings and Other Applications) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $19.34 BN |
|
Projected Year Value (2028) |
US $31.91 BN |
|
CAGR (2022 - 2028) |
8.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Europe |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Integrated Pest Management Market is accounted for $19.34 billion in 2022 and is expected to reach $31.91 billion by 2028 growing at a CAGR of 8.7% during the forecast period. Integrated pest management is a methodical approach to tackling issues such as agricultural damage, building infestations, animal injuries, and other pest-related issues present in farming and agribusiness. It is the most economical and low-risk option for solving the issue. All forms of incest in urban, wild land, agricultural, and natural assets can be managed using this technique. It promotes sturdy construction, thriving vegetation, and bio-based, ecologically friendly pest control methods. The integrated pest control approach seeks to keep the pest population below the level that causes economic damage.
According to the Royal Society of Chemicals, about 800 chemically active substances have been registered for use as crop protection treatments across the world. These substances are classified generically as herbicides, fungicides, and insecticides.
Market Dynamics:
Driver:
Rising demand from the agricultural sectors
The main application of integrated pest management in agriculture is crop protection. By shielding crops from pests, diseases, and weeds and increasing productivity per hectare, it enables farmers to produce more food on a smaller amount of land. In agriculture, developments in cutting-edge technologies increase crop output and longevity. The goal of genetic engineering is to increase agricultural productivity and lifespan. Crop production is rising as more novel and inventive crop varieties are adopted. The most frequently sprayed crops in the cereals and grains industry are corn, rice, and wheat. Since grains are grown in almost every nation, pesticides are widely used in agriculture. Considering the rise in grain production and consumption, it is now more important than ever for growers to concentrate on quality and production by using efficient insecticides.
Restraint:
Higher prices associated with integrated pest management
IPM is more expensive up front than conventional pesticide-based techniques, which may be prohibitive for small-scale farmers or those with low finances. When they have been employing the same tactics for a long time, farmers may be reluctant to accept new ones. This might make it challenging to put IPM practices into practice, even when they have been proven to be successful. IPM practices can be promoted and farmers can receive resources and training by means of government policies and programs. Government assistance for the adoption of IPM may, however, be limited in some regions. Farmers in some regions might not have access to the tools—such as biological control agents, pheromone traps, or other pest monitoring tools—necessary to execute IPM procedures.
Opportunity:
Adoption of artificial intelligence (AI)
AI developments in agriculture demonstrate benefits for yield growth and crop development. For instance, an AI program can forecast when a product, like a tomato, will be ready for picking, which improves farming efficiency. To manage and monitor the health of crops, predictive analyzers and agricultural robots use sophisticated algorithms and the data they gather. Future population expansion will increase food demand, necessitating a minimum of 75% growth in agricultural productivity to meet this demand.
Threat:
Lack of Knowledge of IPM Solutions
Planning and expertise in a variety of sectors are necessary for the proper execution of integrated pest management (IPM). The global Integrated Pest Management (IPM) market's revenue growth is largely being held back by a lack of awareness and a shortage of experienced personnel in developing nations. Most biopesticides must be sprayed at precisely the right moment for them to be effective, some pheromones only attract male insects and can only lower pest populations when used widely, and grafting necessitates rather exact humidity management for the grafted seedlings. Knowledge of the technique's implementation, not just the practice itself, is necessary for its adoption. Cycles of growth may be disrupted. IPM plans are constantly being monitored, which can potentially cause anxiety in people. By overwatering or altering how frequently their potted plants receive sunshine, they run the risk of upsetting their sustainable plant ecosystems.
Covid-19 Impact:
The COVID-19 pandemic epidemic had a favorable impact on the integrated pest control industry. This is because there is an increasing requirement for pest management and an increasing desire to increase the shelf life of fruits and vegetables. These elements significantly affected the integrated pest management market. The Integrated Pest Management market will continue to develop at a static trajectory despite the delayed recovery that is anticipated, according to the best-case scenario.
The Invertebrates pest segment is expected to be the largest during the forecast period
Integrated pest management methods seek to prevent pests from becoming a danger as invertebrates pests by managing the crop, yard, or interior area. This could involve applying cultural techniques including crop rotation, choosing pest-resistant varieties, and planting pest-free rootstocks in an agricultural crop. These methods of control can be extremely effective and economical, with little or no negative effects on people or the environment. To reduce the amount of harmful insect pests, invertebrate insect hormones are used as insecticides. When mixed with other pesticides, they kill adult insects. It prevents insects from maturing by interfering with the mounting process, which could be a major contributor in this segment's revenue growth.
The Biological Control segment is expected to have the highest CAGR during the forecast period
Among other control techniques, biological control's popularity is rapidly rising. Insects are used as agents in the biological management strategy, which uses natural predators to target pests. They are being used more frequently because of how effectively they make pest organisms less numerous and hence easier to control. The process is a healthy substitute for chemical or mechanical procedures because it has no negative effects on the environment or human health. The agent aids in identifying and controlling pests after it is introduced into their environment. Natural enemies are also more cost-effective in the long term because they may be utilized for a lot longer than the agents used in other pest control techniques because they can support themselves and require little work. The need for biological controls is projected to be stimulated by the growing interest in natural and organic remedies, which will help the integrated pest management (IPM) market, expand throughout the forecast period.
Region with largest share:
In the global market over the forecast period, Europe accounted for the largest revenue share in global market. Rapid technological development and increasing preference for organic farming are some key factors expected to continue to drive market growth over the forecast period in this region, which is anticipated to contribute to the market's expected revenue growth. Major factors driving the demand for Integrated Pest are a rapidly growing population, increased demand for organic food, and rising health consciousness, which help the market for Integrated Pest Management develop in terms of revenue.
Region with highest CAGR:
During the forecast period, North America is anticipated to grow strongly. In North America, integrated pest management is mostly employed in the industrial, commercial, and agricultural sectors to prevent and control insect problems. In addition, it is employed as an emulsifier in pesticides and herbicides, which are frequently applied in industrial, public health, and agricultural settings as well as to eradicate termites and roaches in homes. North America uses agricultural mulch films to control weeds, as well as screens to keep insects and birds out and soil steam sterilization to fight disease. Traps, screens, fences, nets, and obstacles are additional tools used in integrated pest management in North America.
Key players in the market
Some of the key players in Integrated Pest Management market include ADAMA Ltd., Advanced Integrated Pest Management, AgBiTech, AgrichemBio, BASF SE, Bayer Crop Science Ltd, Ecolab Inc, FMC Corporation, Hercon Environmental Corporation, Integrated Pest Management Solutions India Pvt. Ltd., IPM Technologies Pty Ltd, MB Integrated Pest Control, Orkin LLC, Oxitec, Rentokil Initial plc, SGS SA, Shin-Etsu Chemicals, Sumitomo Chemical Ltd., Suterra LLC and Syngenta
Key Developments:
In October 2022, Rentokil Initial plc completed the acquisition of Terminix Global Holdings, Inc. Completion of the Transaction marks the combination of two leading pest control businesses with a long cultural heritage, outstanding talent and strong focus on people, customers, delivering products and services responsibly, and benefiting society and the environment by acting in a responsible manner.
In May 2021, Oxitec launched genetically modified fall armyworm technology, Friendly. It is a new integrated pest management technology that helps farmers to manage destructive pests more efficiently and sustainably. CTNBio, the Brazilian government’s regulatory agency approved this new technology for deployment on commercial corn fields.
In December 2020, Syngenta launched its new insect control technology, Spiropidion. It offers a new Integrated Pest Management (IPM) tool that allows farmers to protect crops from damaging sucking pests in an efficient and environmentally sustainable manner.
Pest Types Covered:
• Weeds
• Invertebrates
• Vertebrates
• Pathogen
• Other Pest Types
Control Methods Covered:
• Biological Control
• Chemical Control
• Cultural Control
• Mechanical and Physical Controls
• Other Control Methods
Applications Covered:
• Agricultural
• Residential
• Industrial
• Commercial Buildings
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Integrated Pest Management Market, By Pest Type
5.1 Introduction
5.2 Weeds
5.3 Invertebrates
5.4 Vertebrates
5.5 Pathogen
5.6 Other Pest Types
6 Global Integrated Pest Management Market, By Control Method
6.1 Introduction
6.2 Biological Control
6.3 Chemical Control
6.4 Cultural Control
6.5 Mechanical and Physical Controls
6.6 Other Control Methods
7 Global Integrated Pest Management Market, By Application
7.1 Introduction
7.2 Agricultural
7.3 Residential
7.4 Industrial
7.5 Commercial Buildings
7.6 Other Applications
8 Global Integrated Pest Management Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 ADAMA Ltd.
10.2 Advanced Integrated Pest Management
10.3 AgBiTech
10.4 AgrichemBio
10.5 BASF SE
10.6 Bayer CropScience Ltd
10.7 Ecolab Inc
10.8 FMC Corporation
10.9 Hercon Environmental Corporation
10.10 Integrated Pest Management Solutions India Pvt. Ltd.
10.11 IPM Technologies Pty Ltd
10.12 MB Integrated Pest Control
10.13 Orkin LLC
10.14 Oxitec
10.15 Rentokil Initial plc
10.16 SGS SA
10.17 Shin-Etsu Chemicals
10.18 Sumitomo Chemical Ltd.
10.19 Suterra LLC
10.2 Syngenta
List of Tables
1 Global Integrated Pest Management Market Outlook, By Region (2020-2028) ($MN)
2 Global Integrated Pest Management Market Outlook, By Pest Type (2020-2028) ($MN)
3 Global Integrated Pest Management Market Outlook, By Weeds (2020-2028) ($MN)
4 Global Integrated Pest Management Market Outlook, By Invertebrates (2020-2028) ($MN)
5 Global Integrated Pest Management Market Outlook, By Vertebrates (2020-2028) ($MN)
6 Global Integrated Pest Management Market Outlook, By Pathogen (2020-2028) ($MN)
7 Global Integrated Pest Management Market Outlook, By Other Pest Types (2020-2028) ($MN)
8 Global Integrated Pest Management Market Outlook, By Control Method (2020-2028) ($MN)
9 Global Integrated Pest Management Market Outlook, By Biological Control (2020-2028) ($MN)
10 Global Integrated Pest Management Market Outlook, By Chemical Control (2020-2028) ($MN)
11 Global Integrated Pest Management Market Outlook, By Cultural Control (2020-2028) ($MN)
12 Global Integrated Pest Management Market Outlook, By Mechanical and Physical Controls (2020-2028) ($MN)
13 Global Integrated Pest Management Market Outlook, By Other Control Methods (2020-2028) ($MN)
14 Global Integrated Pest Management Market Outlook, By Application (2020-2028) ($MN)
15 Global Integrated Pest Management Market Outlook, By Agricultural (2020-2028) ($MN)
16 Global Integrated Pest Management Market Outlook, By Residential (2020-2028) ($MN)
17 Global Integrated Pest Management Market Outlook, By Industrial (2020-2028) ($MN)
18 Global Integrated Pest Management Market Outlook, By Commercial Buildings (2020-2028) ($MN)
19 Global Integrated Pest Management Market Outlook, By Other Applications (2020-2028) ($MN)
20 North America Integrated Pest Management Market Outlook, By Country (2020-2028) ($MN)
21 North America Integrated Pest Management Market Outlook, By Pest Type (2020-2028) ($MN)
22 North America Integrated Pest Management Market Outlook, By Weeds (2020-2028) ($MN)
23 North America Integrated Pest Management Market Outlook, By Invertebrates (2020-2028) ($MN)
24 North America Integrated Pest Management Market Outlook, By Vertebrates (2020-2028) ($MN)
25 North America Integrated Pest Management Market Outlook, By Pathogen (2020-2028) ($MN)
26 North America Integrated Pest Management Market Outlook, By Other Pest Types (2020-2028) ($MN)
27 North America Integrated Pest Management Market Outlook, By Control Method (2020-2028) ($MN)
28 North America Integrated Pest Management Market Outlook, By Biological Control (2020-2028) ($MN)
29 North America Integrated Pest Management Market Outlook, By Chemical Control (2020-2028) ($MN)
30 North America Integrated Pest Management Market Outlook, By Cultural Control (2020-2028) ($MN)
31 North America Integrated Pest Management Market Outlook, By Mechanical and Physical Controls (2020-2028) ($MN)
32 North America Integrated Pest Management Market Outlook, By Other Control Methods (2020-2028) ($MN)
33 North America Integrated Pest Management Market Outlook, By Application (2020-2028) ($MN)
34 North America Integrated Pest Management Market Outlook, By Agricultural (2020-2028) ($MN)
35 North America Integrated Pest Management Market Outlook, By Residential (2020-2028) ($MN)
36 North America Integrated Pest Management Market Outlook, By Industrial (2020-2028) ($MN)
37 North America Integrated Pest Management Market Outlook, By Commercial Buildings (2020-2028) ($MN)
38 North America Integrated Pest Management Market Outlook, By Other Applications (2020-2028) ($MN)
39 Europe Integrated Pest Management Market Outlook, By Country (2020-2028) ($MN)
40 Europe Integrated Pest Management Market Outlook, By Pest Type (2020-2028) ($MN)
41 Europe Integrated Pest Management Market Outlook, By Weeds (2020-2028) ($MN)
42 Europe Integrated Pest Management Market Outlook, By Invertebrates (2020-2028) ($MN)
43 Europe Integrated Pest Management Market Outlook, By Vertebrates (2020-2028) ($MN)
44 Europe Integrated Pest Management Market Outlook, By Pathogen (2020-2028) ($MN)
45 Europe Integrated Pest Management Market Outlook, By Other Pest Types (2020-2028) ($MN)
46 Europe Integrated Pest Management Market Outlook, By Control Method (2020-2028) ($MN)
47 Europe Integrated Pest Management Market Outlook, By Biological Control (2020-2028) ($MN)
48 Europe Integrated Pest Management Market Outlook, By Chemical Control (2020-2028) ($MN)
49 Europe Integrated Pest Management Market Outlook, By Cultural Control (2020-2028) ($MN)
50 Europe Integrated Pest Management Market Outlook, By Mechanical and Physical Controls (2020-2028) ($MN)
51 Europe Integrated Pest Management Market Outlook, By Other Control Methods (2020-2028) ($MN)
52 Europe Integrated Pest Management Market Outlook, By Application (2020-2028) ($MN)
53 Europe Integrated Pest Management Market Outlook, By Agricultural (2020-2028) ($MN)
54 Europe Integrated Pest Management Market Outlook, By Residential (2020-2028) ($MN)
55 Europe Integrated Pest Management Market Outlook, By Industrial (2020-2028) ($MN)
56 Europe Integrated Pest Management Market Outlook, By Commercial Buildings (2020-2028) ($MN)
57 Europe Integrated Pest Management Market Outlook, By Other Applications (2020-2028) ($MN)
58 Asia Pacific Integrated Pest Management Market Outlook, By Country (2020-2028) ($MN)
59 Asia Pacific Integrated Pest Management Market Outlook, By Pest Type (2020-2028) ($MN)
60 Asia Pacific Integrated Pest Management Market Outlook, By Weeds (2020-2028) ($MN)
61 Asia Pacific Integrated Pest Management Market Outlook, By Invertebrates (2020-2028) ($MN)
62 Asia Pacific Integrated Pest Management Market Outlook, By Vertebrates (2020-2028) ($MN)
63 Asia Pacific Integrated Pest Management Market Outlook, By Pathogen (2020-2028) ($MN)
64 Asia Pacific Integrated Pest Management Market Outlook, By Other Pest Types (2020-2028) ($MN)
65 Asia Pacific Integrated Pest Management Market Outlook, By Control Method (2020-2028) ($MN)
66 Asia Pacific Integrated Pest Management Market Outlook, By Biological Control (2020-2028) ($MN)
67 Asia Pacific Integrated Pest Management Market Outlook, By Chemical Control (2020-2028) ($MN)
68 Asia Pacific Integrated Pest Management Market Outlook, By Cultural Control (2020-2028) ($MN)
69 Asia Pacific Integrated Pest Management Market Outlook, By Mechanical and Physical Controls (2020-2028) ($MN)
70 Asia Pacific Integrated Pest Management Market Outlook, By Other Control Methods (2020-2028) ($MN)
71 Asia Pacific Integrated Pest Management Market Outlook, By Application (2020-2028) ($MN)
72 Asia Pacific Integrated Pest Management Market Outlook, By Agricultural (2020-2028) ($MN)
73 Asia Pacific Integrated Pest Management Market Outlook, By Residential (2020-2028) ($MN)
74 Asia Pacific Integrated Pest Management Market Outlook, By Industrial (2020-2028) ($MN)
75 Asia Pacific Integrated Pest Management Market Outlook, By Commercial Buildings (2020-2028) ($MN)
76 Asia Pacific Integrated Pest Management Market Outlook, By Other Applications (2020-2028) ($MN)
77 South America Integrated Pest Management Market Outlook, By Country (2020-2028) ($MN)
78 South America Integrated Pest Management Market Outlook, By Pest Type (2020-2028) ($MN)
79 South America Integrated Pest Management Market Outlook, By Weeds (2020-2028) ($MN)
80 South America Integrated Pest Management Market Outlook, By Invertebrates (2020-2028) ($MN)
81 South America Integrated Pest Management Market Outlook, By Vertebrates (2020-2028) ($MN)
82 South America Integrated Pest Management Market Outlook, By Pathogen (2020-2028) ($MN)
83 South America Integrated Pest Management Market Outlook, By Other Pest Types (2020-2028) ($MN)
84 South America Integrated Pest Management Market Outlook, By Control Method (2020-2028) ($MN)
85 South America Integrated Pest Management Market Outlook, By Biological Control (2020-2028) ($MN)
86 South America Integrated Pest Management Market Outlook, By Chemical Control (2020-2028) ($MN)
87 South America Integrated Pest Management Market Outlook, By Cultural Control (2020-2028) ($MN)
88 South America Integrated Pest Management Market Outlook, By Mechanical and Physical Controls (2020-2028) ($MN)
89 South America Integrated Pest Management Market Outlook, By Other Control Methods (2020-2028) ($MN)
90 South America Integrated Pest Management Market Outlook, By Application (2020-2028) ($MN)
91 South America Integrated Pest Management Market Outlook, By Agricultural (2020-2028) ($MN)
92 South America Integrated Pest Management Market Outlook, By Residential (2020-2028) ($MN)
93 South America Integrated Pest Management Market Outlook, By Industrial (2020-2028) ($MN)
94 South America Integrated Pest Management Market Outlook, By Commercial Buildings (2020-2028) ($MN)
95 South America Integrated Pest Management Market Outlook, By Other Applications (2020-2028) ($MN)
96 Middle East & Africa Integrated Pest Management Market Outlook, By Country (2020-2028) ($MN)
97 Middle East & Africa Integrated Pest Management Market Outlook, By Pest Type (2020-2028) ($MN)
98 Middle East & Africa Integrated Pest Management Market Outlook, By Weeds (2020-2028) ($MN)
99 Middle East & Africa Integrated Pest Management Market Outlook, By Invertebrates (2020-2028) ($MN)
100 Middle East & Africa Integrated Pest Management Market Outlook, By Vertebrates (2020-2028) ($MN)
101 Middle East & Africa Integrated Pest Management Market Outlook, By Pathogen (2020-2028) ($MN)
102 Middle East & Africa Integrated Pest Management Market Outlook, By Other Pest Types (2020-2028) ($MN)
103 Middle East & Africa Integrated Pest Management Market Outlook, By Control Method (2020-2028) ($MN)
104 Middle East & Africa Integrated Pest Management Market Outlook, By Biological Control (2020-2028) ($MN)
105 Middle East & Africa Integrated Pest Management Market Outlook, By Chemical Control (2020-2028) ($MN)
106 Middle East & Africa Integrated Pest Management Market Outlook, By Cultural Control (2020-2028) ($MN)
107 Middle East & Africa Integrated Pest Management Market Outlook, By Mechanical and Physical Controls (2020-2028) ($MN)
108 Middle East & Africa Integrated Pest Management Market Outlook, By Other Control Methods (2020-2028) ($MN)
109 Middle East & Africa Integrated Pest Management Market Outlook, By Application (2020-2028) ($MN)
110 Middle East & Africa Integrated Pest Management Market Outlook, By Agricultural (2020-2028) ($MN)
111 Middle East & Africa Integrated Pest Management Market Outlook, By Residential (2020-2028) ($MN)
112 Middle East & Africa Integrated Pest Management Market Outlook, By Industrial (2020-2028) ($MN)
113 Middle East & Africa Integrated Pest Management Market Outlook, By Commercial Buildings (2020-2028) ($MN)
114 Middle East & Africa Integrated Pest Management Market Outlook, By Other Applications (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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