Iot Identity And Access Management Iam Market
IoT Identity and Access Management (IAM) Market Forecasts to 2030 - Global Analysis By Component (Solutions, Single Sign-On, Enterprise SSO, Web Federated SSO and Other Components), Security type (Network Security, Endpoint Security, Application Security and Other Security Types), Deployment mode, Organization size, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $7.4 BN |
|
Projected Year Value (2030) |
US $32.5 BN |
|
CAGR (2023 - 2030) |
23.4% |
|
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 |
North America |
|
Highest Growing Market |
Asia-Pacific |
According to Stratistics MRC, the Global IoT Identity and Access Management (IAM) Market is accounted for $7.4 billion in 2023 and is expected to reach $32.5 billion by 2030 growing at a CAGR of 23.4% during the forecast period. Identity and Access Management (IAM) is the industry dedicated to providing solutions for securely managing digital identities, user access, and permissions within an organization's IT infrastructure. IAM systems enable businesses to control and streamline user authentication, authorization, and permissions across various applications and resources. This includes managing user identities, enforcing security policies, and ensuring compliance with regulations.
According to the “Cybrary’s 2016 Cyber Security Job Trends Report”, 68% of the respondents said there is a shortage of skilled security professionals globally and 74% of the respondents said there is a lack of talent in a specific security area. This research survey was conducted with 435 senior-level technology and security professionals.
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Market Dynamics:
Driver:
Increase in frequency of cybersecurity breaches and cyberattacks
Organizations recognize the critical need to fortify their digital perimeters against evolving threats. IAM solutions play a pivotal role by offering robust authentication, authorization, and access control mechanisms. They bolster security by ensuring that only authorized users gain entry to systems and data, mitigating the risk of unauthorized access and data breaches. As cyber threats continue to evolve, the IAM market experiences growing demand as businesses prioritize safeguarding sensitive information and bolstering their overall cybersecurity posture.
Restraint:
Cost and budget concerns
Implementing IAM solutions can be a substantial financial investment, particularly for smaller organizations with limited budgets. The initial setup costs, including software, hardware, and personnel training, can be substantial. Additionally, ongoing maintenance, license fees, and scalability expenses can strain budgets over time. Consequently, some businesses may delay or opt for less comprehensive IAM solutions, compromising their cybersecurity posture.
Opportunity:
Government and private sector cyber security mandates
Increasingly stringent regulations and compliance requirements force organizations to prioritize data security and access control. IAM solutions provide a means to achieve and demonstrate compliance with these mandates. Moreover, as governments and industries set higher standards for protecting sensitive information, the demand for IAM solutions is likely to surge. This creates a favorable environment for IAM vendors to offer compliance-centric solutions, driving innovation and growth in the market while helping organizations meet their legal and regulatory obligations, ultimately enhancing overall cybersecurity practices.
Threat:
Lack of security, expertise, and awareness
Many organizations struggle to fully comprehend the complexity of IAM systems, leading to misconfigurations and vulnerabilities that cybercriminals can exploit. Insufficient cybersecurity knowledge and training within businesses can hinder the effective deployment and management of IAM solutions. Additionally, some organizations underestimate the importance of IAM in their overall security strategy, leading to a lack of investment and awareness.
Covid-19 Impact:
The COVID-19 pandemic had a mixed impact on the Identity and Access Management (IAM) market. The sudden shift to remote work and increased reliance on digital tools highlighted the importance of IAM solutions for securing remote access. This drove some demand for IAM products. On the other hand, economic uncertainties led to budget constraints for many organizations, delaying or scaling back IAM investments. Additionally, the rapid adoption of cloud-based applications and the proliferation of personal devices introduced new security challenges. Overall, while the pandemic emphasized the significance of IAM, it also posed financial challenges for some businesses, impacting market growth to a certain extent.
The endpoint security segment is expected to be the largest during the forecast period
The endpoint security segment is expected to have a lucrative growth. It is a crucial component of IAM, as it ensures that endpoints are protected and compliant with security policies. Endpoint security involves technologies like antivirus software, firewalls, and encryption, along with IAM solutions like multi-factor authentication and access control. This combined approach helps organizations secure not only user identities and access but also the devices through which access is granted, fortifying the overall cybersecurity posture and mitigating the risks associated with endpoint vulnerabilities.
The banking, financial services and insurance (BFSI) segment is expected to have the highest CAGR during the forecast period
The banking, financial services and insurance (BFSI) segment is anticipated to witness the fastest CAGR growth during the forecast period. BFSI organizations handle sensitive customer data and financial transactions, making security paramount. IAM solutions are instrumental in ensuring secure access to critical systems and data, enabling precise control over user permissions, and complying with stringent regulations such as GDPR and PCI DSS. The sector's adoption of IAM technologies enhances data protection, minimizes fraud risks, streamlines user authentication processes, and ensures that only authorized individuals can access financial assets and information.
Region with largest share:
During the forecast period, it is expected that the North American IoT Identity and Access Management (IAM) market will continue to hold a majority of the market share. The region's advanced technological landscape, stringent data privacy regulations, and the presence of numerous key IAM solution providers contribute to its leadership. North American organizations, particularly in sectors like finance, healthcare, and government, heavily invest in IAM to protect sensitive data, enhance cybersecurity, and achieve compliance. The growing complexity of cyber threats and a strong emphasis on data security have driven a consistent demand for IAM solutions.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. Rapid digitization, economic growth, and a thriving technology ecosystem are driving IAM adoption across the region. Organizations in the finance, healthcare, and e-commerce sectors are prioritizing IAM to secure sensitive data, meet compliance requirements, and combat evolving cyber threats. The sheer scale of user populations and the increasing need for remote work solutions amplify IAM's significance. As businesses continue to embrace digital transformation, the Asia-Pacific IAM market is poised for substantial growth, presenting opportunities for both established IAM providers and innovative start-ups in the region.
Key players in the market
Some of the key players in IoT Identity and Access Management (IAM) market include Entrust Inc., ForgeRock, Broadcom, Inc., Cisco Systems Inc., Amazon Web Services, Inc., IBM, IdentityFusion, KaaIoT Technologies, LLC., DigiCert Inc., Keyfactor, Inc., LM Ericsson, Microsoft Corporation., GlobalSign, Google LLC, HID Global, SailPoint Technologies Holdings, Inc., Telefonaktiebolaget LM Ericsson, Thales Group, Optiv Security Inc., Oracle Corporation and Ping Identity.
Key Developments:
In March 2023, Thales acquired S21sec and Excellium, two major players in cybersecurity consulting, integration, and managed services in Europe. With this acquisition, Thales accelerates its cybersecurity development roadmap and expands its footprint in Spain, Portugal, Luxembourg, and Belgium.
In August 2022, BM collaborated with Apptio, a leading technology business management (TBM) SaaS application provider, to help clients enhance hybrid cloud technology decision-making.
In May 2022, AWS helped Okta to bring together the availability of the Okta Identity Cloud and its products in AWS Marketplace to provide proper infrastructure for those organizations migrating to the cloud.
Components Covered:
• Solutions
• Single Sign-On
• Enterprise SSO
• Web Federated SSO
• Directory Services
• Storage
• Meta Directories
• Virtual Directories
• Access Management and Authorization
• Password Management
• Self Service Password Reset
• Password Reset
• Password Synchronization
• Audit, Compliance and Governance
• Services
Security Types Covered:
• Network security
• Endpoint Security
• Application Security
• Cloud Security
• Other Security Types
Deployment Modes Covered:
• Cloud
• On-premises
Organization Sizes Covered:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
End Users Covered:
• Banking, Finance services, and Insurance (BFSI)
• Automotive
• Telecom
• IT and ITeS
• Retail and Consumer Goods
• Energy and Utilities
• Healthcare
• Oil and Gas
• Manufacturing
• Other End Users
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 2021, 2022, 2023, 2026, and 2030
- 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 End User 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 IoT Identity and Access Management (IAM) Market, By Component
5.1 Introduction
5.2 Solutions
5.2.1 Lifecycle Management
5.2.1.1 Provisioning
5.2.1.2 De Provisioning
5.2.2 Digital Certificate
5.2.3 API Management/API Gateway
5.2.3.1 Authentication
5.2.3.1.1 Single Factor Authentication
5.2.3.1.2 Two Factor Authentication
5.2.3.1.2 Multi Factor Authentiction
5.3 Single Sign-On
5.4 Enterprise SSO
5.5 Web Federated SSO
5.6 Directory Services
5.7 Storage
5.8 Meta Directories
5.9 Virtual Directories
5.10 Access Management and Authorization
5.11 Password Management
5.12 Self Service Password Reset
5.13 Password Reset
5.14 Password Synchronization
5.15 Audit, Compliance and Governance
5.16 Services
5.16.1 Professional Services
5.16.1.1 Integration and Implementation
5.16.1.2 Consulting
5.16.1.3 Support and Maintenance
5.16.2 Managed Services
6 Global IoT Identity and Access Management (IAM) Market, By Security Type
6.1 Introduction
6.2 Network security
6.3 Endpoint Security
6.4 Application Security
6.5 Cloud Security
6.6 Other Security Types
7 Global IoT Identity and Access Management (IAM) Market, By Deployment mode
7.1 Introduction
7.2 Cloud
7.3 On-premises
8 Global IoT Identity and Access Management (IAM) Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises (SMEs)
8.3 Large Enterprises
9 Global IoT Identity and Access Management (IAM) Market, By End User
9.1 Introduction
9.2 Banking, Finance services, and Insurance (BFSI)
9.3 Automotive
9.4 Telecom
9.5 IT and ITeS
9.6 Retail and Consumer Goods
9.7 Energy and Utilities
9.8 Healthcare
9.9 Oil and Gas
9.10 Manufacturing
9.11 Other End Users
10 Global IoT Identity and Access Management (IAM) Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Entrust Inc.
12.2 ForgeRock
12.3 Broadcom, Inc.
12.4 Cisco Systems Inc.
12.5 Amazon Web Services, Inc.
12.6 IBM
12.7 IdentityFusion
12.8 KaaIoT Technologies, LLC.
12.9 DigiCert Inc.
12.10 Keyfactor, Inc.
12.11 LM Ericsson
12.12 Microsoft Corporation.
12.13 GlobalSign
12.14 Google LLC
12.15 HID Global
12.16 SailPoint Technologies Holdings, Inc.
12.17 Telefonaktiebolaget LM Ericsson
12.18 Thales Group
12.19 Optiv Security Inc.
12.20 Oracle Corporation
12.21 Ping Identity
List of Tables
1 Global IoT Identity and Access Management (IAM) Market Outlook, By Region (2021-2030) ($MN)
2 Global IoT Identity and Access Management (IAM) Market Outlook, By Component (2021-2030) ($MN)
3 Global IoT Identity and Access Management (IAM) Market Outlook, By Solutions (2021-2030) ($MN)
4 Global IoT Identity and Access Management (IAM) Market Outlook, By Lifecycle Management (2021-2030) ($MN)
5 Global IoT Identity and Access Management (IAM) Market Outlook, By Provisioning (2021-2030) ($MN)
6 Global IoT Identity and Access Management (IAM) Market Outlook, By De Provisioning (2021-2030) ($MN)
7 Global IoT Identity and Access Management (IAM) Market Outlook, By Digital Certificate (2021-2030) ($MN)
8 Global IoT Identity and Access Management (IAM) Market Outlook, By API Management/API Gateway (2021-2030) ($MN)
9 Global IoT Identity and Access Management (IAM) Market Outlook, By Authentication (2021-2030) ($MN)
10 Global IoT Identity and Access Management (IAM) Market Outlook, By Single Factor Authentication (2021-2030) ($MN)
11 Global IoT Identity and Access Management (IAM) Market Outlook, By Two Factor Authentication (2021-2030) ($MN)
12 Global IoT Identity and Access Management (IAM) Market Outlook, By Multi Factor Authentiction (2021-2030) ($MN)
13 Global IoT Identity and Access Management (IAM) Market Outlook, By Single Sign-On (2021-2030) ($MN)
14 Global IoT Identity and Access Management (IAM) Market Outlook, By Enterprise SSO (2021-2030) ($MN)
15 Global IoT Identity and Access Management (IAM) Market Outlook, By Web Federated SSO (2021-2030) ($MN)
16 Global IoT Identity and Access Management (IAM) Market Outlook, By Directory Services (2021-2030) ($MN)
17 Global IoT Identity and Access Management (IAM) Market Outlook, By Storage (2021-2030) ($MN)
18 Global IoT Identity and Access Management (IAM) Market Outlook, By Meta Directories (2021-2030) ($MN)
19 Global IoT Identity and Access Management (IAM) Market Outlook, By Virtual Directories (2021-2030) ($MN)
20 Global IoT Identity and Access Management (IAM) Market Outlook, By Access Management and Authorization (2021-2030) ($MN)
21 Global IoT Identity and Access Management (IAM) Market Outlook, By Password Management (2021-2030) ($MN)
22 Global IoT Identity and Access Management (IAM) Market Outlook, By Self Service Password Reset (2021-2030) ($MN)
23 Global IoT Identity and Access Management (IAM) Market Outlook, By Password Reset (2021-2030) ($MN)
24 Global IoT Identity and Access Management (IAM) Market Outlook, By Password Synchronization (2021-2030) ($MN)
25 Global IoT Identity and Access Management (IAM) Market Outlook, By Audit, Compliance and Governance (2021-2030) ($MN)
26 Global IoT Identity and Access Management (IAM) Market Outlook, By Services (2021-2030) ($MN)
27 Global IoT Identity and Access Management (IAM) Market Outlook, By Professional Services (2021-2030) ($MN)
28 Global IoT Identity and Access Management (IAM) Market Outlook, By Integration and Implementation (2021-2030) ($MN)
29 Global IoT Identity and Access Management (IAM) Market Outlook, By Consulting (2021-2030) ($MN)
30 Global IoT Identity and Access Management (IAM) Market Outlook, By Support and Maintenance (2021-2030) ($MN)
31 Global IoT Identity and Access Management (IAM) Market Outlook, By Managed Services (2021-2030) ($MN)
32 Global IoT Identity and Access Management (IAM) Market Outlook, By Security Type (2021-2030) ($MN)
33 Global IoT Identity and Access Management (IAM) Market Outlook, By Network security (2021-2030) ($MN)
34 Global IoT Identity and Access Management (IAM) Market Outlook, By Endpoint Security (2021-2030) ($MN)
35 Global IoT Identity and Access Management (IAM) Market Outlook, By Application Security (2021-2030) ($MN)
36 Global IoT Identity and Access Management (IAM) Market Outlook, By Cloud Security (2021-2030) ($MN)
37 Global IoT Identity and Access Management (IAM) Market Outlook, By Other Security Types (2021-2030) ($MN)
38 Global IoT Identity and Access Management (IAM) Market Outlook, By Deployment mode (2021-2030) ($MN)
39 Global IoT Identity and Access Management (IAM) Market Outlook, By Cloud (2021-2030) ($MN)
40 Global IoT Identity and Access Management (IAM) Market Outlook, By On-premises (2021-2030) ($MN)
41 Global IoT Identity and Access Management (IAM) Market Outlook, By Organization Size (2021-2030) ($MN)
42 Global IoT Identity and Access Management (IAM) Market Outlook, By Small and Medium-Sized Enterprises (SMEs) (2021-2030) ($MN)
43 Global IoT Identity and Access Management (IAM) Market Outlook, By Large Enterprises (2021-2030) ($MN)
44 Global IoT Identity and Access Management (IAM) Market Outlook, By End User (2021-2030) ($MN)
45 Global IoT Identity and Access Management (IAM) Market Outlook, By Banking, Finance services, and Insurance (BFSI) (2021-2030) ($MN)
46 Global IoT Identity and Access Management (IAM) Market Outlook, By Automotive (2021-2030) ($MN)
47 Global IoT Identity and Access Management (IAM) Market Outlook, By Telecom (2021-2030) ($MN)
48 Global IoT Identity and Access Management (IAM) Market Outlook, By IT and ITeS (2021-2030) ($MN)
49 Global IoT Identity and Access Management (IAM) Market Outlook, By Retail and Consumer Goods (2021-2030) ($MN)
50 Global IoT Identity and Access Management (IAM) Market Outlook, By Energy and Utilities (2021-2030) ($MN)
51 Global IoT Identity and Access Management (IAM) Market Outlook, By Healthcare (2021-2030) ($MN)
52 Global IoT Identity and Access Management (IAM) Market Outlook, By Oil and Gas (2021-2030) ($MN)
53 Global IoT Identity and Access Management (IAM) Market Outlook, By Manufacturing (2021-2030) ($MN)
54 Global IoT Identity and Access Management (IAM) Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
Figure 1 Global IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 2 North America IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 3 US IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 4 Canada IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 5 Mexico IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 6 Europe IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 7 Germany IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 8 UK IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 9 Italy IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 10 France IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 11 Spain IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 14 Japan IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 15 China IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 16 India IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 17 Australia IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 19 South Korea IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 21 South America IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 22 Argentina IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 23 Brazil IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 24 Chile IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 28 UAE IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 29 Qatar IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 30 South Africa IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa IoT Identity and Access Management (IAM) Market Outlook (2021-2030) ($MN)
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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