Short Message Service Sms Marketing Software Market
Short Message Service (SMS) Marketing Software Market Forecasts to 2030 - Global Analysis By Marketing Campaign (Celebrations, Special Offers, Occasions and Other Marketing Campaigns), Enterprise Size (Large Enterprises and Small and Medium-sized Enterprises (SMEs)), End User (Healthcare, Media and Entertainment, Transportation, Banking, Financial Services and Insurance (BFSI) and Other End Users) and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $8.4 BN |
|
Projected Year Value (2030) |
US $31.8 BN |
|
CAGR (2023 - 2030) |
21.1% |
|
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 |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Short Message Service (SMS) Marketing Software Market is accounted for $8.4 billion in 2023 and is expected to reach $31.8 billion by 2030 growing at a CAGR of 21.1% during the forecast period. It refers to providing tools and platforms for businesses to conduct marketing campaigns through SMS messages. These software solutions facilitate the creation, scheduling, and sending of targeted promotional messages to a wide audience, leveraging the ubiquity and immediacy of SMS communication. It serves as a powerful tool for businesses across various industries to engage with their target audience effectively. Moreover, SMS marketing software allows for precise audience segmentation based on demographics, purchase history and behavior, enabling businesses to tailor their messages for specific customer groups, thereby increasing the relevance and effectiveness of their campaigns.
According to statistics published by the Internet Innovation Alliance, the total number of smartphones in the U.S. in 2016 was 208.2 million and is expected to increase to 270.7 million by 2021. According to a report published by Burst SMS, a global online messaging platform provider, SMS has a better average CTR in comparison to any other leading marketing tool.
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Market Dynamics:
Driver:
Widespread usage of smartphones and mobile devices
With the increasing penetration of smartphones globally, consumers are constantly connected to their devices, creating an opportunity for businesses to leverage SMS as a direct and effective marketing channel. Smartphones have become an integral part of daily life, with users frequently checking their devices for messages, notifications, and updates. Additionally, this constant connectivity ensures that SMS messages are promptly received and often read within minutes of delivery, resulting in high open rates compared to other forms of digital communication.
Restraint:
Spam concerns
Aggressive or unsolicited SMS marketing practices can lead to recipients perceiving messages as spam, resulting in negative brand perceptions and potential legal ramifications. As consumers become increasingly inundated with promotional messages, particularly through digital channels, the risk of SMS spamming becomes more pronounced. Businesses must navigate a fine line between engaging customers effectively and overwhelming them with unwanted messages. However, stringent regulations such as the Telephone Consumer Protection Act (TCPA) and General Data Protection Regulation (GDPR) impose strict requirements on SMS marketing practices to protect consumer privacy and prevent spamming.
Opportunity:
Personalization capabilities
In an era where consumers increasingly demand tailored experiences, SMS marketing software offers businesses the ability to personalize messages based on individual preferences, behaviors, demographics, and purchase history. By crafting messages that resonate with recipients on a personal level, businesses can significantly enhance engagement and response rates. Personalized SMS campaigns foster a sense of relevance and connection, leading to increased customer satisfaction and loyalty. Moreover, personalization goes beyond simply addressing recipients by name; it involves delivering content that aligns with their interests and needs, thereby maximizing the impact of marketing efforts.
Threat:
Limited multimedia capabilities
Unlike other digital marketing channels, SMS has inherent constraints in delivering multimedia content such as images, videos, and interactive elements. This limitation restricts the creativity and engagement potential of SMS marketing campaigns, hindering businesses from delivering rich and immersive experiences to their target audience. In an era where visual and interactive content plays a crucial role in capturing consumers' attention and conveying brand messages effectively, the inability to incorporate multimedia elements into SMS marketing messages can result in reduced impact and competitiveness.
Covid-19 Impact:
The increased reliance on digital communication and online channels during lockdowns and social distancing measures has driven up the demand for SMS marketing software as businesses seek alternative ways to reach and engage with customers. SMS has proven to be a valuable tool for delivering timely updates, safety protocols, and promotional offers to consumers, particularly in industries heavily affected by the pandemic, such as retail, hospitality, and healthcare. However, economic uncertainties and budget constraints resulting from the pandemic have led some businesses to reassess their marketing expenditures, potentially slowing down the adoption of SMS marketing software among certain sectors.
The celebrations segment is expected to be the largest during the forecast period
Celebrations segment is estimated to witness largest share of the market throughout the overcast period due to its ability to enhance engagement and interaction during various occasions and events. Businesses in this segment, including event planners, restaurants, gift shops, and entertainment venues, utilize SMS marketing software to promote special offers, discounts, and personalized messages tailored to specific celebrations such as birthdays, anniversaries, holidays, and milestones. Furthermore, SMS provides a direct and immediate channel to connect with customers, enabling businesses to send timely reminders, invitations, and greetings, fostering a sense of connection and loyalty among recipients.
The large enterprises segment is expected to have the highest CAGR during the forecast period
Owing to its increasing recognition of the effectiveness of SMS as a direct communication channel with customers, Large Enterprises segment is expected to grow at a rapid pace during the projection period. Large enterprises across various industries, including retail, finance, telecommunications, and healthcare, are leveraging SMS marketing software to enhance customer engagement, drive sales, and strengthen brand loyalty. With their extensive customer bases and diverse marketing needs, large enterprises require robust and scalable SMS marketing solutions that can handle high volumes of messages, support advanced segmentation and personalization, and integrate seamlessly with existing marketing systems.
Region with largest share:
Owing to a massive population with a high mobile penetration rate, making SMS an accessible and widely used communication channel for businesses to reach consumers effectively, Asia Pacific region commanded the largest market share during the extrapolated period of time. The rapid digitalization and adoption of smartphones in emerging economies such as India, China, and Southeast Asian countries have fueled the demand for SMS marketing software as businesses seek to capitalize on this growing mobile-savvy population. Furthermore, the diverse and dynamic nature of the Asia Pacific market presents vast opportunities for businesses to implement targeted and localized SMS marketing campaigns tailored to specific cultural preferences and consumer behaviors.
Region with highest CAGR:
Europe region is projected to witness lucrative growth over the forecast period. Stricter regulations such as the General Data Protection Regulation (GDPR) have compelled businesses to adopt compliant and secure SMS marketing solutions to protect consumer privacy and data. Government initiatives aimed at promoting transparency and accountability in digital marketing practices have increased the demand for SMS marketing software among businesses seeking to build trust with consumers and avoid potential fines or penalties for non-compliance. As a result, SMS marketing software providers are offering robust features and functionalities to ensure compliance with regulatory requirements, including consent management, data encryption and audit trails.
Key players in the market
Some of the key players in Short Message Service (SMS) Marketing Software market include Mozeo LLC, Gaglers Inc, Avochato, SendPulse Inc, TextMagic Ltd, Cytech Mobile and Infobip.
Key Developments:
In March 2023, Avochato, a leading provider of advanced messaging software for businesses, has announced an integration with ChatGPT-4, the latest generation of OpenAI's advanced natural language processing model. This collaboration aims to revolutionize the way businesses communicate with their customers, offering a faster and more efficient messaging experience.
In May 2022, Avochato, the leading provider of advanced messaging software, has been named a 2022 Cool Vendor based on the report titled, “Cool Vendors™ in AI and Automation for CSP Operations and Engagement” by Pulkit Pandey, Peter Liu, Amresh Nandan, Lisa Unden-Farboud, and Brian Doherty at Gartner®, Inc.
Marketing Campaigns Covered:
• Celebrations
• Special Offers
• Occasions
• Other Marketing Campaigns
Enterprise Sizes Covered:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
End Users Covered:
• Healthcare
• Media and Entertainment
• Transportation
• Banking, Financial Services and Insurance (BFSI)
• 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 Short Message Service (SMS) Marketing Software Market, By Marketing Campaign
5.1 Introduction
5.2 Celebrations
5.3 Special Offers
5.4 Occasions
5.5 Other Marketing Campaigns
6 Global Short Message Service (SMS) Marketing Software Market, By Enterprise Size
6.1 Introduction
6.2 Large Enterprises
6.3 Small and Medium-sized Enterprises (SMEs)
7 Global Short Message Service (SMS) Marketing Software Market, By End User
7.1 Introduction
7.2 Healthcare
7.3 Media and Entertainment
7.4 Transportation
7.5 Banking, Financial Services and Insurance (BFSI)
7.6 Other End Users
8 Global Short Message Service (SMS) Marketing Software 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 Mozeo LLC
10.2 Gaglers Inc
10.3 Avochato
10.4 SendPulse Inc
10.5 TextMagic Ltd
10.6 Cytech Mobile
10.7 Infobip
List of Tables
1 Global Short Message Service (SMS) Marketing Software Market Outlook, By Region (2021-2030) ($MN)
2 Global Short Message Service (SMS) Marketing Software Market Outlook, By Marketing Campaign (2021-2030) ($MN)
3 Global Short Message Service (SMS) Marketing Software Market Outlook, By Celebrations (2021-2030) ($MN)
4 Global Short Message Service (SMS) Marketing Software Market Outlook, By Special Offers (2021-2030) ($MN)
5 Global Short Message Service (SMS) Marketing Software Market Outlook, By Occasions (2021-2030) ($MN)
6 Global Short Message Service (SMS) Marketing Software Market Outlook, By Other Marketing Campaigns (2021-2030) ($MN)
7 Global Short Message Service (SMS) Marketing Software Market Outlook, By Enterprise Size (2021-2030) ($MN)
8 Global Short Message Service (SMS) Marketing Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
9 Global Short Message Service (SMS) Marketing Software Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2021-2030) ($MN)
10 Global Short Message Service (SMS) Marketing Software Market Outlook, By End User (2021-2030) ($MN)
11 Global Short Message Service (SMS) Marketing Software Market Outlook, By Healthcare (2021-2030) ($MN)
12 Global Short Message Service (SMS) Marketing Software Market Outlook, By Media and Entertainment (2021-2030) ($MN)
13 Global Short Message Service (SMS) Marketing Software Market Outlook, By Transportation (2021-2030) ($MN)
14 Global Short Message Service (SMS) Marketing Software Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
15 Global Short Message Service (SMS) Marketing Software Market Outlook, By Other End Users (2021-2030) ($MN)
16 North America Short Message Service (SMS) Marketing Software Market Outlook, By Country (2021-2030) ($MN)
17 North America Short Message Service (SMS) Marketing Software Market Outlook, By Marketing Campaign (2021-2030) ($MN)
18 North America Short Message Service (SMS) Marketing Software Market Outlook, By Celebrations (2021-2030) ($MN)
19 North America Short Message Service (SMS) Marketing Software Market Outlook, By Special Offers (2021-2030) ($MN)
20 North America Short Message Service (SMS) Marketing Software Market Outlook, By Occasions (2021-2030) ($MN)
21 North America Short Message Service (SMS) Marketing Software Market Outlook, By Other Marketing Campaigns (2021-2030) ($MN)
22 North America Short Message Service (SMS) Marketing Software Market Outlook, By Enterprise Size (2021-2030) ($MN)
23 North America Short Message Service (SMS) Marketing Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
24 North America Short Message Service (SMS) Marketing Software Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2021-2030) ($MN)
25 North America Short Message Service (SMS) Marketing Software Market Outlook, By End User (2021-2030) ($MN)
26 North America Short Message Service (SMS) Marketing Software Market Outlook, By Healthcare (2021-2030) ($MN)
27 North America Short Message Service (SMS) Marketing Software Market Outlook, By Media and Entertainment (2021-2030) ($MN)
28 North America Short Message Service (SMS) Marketing Software Market Outlook, By Transportation (2021-2030) ($MN)
29 North America Short Message Service (SMS) Marketing Software Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
30 North America Short Message Service (SMS) Marketing Software Market Outlook, By Other End Users (2021-2030) ($MN)
31 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Country (2021-2030) ($MN)
32 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Marketing Campaign (2021-2030) ($MN)
33 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Celebrations (2021-2030) ($MN)
34 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Special Offers (2021-2030) ($MN)
35 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Occasions (2021-2030) ($MN)
36 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Other Marketing Campaigns (2021-2030) ($MN)
37 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Enterprise Size (2021-2030) ($MN)
38 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
39 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2021-2030) ($MN)
40 Europe Short Message Service (SMS) Marketing Software Market Outlook, By End User (2021-2030) ($MN)
41 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Healthcare (2021-2030) ($MN)
42 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Media and Entertainment (2021-2030) ($MN)
43 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Transportation (2021-2030) ($MN)
44 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
45 Europe Short Message Service (SMS) Marketing Software Market Outlook, By Other End Users (2021-2030) ($MN)
46 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Country (2021-2030) ($MN)
47 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Marketing Campaign (2021-2030) ($MN)
48 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Celebrations (2021-2030) ($MN)
49 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Special Offers (2021-2030) ($MN)
50 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Occasions (2021-2030) ($MN)
51 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Other Marketing Campaigns (2021-2030) ($MN)
52 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Enterprise Size (2021-2030) ($MN)
53 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
54 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2021-2030) ($MN)
55 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By End User (2021-2030) ($MN)
56 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Healthcare (2021-2030) ($MN)
57 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Media and Entertainment (2021-2030) ($MN)
58 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Transportation (2021-2030) ($MN)
59 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
60 Asia Pacific Short Message Service (SMS) Marketing Software Market Outlook, By Other End Users (2021-2030) ($MN)
61 South America Short Message Service (SMS) Marketing Software Market Outlook, By Country (2021-2030) ($MN)
62 South America Short Message Service (SMS) Marketing Software Market Outlook, By Marketing Campaign (2021-2030) ($MN)
63 South America Short Message Service (SMS) Marketing Software Market Outlook, By Celebrations (2021-2030) ($MN)
64 South America Short Message Service (SMS) Marketing Software Market Outlook, By Special Offers (2021-2030) ($MN)
65 South America Short Message Service (SMS) Marketing Software Market Outlook, By Occasions (2021-2030) ($MN)
66 South America Short Message Service (SMS) Marketing Software Market Outlook, By Other Marketing Campaigns (2021-2030) ($MN)
67 South America Short Message Service (SMS) Marketing Software Market Outlook, By Enterprise Size (2021-2030) ($MN)
68 South America Short Message Service (SMS) Marketing Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
69 South America Short Message Service (SMS) Marketing Software Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2021-2030) ($MN)
70 South America Short Message Service (SMS) Marketing Software Market Outlook, By End User (2021-2030) ($MN)
71 South America Short Message Service (SMS) Marketing Software Market Outlook, By Healthcare (2021-2030) ($MN)
72 South America Short Message Service (SMS) Marketing Software Market Outlook, By Media and Entertainment (2021-2030) ($MN)
73 South America Short Message Service (SMS) Marketing Software Market Outlook, By Transportation (2021-2030) ($MN)
74 South America Short Message Service (SMS) Marketing Software Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
75 South America Short Message Service (SMS) Marketing Software Market Outlook, By Other End Users (2021-2030) ($MN)
76 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Country (2021-2030) ($MN)
77 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Marketing Campaign (2021-2030) ($MN)
78 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Celebrations (2021-2030) ($MN)
79 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Special Offers (2021-2030) ($MN)
80 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Occasions (2021-2030) ($MN)
81 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Other Marketing Campaigns (2021-2030) ($MN)
82 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Enterprise Size (2021-2030) ($MN)
83 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
84 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2021-2030) ($MN)
85 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By End User (2021-2030) ($MN)
86 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Healthcare (2021-2030) ($MN)
87 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Media and Entertainment (2021-2030) ($MN)
88 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Transportation (2021-2030) ($MN)
89 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2021-2030) ($MN)
90 Middle East & Africa Short Message Service (SMS) Marketing Software Market Outlook, By Other End Users (2021-2030) ($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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