Smart Lighting Market
Smart Lighting Market Forecasts to 2030 - Global Analysis By Product Type (Lighting Controls and Lights & Luminaries), Installation Type (Retrofit Installations and New Installations), Offering, Communication Technology, End User and By Geography
According to Stratistics MRC, the Global Smart Lighting Market is accounted for $18.07 billion in 2023 and is expected to reach $65.14 billion by 2030 growing at a CAGR of 20.1% during the forecast period. Smart lighting is a lighting system that incorporates advanced technologies, such as LED bulbs, sensors, and connectivity, to provide enhanced functionality, efficiency, and control compared to traditional lighting solutions. Smart lights are often integrated with sensors, which turn them into a point of intelligence device to gather information on activity patterns, daylight levels, occupancy, changes in temperature, or humidity. They offer numerous benefits, including energy savings, convenience, customization, and automation, making it an increasingly popular choice for homes, offices, and commercial spaces.
According to the US DOE, LED lighting would represent 86% of all lighting sales by 2035 due to the benefits offered by LED lights over their conventional counterparts.
Market Dynamics:
Driver:
Rising emphasis on energy conservation and sustainability
As societies prioritise eco-friendly solutions, the market for smart lighting is driven by the emphasis on sustainability and energy conservation. With rising concerns over climate change, reducing energy consumption becomes imperative. Smart lighting addresses this by offering superior energy efficiency compared to traditional systems and leveraging technologies like LEDs and sensors for optimised usage. Businesses and consumers seek these solutions to comply with regulations, lower energy bills, and minimise carbon footprints. Moreover, alignment with environmental values drives demand, fostering innovation and growth in the smart lighting sector.
Restraint:
High initial cost
Initial investment in smart lighting systems, including specialised bulbs, sensors, and control devices, tends to be higher compared to traditional lighting solutions. This higher upfront cost can deter potential adopters, especially budget-conscious consumers and businesses. Despite long-term energy savings and benefits, the initial financial outlay may pose a barrier to entry, delaying adoption and inhibiting market growth.
Opportunity:
Commercial and industrial applications
Smart lighting solutions provide energy efficiency, cost savings, and enhanced productivity through features like LED technology, occupancy sensors, and tunable lighting. These solutions cater to the extensive lighting needs of businesses, ensuring optimal lighting conditions for different tasks and environments. Additionally, smart lighting enhances safety and security with features such as motion detection and remote access control. Furthermore, integration with IoT and building management systems further amplifies the benefits, making smart lighting a compelling choice for commercial and industrial facilities.
Threat:
Interoperability challenges
The incapability of various smart lighting devices and protocols to work together seamlessly might impede the smooth integration of lighting systems and restrict their functionality and scalability. This instability makes it more difficult to install, maintain, and utilise smart lighting systems, which upsets users and makes them reluctant to use them. Also, lack of interoperability also hampers innovation and market growth by inhibiting collaboration among manufacturers and limiting the development of cohesive ecosystems.
Covid-19 Impact
COVID-19 initially caused disruptions that affected production and supply chains, causing a temporary dip in growth. This particularly impacted hardware-focused segments like lights and luminaries. With people spending more time at home, demand for home improvement and convenience surged. This led to increased adoption of smart lights for their energy efficiency, customisation, and enhanced comfort, boosting the residential segment. Additionally, government stimulus packages and a growing focus on energy-saving solutions further fuelled market recovery.
The lights & luminaries segment is expected to be the largest during the forecast period
The lights & luminaries segment is estimated to hold the largest share. Lights & Luminaries represents the physical fixtures and bulbs that emit the light. This segment encompasses smart bulbs, LED strips, light panels, and other luminaires specifically designed to integrate with smart lighting systems. These products typically offer features like remote control, colour changing, dimming, and integration with voice assistants or automated schedules, contributing to the overall functionalities and benefits of the Smart Lighting Market.
The outdoor segment is expected to have the highest CAGR during the forecast period
The outdoor segment is anticipated to have lucrative growth during the forecast period. This segment encompasses a range of intelligent lighting solutions designed for exterior environments such as streets, parks, stadiums, and building facades. These solutions leverage technologies like LED, sensors, and wireless connectivity to provide features such as adaptive lighting, remote monitoring, and motion sensing. Outdoor smart lighting systems prioritize energy efficiency, enhanced visibility, and safety while offering opportunities for smart city initiatives, environmental monitoring, and data-driven urban planning
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period due to rising LED adoption, energy efficiency demands, and a tech-savvy population. China is leading the way in the commercial sector's adoption of smart lighting for convenience and cost savings, followed by India and South Korea. While both wired and wireless technologies are used, BLE and Zigbee have greater popularity due to their lower costs. Furthermore, affordability and government regulations fostering energy efficiency are key growth drivers, making the future bright for smart lights in the region.
Region with highest CAGR:
North America is expected to witness profitable growth over the projection period, due to growing demand for energy-efficient solutions. The US dominates, fuelled by major players and smart city initiatives. With a focus on enhancing convenience, reducing energy consumption, and enabling customization, smart lighting systems incorporating IoT connectivity and sensor technologies are gaining traction across residential, commercial, and industrial sectors. Key players in the region are actively innovating to offer integrated solutions that provide remote control, automation, and data analytics capabilities, poised for continued growth in the North American market.
Key players in the market
Some of the key players in the Smart Lighting Market include Honeywell International Inc., Signify, Acuity Brands, Inc., Legrand S.A., Lutron Electronics, Leviton Manufacturing Company, Inc., Zumtobel Group, Hubbell Incorporated, Dialight PLC, GE Current, Deal Industries, Inc., Panasonic, Adesto Technologies , Synapse Wireless, ABB, Wipro Enterprise Ltd, Savant Systems Inc., LG Electronics, Enlighted Inc and RAB Lighting.
Key Developments:
In January 2024, Leviton announced that it acquired PRISM Data Centre Solutions (DCS) Limited, a leading manufacturer of network enclosures. The acquisition adds network rack, data and server cabinets to Leviton’s system offering for enterprise and data centre customers
In August 2023, Honeywell launches new airfield ground lighting manufacturing facility in India. AGL plays a crucial role in airport operations and is subject to comprehensive safety and compliance regulations by global aviation standards and regulatory bodies.
In May 2022, Leviton Adds Five New Products to Decora Smart® Offering, Expanding Compatibility and Smart Lighting Capabilities for More Homes.
Product Types Covered:
• Lighting Controls
• Lights & Luminaries
Installation Types Covered:
• Retrofit Installations
• New Installations
Offerings Covered:
• Software
• Hardware
• Services
Communication Technologies Covered:
• Wireless
• Wired
End Users Covered:
• Outdoor
• Indoor
• 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 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 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 Smart Lighting Market Market, By Product Type
5.1 Introduction
5.2 Lighting Controls
5.3 Lights & Luminaries
6 Global Smart Lighting Market Market, By Installation Type
6.1 Introduction
6.2 Retrofit Installations
6.3 New Installations
7 Global Smart Lighting Market Market, By Offering
7.1 Introduction
7.2 Software
7.3 Hardware
7.4 Services
8 Global Smart Lighting Market Market, By Communication Technology
8.1 Introduction
8.2 Wireless
8.3 Wired
9 Global Smart Lighting Market Market, By End User
9.1 Introduction
9.2 Outdoor
9.2.1 Highways and Roadways
9.2.2 Architectural
9.3 Indoor
9.3.1 Residential
9.3.2 Commercial
9.4 Other End Users
10 Global Smart Lighting Market 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 Honeywell International Inc.
12.2 Signify
12.3 Acuity Brands, Inc.
12.4 Legrand S.A.
12.5 Lutron Electronics
12.6 Leviton Manufacturing Company, Inc.
12.7 Zumtobel Group
12.8 Hubbell Incorporated
12.9 Dialight PLC
12.10 GE Current
12.11 Deal Industries, Inc.
12.12 Panasonic
12.13 Adesto Technologies
12.14 Synapse Wireless
12.15 ABB
12.16 Wipro Enterprise Ltd
12.17 Savant Systems Inc.
12.18 LG Electronics
12.19 Enlighted Inc
12.20 RAB Lighting
List of Tables
1 Global Smart Lighting Market Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Lighting Market Market Outlook, By Product Type (2021-2030) ($MN)
3 Global Smart Lighting Market Market Outlook, By Lighting Controls (2021-2030) ($MN)
4 Global Smart Lighting Market Market Outlook, By Lights & Luminaries (2021-2030) ($MN)
5 Global Smart Lighting Market Market Outlook, By Installation Type (2021-2030) ($MN)
6 Global Smart Lighting Market Market Outlook, By Retrofit Installations (2021-2030) ($MN)
7 Global Smart Lighting Market Market Outlook, By New Installations (2021-2030) ($MN)
8 Global Smart Lighting Market Market Outlook, By Offering (2021-2030) ($MN)
9 Global Smart Lighting Market Market Outlook, By Software (2021-2030) ($MN)
10 Global Smart Lighting Market Market Outlook, By Hardware (2021-2030) ($MN)
11 Global Smart Lighting Market Market Outlook, By Services (2021-2030) ($MN)
12 Global Smart Lighting Market Market Outlook, By Communication Technology (2021-2030) ($MN)
13 Global Smart Lighting Market Market Outlook, By Wireless (2021-2030) ($MN)
14 Global Smart Lighting Market Market Outlook, By Wired (2021-2030) ($MN)
15 Global Smart Lighting Market Market Outlook, By End User (2021-2030) ($MN)
16 Global Smart Lighting Market Market Outlook, By Outdoor (2021-2030) ($MN)
17 Global Smart Lighting Market Market Outlook, By Highways and Roadways (2021-2030) ($MN)
18 Global Smart Lighting Market Market Outlook, By Architectural (2021-2030) ($MN)
19 Global Smart Lighting Market Market Outlook, By Indoor (2021-2030) ($MN)
20 Global Smart Lighting Market Market Outlook, By Residential (2021-2030) ($MN)
21 Global Smart Lighting Market Market Outlook, By Commercial (2021-2030) ($MN)
22 Global Smart Lighting Market Market Outlook, By Other End Users (2021-2030) ($MN)
23 North America Smart Lighting Market Market Outlook, By Country (2021-2030) ($MN)
24 North America Smart Lighting Market Market Outlook, By Product Type (2021-2030) ($MN)
25 North America Smart Lighting Market Market Outlook, By Lighting Controls (2021-2030) ($MN)
26 North America Smart Lighting Market Market Outlook, By Lights & Luminaries (2021-2030) ($MN)
27 North America Smart Lighting Market Market Outlook, By Installation Type (2021-2030) ($MN)
28 North America Smart Lighting Market Market Outlook, By Retrofit Installations (2021-2030) ($MN)
29 North America Smart Lighting Market Market Outlook, By New Installations (2021-2030) ($MN)
30 North America Smart Lighting Market Market Outlook, By Offering (2021-2030) ($MN)
31 North America Smart Lighting Market Market Outlook, By Software (2021-2030) ($MN)
32 North America Smart Lighting Market Market Outlook, By Hardware (2021-2030) ($MN)
33 North America Smart Lighting Market Market Outlook, By Services (2021-2030) ($MN)
34 North America Smart Lighting Market Market Outlook, By Communication Technology (2021-2030) ($MN)
35 North America Smart Lighting Market Market Outlook, By Wireless (2021-2030) ($MN)
36 North America Smart Lighting Market Market Outlook, By Wired (2021-2030) ($MN)
37 North America Smart Lighting Market Market Outlook, By End User (2021-2030) ($MN)
38 North America Smart Lighting Market Market Outlook, By Outdoor (2021-2030) ($MN)
39 North America Smart Lighting Market Market Outlook, By Highways and Roadways (2021-2030) ($MN)
40 North America Smart Lighting Market Market Outlook, By Architectural (2021-2030) ($MN)
41 North America Smart Lighting Market Market Outlook, By Indoor (2021-2030) ($MN)
42 North America Smart Lighting Market Market Outlook, By Residential (2021-2030) ($MN)
43 North America Smart Lighting Market Market Outlook, By Commercial (2021-2030) ($MN)
44 North America Smart Lighting Market Market Outlook, By Other End Users (2021-2030) ($MN)
45 Europe Smart Lighting Market Market Outlook, By Country (2021-2030) ($MN)
46 Europe Smart Lighting Market Market Outlook, By Product Type (2021-2030) ($MN)
47 Europe Smart Lighting Market Market Outlook, By Lighting Controls (2021-2030) ($MN)
48 Europe Smart Lighting Market Market Outlook, By Lights & Luminaries (2021-2030) ($MN)
49 Europe Smart Lighting Market Market Outlook, By Installation Type (2021-2030) ($MN)
50 Europe Smart Lighting Market Market Outlook, By Retrofit Installations (2021-2030) ($MN)
51 Europe Smart Lighting Market Market Outlook, By New Installations (2021-2030) ($MN)
52 Europe Smart Lighting Market Market Outlook, By Offering (2021-2030) ($MN)
53 Europe Smart Lighting Market Market Outlook, By Software (2021-2030) ($MN)
54 Europe Smart Lighting Market Market Outlook, By Hardware (2021-2030) ($MN)
55 Europe Smart Lighting Market Market Outlook, By Services (2021-2030) ($MN)
56 Europe Smart Lighting Market Market Outlook, By Communication Technology (2021-2030) ($MN)
57 Europe Smart Lighting Market Market Outlook, By Wireless (2021-2030) ($MN)
58 Europe Smart Lighting Market Market Outlook, By Wired (2021-2030) ($MN)
59 Europe Smart Lighting Market Market Outlook, By End User (2021-2030) ($MN)
60 Europe Smart Lighting Market Market Outlook, By Outdoor (2021-2030) ($MN)
61 Europe Smart Lighting Market Market Outlook, By Highways and Roadways (2021-2030) ($MN)
62 Europe Smart Lighting Market Market Outlook, By Architectural (2021-2030) ($MN)
63 Europe Smart Lighting Market Market Outlook, By Indoor (2021-2030) ($MN)
64 Europe Smart Lighting Market Market Outlook, By Residential (2021-2030) ($MN)
65 Europe Smart Lighting Market Market Outlook, By Commercial (2021-2030) ($MN)
66 Europe Smart Lighting Market Market Outlook, By Other End Users (2021-2030) ($MN)
67 Asia Pacific Smart Lighting Market Market Outlook, By Country (2021-2030) ($MN)
68 Asia Pacific Smart Lighting Market Market Outlook, By Product Type (2021-2030) ($MN)
69 Asia Pacific Smart Lighting Market Market Outlook, By Lighting Controls (2021-2030) ($MN)
70 Asia Pacific Smart Lighting Market Market Outlook, By Lights & Luminaries (2021-2030) ($MN)
71 Asia Pacific Smart Lighting Market Market Outlook, By Installation Type (2021-2030) ($MN)
72 Asia Pacific Smart Lighting Market Market Outlook, By Retrofit Installations (2021-2030) ($MN)
73 Asia Pacific Smart Lighting Market Market Outlook, By New Installations (2021-2030) ($MN)
74 Asia Pacific Smart Lighting Market Market Outlook, By Offering (2021-2030) ($MN)
75 Asia Pacific Smart Lighting Market Market Outlook, By Software (2021-2030) ($MN)
76 Asia Pacific Smart Lighting Market Market Outlook, By Hardware (2021-2030) ($MN)
77 Asia Pacific Smart Lighting Market Market Outlook, By Services (2021-2030) ($MN)
78 Asia Pacific Smart Lighting Market Market Outlook, By Communication Technology (2021-2030) ($MN)
79 Asia Pacific Smart Lighting Market Market Outlook, By Wireless (2021-2030) ($MN)
80 Asia Pacific Smart Lighting Market Market Outlook, By Wired (2021-2030) ($MN)
81 Asia Pacific Smart Lighting Market Market Outlook, By End User (2021-2030) ($MN)
82 Asia Pacific Smart Lighting Market Market Outlook, By Outdoor (2021-2030) ($MN)
83 Asia Pacific Smart Lighting Market Market Outlook, By Highways and Roadways (2021-2030) ($MN)
84 Asia Pacific Smart Lighting Market Market Outlook, By Architectural (2021-2030) ($MN)
85 Asia Pacific Smart Lighting Market Market Outlook, By Indoor (2021-2030) ($MN)
86 Asia Pacific Smart Lighting Market Market Outlook, By Residential (2021-2030) ($MN)
87 Asia Pacific Smart Lighting Market Market Outlook, By Commercial (2021-2030) ($MN)
88 Asia Pacific Smart Lighting Market Market Outlook, By Other End Users (2021-2030) ($MN)
89 South America Smart Lighting Market Market Outlook, By Country (2021-2030) ($MN)
90 South America Smart Lighting Market Market Outlook, By Product Type (2021-2030) ($MN)
91 South America Smart Lighting Market Market Outlook, By Lighting Controls (2021-2030) ($MN)
92 South America Smart Lighting Market Market Outlook, By Lights & Luminaries (2021-2030) ($MN)
93 South America Smart Lighting Market Market Outlook, By Installation Type (2021-2030) ($MN)
94 South America Smart Lighting Market Market Outlook, By Retrofit Installations (2021-2030) ($MN)
95 South America Smart Lighting Market Market Outlook, By New Installations (2021-2030) ($MN)
96 South America Smart Lighting Market Market Outlook, By Offering (2021-2030) ($MN)
97 South America Smart Lighting Market Market Outlook, By Software (2021-2030) ($MN)
98 South America Smart Lighting Market Market Outlook, By Hardware (2021-2030) ($MN)
99 South America Smart Lighting Market Market Outlook, By Services (2021-2030) ($MN)
100 South America Smart Lighting Market Market Outlook, By Communication Technology (2021-2030) ($MN)
101 South America Smart Lighting Market Market Outlook, By Wireless (2021-2030) ($MN)
102 South America Smart Lighting Market Market Outlook, By Wired (2021-2030) ($MN)
103 South America Smart Lighting Market Market Outlook, By End User (2021-2030) ($MN)
104 South America Smart Lighting Market Market Outlook, By Outdoor (2021-2030) ($MN)
105 South America Smart Lighting Market Market Outlook, By Highways and Roadways (2021-2030) ($MN)
106 South America Smart Lighting Market Market Outlook, By Architectural (2021-2030) ($MN)
107 South America Smart Lighting Market Market Outlook, By Indoor (2021-2030) ($MN)
108 South America Smart Lighting Market Market Outlook, By Residential (2021-2030) ($MN)
109 South America Smart Lighting Market Market Outlook, By Commercial (2021-2030) ($MN)
110 South America Smart Lighting Market Market Outlook, By Other End Users (2021-2030) ($MN)
111 Middle East & Africa Smart Lighting Market Market Outlook, By Country (2021-2030) ($MN)
112 Middle East & Africa Smart Lighting Market Market Outlook, By Product Type (2021-2030) ($MN)
113 Middle East & Africa Smart Lighting Market Market Outlook, By Lighting Controls (2021-2030) ($MN)
114 Middle East & Africa Smart Lighting Market Market Outlook, By Lights & Luminaries (2021-2030) ($MN)
115 Middle East & Africa Smart Lighting Market Market Outlook, By Installation Type (2021-2030) ($MN)
116 Middle East & Africa Smart Lighting Market Market Outlook, By Retrofit Installations (2021-2030) ($MN)
117 Middle East & Africa Smart Lighting Market Market Outlook, By New Installations (2021-2030) ($MN)
118 Middle East & Africa Smart Lighting Market Market Outlook, By Offering (2021-2030) ($MN)
119 Middle East & Africa Smart Lighting Market Market Outlook, By Software (2021-2030) ($MN)
120 Middle East & Africa Smart Lighting Market Market Outlook, By Hardware (2021-2030) ($MN)
121 Middle East & Africa Smart Lighting Market Market Outlook, By Services (2021-2030) ($MN)
122 Middle East & Africa Smart Lighting Market Market Outlook, By Communication Technology (2021-2030) ($MN)
123 Middle East & Africa Smart Lighting Market Market Outlook, By Wireless (2021-2030) ($MN)
124 Middle East & Africa Smart Lighting Market Market Outlook, By Wired (2021-2030) ($MN)
125 Middle East & Africa Smart Lighting Market Market Outlook, By End User (2021-2030) ($MN)
126 Middle East & Africa Smart Lighting Market Market Outlook, By Outdoor (2021-2030) ($MN)
127 Middle East & Africa Smart Lighting Market Market Outlook, By Highways and Roadways (2021-2030) ($MN)
128 Middle East & Africa Smart Lighting Market Market Outlook, By Architectural (2021-2030) ($MN)
129 Middle East & Africa Smart Lighting Market Market Outlook, By Indoor (2021-2030) ($MN)
130 Middle East & Africa Smart Lighting Market Market Outlook, By Residential (2021-2030) ($MN)
131 Middle East & Africa Smart Lighting Market Market Outlook, By Commercial (2021-2030) ($MN)
132 Middle East & Africa Smart Lighting Market 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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