Luggage Market by Product Type (Casual Bag, Travel Bag, Business Bag, and Others) by Distribution Channel (Supermarkets, Hypermarkets, Online Stores, Specialty Stores, and Others) and by Geography - Global Trends and Forecast to 2025
- Report code : CMI151436 |
- Industry :
Consumer Goods
- Published On : Mar 2018 |
- Pages : 280 Pages |
- Format :
Global Luggage Market - Insights
Luggage such as suitcases and bags are available in various size, shape, and designs to enhance convenience and comfort while travelling. Growing travel and tourism industry along with rising participation in adventure sports and outdoor sports is driving growth of the global luggage market. According to the World Travel and Tourism Council, global domestic expenditure on travel and tourism in 2014 was US$ 340.4 billion, which increased to US$ 574.6 billion in 2016. Technological developments such as smart luggage is further fuelling growth of the global luggage market. For instance, in January 2018, 90FUN launched new smart suitcase 90FUN Puppy 1 which follows the traveler.
However, stringent regulations imposed on smart luggage by International Air Transport Association is one the factors restraining growth of the market. For instance, smart luggage containing lithium batteries and non-removable batteries are banned by major airlines such as American Airlines due to risk of fire.
Business bags segment is gaining significant traction in the luggage market due to increasing business travel worldwide, economic improvements in the developing markets, and developments in the manufacturing sector. According to the World Travel and Tourism Council, business travel investment is estimated to grow by 4.0% in 2017 from 2016 to US$ 1,199.7 billion and increase by 3.7% per annum to US$ 1,719.9 billion in 2027.
Specialty stores segment held largest market share in 2016, owing to the various expansions and advertising by the specialty stores retailers. For instance, in October 2016, Away, an American manufacturer and retailer of luggage launched new stores in New York, U.S. and London, U.K. Also, it announced launch of new stores in Berlin, Germany and Los Angeles, U.S. to expand retail footprint.
Asia Pacific held largest market share in the global luggage market in 2016, owing to increasing consumer spending, which is boosting growth of the travel and tourism industry in this region. According to China National Tourism Administration (CNTA), domestic tourism industry in China registered 4.44 billion tourist trips in 2016 and with an estimated by 11% from 2015. Furthermore, increasing presence of major players is key factor driving demand for luggage market. For instance, to tap the entry level price segment, Kamiliant brand by Samsonite International S.A., plans to expand its distribution across the Asia Pacific market.
Europe has lucrative demand for luggage market, as 62.1% of the population aged 15 or above in 28 nations of the European Union took part in tourism for personal purposes in 2016 according to European Commission. Furthermore, Germany recorded highest expenditure of US$ 89.19 billion on international travel in 2016, followed by the U.K. with US$ 72.24 billion and France with US$ 45.15 billion.
The global luggage market was valued at US$ 33.28 billion in 2016 and is anticipated to register a CAGR of 8.45% in terms of revenue, over the forecast period (2017 – 2025) to reach US$ 67.19 billion by 2025.
Figure 1. Global Luggage Market Share, By Region, 2016
SOURCE: COHERENT MARKET INSIGHTS (2018)
Asia Pacific held the largest market share of 42.58% in 2016 and is expected to retain the dominance over the forecast period. Manufacturers are entering into the regional market due to increasing demand for luggage. For instance, Tumi Holdings, subsidiary of Samsonite International S.A., collaborated with Singapore Airlines Limited to create limited edition designs of Alpha 2 international expandable 4 wheeled carry-on bags in April 2017.
Manufacturers operating in the global luggage market are adopting different strategies including merger and acquisition and collaborations among others for business expansion. For instance, in April 2017, Samsonite International S.A. acquired travel bag retailer eBags Inc. for US$105 million. In November 2014, Perry Ellis International, Inc. entered into a partnership with UGA Fashion S.A. de C.V. for designing, manufacturing and marketing luggage, back packs, travel bags and travel accessories under the brand Perry Ellis in Mexico.
Key manufacturers operating in the luggage market include Louis Vuitton Malletier, S.A., Rimowa GmbH, Victorinox Swiss Army, Inc., Coach Inc, Samsonite International S.A., VF Corporation, Antler Limited, Delsey S.A., Bric's Industria Valigeria Fine SpA, Etienne Aigner AG, and VIP Industries Limited.
Luggage market is gaining significant traction, owing to increasing number of international tourism worldwide. According to the United Nations World Tourism Organization, global international tourist arrivals was 1,235 million in 2016 grew by 3.9% from 2015. Furthermore, it is estimated to reach 1.8 billion by 2030. This increase in the number of tourists globally is boosting the growth of luggage market. Various strategies such as product development adopted by the key manufacturers is further fuelling growth of the market. For instance, in June 2016, Montblanc International GmbH launched new Urban Spirit Collection, a smart leather luggage collection. Samsonite International S.A. acquired Tumi Holdings, Inc. a company offering travel luggage, business bags, and accessories in August 2016.
Market Dynamics
Among product type, travel bag segment accounted for largest market share in the global luggage market due to lucrative demand for leisure and recreational holidays. According to the World Tourism Organization, 53% of the global inbound tourism in 2016 was for leisure, recreation and holidays. By region, Asia Pacific dominated the global luggage market with market share of 42.58%, owing to increasing number travelers especially in emerging economies such as India and China. According to the Directorate General of Civil Aviation, number of passengers in domestic airlines was 1.6 million from January to November 2017 and increased by 17% from 2016.
Key features of the study:
- This report provides in-depth analysis of luggage market and provides market size (US$ Billion) and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017 – 2025), considering 2015 as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
- It profiles leading players in the global luggage market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans
- Key companies covered as a part of this study includes Louis Vuitton Malletier, S.A., Rimowa GmbH, Victorinox Swiss Army, Inc., Samsonite International S.A., VF Corporation, Antler Limited, Delsey S.A., Bric's Industria Valigeria Fine SpA, Etienne Aigner AG and VIP Industries Limited.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launch, technology up-gradation, market expansion and marketing tactics
- The global luggage market report caters to various stakeholders in this industry including investors, suppliers, luggage manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision making through the various strategy matrices used in analyzing the luggage market
Detailed Segmentation:
- Global Luggage Market, By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- Global Luggage Market, By Distribution Channel:
- Supermarkets
- Hypermarkets
- Online Stores
- Specialty Store
- Others
- Global Luggage Market, By Geography:
- North America
- U.S.
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Canada
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Europe
- U.K.
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Germany
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Italy
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- France
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Russia
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Rest of Europe
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Asia Pacific
- China
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- India
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Japan
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- ASEAN
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Australia
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- South Korea
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Rest of Asia Pacific
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Latin America
- Brazil
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Mexico
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Rest of Latin America
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Middle East
- GCC
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Others
- Israel
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Rest of Middle East
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Africa
- Northern Africa
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Central Africa
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- South Africa
- By Product Type:
- Casual Bag
- Travel Bag
- Business Bag
- Others
- By Distribution Channel:
- Online
- Supermarkets
- Hypermarkets
- Specialty Store
- Convenience Stores
- Others
- Company Profiles
- Coach Inc.*
- Company Overview
- Product Portfolio
- Financial Performance
- Key Strategies
- Recent Developments
- Future Plans
- Rimowa GmbH
- Victorinox Swiss Army, Inc.
- Samsonite International S.A
- VF Corporation
- Antler Limited
- Delsey S.A.
- Bric's Industria Valigeria Fine SpA
- Etienne Aigner AG
- VIP Industries Limited
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
- Research Objective and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet By Product Type
- Market Snippet By Distribution Channel
- Market Snippet By Region
- Coherent Opportunity Map (COM)
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Supply Side Drivers
- Demand Side Drivers
- Economic Drivers
- Restraints
- Market Opportunities
- Regulatory Scenario
- Industry Trend
- Merger and Acquisitions
- New Product Approvals/Launch
- Promotion and Marketing Initiatives
- Cost Tier Down Analysis
- Global Luggage Market, By Product Type, 2016- 2025 (USD Billion)
- Introduction
- Market Share Analysis, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, 2016 - 2025
- Segment Trends
- Casual Bag
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Travel Bag
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Business Bag
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Others
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Global Luggage Market, By Distribution Channel, 2016 - 2025 (USD Billion)
- Introduction
- Market Share Analysis, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, 2016 - 2025
- Segment Trends
- Supermarkets
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Hypermarkets
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Online Stores
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Specialty Store
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Others
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 - 2025, (USD Billion)
- Global Luggage Market, By Region, 2016 - 2025 (USD Billion)
- Introduction
- Market Share Analysis, By Region, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, For Regions, 2016 - 2025
- North America
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, By Country, 2016 - 2025
- U.S.
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Canada
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Europe
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, By Country, 2016 - 2025
- U.K.
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Germany
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Italy
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- France
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Russia
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Rest of Europe
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Asia Pacific
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, By Country, 2016 - 2025
- China
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- India
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Japan
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- ASEAN
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Australia
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- South Korea
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Rest of Asia Pacific
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Latin America
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, By Country, 2016 - 2025
- Brazil
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Mexico
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Rest of Latin America
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Middle East
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, By Country, 2016 - 2025
- GCC
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Israel
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Rest of Middle East
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Africa
- Market Share Analysis, By Country, 2016 and 2025 (%)
- Y-O-Y Growth Analysis, By Country, 2016 - 2025
- Northern Africa
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Central Africa
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- South Africa
- Country Trends
- Market Size and Forecast, By Product Type, 2016 - 2025 (USD Billion)
- Market Size and Forecast, By Distribution Channel, 2016 - 2025 (USD Billion)
- Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- Rimowa GmbH
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Victorinox Swiss Army, Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Samsonite International S.A.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- VF Corporation
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Antler Limited
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Delsey S.A.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Bric's Industria Valigeria Fine SpA
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Etienne Aigner AG
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- VIP Industries Limited
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Coach Inc.
- Company Overview
- Product Portfolio
- Financial Performance
- Recent Developments/Updates
- Future Plans
- Analyst Views
- Section
- References
- Research Methodology
- About us and Sales Contact
* Browse 100 market data tables* and 60 figures* on "Luggage Market” - Global forecast to 2025.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
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