Research Methodology
A sound methodology is imperative for producing quality research; it lays the foundation of the entire process and is integral to its success. At Global Market Insights, our team of veteran market researchers and consultants has developed a sound methodology that guides us in every assignment we undertake and every report we publish.
Our research process is uniquely designed, with enough flexibility to ensure best practices for each assignment, while retaining the core elements that ensure accuracy and authenticity. Common parameters studied and evaluated for each assignment include:
- Macro-economic factors
- Micro-economic factors
- Technology & innovation
- Regulatory and political scenario
- Demographics
- Value chain
- Market dynamics
- Industry insights
Key steps involved in our research process include:
Initial data exploration
Our process starts with initial exploration; which enables us to form a preliminary understanding about the problem in hand as well as define the scope of our research. Data is mined on an extensive level, from our own repository of reports as well as independent studies, along with industry accepted secondary sources such as ICIS, Hoovers, Reuters, Technical Journals and Trade Magazines. We also have regular access to technical papers, published by various universities and research establishments across the globe.
This research plays an important role in providing us with an early understanding of the business environment, which also helps us understand client requirements better and development solutions best-fit for the problem under consideration.
Key takeaways from this phase of research include:
- Research scope
- Industry segmentation
- Market dynamics
- Regulatory trends
- Statistical data
- Latest developments
Statistical modeling and forecast
Statistical modeling and forecasting is one of our core strengths, where we design unique models to estimate and forecast market data. These models are econometric or technical based on the time period under consideration and are iterative and customizable in nature so as to minimize errors and improve accuracy.
Owing to the growing need to granular information, we use a pyramid approach for forecasting, also referred to as bottom-up methodology; where we evaluate each regional market separately, taking into consideration domestic as well as international dynamics to arrive at market estimates. Global data is obtained by integrating regional information.
A number of tools and statistical modeling techniques are utilized by our team, including software packages such as SPSS and analytical approaches such as regression, correlation, WMA (Weighted Moving Average), time-series and variation.
Some of the parameters considered for forecasting include:
- Growth drivers, restraints and trends
- Dynamics in application markets
- Regulatory and political updates
- Technology development
- Raw material and supply dynamics
- Trade statistics
Industry insights and validation
We believe primary research is the most important component of any market study or industry evaluation. Our team conducts primary interviews at various stages of research, in order to gain a deep understanding of the current business environment and expected future developments. For every assignment, upwards of 30 such interviews are conducted, with key business leaders such as CEOs, CSOs, CMOs, technology experts, suppliers, procurement experts as well as potential customers.
These interviews are conducted in the form of extensive discussions, which enables us to obtain penetrating insights into the industry, as well as collect root-level information, in addition to validating our estimates.