Research Methodology

Problem identification serves as the foundational step in the initial step of market scoping. We follow a robust and logical approach to identify challenges and potential opportunities within the marketplace. In this step, we take into consideration several factors, such as shifting consumer preferences, emerging business and end-user trends, and shifting business dynamics, among others. Articulating correct and precise problem definitions is pivotal to ensuring the quality of our research reports.

In the phase of problem identification, we receive input from our in-house research team and industry experts to understand market requirements. We also receive regular updates from our existing and previous clients about their problem statements, which fuel our report studies. Through our top-level analysis, we identified notable shifts in the market post-COVID-19. Moreover, the ongoing Russia-Ukraine war and the onset of global economic slowdown is also taken into consideration in defining the business opportunities within the market, allowing us to consider crucial topic for our analysis and forecast.

After accurately defining the problem statement and finalising the report's title, we define the market into several segments based on their application, components, end use, and other factors. A comprehensive mapping of companies operating within the scope of the study is performed, taking into consideration a range of criteria, but not limited to such as net revenue, operating profit, geographical presence, and range of products. Other factors such as market penetration, planned product launches, strategic initiatives, expansion strategies, and patent analysis are also done to identify key market players. We also perform feasibility checks on regional levels and consider the regions showcasing the highest revenue and growth potential. There are certain areas where there is limited feasibility for data extrapolation and forecasting. In such cases, Quadrant Market Insights has developed proprietary tools and approaches to ensure precise estimates and forecasting.

The current market dynamics are complex and rapidly evolving, which makes data triangulation valuable. The data triangulation approach allows us to capture multiple data sources and triangulate them on a common platform, eliminating the scope of errors and miscalculations. It offers a robust foundation for making strategic choices, optimizing marketing strategies, and driving business growth. Our data triangulation practices often involve combining quantitative data, such as surveys or sales figures, with qualitative data, like interviews or focus groups, to comprehensively understand a market or consumer behavior. We at Quadrant Market Insights (QMI) may also use multiple data sources, such as primary and secondary data, to validate and corroborate their findings. The data triangulation is done in two steps. In the first phase, a top-down approach concerning the market demand is calculated, further divided into respective regions and segments. The analysis from the top-down approach is cross-referenced with the bottom-up approach received during market engineering.

Primary research is the cornerstone of empirical inquiry, a methodical process through which we directly gather firsthand information and data to address specific research questions or objectives. In this process, we perform activities involving the collection of original data directly from sources, whether they are individuals, organizations, or specific phenomena. The methods practiced by Quadrant Market Insights (QMI) for primary research can encompass a wide array of techniques, including surveys, interviews, experiments, observations, and focus groups. The advantage of primary research lies in its ability to provide fresh, tailored insights that are directly relevant to a researcher's unique goals and inquiries. It empowers us to explore uncharted territories, test hypotheses, and uncover new knowledge, making it an indispensable tool across diverse fields. We clock several hours of paid/unpaid expert conversations depending on the complexity of the study. The expert opinions are then triangulated with our findings to ensure the authenticity of the data. The industry experts majorly encompass top-ranking government or corporate officials. Further validation is done through focused group discussion of findings with top management executives, enabling our clients to offer actionable business insights.

Industry expert feedback is an invaluable facet of the Quadrant Market Insights (QMI) research process, offering a specialized lens through which we gain deeper insights into complex markets and industries. These experts, possessing years of experience and in-depth knowledge, provide critical perspectives and opinions that enrich the research process. Whether it's navigating emerging trends, assessing competitive landscapes, or deciphering intricate regulatory environments, the input from industry experts helps us make sense of the nuances that data alone may not reveal. Their feedback not only validates our research findings but also informs strategic decisions, product development, and market entry strategies. In an ever-evolving business landscape, tapping into the wisdom of industry experts is a cornerstone of informed decision-making, enabling our organizations to stay competitive, innovative, and adaptable in their respective markets.