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Research Methodology

Research Methodology of Cognitive Market Research


Data Gathering

Data Gathering is conducted in two ways such as:

  • Primary Research
  • Secondary Research

Primary Research

The primary research involves sources from the entire value chain, i.e., from supply to demand side players.

Steps for Primary Data Collection

Identification of KOLs

As per the client's requirements, the process begins with understanding the client's industry focus, research objectives, and target market, followed by defining the key attributes required in a KOL, such as domain expertise, industry influence, professional experience, and decision-making impact.

Our primary research interviews and discussion panel comprises vital opinion leaders, industry experts, manufacturers, and organizations. We have pooled these experts to gather first-hand insights into the market studied. Moreover, market surveys were performed to get insights into market trends and competitive analysis.

Backward Integration (Supply Side)

Supply-side primary research plays a critical role in market research by providing key insights into the production, distribution, and supply chain dynamics of an industry. Our team focuses on gathering data from raw material manufacturers, suppliers/distributors, and other industry stakeholders to understand the dynamics of the supply chain, including raw material availability, production capacity, and logistical challenges.

The primary sources from the Backward Integration included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the market. The efforts include contacting participants through emails, telephonic conversations, referrals, professional networks, and formal interactions. This supply side research helps to understand how price volatility, logistical challenges and other key factors affecting the market growth.

Forward Integration (Demand Side)

Demand Side primary research is essential to get deeper insights into customer needs, preferences, and behaviors. Our team use this approach to understand consumers make purchasing decisions, what influences their choices, and how they perceive value. The primary sources from the demand side included end users, consultants/specialists, Chief Information Officers (ClOs), and subject-matter experts and others. We analyze respective risks, influence factors, opportunities, market barriers, industry trends, and key player strategies associated with market by performing primaries with an exhaustive list of participants. This approach enhances control over the quality, accuracy, and relevance of market insights.

How primary Research help us?

Thus, the primary research study helps us to identify segmentation types, product price range, product applications, major players involved, raw material suppliers, downstream demand, industry status, and outlook. Primary research was conducted to validate data that had been gained by doing secondary research and to fill the data gaps after the secondary research process.

Modes of Primary Research

1.Surveys & Questionnaire

  • Online Surveys: Useful for collecting data from a large, diverse group of participants.
  • Field Surveys for Consumer Insights: These are conducted on-site or through targeted outreach to gain deeper insights into consumer behavior and market trends.

2.Interviews

  • Telephonic Interviews: Conducted over the phone to gain expert opinions on industry developments.
  • Face-to-Face Interviews: Engaging directly with experts or key stakeholders for deeper insights.
  • Interactions with C-Level Executives: High-level interviews with senior executives to understand strategic priorities.
  • Questionnaire-based Interviews with Industry Experts: Structured interviews to gather insights from subject-matter experts and thought leaders.

3.Focus Groups

  • Group Discussions: Engaging related groups or business channels to discuss emerging trends or challenges.
  • Group Calls: Virtual sessions where participants share opinions and exchange knowledge on relevant topics.

4.Customer Observation

  • End Consumer Behavior and Demand Analysis: Observing real-time consumer behavior to understand preferences.
  • Demand or Consumption Forecasting: Gathering insights into future trends by analyzing current consumer interactions.

Secondary Research

In secondary research, we collect data through White Papers, Case Studies, Blogs, Reference Clients, News, Articles, Press Releases, Research Reports, Annual Reports, Company Investor Presentations, Scientific Journals, National Customs, Industry Associations, and the company's filings with the SEC. Sources and approaches differ from market to market and product to product. We also have paid data sources like Hoovers, Bloomberg BusinessWeek, Factiva (Dow Jones), Statista, Reuters, One Source, and more. After conducting secondary research, we conduct primary research by interacting with industry experts such as VPs, product managers, and various industry consultants. The number of interviews conducted depends on market size and the availability of market recovery data.

Based on the understanding of requirements, we conducted secondary research to identify the segment specifications and qualitative and quantitative data along with the factors responsible for the growth of the industry. Moreover, quantitative and qualitative data were also extracted from paid databases, which proved to be useful for in-depth technical study of the Industry or Market. Secondary research is used to identify and collect information useful for the extensive, technical, market-oriented, and table tops survey of the market. It was used to obtain important information about the top companies, market classification, and segmentation according to industry trends to the bottom-most levels, and key developments related to market and technology perspectives. Secondary research has mainly been applied to obtain critical information about the industry’s supply chain, the market downstream buyers, technical dynamics development trends.

How Secondary Research help us?

It helps to gain insight on the key vendors of the market, and market classification & segmentation according to the industry trends, regional markets, and key developments from the industry and business-oriented perspective.

Sources of Secondary Research

1.Trade and Industry Experts

  • Industry Reports & White Papers: Research reports and white papers published by industry associations, consulting firms, and market research organizations provide valuable insights into market trends, competitive landscapes, and industry developments.
  • Expert Opinions & Analysis: Secondary research includes reviewing expert analyses, interviews, and commentary from professionals in the field to validate market assumptions.
  • Webinars & Conference Proceedings: Insights gathered from industry conferences, panel discussions, and expert webinars help track emerging trends and strategic developments.

2.Government Agencies

  • Regulatory Reports & Policy Documents: Government bodies publish official reports on industry regulations, trade policies, and economic trends, which provide critical insights for market analysis.
  • Economic & Trade Data: Statistics from agencies such as trade ministries, economic bureaus, and regulatory authorities help in understanding industry growth, import/export trends, and economic impact.
  • Census & Demographic Studies: Government-driven studies offer valuable data on population trends, consumer demographics, and market potential.

3.Commercial Publications

  • Industry Journals & Trade Magazines: Publications such as business magazines and trade journals provide regular updates on industry advancements, technology shifts, and competitive activities.
  • Market Research Reports: Reports from commercial research firms contain detailed insights on consumer preferences, pricing trends, and competitor strategies.
  • Corporate Filings & Financial Reports: Annual reports, investor presentations, and financial statements help assess the financial health and strategic priorities of key market players.

4.News Media

  • Business News Outlets: Newspapers and online media sources provide real-time updates on industry developments, mergers and acquisitions, policy changes, and economic trends.
  • Press Releases & Public Statements: Companies and organizations release statements on product launches, partnerships, and industry forecasts, which serve as key data points.
  • Interviews & Expert Opinions in Media: Industry leaders often share market insights through media interviews, which contribute to understanding sector growth and challenges.

5.Internal Corporate Information

  • Sales & Performance Data: Analyzing internal company sales reports, customer feedback, and operational performance helps in assessing market demand and business growth.
  • Competitor Benchmarking: Internal teams often review competitor strategies, pricing models, and marketing tactics for market positioning.
  • Historical Business Insights: Past internal reports and research studies provide a foundation for forecasting industry trends and future business strategies.

Data Validation

Step 1- Cross Check KOL Responses with Secondary Data

By analyzing responses from key opinion leaders (KOLs) alongside secondary data from multiple sources, we identified emerging market patterns, refined our assumptions, and updated the projected scenarios accordingly.

Step 2- Apply Bottom Up and Top Down Approach

Bottom-Up Analysis Methodology

After gathering primary and secondary data, we employ a bottom-up approach to determine the overall market size. This method primarily focuses on estimating the global market size based on the revenues and market shares of key manufacturers. The calculation integrates insights derived from identified key players across the industry.

Key Steps in Bottom-Up Analysis:

  • Identifying key end-user industries and major associated companies.
  • Analyzing demand generated by organizations operating within various verticals.
  • Monitoring ongoing and upcoming project implementations across sectors and forecasting market trends based on these developments and critical parameters.
  • Deriving market estimates by assessing key players on a country-level basis and consolidating this data to produce regional market estimates.

Top Down Approach Methodology

In the top-down approach, the global market revenue was derived using percentage splits obtained from both secondary and primary research. This served as the basis for estimating the sizes of individual markets.

For segment-specific market sizing, the top-down approach utilized the most relevant immediate parent market size to ensure accurate segmentation. Simultaneously, the bottom-up approach was employed using data from secondary research to validate the market size of individual products.

To further enhance accuracy, the market share of each company was analyzed to confirm the revenue distributions applied in the bottom-up methodology. Through data triangulation and validation with primary research inputs, both the overall parent market size and individual segment sizes were accurately determined and finalized in this study.

Step 3 - Data Triangulation

In the final stage, our findings undergo rigorous validation against multiple internal and external sources. We engage in in-depth internal discussions to critically evaluate conclusions, ensuring that only those supported by consensus are retained.

After determining the overall market size through the estimation process outlined in the previous section, the total market was divided into multiple segments and subsegments. Where applicable, market breakdown and data triangulation techniques were applied to refine the market engineering process and derive precise statistics for each segment and subsegment. This triangulation involved analyzing various factors and trends from both the demand and supply perspectives. Additionally, the market was validated using a combination of top-down and bottom-up approaches. This continuous process of updating and validation enables us to generate insights that remain aligned with the dynamic evolution of business and technology.

Data Presentation

Once the data is systematically arranged, the next phase focuses on visualization and reporting to enhance clarity and engagement. Findings are translated into intuitive visual formats such as charts, graphs, and infographics, making complex insights easier to interpret. The choice of reporting format whether a comprehensive PDF document, a detailed Word report, or a dynamic PowerPoint presentation is tailored to align with our client's needs also we have our application and Athaeneum subscription Model (powered by SaaS). By ensuring data is presented in a visually compelling and logically structured manner, we enhance its impact, enabling clients to make informed strategic decisions with confidence.

Frequently Asked Questions

We utilize both primary and secondary data sources for our market surveys and analyses. This comprehensive approach helps us provide accurate market estimates and forecasts.
  • Primary Research involves collecting first-hand data directly from participants through methods such as interviews, surveys, and focus groups. This allows us to gather specific insights tailored to our research needs.
  • Secondary Research involves analyzing existing data from sources like white papers, case studies, industry reports, and paid databases. This helps us understand market trends and gather broader insights.
Our primary research includes direct interactions with industry participants, such as manufacturers, industry experts, and consumers. We use methods like interviews and surveys to gather qualitative and quantitative information about the market.
Extensive primary research helps us:
  • Validate data findings and strengthen our research conclusions.
  • Develop a deep understanding of the market.
  • Provide authentic insights on market size, share breakdown, and growth forecasts.
We gather secondary data from various credible sources, including:
  • White papers and case studies
  • Industry reports and research articles
  • News articles and press releases
  • Company filings and investor presentations
  • Paid databases like Bloomberg, Statista, and Reuters
We use a combination of top-down and bottom-up approaches to validate market size estimates. Data is triangulated by cross-referencing information from both primary and secondary sources, ensuring accuracy and reliability.
Our market estimation process considers various factors, including:
  • Market scenarios and government policies
  • Competitive environment and historical data
  • Current trends and technological advancements
  • Risks, opportunities, and key player strategies
Data triangulation involves verifying and validating critical numbers by studying various factors from both demand and supply sides. This ensures that our market size and trend forecasts are robust and reliable.
We analyze industry trends, technological advancements, and actual market developments to identify key growth factors. This is supplemented by insights gathered through primary and secondary research.
If you have further questions or would like more detailed information about our research methodologies, please contact us through our "Contact Us" page. We’re here to help!