Technological innovation, as we have all heard, is taking over the world. There is no exception to that rule in the oil and gas industry too. In digital oil fields, instruments constantly read data on drilling rig conditions and mechanical systems. The information is then evaluated by clusters of computers, which feed results to real-time operation centers that regulate oil flows to minimize downtimes and optimize production.
Companies in the oil and gas industry are facing major challenges in terms of globalization and connectivity.
Today, you don’t need to be a multi-national corporation to have overseas operations and locations, which is especially relevant in oil and gas industry. Globalization has changed the flow of products and goods, expanded sales teams, and aggrandized customer base. Therefore, it has become crucial to devise a technology platform for customers, internal users, and partners to access operations from anywhere in the world, at any time. We live in the age of the ‘now’ customer; who demands quick response times and is well informed. The only way to keep up with customers is to leverage automated platforms and tools that provide control over the entire customer interaction lifecycle, from inquiry to order to fulfillment.
- The client: A drilling rig manufacturer
- The client, a renowned drilling rig manufacturer based out of North America, approached Infiniti to carry out a market sizing engagement. The primary objective of the client was to assess the potential for their products across various geographies. Additionally, the client wanted to gain insights into the segmentation strategies by technology, customer type, and end-use application as they were facing issues understanding the complexities of segmentation due to recent uncertainties in the global oil and gas industry.
How Can Market Sizing Help Drilling Rig Manufacturers?
Market sizing engagement helps firms in the oil and gas industry to gain insights into their revenue generating capacity by covering both the historical growth of the market and forecasting the future growth prospects. Firms can also gain insights into the important metrics to understand the potential opportunities and current market performance across the industry.
Summary of our Market Sizing Solution
To help the drilling rig manufacturer carry out a comprehensive segmentation study on technology, customer type, and end-user application, the market sizing experts at Infiniti followed a comprehensive approach comprising of discussions and interviews with leading stakeholders in the oil and gas industry.
The Solution Benefits and the Business Impact
With the help of Infiniti’s market sizing engagement, the drilling rig manufacturer gained vital information on the target market’s segments. The client also developed a robust business plan and identified the most relevant market segments. This further helped them to find new niche market segments, operate more efficiently, and minimize risks across multiple geographical locations.
Continuing uncertainties over oil prices, regulations and infrastructure expansions will encourage drilling rig manufacturers to focus on internal operations and rely on order backlogs to generate revenues. Additionally, manufacturers will continue to emphasize on efficient drilling rig and technology, as more efficient machinery typically coincides with higher cost-effectiveness and safety standards.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the global oil and gas industry
The global foot care products manufacturing sector is characterized by the presence of a diverse set of personal care product manufacturers that offer a broad range of products intended for the treating or preventing the occurrence of foot infections. Foot care products include braces, creams, bandages, and insoles. Such a broad range of products manufactured by this industrial segment protects it from vulnerability and demand shifts. However, the increasing competition in this market space is expected to reverse the growth trend in average industry profit margins in coming years, due to the pressures of price competition and increased spending on labor to pursue new product developments.
The changes in lifestyle and evolving fashion trends have also contributed to the demand for foot care products. There is a high demand for foot care products such as foot repair ointments, cleansing lotions, creams, and sloughing scrub, which can show immediate results. Additionally, the rise in the number of diabetic patients and bacterial infections are the other factors that are driving the growth of the global foot care products market.
Let’s look at a few trends in the global foot care products market:
- Emerging international brands: Several international brands are gaining a strong foothold in the personal care products market by innovatively developing value offerings that meet the needs of the end-users. Implementing R&D capabilities to customize products would help in creating greater awareness and ensure they reach a broader customer base.
- Topical drug innovations: Manufacturers of foot creams and other such ointments have started developing novel topical products based on existing drug substances represents. This is an essential strategy for topical drug innovation.
Moreover, factors such as increasing competition from several overseas manufacturing segments and rise in imports have created several challenges for players in this market space.
The Business Challenge
The client– A leading foot care products manufacturing company
Objective– To estimate the size of the market and assess the future growth opportunities, especially for new products and services.
The client, a leading foot care products manufacturer, wanted to assess market opportunities for its products in various geographical areas, which involved sizing and forecasting the foot care products market, including the specific market for its products. The client wanted to leverage Infiniti’s market sizing solution to better understand their market value. The client also wanted a detailed report on the entry barriers, new opportunities, risks, and competition in the foot care products manufacturing space.
Results– Assisted the client to assess market opportunities for their products in various geographical segments. This also helped them understand and analyze the current trends in the foot care products market.
Want more information about our market sizing solutions and how it helps foot care products manufacturers?
The market sizing experts at Infiniti carried out extensive research comprising of interviews and discussions with leading stakeholders across the foot care products manufacturing market space to help the client improve business efficiency. The experts at Infiniti further compiled information from a wide array of secondary sources such as paid industry databases, company presentations, and industry forums to help the client understand the competitive scenario within the personal care products space.
The Solution and the Business Impact
Implementing a market sizing engagement helped the foot care products manufacturer gain an accurate understanding of their market size. It also assisted them in determining the potential revenue that could be generated by their organization. This engagement also helped the foot care products manufacturer in breaking down their revenue and product trends into geographic components. Moreover, it helped them in identifying a scalable approach to discover new market opportunities.
Today’s consumers are well-informed and are increasingly relying on adopting preventive measures in a bid to avoid future health issues. Also, the rise in aging population and diabetic conditions have considerably fueled the demand for foot care products across the globe. Moreover, future opportunities in the foot care products market space are set to outweigh their challenges, driving significant changes in this sector. Therefore, as a player in this sector, it is essential that you assess the future challenges and opportunities to address them proactively using our market sizing solution and gain a stronger foothold in this market.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the personal care products market.
Great ideas strike the mind of entrepreneurs all the time. Such ideas are only valuable if they can yield a positive result and succeed in the market. There are many instances when an idea sounds good but lacks market potential due to various reasons such as affordability of customer, the significance of customer base, or feasibility of the product. To assess the potential of an idea, a thorough market analysis should be carried out. An excellent market analysis will help the entrepreneurs to lure investors, sidestep pitfalls, and attract customers. Here are few pointers to help entrepreneurs create a detailed market analysis for a business plan:
Assess Total Market Size
The first step in performing a market analysis is to estimate the total size of the market. The key is to estimate the total market size based on the servable market, which can be limited by geography, customer segments, or product type. An entrepreneur needs to figure out the market value in terms of both volume and value, which can then be accessed through publicly available data, consultancy firms, or research reports. Such evaluation gives the investor a fair idea of the potential of the business to succeed.
Identifying Target Market
The next step is to determine the type of customer that would be seeking out the product or service offerings. For instance, if the product is a type of online self-learning program, the target market could either be students looking for a course or working professionals seeking to enhance their skill set. It helps the business to figure out different drivers of demand and understand how to create a product wanted by the customers.
Entrepreneurs must realize that their idea is not something new in the market. There will always be a direct competitor to the product or a remote substitute. For instance, carpooling can be a substitute for cab services or any other form of transport. A thorough study of the competitive landscape is essential to estimate the level of competition in the market, size of the competitors, and their capabilities. An extensive study of the competitive landscape also helps in identifying areas where competitors lack to serve.
Identifying Barriers to Entry
The final step of a market analysis study deals with the evaluation of the idea’s feasibility. The key question to ask here is what prevents someone from copying the same idea and taking over the market. The business should be able to exhibit a competitive advantage that is not imitable. Numerous barriers to market entry can exist in the form of technological, financial, regulatory, market access, and marketing barriers.
To know more about market analysis in making a business plan:
- Unbreakable: Examination of the Pain Points in the Global Flexible Glass Industry
- Market Assessment Engagement to Build an Effective Business Plan for A Service Solution Provider
- Market Entry Advisory: How Infiniti Research Assisted a Leading Chemicals Supplier Identify the Best Approach to Enter the European Market
Over the past few years, neurocritical care has evolved as an individual medical specialty service that links neurology, neurosurgery, and critical care medicine for management and treatment of complex, severe, life-threatening neurological complications. The rising incidences of head trauma and stroke ailments are expected to boost the growth of the industry. Additionally, increasing advances in neurosurgical techniques are further expected to fuel the growth of the neurocritical care industry.
However, according to the market forecast specialists, the increasing number of patients across the globe preferring specialty clinics for neurocritical care and the rising demand for more critical care units may impact the growth prospects of the key market players. As a result, many players in the neurocritical care industry have started adopting market forecast and model development solutions to develop a robust market model and gain a stronger foothold in the neurocritical care market space. The market forecast solutions offered by Infiniti help neurocritical care clients to design and devise a robust market model and evaluate the impact of various scenarios that could affect the growth of the industry.
The Business Challenge
A leading player in the neurocritical care space with offices spread across the globe wanted to obtain a deeper understanding of the various conditions leading to an increase in intracranial pressure (ICP), procedural penetration of ICP monitoring, and a procedural mix of various ICP monitoring modalities. The client also wanted to assess the ICP monitoring market and associate leading treatment modalities for their future growth prospects.
Our Approach and Solutions Offered
Infiniti’s market forecast specialists formulated a dashboard comprising relevant pieces of information to deliver valuable insights to the client. The dashboard included an in-depth clinical/literature database search to comprehend the treatment paradigm of individual conditions, indications of ICP monitoring, adoption trends, and penetration of ICP monitoring devices.
During the course of this market forecast engagement, the client was able to understand the distinct conditions and their contribution to the overall ICP market. Additionally, the robust market model offered by Infiniti, which included authentic financial data, helped the neurocritical care client gain an immediate acceptance among the customers and helped them devise an effective strategic plan for future growth.
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Market Forecast Engagement Benefits:
- Gathered data to identify and mitigate risks across segments
- Developed a robust market model and analyzed the target market
- Devised an effective strategic plan for their future growth prospects
- Assessed current market performance and potential opportunities across geographies
Benefits of Our Integrated Approach:
In a span of mere 14 weeks, the neurocritical care client was able to devise an effective strategic plan for their future growth across all verticals. Additionally, the client was also able to gain a comprehensive picture of the critical components to target in the market space. The market forecast engagement also helped the client increase their operational efficiency and reduce risks across various geographical locations.
A must-read case study for strategy experts and decision makers looking to develop an understanding of the neurocritical care industry.
Over the years, the competition level among the telecom equipment companies has intensified due to the technological advancements and increasing research and development activities. Although a large number of small players in the telecom equipment industry have found safe niche markets to serve commercial businesses and enterprises, the demand may be volatile at times.
However, Infiniti identifies some of the fundamental challenges encountered by the telecom equipment industry players such as race towards innovating technologies, cost competitiveness, and high carrier consolidation to have an impact on the growth of the telecom equipment industry. As a result of such challenges, many telecom equipment industry players have started adopting for market sizing solutions to assess the potential for their products across various geographies.
Additionally, the market sizing solutions offered by Infiniti, give telecom equipment industry players insights into their revenue generating capacity by covering both the historical growth of the market and forecasting the future growth prospect. They can also gain insights on the drivers and limitations that impact the growth of the market with the help of such solutions.
Besides data availability problems, a leading telecom industry player was also facing issues understanding the complexities involved in segmentation by technology, customer type, and end-use application. Additionally, due to recent uncertainties in the market space, the forecast outcomes were subject to drastic changes.
Although the leading telecom equipment player had a wealth of statistical data available, there were no accurate statistics on the target market’s segments.
The market sizing solutions offered by Infiniti helped the client gain insights on the important metrics to understand the potential opportunities and current market performance in the telecom equipment market space.
Our Approach and Solutions Offered
Infiniti’s market sizing specialists followed a comprehensive approach comprising of discussions and interviews with leading stakeholders in the telecom equipment market space. Moreover, the market sizing specialists devised a dashboard containing relevant pieces of information to deliver valuable insights to the client.
During the course of this market sizing engagement, the telecom equipment client was able to carry out a comprehensive segmentation including the technology, customer type, and end-user application. Additionally, the client was able to identify the uncertainty in technology and accurately forecast the outcomes. Furthermore, Infiniti created a dashboard that included accurate statistics of the target market’s segments.
Want more information about our market sizing solutions?
Market Sizing Assessment Benefits:
- Developed a dashboard to gain vital information about statistics of the target market’s segments
- Developed a robust business plan and target the most relevant market segments
- Gathered data to identify and mitigate risks in potential new markets
- Assessed potential opportunities and current market performance across geographies
Benefits of Our Integrated Approach:
In a span of 12 weeks, the client was able to evaluate the potential for its products and enhance their offerings in 10+ countries with the insights provided about the latest developments in the telecom equipment market. Additionally, the client was also able to identify and standardize their product portfolios effectively.
The market sizing engagement also helped the telecommunication industry client to add values to their data and find new niche market segments, operate more efficiently, and minimize risks across multiple geographical locations.