Industry Research for Academic Institutions | IBISWorld (2024)

FAQs

What is industry research? ›

Industry research, also called an industry analysis, reviews an industry's trends, growth, and competitors.

Statista has Industry Dossiers that gather a lot of data, but have less analysis. It does have international coverage. IBISWorld has market research and analysis on over 700 industries.

Academic research is largely focused on advancing the field of knowledge, but the practical implications of this research can be limited. In contrast, research conducted in industry is geared towards developing a product or service that will benefit the company financially.

To conduct a thorough competitor analysis, start by identifying key competitors in your industry and scrutinize their strengths, weaknesses, opportunities, and threats (SWOT analysis). Further on, explore their marketing strategies, customer feedback, and product/service differentiation.

Types of industry analysis

The three methods are: Competitive Forces Model (Porter's 5 Forces) Broad Factors Analysis (PEST Analysis) SWOT Analysis.

The first step to effective market research is to determine the goals of the study. Each study should seek to answer a clear, well-defined problem. For example, a company might seek to identify consumer preferences, brand recognition, or the comparative effectiveness of different types of ad campaigns.

Good industry analyses draw on published and unpublished sources of information. Unpublished sources are often individual experts. These experts may be industry veterans, consultants, journalists, academics, or financial analysts who reside outside your firm. Other useful experts may be found inside your firm.

The first step in market research is to identify or define the research problem. The research problem determines the scope of the research, the tools and methods to be used, and the sources of data. The research problem is an information gap that the organization wants to close.

How to create industry analysis? ›

Working within an industrial setting, industry scientists may complete research that leads to the creation of important scientific breakthroughs such as drugs or vaccines.

Professors and academic researchers use Statista for research and teaching purposes. If your university does not have a campus license yet, feel free to send us a request or write an e-mail to support@statista.com.

The best overall IBISWorld alternative is SmartSites. Other similar apps like IBISWorld are CIENCE, Datamam, BWT, and The Sales Factory. IBISWorld alternatives can be found in Market Research Companies but may also be in Data Extraction Services or Lead Generation Companies.

IBISWorld is an online resource that provides access to industry market research reports, company research reports, economic and demographic data and industry risk ratings (not included in academic subscriptions).

Industrial Research is an analysis tool used by companies or businesses to understand its competition and showcase a comparison to others in its niche or specific industry. Industrial research and comparison are conducted from every point and aspect of the said business to its competitors and market trends.

Researchers can be involved in many aspects of the manufacturing process including mass production and quality control. While some scientists are able to transition directly into an industrial R&D position immediately after they finish their PhD, others do so after a postdoc.

Industry research outlines the key internal and external factors that influence an industry. This is essential information for companies that operate in dynamic ever changing industries. Whether you're an entrepreneur, analyst, consultant, or marketer, industry research is an extremely valuable tool.

There are a number of factors that set industry research and market research apart. From target audience to key player analysis, one methodology teaches you more about your position within your industry, while one pours more focus into your target market and its customers.