Business growth is crucial to all business owners. Hence, many seek to understand the industry’s competitors, products, and trends. With the help of industry reports, you can attain a depth of information about a particular industry.
You can also gain facts and statistics from these reports. In a nutshell, when businesses have access to industry research reports, they can create strategies to grow their business. Well, industry research reports can be either private or public.
They are private because they are distributed among paid subscribers or industry insiders. If they are made public, it means that they are accessible to everyone. So, basically, they can be either paid or free. Now that you have a clear idea about the reports, read on to know more about them and how to find them.
Who prepares industry research reports?
Different parties prepare industry research reports. Below listed are three such parties:
- Government agencies: To understand the nation’s economic situation, Government agencies prepare industry research reports. One such example of the reports is the BLS (Bureau of Labor Statistics) report and the IMF (International Monetary Fund).
- Firms conducting research: There are several industry research firms in the market. They conduct surveys of various industries and compile reports. After compiling them, they are sold to government organizations and companies by the firm. Thanks to the industry research reports, decision-making becomes easier.
- Individual companies: Many individual companies prepare and compile the reports so that the decision-making is facilitated. But these companies don’t disclose the information to other companies or outsiders.
What are the components of the industry research reports?
The components of the industry research reports are industry definition, major industry players, market share, historical and current trends, etc. You will find all the components listed below. So, read further and learn them one by one.
- The description of the industry: The industry research reports consist of the industry’s definition and what it includes. In addition to this, they also mention what is outside the purview of the industry.
- Major players in the industry: You will attain the names of the major industry players, which generate huge revenue. Plus, their relevant information will be provided.
- The market share: Industry research reports contain a list of a variety of markets and the share of every market.
- Current and historical trends: As mentioned earlier, the reports include facts and statistics of each industry. Additionally, it also includes the sales, profits, and revenue of different companies. But what is the difference between historical and current trends? Current trends pertain to the previous financial year, whereas historical trends are presented for 5 to 10 years.
- Employment statistics: The employment statistics in the industry research report comprise a record of the distribution in various companies and the total employment figures. Well, it also includes details of the workforce, such as the ratio of women and men, etc.
- SWOT analysis: You will achieve an overall industry analysis. It means that you will gain an understanding of the industry’s strengths, weaknesses, opportunities, and threats.
- Achievements and milestones: The achievement and milestones will be mentioned in the industry report. It includes the contribution to the social-economic development of the industry and new innovations.
- Outlook: In the industry research report, you will attain information on the scope of new players and the prospects of the existing organizations.
The industry reports usually include graphs, tables, and charts along with a written commentary. It allows the non-professionals to learn about the industry.
How to find industry research reports?
Industry research reports are written by various experts and analysts in the field. So, you can ensure that the reports are written, keeping the different industries in mind. You can look for the most popular research firms and attain reports relevant to your industry.
With popular firms offering industry reports on the websites, achieving the reports is extremely easy. You can request a sample and get a clear idea of how the reports will look like. To get more information, you will have to purchase them. For sure, when you gain relevant information, you can come to a decision or create strategies for the growth of your business.