Key Insights
The global anime market, valued at $33.13 billion in 2025, is projected to experience robust growth, with a Compound Annual Growth Rate (CAGR) of 8.44% from 2025 to 2033. This expansion is driven by several key factors. Firstly, the increasing popularity of anime streaming services like Crunchyroll and Netflix, coupled with the rise of original anime content on these platforms, has significantly broadened the audience base beyond traditional geographic limitations. Secondly, the global expansion of merchandising and licensing, encompassing everything from apparel and collectibles to video games, contributes substantially to market revenue. Furthermore, the growth of the anime fanbase in regions like Asia and Latin America presents lucrative untapped potential. The diverse segments within the anime industry, including television broadcasting, movies, home video releases, internet distribution, merchandise, music, pachinko, and live entertainment, contribute to this overall market growth. Specific company successes, such as the global recognition of studios like Studio Ghibli and the expansion of Aniplex of America, are further indicators of a thriving market.
Despite the positive outlook, the market faces certain challenges. Increased competition among streaming platforms, coupled with fluctuating production costs and the complexities of international distribution, could present hurdles to sustained growth. The market’s reliance on specific demographic groups (primarily young adults) also presents a potential risk. However, ongoing innovation in animation techniques, the emergence of new distribution channels, and consistent engagement from a passionate global fan base suggests a generally positive trajectory for the anime market. A diversification of content and marketing strategies aimed at expanding the audience beyond its core demographic could help mitigate potential future risks and ensure continued market success.

Anime Market: A Comprehensive Market Report (2019-2033)
This in-depth report provides a comprehensive analysis of the Anime Market, encompassing market dynamics, growth trends, key players, and future outlook. The report covers the period from 2019 to 2033, with a focus on the base year 2025 and a forecast period of 2025-2033. The report is invaluable for industry professionals, investors, and anyone seeking to understand this dynamic and rapidly expanding market. Market values are presented in million units.
Anime Market Market Dynamics & Structure
The anime market exhibits a complex interplay of factors shaping its structure and growth trajectory. Market concentration is moderate, with several major players holding significant shares, yet a landscape of smaller studios and independent creators contributes to innovation and diversity. Technological advancements, particularly in animation software and streaming platforms, are crucial drivers, alongside evolving regulatory frameworks governing content distribution and intellectual property. The market faces competitive pressure from other forms of entertainment, but its unique artistic style and dedicated fanbase provide a strong competitive advantage. End-user demographics skew towards younger audiences, though the appeal of anime is expanding across age groups. Mergers and acquisitions (M&A) activity is relatively frequent, reflecting the industry's dynamic nature and companies' strategies to expand their reach.
- Market Concentration: Moderate, with top players holding xx% market share in 2025.
- Technological Innovation: Strong driver, fueled by advancements in 3D animation, VFX, and streaming technologies.
- Regulatory Frameworks: Impacting content licensing, distribution, and censorship policies across different regions.
- Competitive Substitutes: Video games, streaming services, and other forms of entertainment.
- End-User Demographics: Primarily young adults (18-35), with growing appeal across broader demographics.
- M&A Trends: Frequent activity, driven by expansion strategies and consolidation within the industry (xx deals in 2024).
Anime Market Growth Trends & Insights
The anime market has experienced significant growth over the historical period (2019-2024), driven by increased global adoption, technological advancements like streaming services, and evolving consumer preferences towards diverse content. The market size is projected to reach xx million units by 2025, with a Compound Annual Growth Rate (CAGR) of xx% during the forecast period (2025-2033). This growth is fueled by the expansion of streaming platforms, increased international distribution, and the rising popularity of anime across various demographics. Technological disruptions, such as the introduction of higher-quality animation techniques and immersive viewing experiences (VR/AR), are further accelerating market expansion. Shifts in consumer behavior, including the growing demand for on-demand content and personalized viewing experiences, are also influencing market dynamics. Increased engagement through social media and fan communities significantly contribute to the market's ongoing expansion.

Dominant Regions, Countries, or Segments in Anime Market
The Japanese market remains the dominant force in anime production and consumption, but significant growth is observed in regions like North America, Europe, and East Asia. Among the segments, Internet Distribution demonstrates the most rapid growth, largely due to the proliferation of streaming services.
- Dominant Region: Japan, representing xx% of the global market in 2025.
- High-Growth Regions: North America, Europe, and East Asia.
- Dominant Segment: Internet Distribution (xx% market share in 2025), driven by streaming platforms like Crunchyroll and Netflix.
- Key Drivers (Internet Distribution): Affordable access, on-demand viewing, vast content libraries, international reach.
- Other Key Segments: Merchandising (xx million units in 2025), Television (xx million units in 2025).
Anime Market Product Landscape
The anime product landscape showcases a diverse range of formats, including TV series, movies, OVAs (Original Video Animations), and online-exclusive content. Innovation focuses on improving animation quality, expanding interactive features, and enhancing viewer engagement through personalized experiences. The growing popularity of original anime on streaming platforms contributes to product diversification, alongside the continuous evolution of merchandising and licensing opportunities.
Key Drivers, Barriers & Challenges in Anime Market
Key Drivers:
- Rising global popularity of anime culture.
- Expansion of streaming services and digital distribution.
- Technological advancements in animation production.
- Growing investments in anime production and distribution.
Challenges:
- Copyright infringement and piracy remain significant threats, impacting revenue streams (estimated loss of xx million units annually).
- Intense competition among studios and content providers.
- Maintaining creative consistency while meeting high consumer expectations.
Emerging Opportunities in Anime Market
- Expansion into new geographic markets (e.g., Latin America, Africa).
- Integration of anime into metaverse and gaming experiences.
- Creation of interactive and immersive anime content.
- Development of anime-based NFTs and blockchain technologies.
Growth Accelerators in the Anime Market Industry
Strategic partnerships between studios and streaming platforms are key catalysts, enabling wider distribution and audience reach. Technological innovations in animation techniques and immersive technologies promise to further elevate the anime experience, boosting market expansion. Continued investment in high-quality productions and expansion into new media formats will drive long-term growth.
Key Players Shaping the Anime Market Market
- Aniplex of America Inc
- Pierrot Co Ltd
- Madhouse Inc
- Bandai Namco Filmworks Inc
- Crunchyroll (Sony Pictures Entertainment Inc)
- Kyoto Animation Co Ltd
- TOEI ANIMATION Co Ltd
- Production I G
- P A WORKS Co Ltd
- STUDIO GHIBLI Inc
- VIZ Media LLC
Notable Milestones in Anime Market Sector
- June 2023: KC Global Media Asia partners with Amagi to expand Animax distribution across OTT platforms in India.
- June 2023: Dentsu Group establishes Dentsu Anime Solutions Inc. to strengthen its anime licensing business.
- June 2023: KC Global Media launches Animax and GEM on Amazon Prime Video Channels in India.
In-Depth Anime Market Market Outlook
The anime market's future appears exceptionally promising, with sustained growth driven by technological advancements, increasing global demand, and the continued evolution of content delivery platforms. Strategic partnerships, expansion into untapped markets, and the creative exploration of new formats will further fuel market expansion and create significant opportunities for stakeholders across the anime ecosystem.
Anime Market Segmentation
-
1. Type
- 1.1. T.V.
- 1.2. Movie
- 1.3. Video
- 1.4. Internet Distribution
- 1.5. Merchandising
- 1.6. Music
- 1.7. Pachinko
- 1.8. Live Entertainment
Anime Market Segmentation By Geography
- 1. North America
- 2. Europe
- 3. Asia
- 4. Australia and New Zealand
- 5. Latin America
- 6. Middle East and Africa

Anime Market REPORT HIGHLIGHTS
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 8.44% from 2019-2033 |
Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. The Growing Popularity of Anime; The Growing Popularity of Streaming Platforms
- 3.3. Market Restrains
- 3.3.1. Rise of Alternative Technologies Such as Thermal Evaporation
- 3.4. Market Trends
- 3.4.1. The Growing Popularity of Streaming Platforms is Analyzed to Drive the Anime Market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. Global Anime Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Type
- 5.1.1. T.V.
- 5.1.2. Movie
- 5.1.3. Video
- 5.1.4. Internet Distribution
- 5.1.5. Merchandising
- 5.1.6. Music
- 5.1.7. Pachinko
- 5.1.8. Live Entertainment
- 5.2. Market Analysis, Insights and Forecast - by Region
- 5.2.1. North America
- 5.2.2. Europe
- 5.2.3. Asia
- 5.2.4. Australia and New Zealand
- 5.2.5. Latin America
- 5.2.6. Middle East and Africa
- 5.1. Market Analysis, Insights and Forecast - by Type
- 6. North America Anime Market Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - by Type
- 6.1.1. T.V.
- 6.1.2. Movie
- 6.1.3. Video
- 6.1.4. Internet Distribution
- 6.1.5. Merchandising
- 6.1.6. Music
- 6.1.7. Pachinko
- 6.1.8. Live Entertainment
- 6.1. Market Analysis, Insights and Forecast - by Type
- 7. Europe Anime Market Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - by Type
- 7.1.1. T.V.
- 7.1.2. Movie
- 7.1.3. Video
- 7.1.4. Internet Distribution
- 7.1.5. Merchandising
- 7.1.6. Music
- 7.1.7. Pachinko
- 7.1.8. Live Entertainment
- 7.1. Market Analysis, Insights and Forecast - by Type
- 8. Asia Anime Market Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - by Type
- 8.1.1. T.V.
- 8.1.2. Movie
- 8.1.3. Video
- 8.1.4. Internet Distribution
- 8.1.5. Merchandising
- 8.1.6. Music
- 8.1.7. Pachinko
- 8.1.8. Live Entertainment
- 8.1. Market Analysis, Insights and Forecast - by Type
- 9. Australia and New Zealand Anime Market Analysis, Insights and Forecast, 2019-2031
- 9.1. Market Analysis, Insights and Forecast - by Type
- 9.1.1. T.V.
- 9.1.2. Movie
- 9.1.3. Video
- 9.1.4. Internet Distribution
- 9.1.5. Merchandising
- 9.1.6. Music
- 9.1.7. Pachinko
- 9.1.8. Live Entertainment
- 9.1. Market Analysis, Insights and Forecast - by Type
- 10. Latin America Anime Market Analysis, Insights and Forecast, 2019-2031
- 10.1. Market Analysis, Insights and Forecast - by Type
- 10.1.1. T.V.
- 10.1.2. Movie
- 10.1.3. Video
- 10.1.4. Internet Distribution
- 10.1.5. Merchandising
- 10.1.6. Music
- 10.1.7. Pachinko
- 10.1.8. Live Entertainment
- 10.1. Market Analysis, Insights and Forecast - by Type
- 11. Middle East and Africa Anime Market Analysis, Insights and Forecast, 2019-2031
- 11.1. Market Analysis, Insights and Forecast - by Type
- 11.1.1. T.V.
- 11.1.2. Movie
- 11.1.3. Video
- 11.1.4. Internet Distribution
- 11.1.5. Merchandising
- 11.1.6. Music
- 11.1.7. Pachinko
- 11.1.8. Live Entertainment
- 11.1. Market Analysis, Insights and Forecast - by Type
- 12. North America Anime Market Analysis, Insights and Forecast, 2019-2031
- 12.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 12.1.1.
- 13. Europe Anime Market Analysis, Insights and Forecast, 2019-2031
- 13.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 13.1.1.
- 14. Asia Anime Market Analysis, Insights and Forecast, 2019-2031
- 14.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 14.1.1.
- 15. Australia and New Zealand Anime Market Analysis, Insights and Forecast, 2019-2031
- 15.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 15.1.1.
- 16. Latin America Anime Market Analysis, Insights and Forecast, 2019-2031
- 16.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 16.1.1.
- 17. Middle East and Africa Anime Market Analysis, Insights and Forecast, 2019-2031
- 17.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 17.1.1.
- 18. Competitive Analysis
- 18.1. Global Market Share Analysis 2024
- 18.2. Company Profiles
- 18.2.1 Aniplex of America Inc *List Not Exhaustive
- 18.2.1.1. Overview
- 18.2.1.2. Products
- 18.2.1.3. SWOT Analysis
- 18.2.1.4. Recent Developments
- 18.2.1.5. Financials (Based on Availability)
- 18.2.2 Pierrot Co Ltd
- 18.2.2.1. Overview
- 18.2.2.2. Products
- 18.2.2.3. SWOT Analysis
- 18.2.2.4. Recent Developments
- 18.2.2.5. Financials (Based on Availability)
- 18.2.3 Madhouse Inc
- 18.2.3.1. Overview
- 18.2.3.2. Products
- 18.2.3.3. SWOT Analysis
- 18.2.3.4. Recent Developments
- 18.2.3.5. Financials (Based on Availability)
- 18.2.4 Bandai Namco Filmworks Inc
- 18.2.4.1. Overview
- 18.2.4.2. Products
- 18.2.4.3. SWOT Analysis
- 18.2.4.4. Recent Developments
- 18.2.4.5. Financials (Based on Availability)
- 18.2.5 Crunchyroll (Sony Pictures Entertainment Inc )
- 18.2.5.1. Overview
- 18.2.5.2. Products
- 18.2.5.3. SWOT Analysis
- 18.2.5.4. Recent Developments
- 18.2.5.5. Financials (Based on Availability)
- 18.2.6 Kyoto Animation Co Ltd
- 18.2.6.1. Overview
- 18.2.6.2. Products
- 18.2.6.3. SWOT Analysis
- 18.2.6.4. Recent Developments
- 18.2.6.5. Financials (Based on Availability)
- 18.2.7 TOEI ANIMATION Co Ltd
- 18.2.7.1. Overview
- 18.2.7.2. Products
- 18.2.7.3. SWOT Analysis
- 18.2.7.4. Recent Developments
- 18.2.7.5. Financials (Based on Availability)
- 18.2.8 Production I G
- 18.2.8.1. Overview
- 18.2.8.2. Products
- 18.2.8.3. SWOT Analysis
- 18.2.8.4. Recent Developments
- 18.2.8.5. Financials (Based on Availability)
- 18.2.9 P A WORKS Co Ltd
- 18.2.9.1. Overview
- 18.2.9.2. Products
- 18.2.9.3. SWOT Analysis
- 18.2.9.4. Recent Developments
- 18.2.9.5. Financials (Based on Availability)
- 18.2.10 STUDIO GHIBLI Inc
- 18.2.10.1. Overview
- 18.2.10.2. Products
- 18.2.10.3. SWOT Analysis
- 18.2.10.4. Recent Developments
- 18.2.10.5. Financials (Based on Availability)
- 18.2.11 VIZ Media LLC
- 18.2.11.1. Overview
- 18.2.11.2. Products
- 18.2.11.3. SWOT Analysis
- 18.2.11.4. Recent Developments
- 18.2.11.5. Financials (Based on Availability)
- 18.2.1 Aniplex of America Inc *List Not Exhaustive
List of Figures
- Figure 1: Global Anime Market Revenue Breakdown (Million, %) by Region 2024 & 2032
- Figure 2: North America Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 3: North America Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 4: Europe Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 5: Europe Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 6: Asia Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 7: Asia Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 8: Australia and New Zealand Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 9: Australia and New Zealand Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 10: Latin America Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 11: Latin America Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 12: Middle East and Africa Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 13: Middle East and Africa Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 14: North America Anime Market Revenue (Million), by Type 2024 & 2032
- Figure 15: North America Anime Market Revenue Share (%), by Type 2024 & 2032
- Figure 16: North America Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 17: North America Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 18: Europe Anime Market Revenue (Million), by Type 2024 & 2032
- Figure 19: Europe Anime Market Revenue Share (%), by Type 2024 & 2032
- Figure 20: Europe Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 21: Europe Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 22: Asia Anime Market Revenue (Million), by Type 2024 & 2032
- Figure 23: Asia Anime Market Revenue Share (%), by Type 2024 & 2032
- Figure 24: Asia Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 25: Asia Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 26: Australia and New Zealand Anime Market Revenue (Million), by Type 2024 & 2032
- Figure 27: Australia and New Zealand Anime Market Revenue Share (%), by Type 2024 & 2032
- Figure 28: Australia and New Zealand Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 29: Australia and New Zealand Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 30: Latin America Anime Market Revenue (Million), by Type 2024 & 2032
- Figure 31: Latin America Anime Market Revenue Share (%), by Type 2024 & 2032
- Figure 32: Latin America Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 33: Latin America Anime Market Revenue Share (%), by Country 2024 & 2032
- Figure 34: Middle East and Africa Anime Market Revenue (Million), by Type 2024 & 2032
- Figure 35: Middle East and Africa Anime Market Revenue Share (%), by Type 2024 & 2032
- Figure 36: Middle East and Africa Anime Market Revenue (Million), by Country 2024 & 2032
- Figure 37: Middle East and Africa Anime Market Revenue Share (%), by Country 2024 & 2032
List of Tables
- Table 1: Global Anime Market Revenue Million Forecast, by Region 2019 & 2032
- Table 2: Global Anime Market Revenue Million Forecast, by Type 2019 & 2032
- Table 3: Global Anime Market Revenue Million Forecast, by Region 2019 & 2032
- Table 4: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 5: Anime Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 6: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 7: Anime Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 8: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 9: Anime Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 10: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 11: Anime Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 12: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 13: Anime Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 14: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 15: Anime Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 16: Global Anime Market Revenue Million Forecast, by Type 2019 & 2032
- Table 17: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 18: Global Anime Market Revenue Million Forecast, by Type 2019 & 2032
- Table 19: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 20: Global Anime Market Revenue Million Forecast, by Type 2019 & 2032
- Table 21: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 22: Global Anime Market Revenue Million Forecast, by Type 2019 & 2032
- Table 23: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 24: Global Anime Market Revenue Million Forecast, by Type 2019 & 2032
- Table 25: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
- Table 26: Global Anime Market Revenue Million Forecast, by Type 2019 & 2032
- Table 27: Global Anime Market Revenue Million Forecast, by Country 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the Anime Market ?
The projected CAGR is approximately 8.44%.
2. Which companies are prominent players in the Anime Market ?
Key companies in the market include Aniplex of America Inc *List Not Exhaustive, Pierrot Co Ltd, Madhouse Inc, Bandai Namco Filmworks Inc, Crunchyroll (Sony Pictures Entertainment Inc ), Kyoto Animation Co Ltd, TOEI ANIMATION Co Ltd, Production I G, P A WORKS Co Ltd, STUDIO GHIBLI Inc, VIZ Media LLC.
3. What are the main segments of the Anime Market ?
The market segments include Type.
4. Can you provide details about the market size?
The market size is estimated to be USD 33.13 Million as of 2022.
5. What are some drivers contributing to market growth?
The Growing Popularity of Anime; The Growing Popularity of Streaming Platforms.
6. What are the notable trends driving market growth?
The Growing Popularity of Streaming Platforms is Analyzed to Drive the Anime Market.
7. Are there any restraints impacting market growth?
Rise of Alternative Technologies Such as Thermal Evaporation.
8. Can you provide examples of recent developments in the market?
June 2023 - KC Global Media Asia (KCGM) partnered with cloud-based software as a service (SaaS) technology for broadcast and connected TV provider Amagi to provide Amagi's flagship SaaS offerings to distribute its premium anime channel, Animax, across multiple OTT platforms in India. The launch has enabled KC Global Media Asia to venture further into the Southeast Asian market, making its currently distributed premium content more accessible to advertisers and viewers.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in Million.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "Anime Market ," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the Anime Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the Anime Market ?
To stay informed about further developments, trends, and reports in the Anime Market , consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database



Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations

Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence