About the Client:
The client is an insurance holding company headquartered in Europe.
The Challenge:
The terms “assisted living” and “smart living” refer to housing facilities that provide services such as onsite cooking and onsite housekeeping. These projects were originally designed to serve elderly people. Now, they are entering a new market as millennials are becoming the major consumers of society.
The Client came to PreScouter to assess smart living market attractiveness and growth trends in several European countries, with the goal of making informed investment decisions in the space.
Methodology:
PreScouter recruited a multidisciplinary research team composed of PhD candidates, PhDs, postdoctoral fellows, and engineers from PreScouter’s global network of Advanced Degree Researchers (ADRs).
To assess the market, PreScouter deployed the following methodology:
- Conducted a search for available reports and data sources
- Collected demographic data in the countries of interest to the Client
- Conducted a search for leading players in the smart-living market
- Analyzed the data that was collected and formed recommendations
When searching for the available reports, PreScouter focused on analyzing the market size by collecting data such as the number of smart homes constructed, the number and sizes of communities composed of smart homes, and other metrics using various databases.
For the demographic data, PreScouter focused on analyzing the concentration of potential end users (both elderly people and millennials) and the growth rate. For the leading players, PreScouter extended the original list provided by the Client to include mid-small players in the market to provide a more accurate view.
To present the final recommendation, PreScouter visualized the insights and data in an executive summary.
Results:
PreScouter delivered a report of 100+ pages to the Client containing summaries of the market studies of 7 countries, from which one country was selected as the target market. PreScouter then studied 5 cities in the target market and identified 23 major players, which were listed along with key information such as location, number of users, and description of the company.
With the information collected, PreScouter did an in-depth analysis and presented the key insights about the market size, trending, segmentation, competition landscape, and recommendations for the Client’s next step. Additionally, opportunities among target customers and business models as well as threats from key players were analyzed and presented to the Client.
Impact of PreScouter work:
This project saved the Client 6-12 months of internal study time and identified platforms that they were previously unaware of.
A downloadable version of this case study is available here.
