Key Insights
The United States Quick Service Restaurant (QSR) market, a substantial and dynamic sector, is projected to experience robust growth over the forecast period (2025-2033). Driven by factors such as increasing disposable incomes, changing lifestyles favoring convenience, and the proliferation of innovative menu items and delivery services, the market is poised for expansion. The dominance of established chains like McDonald's, Subway, and Chick-fil-A, alongside the emergence of smaller, specialized QSRs catering to diverse culinary preferences (e.g., gourmet burgers, ethnic cuisines), contributes to market diversity. The segment breakdown reveals a strong presence of chained outlets, particularly in high-traffic retail and leisure locations. While independent outlets maintain a significant share, the economies of scale enjoyed by chains often provide a competitive edge. The market's growth, however, is subject to certain restraints, including rising food costs, labor shortages, and increasing competition, particularly in densely populated urban areas. Furthermore, evolving consumer preferences regarding health and sustainability are influencing menu innovations and operational practices within the sector. The market's robust expansion is expected to continue despite these challenges, fueled by ongoing consumer demand and industry adaptation.
Within the US QSR landscape, significant regional variations exist, reflecting demographic and economic differences. The North American region, particularly the United States, will likely account for the largest market share, driven by established QSR brands and a mature fast-food culture. However, growth opportunities are also evident in other regions, albeit at potentially slower paces. The ongoing expansion of international QSR brands into the US and the adaptation of existing brands to local tastes will further shape the competitive dynamics. Technological advancements, such as mobile ordering and advanced delivery systems, are becoming integral to QSR operations, enhancing customer experience and operational efficiency. This trend is likely to accelerate in the coming years, impacting market segmentation and overall growth trajectory. Data suggests a continued preference for convenience, leading to sustained growth in delivery and off-premise consumption channels, a significant driver of future market expansion.

United States Quick Service Restaurants (QSR) Market: A Comprehensive Report (2019-2033)
This detailed report provides a comprehensive analysis of the United States Quick Service Restaurants market, offering invaluable insights for industry stakeholders, investors, and strategic decision-makers. Covering the period from 2019 to 2033, with 2025 as the base year, this report leverages robust data and advanced analytical techniques to forecast market trends and identify lucrative opportunities. The report segments the market by cuisine (Bakeries, Burger, Ice Cream, Meat-based Cuisines, Pizza, Other QSR Cuisines), outlet type (Chained Outlets, Independent Outlets), and location (Leisure, Lodging, Retail, Standalone, Travel).
United States Quick Service Restaurants Market Concentration & Innovation
The US QSR market is characterized by a dynamic interplay of established giants and emerging players. Market concentration is high, with a few dominant players commanding significant market share. However, innovation and disruptive technologies continue to reshape the competitive landscape. The market is witnessing a surge in technological advancements, including mobile ordering, delivery platforms, and personalized customer experiences, driving substantial innovation. Regulatory frameworks, particularly concerning food safety and labor practices, play a significant role. Product substitutes, such as meal kits and home-cooked meals, present a constant challenge. Changing consumer preferences, driven by health consciousness and evolving dietary needs, are impacting demand patterns. Finally, significant M&A activity continues to alter the competitive landscape.
- Market Share (2024 Estimated): McDonald's: xx%; Subway: xx%; Starbucks: xx%; Yum! Brands: xx%; Others: xx%.
- Recent M&A Activity: The August 2023 acquisition of Subway by Roark Capital for USD 8.95 billion highlights the significant investment interest in the sector. This deal, contingent on achieving specific cash flow milestones, showcases the potential for further consolidation. Deal values vary widely, ranging from millions to billions of USD, depending on the size and strategic importance of the target company.
United States Quick Service Restaurants Market Industry Trends & Insights
The US QSR market is experiencing robust growth, driven by several key factors. Increasing disposable incomes, changing lifestyles, and the rising popularity of convenient food options are fueling market expansion. Technological disruptions, particularly the proliferation of online ordering and delivery services, are significantly influencing consumer behavior and expanding market reach. Consumer preferences are shifting towards healthier options and personalized experiences. Consequently, QSR chains are adapting their menus and offerings to cater to these evolving needs. Competitive dynamics are intense, with established players constantly innovating to maintain market share, while new entrants disrupt the established order with unique value propositions. The CAGR for the forecast period (2025-2033) is estimated at xx%, reflecting a robust growth trajectory. Market penetration across various segments is also projected to increase significantly over the next decade.

Dominant Markets & Segments in United States Quick Service Restaurants Market
The US Quick Service Restaurant (QSR) market is a dynamic and geographically diverse landscape, making it challenging to pinpoint a single dominant region. Growth rates fluctuate across different segments and locations, reflecting varied consumer preferences and economic conditions. However, several key market segments reveal significant trends and opportunities.
Cuisine Segmentation: While the burger segment maintains a substantial market share, followed closely by pizza and other established QSR cuisines, the landscape is rapidly evolving. The increasing popularity of healthier options, including plant-based and meat-based alternatives, along with innovative and culturally diverse cuisines, is significantly challenging the dominance of traditional segments. This diversification reflects shifting consumer preferences towards greater culinary variety and health-conscious choices.
Outlet Segmentation: National restaurant chains continue to dominate due to established brand recognition, efficient supply chains, and robust marketing capabilities. However, independent QSR outlets, particularly those focusing on local flavors and community engagement, are carving out successful niches and exhibiting resilience, showcasing the appeal of personalized experiences and unique culinary offerings. This dual presence reflects a balanced market dynamic between established brands and localized competition.
Location Segmentation: Standalone restaurants remain a prominent feature of the market, though the relative importance of other locations – including retail spaces, leisure venues, lodging establishments, and transportation hubs – varies greatly depending on factors like population density, tourist traffic, and local economic activity. Growth potential varies widely among these sub-segments, presenting strategic opportunities for targeted expansion.
Key Drivers: The US QSR market is driven by a complex interplay of factors:
- Economic Conditions & Government Policies: Disposable income levels significantly influence consumer spending on dining out. Government initiatives impacting small businesses, food safety regulations, and minimum wage policies all play a role in shaping market dynamics.
- Infrastructure & Logistics: Efficient transportation networks and robust supply chains are essential for maintaining the operational efficiency of the QSR industry. Improvements in logistics infrastructure directly impact costs and speed of delivery, influencing competitiveness.
- Consumer Preferences & Demographics: Changing dietary preferences, rising demand for convenience, and shifts in demographic trends (e.g., increasing urban populations) profoundly shape the menu offerings, operating models, and geographic expansion strategies within the QSR sector.
United States Quick Service Restaurants Market Product Developments
The US QSR market is witnessing rapid product innovation, driven by changing consumer preferences and technological advancements. Companies are focusing on healthier menu options, personalized customization, and convenient ordering and delivery systems. This includes incorporating plant-based proteins, offering gluten-free and vegan alternatives, and developing customized meal options through mobile applications. Technological trends such as AI-powered recommendation systems and automated kitchen technologies are enhancing operational efficiency and improving customer experience. Market fit is assessed by consumer response to new offerings, sales figures, and overall brand perception.
Report Scope & Segmentation Analysis
This report comprehensively analyzes the US QSR market across various segments:
Cuisine: Each cuisine segment (Bakeries, Burger, Ice Cream, Meat-based Cuisines, Pizza, Other QSR Cuisines) presents unique growth projections, market sizes, and competitive dynamics, varying based on consumer trends and preferences.
Outlet: The market is segmented by outlet type (Chained Outlets, Independent Outlets), examining the different competitive landscapes and growth potentials. Chained outlets generally benefit from economies of scale while independents focus on niche markets.
Location: Location-based segmentation (Leisure, Lodging, Retail, Standalone, Travel) reveals the specific growth opportunities and challenges in each setting, considering factors like foot traffic, consumer demographics, and competition.
Key Drivers of United States Quick Service Restaurants Market Growth
Several factors drive the growth of the US QSR market. Rising disposable incomes enable consumers to spend more on dining out, while busy lifestyles increase demand for convenient food solutions. Technological advancements like mobile ordering and delivery apps enhance customer experience and broaden market reach. Government policies and regulations concerning food safety and labor standards also influence market dynamics. Finally, innovative marketing strategies and brand loyalty programs contribute to market expansion.
Challenges in the United States Quick Service Restaurants Market Sector
The US QSR sector faces significant challenges. Maintaining consistent food quality and supply chain efficiency amidst rising input costs presents a major hurdle. Intense competition, both from established players and new entrants, requires ongoing innovation and cost optimization. Regulatory compliance, including food safety standards and labor laws, adds to operational complexity. Fluctuations in consumer spending due to economic conditions also pose a risk. For example, a potential recession could significantly impact consumer spending on non-essential items like eating out.
Emerging Opportunities in United States Quick Service Restaurants Market
Several opportunities exist in the US QSR market. Growth in demand for healthier and customizable meal options creates opportunities for innovative product development. The adoption of digital technologies, such as AI-driven personalization and automated kitchens, offers significant potential for increased efficiency and improved customer experience. Expanding into new geographic markets, particularly underserved areas, also represents a significant opportunity for growth. Finally, exploring new business models such as ghost kitchens and subscription services can offer substantial competitive advantages.
Leading Players in the United States Quick Service Restaurants Market Market
- Chipotle Mexican Grill Inc
- Yum! Brands Inc
- Doctor's Associates Inc
- Inspire Brands Inc
- Ilitch Holdings Inc
- The Wendy's Company
- Domino's Pizza Inc
- Papa John's International Inc
- Restaurant Brands International Inc
- McDonald's Corporation
- CFA Properties Inc
Key Developments in United States Quick Service Restaurants Market Industry
- August 2023: Subway acquired by Roark Capital for USD 8.95 billion, signifying significant consolidation in the market.
- January 2023: McDonald's plans to open 1,900 new locations globally in 2023, with over 400 in the US, showcasing aggressive expansion strategies.
- January 2023: Popeyes introduced a new Shrimp Roll, illustrating the ongoing product innovation within the industry.
Strategic Outlook for United States Quick Service Restaurants Market Market
The future of the US QSR market is promising, driven by several growth catalysts. Continued technological advancements will shape customer experiences and operational efficiencies. The growing demand for healthy and personalized meal options will continue to fuel innovation. Strategic partnerships, acquisitions, and expansion into new geographic markets will remain key strategies for success. The market is poised for significant growth, driven by evolving consumer preferences and technological advancements, presenting lucrative opportunities for established players and new entrants alike.
United States Quick Service Restaurants Market Segmentation
-
1. Cuisine
- 1.1. Bakeries
- 1.2. Burger
- 1.3. Ice Cream
- 1.4. Meat-based Cuisines
- 1.5. Pizza
- 1.6. Other QSR Cuisines
-
2. Outlet
- 2.1. Chained Outlets
- 2.2. Independent Outlets
-
3. Location
- 3.1. Leisure
- 3.2. Lodging
- 3.3. Retail
- 3.4. Standalone
- 3.5. Travel
United States Quick Service Restaurants Market Segmentation By Geography
- 1. United States

United States Quick Service Restaurants 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 5.60% 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. Growing Demand for Cocoa Butter Equivalents Among Food Manufacturers; Rising Application in Food Industry
- 3.3. Market Restrains
- 3.3.1. Health Concerns Pertaining to the Excessive Consumption of Fats and Oils
- 3.4. Market Trends
- 3.4.1. The expansion of fast food chains throughout the country led to diverse menu options thereby attracting customers
- 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. United States Quick Service Restaurants Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Cuisine
- 5.1.1. Bakeries
- 5.1.2. Burger
- 5.1.3. Ice Cream
- 5.1.4. Meat-based Cuisines
- 5.1.5. Pizza
- 5.1.6. Other QSR Cuisines
- 5.2. Market Analysis, Insights and Forecast - by Outlet
- 5.2.1. Chained Outlets
- 5.2.2. Independent Outlets
- 5.3. Market Analysis, Insights and Forecast - by Location
- 5.3.1. Leisure
- 5.3.2. Lodging
- 5.3.3. Retail
- 5.3.4. Standalone
- 5.3.5. Travel
- 5.4. Market Analysis, Insights and Forecast - by Region
- 5.4.1. United States
- 5.1. Market Analysis, Insights and Forecast - by Cuisine
- 6. North America United States Quick Service Restaurants Market Analysis, Insights and Forecast, 2019-2031
- 6.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 6.1.1 United States
- 6.1.2 Canada
- 6.1.3 Mexico
- 6.1.4 Rest of North America
- 7. Europe United States Quick Service Restaurants Market Analysis, Insights and Forecast, 2019-2031
- 7.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 7.1.1 Germany
- 7.1.2 United Kingdom
- 7.1.3 Italy
- 7.1.4 Spain
- 7.1.5 France
- 7.1.6 Russia
- 7.1.7 Rest of Europe
- 8. Asia Pacific United States Quick Service Restaurants Market Analysis, Insights and Forecast, 2019-2031
- 8.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 8.1.1 China
- 8.1.2 Japan
- 8.1.3 India
- 8.1.4 Australia
- 8.1.5 Rest of Asia Pacific
- 9. South America United States Quick Service Restaurants Market Analysis, Insights and Forecast, 2019-2031
- 9.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 9.1.1 Brazil
- 9.1.2 Argentina
- 9.1.3 Rest of South America
- 10. Middle East and Africa United States Quick Service Restaurants Market Analysis, Insights and Forecast, 2019-2031
- 10.1. Market Analysis, Insights and Forecast - By Country/Sub-region
- 10.1.1 Saudi Arabia
- 10.1.2 South Africa
- 10.1.3 Rest of Middle East and Africa
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2024
- 11.2. Company Profiles
- 11.2.1 Chipotle Mexican Grill Inc
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 Yum! Brands Inc
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Doctor's Associates Inc
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Inspire Brands Inc
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 Ilitch Holdings Inc
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 The Wendy's Company
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 Domino's Pizza Inc
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Papa John's International Inc
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 Restaurant Brands International Inc
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 McDonald's Corporation
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.11 CFA Properties Inc
- 11.2.11.1. Overview
- 11.2.11.2. Products
- 11.2.11.3. SWOT Analysis
- 11.2.11.4. Recent Developments
- 11.2.11.5. Financials (Based on Availability)
- 11.2.1 Chipotle Mexican Grill Inc
List of Figures
- Figure 1: United States Quick Service Restaurants Market Revenue Breakdown (Million, %) by Product 2024 & 2032
- Figure 2: United States Quick Service Restaurants Market Share (%) by Company 2024
List of Tables
- Table 1: United States Quick Service Restaurants Market Revenue Million Forecast, by Region 2019 & 2032
- Table 2: United States Quick Service Restaurants Market Revenue Million Forecast, by Cuisine 2019 & 2032
- Table 3: United States Quick Service Restaurants Market Revenue Million Forecast, by Outlet 2019 & 2032
- Table 4: United States Quick Service Restaurants Market Revenue Million Forecast, by Location 2019 & 2032
- Table 5: United States Quick Service Restaurants Market Revenue Million Forecast, by Region 2019 & 2032
- Table 6: United States Quick Service Restaurants Market Revenue Million Forecast, by Country 2019 & 2032
- Table 7: United States United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 8: Canada United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 9: Mexico United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 10: Rest of North America United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 11: United States Quick Service Restaurants Market Revenue Million Forecast, by Country 2019 & 2032
- Table 12: Germany United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 13: United Kingdom United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 14: Italy United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 15: Spain United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 16: France United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 17: Russia United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 18: Rest of Europe United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 19: United States Quick Service Restaurants Market Revenue Million Forecast, by Country 2019 & 2032
- Table 20: China United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 21: Japan United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 22: India United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 23: Australia United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 24: Rest of Asia Pacific United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 25: United States Quick Service Restaurants Market Revenue Million Forecast, by Country 2019 & 2032
- Table 26: Brazil United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 27: Argentina United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 28: Rest of South America United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 29: United States Quick Service Restaurants Market Revenue Million Forecast, by Country 2019 & 2032
- Table 30: Saudi Arabia United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 31: South Africa United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 32: Rest of Middle East and Africa United States Quick Service Restaurants Market Revenue (Million) Forecast, by Application 2019 & 2032
- Table 33: United States Quick Service Restaurants Market Revenue Million Forecast, by Cuisine 2019 & 2032
- Table 34: United States Quick Service Restaurants Market Revenue Million Forecast, by Outlet 2019 & 2032
- Table 35: United States Quick Service Restaurants Market Revenue Million Forecast, by Location 2019 & 2032
- Table 36: United States Quick Service Restaurants Market Revenue Million Forecast, by Country 2019 & 2032
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the United States Quick Service Restaurants Market?
The projected CAGR is approximately 5.60%.
2. Which companies are prominent players in the United States Quick Service Restaurants Market?
Key companies in the market include Chipotle Mexican Grill Inc, Yum! Brands Inc, Doctor's Associates Inc, Inspire Brands Inc, Ilitch Holdings Inc, The Wendy's Company, Domino's Pizza Inc, Papa John's International Inc, Restaurant Brands International Inc, McDonald's Corporation, CFA Properties Inc.
3. What are the main segments of the United States Quick Service Restaurants Market?
The market segments include Cuisine, Outlet, Location.
4. Can you provide details about the market size?
The market size is estimated to be USD XX Million as of 2022.
5. What are some drivers contributing to market growth?
Growing Demand for Cocoa Butter Equivalents Among Food Manufacturers; Rising Application in Food Industry.
6. What are the notable trends driving market growth?
The expansion of fast food chains throughout the country led to diverse menu options thereby attracting customers.
7. Are there any restraints impacting market growth?
Health Concerns Pertaining to the Excessive Consumption of Fats and Oils.
8. Can you provide examples of recent developments in the market?
August 2023: Subway was acquired by private equity firm Roark Capital for USD 8.95 billion. To fully receive the amount, Subway needs to achieve certain cash flow milestones within a period of two or more years after the deal is completed.January 2023: McDonald's (MCD) plans to open 1,900 new locations in 2023. More than 400 of the new Golden Arches will be in the United States.January 2023: Popeyes introduced the new Shrimp Roll to its seafood menu.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 3800, USD 4500, and USD 5800 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 "United States Quick Service Restaurants 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 United States Quick Service Restaurants 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 United States Quick Service Restaurants Market?
To stay informed about further developments, trends, and reports in the United States Quick Service Restaurants 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