Beware Scam Market 'Research'

Author: John Honovich, Published on Mar 15, 2017

The 'data' and 'research' that headlines many articles is a scam, perpetuated by a variety of Indian firms that have exploited the carelessness and ignorance of many companies and the press.


Axis is touting:

By 2020, the market will be worth 6.18 billion U.S. dollars, according to research firm MarketsandMarkets.

SecurityInfoWatch declares:

According to the Grand View Research firm, the global smart cities market size was valued at $567.45 billion in 2014, with security accounting for $77.19 billion.

ASMAG reports:

According to a report from Technavio, the market will reach US$1,505.64 million, at a CAGR of more than 21 percent from 2017 to 2021.

UPDATE: just this week, IFSEC announced:

Global demand for video surveillance security cameras will reach $2.8bn by 2021, according to Research Nester.

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One may wonder: Who are these companies - Markets and Markets, Grand View Research, Research Nester and Technavio?

Indian Book Report Companies

All of these companies share a few common characteristics:

  • Make optimistic groundless projections to sell reports for thousands of dollars each
  • Have non-experts who repackage Google search results, moving from market to market
  • Are primarily Indian based and actively try to obscure that

The Reality

Technavio is so sloppy that in the press release for the 'security surveillance camera market' they included a sentence declaring 'the report considers the revenue generated from the retail sales of haircare products', which is shown below:

The reality is these companies do 'research' on hair care one day, surveillance cameras the next, MRI machines the following week, etc.

For the fools who pay for their reports, they primarily get repackaging of press releases. For example, here is the section on Honeywell video surveillance provided by Markets and Markets and an excerpt shown below:

No insights, no knowledge of Honeywell beyond what they found Googling. And, yes, Honeywell's 'high-quality analog solutions' referred to above is one of the products OEMed and affected by the Dahua backdoor.

Moreover, these companies typically purport to be US or UK based to establish credibility like Grand View on their about page:

However, go to the company's LinkedIn results, though, and 98% of employees report being from India.

Risk - Bad Projections / Bad Reality

We have never heard of anyone buying any of these reports, so the risk is not there.

The problem is that these firms are now literally the most common source cited for market projections yet they are groundless and often wildly wrong.

Beware these reports and projections. Stop citing this as evidence, better serve your audiences and save your credibility.

Comments (14)

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Here's another one I found doing the same thing you did.

IFSECGlobal just tweeted this 5 minutes ago.

The name of the research joint that they cite is right in the title of this piece on their website that the tweet linked to... a firm called Research Nester...

Research Nester Linkedin employee page shows exactly what you found in those others

Great find.

'Research Nester' lists their 'US office' first:

And what is that address for?

And what does this office look like:

Btw, their projection / market size is comically low:

the global security camera market is anticipated to rise to USD 2.8billion in the year 2021

Hikvision, Dahua and Axis by themselves generated more than that last year.

Usually, these 'research' firms go for huge numbers to maximize attention.

Though IFSEC is so clueless they ran it despite its lack of legitimacy or possibility of being accurate.

I used to live around the corner, back when 1820 Avenue M was a bagel store. Rest assured that this is very much a residential neighborhood.

I know the area too. Maybe they think Brooklyn is 'hip' now so they decided to fake Brooklyn instead of Manhattan. Strange, though.

30 minutes of research:

Transparency Market Research – 90 State St., Suite 700, Albany NY

Used in this link -

The listed address is the same one a virtual office space rental firm uses -

Transparency Market Research Linkedin employee page -


Scalar Market Research – Chicago, IL - 8770 W Bryn Mawr Ave, Suite 1300, Chicago, IL 60631

Used in this link -

The listed address is identical to the address listed for RIA Workspace – a services company that shows only ghost employees at that address (including one in Chicago who has an Indian surname)

Scalar Market Research Linkedin employee page -


Radiant Insights – San Francisco, CA - 28 2nd St #3036, San Francisco, CA 94105

Used in this link -

The listed address is 28 2nd St #3036, San Francisco, CA 94105 - which is the same address that Grandview Research (one of the companies listed in the OP) lists

Radiant Insights LinkedIn employee page -

The Insight Partners

Used in this link -

The Insight Partners – they don’t attempt to obfuscate – they work from India

The Insight Partners LinkedIn employee page -


Mordor Intelligence – PSIM Market

Mordor Intelligence – also straight up an Indian firm

Mordor Intelligence Linkedin employee page -


Credence Research – San Jose, CA – 105 N. 1st St., #429, San Jose, CA 95113

LinkedIn shows one employee in SF, one in India

Credence Research LinkedIn employee page -


Same address as Vcomply – which has many offices worldwide – picture shows what appear to be Indian employees

Same address as Deep Research Report

Deep Search Report LinkedIn employee page -

Same address as CloudRecur – searching LinkedIn for CloudRecur shows 2 employees – both in India

Excellent'd think these companies would at least try to verify their sources before using their data for their own marketing purposes...I guess not. I think I'm in the wrong business then. I could be making huge profits and I wouldn't even need to proof read first.

after finding all that so easily, my question becomes "why do all these 'market research firms' exist?"

including the 3 in the OP and the 6 others I found using exactly the same method used in the OP in under an hour, that is 9 of these firms identified with little effort.

The first thing that may come to mind is an Indian version of Boiler Room where all these employees in India simply dial-for-dollars, all day, every day. Find rubes that they can convince to send them money for junk google search 'reports'. They will never sell a second report to the same person, so 1st place wins a Cadillac and 2nd place wins a set of steak knives.

The second thing that may come to mind is - if we exclude the first thing - the only other reason for the existence of these (and probably many more) 9 firms is to assist manufacturers in validating their individual market moves. i.e. the media who is the recipient of a high number of ad dollars from these manufacturers uses these 'market research' firms to validate the message of the story the media 'writes' by pointing to 'studies' favorable to any of those individual market moves that their manufacturer 'partners' wish.

My tinfoil hat is snugly fastened to my head - please knock it off.

I think you're on to something there. Fake news doesn't only need to steer politics, it can steer markets too, even niche ones.

All marketing research are hokum.
It does not only appear in surveillance industry.

I thought it is common sense......

Ok, so any legit ones out there? What about Parks Associates? or Securitysales?

I think Parks Associates is legit. They usually track home market numbers so I cannot judge that but they clearly are focused on their market and not churning out book reports of the week.

or Securitysales?

Do you see who Securitysales is citing? Transparency Market Research which is one of the Indian scam book report companies, #1 mentions them above.

It amazes that publications would cite these reports with no legitimacy.

For example, citing IHS is understandable since they are actually trying to track the market. It's inevitable to have errors given the difficulty in gathering data amongst so many players but they are making a legitimate attempt to track the market, not just throwing out numbers and collecting press releases off the Internet.

A new report on the VSaaS Market hit my email inbox this morning – and my NCAA tournament brackets are a bust – so even though I am watching today’s games, I decided to check on the provider of this report…..

and sure enough, it’s just another like those already listed above.

They even have two different company names, but they are clearly the same outfit (they - and the link to their report I saw this morning - are listed first below).

Then as I watched the games and began drinking, it became kind of a fun task to find all the other ones I have listed below.

Note: Almost all have US addresses that are as fake as the ones already discussed above - and a few of the listed firms are actually the same as some of the others under different names (see end of post)


Industry Report

Market Research Future – AKA Wiseguy Reports – Indian company with 2 US Phone Numbers – Arlington, MA 339-368-3968 and NY,NY 646-845-9349

MRF LinkedIn Employee Page

Wiseguy Reports LinkedIn Employee Page


Industry Report

Future Market Insights - 616 Corporate Way, Suite 2-9018, Valley Cottage, NY 10989

Future Market Insights LinkedIn employee page -


Industry Report

Zion Market Research – 3422 SW 15 Street, Suit #8138, Deerfield Beach, Florida 33442

Zion Market Research LinkedIn Employee page -


Industry Report

Allied Market Research – 5933 NE Win Sivers Dr #205, Portland, OR 97220

Allied Market Research Employee search -


Industry Report

Industry Report

BIS Research - 9100 West Bloomington Freeway, Suite 159, Bloomington, MN 55431

BIS Research LinkedIn employee page -


Industry Report

QY Research Reports - 1820 Avenue M Suite #1047 Brooklyn, NY 11230 – also 3422 SW 15 Street, Suite #8138, Deerfield Beach, Florida 33442

QY Research Reports LinkedIn employee page -


Industry Report

Prof Research Reports - 5320 SW Macadam Ave #100, Portland, OR 97239

Prof Research LinkedIn employee page -



Infiniti Research - 110 E Schiller St # 208, Elmhurst, IL 60126

Infiniti Research LinkedIn employee page -


Industry Report

Ken Research – INDIA

Ken Research LinkedIn employee page -


Industry Report

6W Research – New Delhi, India

6W Research LinkedIn employee page -


Industry Report

Daedal Research – Delhi, India

Daedal LinkeIn employee page -


Global Markets Direct - Research Report Aggregator

Global Markets Direct LinkedIn employee page -


Also, there are clearly some firms that are the same as other firms: – Research Report Aggregator (allegedly) – but they share the same contact info as these ‘research’ firms below:

Industry Report

Zion Market Research – 3422 SW 15 Street, Suite #8138, Deerfield Beach, Florida 33442

Zion Market Research LinkedIn Employee page -

Syndicate Market Research - 3422 SW 15 Street, Suite #8138, Deerfield Beach, Florida 33442

Syndicate Market Research LinkedIn employee page – - lists one SEO expert in FL – but her title is from Market Research Store.

QY Research Reports - 3422 SW 15 Street, Suit #8138, Deerfield Beach, Florida 33442

Info listed above

Intense Research - 3422 SW 15 Street, Suit #8138, Deerfield Beach, Florida 33442

Here is the list of companies that are on this same webserver (all listed above)

Update: here is Ingram Micro's physical security 'advisor' citing Markets and Markets:

The physical security industry is booming. In fact, according to a MarketsandMarkets report, the physical security industry is expected to hit $112.43 billion by 2021, at a CAGR of 10.1% between 2016 and 2021.

On the one hand, Ingram Micro's understanding of physical security is comical. On the other hand, they are a huge distributor and should know better.

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