Americas Set Top Box Market to Grow at a CAGR of 2.3% to reach US$ 8,857.09 million from 2023 to 2030
The Americas set top box market size was valued at US$ 7,456.75 million in 2022 and is expected to reach US$ 8,857.09 million by 2030; it is estimated to record a CAGR of 2.3% from 2023 to 2030.
Analyst Perspective:
Interactive features such as video-on-demand and electronic program guides are increasingly being incorporated in satellite STB units. In addition to basic features, the set-top box units provide a range of interactive and multimedia facilities directly via a consumer television device, such as internet browsing, email, and instant messaging. The DVR feature is also included in cable and satellite set-top boxes, enabling viewers to enjoy the content at their convenience. Using MPEG-4.10 (H.264) and SMPTE 421 M (VC-1) allows access to more media content and decreases the risk of early product obsolescence. Thus, technological advancements are contributing to the Americas set top box market growth.
Market Overview:
A set-top box (STB), also referred to colloquially as a cable box, is an information system that typically includes a TV tuner input and shows the output of a TV set and an external signal source, converting the source signal into material in a format that can then be shown on a TV screen or other display device.
The key factor driving the Americas set top box market growth is the rising technological transformations in set-top box (STB). Technological developments have led to a wide range of STBs equipped with various features. This, in turn, has made the competition fierce between the set-top box companies. Digital video recording is one of the most anticipated functions since it enables viewers to view and archive their favorite shows. An over-the-air DVR system is a standalone set-top box that enables viewers to transmit and record TV programs. In addition to DVRs, subscription-based TV service providers offer STBs to customers. In addition, DISH, a US-based television provider, has incorporated artificial intelligence in its new set-top boxes to allow recording facilities at STBs. With the support of technology such as natural language processing (NLP), companies implement features such as voice command to enable channels and TV shows to be searched using technologically advanced Americas set top box market.
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Americas Set Top Box Market: Strategic Insights
Market Size Value in US$ 7,456.75 million in 2022 Market Size Value by US$ 8,857.09 million by 2030 Growth rate CAGR of 2.3% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2022
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Americas Set Top Box Market: Strategic Insights
| Market Size Value in | US$ 7,456.75 million in 2022 |
| Market Size Value by | US$ 8,857.09 million by 2030 |
| Growth rate | CAGR of 2.3% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
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Market Driver:
Technological Advancements in Americas Set Top Box Market
Technological advancements have led to the introduction of various features in set-top boxes, such as fast processors, increased storage capacity, improved interface, voice control and support, and Internet of Things (IoT) integration. The technological development in the Americas set top box market prompted the market players to compete at distinct scales. Digital video recording is the most desired functionality of set-top boxes, allowing audiences to record their favorite shows and watch them later at their convenience. A standalone set-top box that allows viewers to transmit and record TV programs is an over-the-air digital video recorder (DVR) system. Apart from DVRs, subscription-based TV service providers also sell STBs to consumers. For instance, in 2021, Apple Inc launched Apple TV set-top box with an integrated homepod speaker and video conferencing camera through a connected TV and smart home functions. Companies are integrating features such as voice command with the help of technologies such as natural language processing (NLP) to simplify searching channels and shows. For instance, in 2019, ZTE Corporation launched a far-field 4K AI STB S200 set-top box (STB) that can work with voice commands. STB S200 features noise reduction and a built-in far-field voice search engine, along with the integration of IPTV/OTT services, smart speakers, and Google ecosystem support.
Segmental Analysis:
Based on product type, the Americas set top box market size is segmented into cable, satellite & internet-based, and DTT. The satellite & internet-based segment held the largest share of the market in 2022. Cable TV requires a cable box with a subscription. In today’s digital service, the cable box decodes MPEG video frames, decrypts the premium channels, and stores and displays the program guides. Digital cable boxes also provide upstream communications for video-on-demand. They often have a built-in DVR for content recording on a hard drive. Many cable TV companies offer users internet service, but their set-top boxes are only for TV. The cable is split into two lines, one to the cable modem for internet access and the other to the Americas set top box market growth.
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Country Analysis:
The Americas set top box market size is expected to grow from US$ 7,456.75 million in 2022 and is expected to reach US$ 8,857.09 million by 2030; it is expected to grow at a CAGR of 2.3% during the forecast period. The rising number of television subscribers across the US is driving the demand for entertainment streaming devices across the country. Moreover, the demand for IPTV services is growing. The US reports the trend of cord-cutting and customer shift toward OTT media streaming platforms, thus, prompting operators to invest in the next-generation set-top boxes to sustain competency. In 2021, CommScope Holding Co Inc developed a 4K UHD set-top box in partnership with Orange Belgium. This set-top box offers live TV and streaming services, improved OTT streaming, and on-demand and broadcast TV services. These factors boost the demand for Americas set top box market growth.
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Key Player Analysis:
The Americas set top box market share analysis consists of players such as Advanced Digital Broadcast SA, CommScope Holding Co Inc, Huawei Technologies Co Ltd, Humax Co Ltd, Kaonmedia Co Ltd, SagemCom UK Ltd, Shenzhen Skyworth Digital Technology Co Ltd, Technicolor SA, Shenzhen Coship Electronics Co Ltd, and Apple Inc., owing to the diversified product portfolio offered.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies operating in the Americas Set Top Box market. A few recent key market developments are listed below:
- In 2020, Humax Co Ltd announced the world's most advanced Android TV device platform.
- In 2020, Skyworth Digital Technology Co Ltd. and Amlogic launched RDK video accelerator set-top box.
- In 2020, Telekom Malaysia selected Skyworth Digital Technology Co Ltd. as the 4K Android T.V. Operator Tier partner.
- Skyworth Digital Technology Co Ltd. and 3SS partnered to create a Netflix-ready platform that helped operators fast-track world-class Android TV launches.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, and Content Quality
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The Americas set top box market was estimated to be USD 7.45 billion in 2022 and is expected to grow at a CAGR of 2.3 % during the forecast period 2023 - 2030.
The technological advancements in set-top boxes, rise of internet protocol television (IPTV) services are the major factors that propel the Americas set top box market growth.
The integration of OTT platforms with Set-Top Box is the future trends for the Americas set top box market.
The incremental growth, expected to be recorded for the Americas set top box market during the forecast period, is US$ 1.40 billion.
The Americas set top box market is expected to reach US$ 8.85 billion by 2030.
The key players, holding majority shares, in Americas set top box market includes CommScope Holding Co Inc, Huawei Technologies Co Ltd, Kaonmedia Co Ltd, Sagemcom UK Ltd, and Shenzhen Skyworth Digital Technology Co Ltd.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Set-Top Box Market, by Product
1.3.2 Set-Top Box Market, by Content Quality
1.3.3 Set-Top Box Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Set-Top Box Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 South and Central America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 ATSC Standards (1.0 and 3.0)
4.6 Company Market Share
5. Americas Set-Top Box Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Technological Advancements in Set-Top Boxes
5.1.2 Rise of Internet Protocol Television (IPTV) Services
5.2 Market Restraints
5.2.1 Shift to Over-the-Top (OTT) Services
5.3 Market Opportunities
5.3.1 Adoption of Satellite Television and Hybrid Set-Top Box
5.4 Future Trends
5.4.1 Integration of OTT Platforms with Set-Top Box
5.5 Impact Analysis
6. Set-Top Box– Americas Market Analysis
6.1 Set-Top Box Market Overview
6.2 Americas Set-Top Box Market –Revenue and Forecast to 2030 (US$ Million)
6.3 Competitive Positioning – Key Market Players
7. Americas Set-Top Box Market Analysis – By Product
7.1 Overview
7.2 Set-Top Box Market, By Product (2022 and 2030)
7.3 Cable
7.3.1 Overview
7.3.2 Cable: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Satellite and Internet-Based
7.4.1 Overview
7.4.2 Satellite and Internet-Based: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
7.5 DTT
7.5.1 Overview
7.5.2 DTT: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
8. Americas Set-Top Box Market Analysis – By Content Quality
8.1 Overview
8.2 Set-Top Box Market, By Content Quality (2022 and 2030)
8.3 IPTV
8.3.1 Overview
8.3.2 IPTV: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Standard Definition (SD)
8.4.1 Overview
8.4.2 Standard Definition (SD): Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9. Americas Set-Top Box Market – Geographic Analysis
9.1 Overview
9.2 North America: Set-Top Box Market
9.2.1 North America: Set-Top Box Market –Revenue and Forecast to 2030 (US$ Million)
9.2.2 North America: Set-Top Box Market, By Product
9.2.3 North America: Set-Top Box Market, by Content Quality
9.2.4 North America: Set-Top Box Market, by Key Country
9.2.4.1 US: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9.2.4.1.1 US: Set-Top Box Market, By Product
9.2.4.1.2 US: Set-Top Box Market, by Content Quality
9.2.4.2 Canada: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9.2.4.2.1 Canada: Set-Top Box Market, By Product
9.2.4.2.2 Canada: Set-Top Box Market, by Content Quality
9.2.4.3 Mexico: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9.2.4.3.1 Mexico: Set-Top Box Market, By Product
9.2.4.3.2 Mexico: Set-Top Box Market, by Content Quality
9.3 South & Central America: Set-Top Box Market
9.3.1 South & Central America: Set-Top Box Market –Revenue and Forecast to 2030 (US$ Million)
9.3.2 South & Central America: Set-Top Box Market, By Product
9.3.3 South & Central America: Set-Top Box Market, by Content Quality
9.3.4 South & Central America: Set-Top Box Market, by Key Country
9.3.4.1 Brazil: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9.3.4.1.1 Brazil: Set-Top Box Market, By Product
9.3.4.1.2 Brazil: Set-Top Box Market, by Content Quality
9.3.4.2 Argentina: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9.3.4.2.1 Argentina: Set-Top Box Market, By Product
9.3.4.2.2 Argentina: Set-Top Box Market, by Content Quality
9.3.4.3 Chile: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9.3.4.3.1 Chile: Set-Top Box Market, By Product
9.3.4.3.2 Chile: Set-Top Box Market, by Content Quality
9.3.4.4 Rest of South & Central America: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
9.3.4.4.1 Rest of South & Central America: Set-Top Box Market, By Product
9.3.4.4.2 Rest of South & Central America: Set-Top Box Market, by Content Quality
10. Impact of COVID-19 Pandemic on Americas Set-Top Box Market
10.1 Overview
10.2 North America: Impact Assessment of COVID-19 Pandemic
10.3 South & Central America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 New Product Development
11.3 Partnerships
11.4 Other Business Strategies
12. Company Profiles
12.1 Advanced Digital Broadcast SA
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 CommScope Holding Co Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Huawei Technologies Co Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Humax Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Kaonmedia Co Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Sagemcom UK Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Shenzhen Skyworth Digital Technology Co Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Vantiva SA
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Shenzhen Coship Electronics Co Ltd
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Apple Inc
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Nuvyyo Inc
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 SiliconDust USA Inc
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 Zapperbox Inc
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Zinwell Corp
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Geniatech Inc
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
12.16 Atlanta DTH Inc
12.16.1 Key Facts
12.16.2 Business Description
12.16.3 Products and Services
12.16.4 Financial Overview
12.16.5 SWOT Analysis
12.16.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. List of Companies and ATSC Standards
Table 2. List of Companies and Market Share
Table 3. Americas Set-Top Box Market –Revenue and Forecast to 2030 (US$ Million)
Table 4. Americas Set-Top Box Market, by Product – Revenue and Forecast to 2030 (US$ Million)
Table 5. Americas Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 6. North America Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 7. North America Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 8. US Set-Top Box Market, Product – Revenue and Forecast to 2030 (US$ Million)
Table 9. US Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 10. Canada Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 11. Canada: Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 12. Mexico Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 13. Mexico Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 14. South & Central America Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 15. South & Central America Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 16. Brazil Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 17. Brazil Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 18. Argentina Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 19. Argentina Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 20. Chile Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 21. Chile Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 22. Rest of South & Central America Set-Top Box Market, By Product – Revenue and Forecast to 2030 (US$ Million)
Table 23. Rest of South & Central America Set-Top Box Market, by Content Quality – Revenue and Forecast to 2030 (US$ Million)
Table 24. Glossary of Terms, Americas Set-Top Box Market
LIST OF FIGURES
Figure 1. Set-Top Box Market Segmentation
Figure 2. Set-Top Box Market Segmentation – By Geography
Figure 3. Americas Set-Top Box Market Overview
Figure 4. Americas Set-Top Box Market, By Content Quality
Figure 5. Americas Set-Top Box Market, by Geography
Figure 6. Americas Set-Top Box Market, Key Market Players
Figure 7. North America: PEST Analysis
Figure 8. South and Central America: PEST Analysis
Figure 9. Ecosystem: Americas Set-Top Box Market
Figure 10. Expert Opinion
Figure 11. Americas Set-Top Box Market Impact Analysis of Drivers and Restraints
Figure 12. Geographic Overview of Set-Top Box Market
Figure 13. Americas Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Set-Top Box Market: Key Players
Figure 15. Set-Top Box Market Revenue Share, By Product (2022 and 2030)
Figure 16. Cable: Set-Top Box Market – Revenue and Forecast To 2030 (US$ Million)
Figure 17. Satellite and Internet-Based: Set-Top Box Market – Revenue and Forecast To 2030 (US$ Million)
Figure 18. DTT-Based: Set-Top Box Market – Revenue and Forecast To 2030 (US$ Million)
Figure 19. Set-Top Box Market Revenue Share, By Product (2022 and 2030)
Figure 20. IPTV: Set-Top Box Market – Revenue and Forecast To 2030 (US$ Million)
Figure 21. Standard Definition (SD): Set-Top Box Market – Revenue and Forecast To 2030 (US$ Million)
Figure 22. Americas Set-Top Box Market Revenue Share, By Region (2022 and 2030)
Figure 23. North America: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 24. North America: Set-Top Box Market Revenue Share, By Product (2022 and 2030)
Figure 25. North America: Set-Top Box Market Revenue Share, by Content Quality (2022 and 2030)
Figure 26. North America: Set-Top Box Market Revenue Share, by Key Country (2022 and 2030)
Figure 27. US: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 28. Canada: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 29. Mexico: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 30. South & Central America: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 31. South & Central America: Set-Top Box Market Revenue Share, By Product (2022 and 2030)
Figure 32. South & Central America: Set-Top Box Market Revenue Share, by Content Quality (2022 and 2030)
Figure 33. South & Central America: Set-Top Box Market Revenue Share, by Key Country (2022 and 2030)
Figure 34. Brazil: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 35. Argentina: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 36. Chile: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 37. Rest of South & Central America: Set-Top Box Market – Revenue and Forecast to 2030 (US$ Million)
Figure 38. Impact of COVID-19 Pandemic on Set-Top Box Market in North America
Figure 39. Impact of COVID-19 Pandemic on Set-Top Box Market in South & Central America
The List of Companies - Set Top Box Market
- Advanced Digital Broadcast SA
- CommScope Holding Co Inc
- Huawei Technologies Co Ltd
- Humax Co Ltd
- Kaonmedia Co Ltd
- SagemCom UK Ltd
- Shenzhen Skyworth Digital Technology Co Ltd
- Technicolor SA
- Shenzhen Coship Electronics Co Ltd
- Apple Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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