Asia Pacific E-Learning Market to Grow at a CAGR of 12.5% to reach US$ 113.39 billion from 2022 to 2028
The APAC e-learning market is expected to grow from US$ 55.81 billion in 2022 to US$ 113.39 billion by 2028; it is estimated to register at a CAGR of 12.5% during 2022–2028.
Technological advancements in computers, mobiles, and other IT devices have revolutionized the education sector in APAC. The education system has moved from hardbound books and pencils to e-solutions. Moreover, private and public higher education institutions, educational and testing firms, education ministries, and quality assertion and authorization agencies are among the stakeholders contributing to the flourishment of the e-learning market in APAC. E-learning allows educational institutes to reduce learning costs incurred by equipment required for a classroom setup, rent paid for online training sites, and printing of books and other study materials. Also, the enhanced flexibility associated with e-learning helps service providers explore new opportunities.
Impact of COVID-19 Pandemic on APAC E-Learning Market
With the acceleration of the global health crisis, the demand for learning management systems (LMS), video conferencing tools, and cloud systems has surged across the education sector, as many educational institutions showed a profound interest in conducting online lectures. In South Korea, the Ministry of Science and ICT (MSIT) partnered with the Ministry of Education, and the Ministry of Women and Family to develop new digital learning websites for software coding and 3D education. Further, due to the temporary shutdown of businesses for maintaining social restrictions imposed by government administrations, corporate organizations in several countries began using digital methods to train their employees. Amid such an increased demand for e-learning solutions, platform developers combined the capabilities of artificial intelligence and machine learning with their offerings to provide personalization. The use of AR and VR, VR simulation, 3D boards, and real-life scenarios in e-learning solutions helps enhance learning through immersive and engaging experiences.
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Asia Pacific E-Learning Market: Strategic Insights
Market Size Value in US$ 55.81 billion in 2022 Market Size Value by US$ 113.39 billion by 2028 Growth rate CAGR of 12.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Asia Pacific E-Learning Market: Strategic Insights
| Market Size Value in | US$ 55.81 billion in 2022 |
| Market Size Value by | US$ 113.39 billion by 2028 |
| Growth rate | CAGR of 12.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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APAC E-Learning Market Insights
Ease of Tracking Student Performance and Maintaining Centralized Student Database Fuels APAC E-Learning Market Growth
E-learning allows teachers to track students’ progress and ensure their performance accomplishments are met. Educational institutes are seeking new methods for optimizing their operations and handling student data better. Student database management systems make their tasks easier, reduce manpower requirements, and ensure efficient learning processes. Also, maintaining a centralized student database ensures data-driven collaboration between teachers, students, parents, and admin staff. E-learning platforms provide a one-stop solution for integrating student data from processes such as enrollment, parent-teacher communications, exam results, and attendance records. For example, when students fail online exams, an instructor offers various learning methods aligned with their personalities so they can easily grasp the learning materials and improve their performance. Advanced e-learning systems provide reporting and analytical tools that enable teachers to identify areas that may be missing from their existing courses and areas wherein they excel. For instance, if students have difficulty in understanding certain learning materials, teachers can assess the content and make necessary improvements. In addition, all detailed information related to students—including personal details, completed assignments and exams, payment status, and learning activities—is stored safely in a centralized system; it can all be displayed readily on a single screen. Thus, e-learning platforms aid the ease of tracking student performances and maintaining a centralized database, which boosts their popularity among education stakeholders. This factor is bolstering the APAC e-learning market growth.
Delivery Mode-Based APAC E-learning Market Insights
The APAC e-learning market, by delivery mode, is segmented into online, LMS, mobile, and others. In 2021, the online segment accounted for the largest market share.
Learning Mode-Based APAC E-Learning Market Insights
The APAC e-learning market, based on learning mode, the market is bifurcated into self-paced and instructor-led. In 2021, the instructor-led segment accounted for a larger market share.
End User-Based APAC E-Learning Market Insights
By end user, the APAC e-learning market is divided into academic and corporate. The academic segment is further divided into K-12 and higher institutions. In 2021, the academic segment accounted for a larger market share.
Players operating in the APAC e-learning market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key market players are listed below:
- In June 2022, D-ID, a world leader in AI-driven creative media, entered into a strategic partnership with Skill Plus, a Japanese e-learning platform that plans and sells seminars and e-learning courses. In addition, the partnership aimed to incorporate D-ID's digital human technology into its offerings to be able to address the increased demand for online communications in Japan.
- In March 2022, the Ministry of Education of China announced the “Smart Education of China” initiative, a network of three new online education platforms across K–12 education, higher education, and vocational education. In addition, the initiative aims to leverage technology to narrow educational gaps and represents a notable breakthrough in the nation’s education digitalization strategy.
The APAC e-learning market has been segmented as follows:
The APAC e-learning market, by delivery mode, is segmented into online, LMS, mobile, and others. Based on learning mode, the market is bifurcated into self-paced and instructor-led. Based on end user, the APAC e-learning market is divided into academic (K-12 and higher institutions) and corporate. By country, the APAC e-learning market is segmented into Australia, China, India, Japan, South Korea, New Zealand, and the Rest of APAC.
Company Profiles
- Antoree Pte. Ltd
- GEM Learning
- Cornerstone
- Kydon Holdings Pte Ltd.
- Gnowbe Group Ltd.
- Adobe Inc.
- Cisco Systems, Inc.
- D2L Corporation
- Oracle Corporation
- MARSHALL CAVENDISH EDUCATION PTE. LTD.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Delivery Mode, Learning Mode, and End User
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
Digital learning helps students in schools or universities improve their performance by providing access to digital content. Corporations are using e-learning solutions to help employees in improving their skillsets and strengthen their knowledge regarding companies’ products and services. Also, emphasis on the introduction of cost-effective e-learning modules, and their ability to enable users to track student performance and maintain a centralized student database with ease are the key aspects accelerating the adoption of e-learning platforms.
The implementation of AI technologies in e-learning allows platform designers to personalize these courses, creating a customized learning path and providing relevant materials to appropriate learners. This makes the learning process and grading more automated and efficient. Therefore, the enriching and transforming education experience provided via AI technology is expected to provide growth opportunities to the e-learning market.
China’s e-learning industry continues to grow at a large scale with the support of live-streaming digital learning. There is a growing government intervention towards supporting the online education industry and developing distance education, including e-learning in correspondence-based education, radio-and TV-based distance education, and e-learning or online education, thereby propelling the market growth in the country.
With the increased use of smartphones, mobile learning technologies have gained a massive reach and key players are developing many application-based knowledge platforms, which enable users to gain real-time insights into any topic using their smartphones. Also, there is also a growing trend of microlearning videos (~30–60 seconds) that include short videos addressing target-specific concepts. The remote learners are increasingly getting particular towards the access of information provided on e-learning platforms and there is a growing demand for more flexible and on-the-go (mobile learning) courses.
Antoree Pte.Ltd, GEM Learning, Cornerstone, Gnowbe Group Ltd., Kydon Holdings Pte Ltd, Adobe Systems Inc, Cisco Systems Inc, D2L Corporation, Oracle Corporation, and MARSHALL CAVENDISH EDUCATION PTE. LTD. are the leading companies in the APAC e-Learning market.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC E-Learning Market – By Delivery Mode
1.3.2 APAC E-Learning Market – By Learning Mode
1.3.3 APAC E-Learning Market – By End User
1.3.4 APAC E-Learning Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC E-Learning Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 APAC
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. E-Learning Market– Key Market Dynamics
5.1 Market Drivers
5.1.1 Ease of Tracking Student Performance and Maintaining Centralized Student Database
5.1.2 Emergence of Digital Learning
5.1.3 Growing Number of Cost-Effective E-Learning Models
5.2 Market Restraints
5.2.1 High Cost of Producing and Maintaining E-Learning Content
5.2.2 Need for Designing E-learning Courses for Different Generations
5.3 Market Opportunities
5.3.1 Increasing Spending on Education Sector
5.3.2 Transformation and Enrichment of Education Experience via AI-Powered E-Learning
5.4 Future Trends
5.4.1 Mobile Learning Technologies
5.4.2 Video-Based Learning
5.5 Impact Analysis of Drivers and Restraints
6. E-Learning Market– APAC Analysis
6.1 Overview
6.2 E-Learning Market– APAC Revenue and Forecast to 2028 (US$ Billion)
6.3 Market Positioning – Five Key Players
7. APAC E-Learning Market Analysis – By Delivery Mode
7.1 Overview
7.2 E-Learnings Market , By Delivery Mode (2021 and 2028)
7.3 Online
7.3.1 Overview
7.3.2 Online: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
7.4 LMS
7.4.1 Overview
7.4.2 LMS: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
7.5 Mobile
7.5.1 Overview
7.5.2 Mobile: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
7.6 Others
7.6.1 Overview
7.6.2 Others: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
8. APAC E-Learning Market Analysis – By Learning Mode
8.1 Overview
8.2 E-Learning Market, By Learning Mode (2021 and 2028)
8.3 Self-Paced
8.3.1 Overview
8.3.2 Self-Paced: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
8.4 Instructor-Led
8.4.1 Overview
8.4.2 Instructor-Led: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
9. APAC E-Learning Market Analysis – By End User
9.1 Overview
9.2 E-Learning Market, By End User (2021 and 2028)
9.3 Academic
9.3.1 Overview
9.3.2 Academic: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
9.3.3 K-12
9.3.3.1 Overview
9.3.3.2 K-12: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
9.3.4 Higher Institutions
9.3.4.1 Overview
9.3.4.2 Higher Institutions: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
9.4 Corporate
9.4.1 Overview
9.4.2 Corporate: E-Learning Market Revenue and Forecast To 2028 (US$ Billion)
10. E-Learning – Country Analysis
10.1 Overview
10.2 APAC: E-Learning
10.2.1 China: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
10.2.1.1 China: E-Learning Market, By Delivery Mode
10.2.1.2 China: E-Learning Market, By Learning Mode
10.2.1.3 China: E-Learning Market, By End User
10.2.1.4 China: E-Learning Market, By Academic
10.2.2 Japan: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
10.2.2.1 Japan: E-Learning Market, By Delivery Mode
10.2.2.2 Japan: E-Learning Market, By Learning Mode
10.2.2.3 Japan: E-Learning Market, By End User
10.2.2.4 Japan: E-Learning Market, By Academic
10.2.3 India: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
10.2.3.1 India: E-Learning Market, By Delivery Mode
10.2.3.2 India: E-Learning Market, By Learning Mode
10.2.3.3 India: E-Learning Market, By End User
10.2.3.4 India: E-Learning Market, By Academic
10.2.4 Australia: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
10.2.4.1 Australia: E-Learning Market, By Delivery Mode
10.2.4.2 Australia: E-Learning Market, By Learning Mode
10.2.4.3 Australia: E-Learning Market, By End User
10.2.4.4 Australia: E-Learning Market, By Academic
10.2.5 South Korea: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
10.2.5.1 South Korea: E-Learning Market, By Delivery Mode
10.2.5.2 South Korea: E-Learning Market, By Learning Mode
10.2.5.3 South Korea: E-Learning Market, By End User
10.2.5.4 South Korea: E-Learning Market, By Academic
10.2.6 New Zealand: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
10.2.6.1 New Zealand: E-Learning Market, By Delivery Mode
10.2.6.2 New Zealand: E-Learning Market, By Learning Mode
10.2.6.3 New Zealand: E-Learning Market, By End User
10.2.6.4 New Zealand: E-Learning Market, By Academic
10.2.7 Rest of APAC: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
10.2.7.1 Rest of APAC: E-Learning Market, By Delivery Mode
10.2.7.2 Rest of APAC: E-Learning Market, By Learning Mode
10.2.7.3 Rest of APAC: E-Learning Market, By End User
10.2.7.4 Rest of APAC: E-Learning Market, By Academic
11. E-Learning- COVID-19 Impact Analysis
11.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
12.5 Regulatory News
13. Company Profiles
13.1 Antoree Pte Ltd
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Gem Learning services Pvt Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Cornerstone OnDemand Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Kydon Holdings Pte Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Gnowbe Pte Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Adobe Inc
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Cisco Systems Inc
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 D2L Inc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Oracle Corp
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 MARSHALL CAVENDISH EDUCATION PTE. LTD.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary
LIST OF TABLES
Table 1. E-Learning Market– Revenue and Forecast to 2028 (US$ Billion)
Table 2. China: E-Learning Market, By Delivery Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 3. China: E-Learning Market, By Learning Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 4. China: E-Learning Market, By End User – Revenue and Forecast to 2028 (US$ Billion)
Table 5. China: E-Learning Market, By Academic– Revenue and Forecast to 2028 (US$ Billion)
Table 6. Japan: E-Learning Market, By Delivery Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 7. Japan: E-Learning Market, By Learning Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 8. Japan: E-Learning Market, By End User – Revenue and Forecast to 2028 (US$ Billion)
Table 9. Japan: E-Learning Market, By Academic– Revenue and Forecast to 2028 (US$ Billion)
Table 10. India: E-Learning Market, By Delivery Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 11. India: E-Learning Market, By Learning Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 12. India: E-Learning Market, By End User – Revenue and Forecast to 2028 (US$ Billion)
Table 13. India: E-Learning Market, By Academic– Revenue and Forecast to 2028 (US$ Billion)
Table 14. Australia: E-Learning Market, By Delivery Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 15. Australia: E-Learning Market, By Learning Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 16. Australia: E-Learning Market, By End User – Revenue and Forecast to 2028 (US$ Billion)
Table 17. Australia: E-Learning Market, By Academic– Revenue and Forecast to 2028 (US$ Billion)
Table 18. South Korea: E-Learning Market, By Delivery Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 19. South Korea: E-Learning Market, By Learning Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 20. South Korea: E-Learning Market, By End User – Revenue and Forecast to 2028 (US$ Billion)
Table 21. South Korea: E-Learning Market, By Academic– Revenue and Forecast to 2028 (US$ Billion)
Table 22. New Zealand: E-Learning Market, By Delivery Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 23. New Zealand: E-Learning Market, By Learning Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 24. New Zealand: E-Learning Market, By End User – Revenue and Forecast to 2028 (US$ Billion)
Table 25. New Zealand: E-Learning Market, By Academic– Revenue and Forecast to 2028 (US$ Billion)
Table 26. Rest of APAC: E-Learning Market, By Delivery Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 27. Rest of APAC: E-Learning Market, By Learning Mode – Revenue and Forecast to 2028 (US$ Billion)
Table 28. Rest of APAC: E-Learning Market, By End User – Revenue and Forecast to 2028 (US$ Billion)
Table 29. Rest of APAC: E-Learning Market, By Academic– Revenue and Forecast to 2028 (US$ Billion)
Table 30. Glossary of Terms, APAC E-Learning Market
LIST OF FIGURES
Figure 1. E-Learning Market Segmentation
Figure 2. APAC E-Learning Market Overview
Figure 3. Online Segment Held The Largest Market Share In 2021
Figure 4. Instructor-Led Segment Held the Largest Market Share in 2021 Based on Learning Mode
Figure 5. Academic Segment Held the Largest Market Share in 2021 Based on End User
Figure 6. China held Largest Market Share in 2021
Figure 7. APAC – PEST Analysis
Figure 8. Expert Opinion
Figure 9. APAC E-Learning Market: Impact Analysis of Drivers and Restraints
Figure 10. E-Learning Market– Revenue and Forecast to 2028 (US$ Billion)
Figure 11. E-Learnings Market , By Delivery Mode (2021 and 2028)
Figure 12. Online: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 13. LMS: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 14. Mobile: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 15. Others: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 16. E-Learning Market, By Learning Mode (2021 and 2028)
Figure 17. Self-Paced: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 18. Instructor-Led: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 19. E-Learning Market, by End User (2021 and 2028)
Figure 20. Academic: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 21. K-12: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 22. Higher Institutions: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 23. Corporate: E-Learning Market Revenue and Forecast to 2028 (US$ Billion)
Figure 24. APAC E-Learning Revenue Share, by Country (2021 and 2028)
Figure 25. China: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 26. Japan: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 27. India: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 28. Australia: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 29. South Korea: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 30. New Zealand: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 31. Rest of APAC: E-Learning Market – Revenue and Forecast to 2028 (US$ Billion)
Figure 32. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
The List of Companies - APAC E-learning Market
- Antoree Pte. Ltd
- GEM Learning
- Cornerstone
- Kydon Holdings Pte Ltd.
- Gnowbe Group Ltd.
- Adobe Inc.
- Cisco Systems, Inc.
- D2L Corporation
- Oracle Corporation
- MARSHALL CAVENDISH EDUCATION PTE. LTD.
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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