The Automation Testing Market is expected to register a CAGR of 16.8% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Offering (Testing Type, Services); Testing Type [Static Testing, Dynamic Testing (Functional Testing, Non-functional Testing)]; Services Type (Managed Services, Professional Services); Organization Size (Small And Medium-Sized Enterprises, Large Enterprises); End User (Healthcare, IT & Telecommunication, Energy & Utilities, BFSI, Government, Defense & Aerospace, Others). The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments
Purpose of the ReportThe report Automation Testing Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Automation Testing Market Segmentation
Offering- Testing Type
- Services
- Static Testing
- Dynamic Testing
- Managed Services
- Professional Services
- Small And Medium-Sized Enterprises
- Large Enterprises
- Healthcare
- IT & Telecommunication
- Energy & Utilities
- BFSI
- Government
- Defense & Aerospace
Strategic Insights
Automation Testing Market Growth Drivers- Demand for continuous testing in DevOps processes: Continuous testing will become even more important in DevOps processes. This requires the demand for automation technologies to easily integrate testing into CI/CD pipelines for immediate feedback and continuous delivery.
- Automation of test data: Automation and test data management will gain popularity. This generates the need for automation technologies to easily generate, provide, and hide test data. Hence, automating testing supports users in thorough and successful testing methods.
- AI and Machine Learning-Driven Test Automation: The integration of artificial intelligence (AI) and machine learning (ML) into test automation is a growing trend that will continue to shape the future of the market. AI and ML technologies can be used to automatically generate and optimize test cases, predict test outcomes, and identify patterns in test results. These technologies enhance the ability to adapt to changing application features and environments, improving the efficiency of testing and reducing manual intervention. AI-driven test automation can also improve test coverage, identify edge cases more effectively, and speed up the testing process, making it a key trend in the market.
- Shift-Left Testing and Continuous Integration/Continuous Deployment (CI/CD) Integration: As DevOps and Agile methodologies continue to dominate software development, there is a growing emphasis on "shift-left" testing, where testing activities are integrated early into the development lifecycle. Automation testing tools will increasingly be integrated with CI/CD pipelines, enabling real-time testing of code as it is developed and deployed. This trend allows teams to detect and fix bugs earlier in the development process, leading to faster releases and more reliable software. The demand for tools that support seamless integration with CI/CD frameworks will continue to drive growth in the automation testing market.
- Testing with AI and machine learning: AI and machine learning approaches will be increasingly applied in automation testing to increase test case generation, predictive analytics for problem detection, and intelligent test execution optimization.
- Demand for end-to-end automation: Business across the globe is highly engaged in automating their operation and production processes, which increases the adoption of hyper automation. Hyper-automation is highly demanded for end-to-end automation of business operations and testing procedures.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Automation Testing Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Automation Testing Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation#as our team would review the same and check the feasibility
Demand for continuous testing in DevOps processes and automation of test data are the major factors driving the automation testing market.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Automation of security testing and implementing testing across platforms and browsers is likely to remain a key trend in the market.
The Automation Testing Market is estimated to witness a CAGR of 16.8% from 2024 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Automation Testing Market - By Component
1.3.2 Automation Testing Market - By Endpoint Interface
1.3.3 Automation Testing Market - By Industry Vertical
1.3.4 Automation Testing Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AUTOMATION TESTING MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. AUTOMATION TESTING MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. AUTOMATION TESTING MARKET - GLOBAL MARKET ANALYSIS
6.1. AUTOMATION TESTING - GLOBAL MARKET OVERVIEW
6.2. AUTOMATION TESTING - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AUTOMATION TESTING MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. DYNAMIC TESTING
7.3.1. Overview
7.3.2. Dynamic Testing Market Forecast and Analysis
7.4. STATIC TESTING
7.4.1. Overview
7.4.2. Static Testing Market Forecast and Analysis
7.5. SERVICES
7.5.1. Overview
7.5.2. Services Market Forecast and Analysis
8. AUTOMATION TESTING MARKET - REVENUE AND FORECASTS TO 2028 - ENDPOINT INTERFACE
8.1. OVERVIEW
8.2. ENDPOINT INTERFACE MARKET FORECASTS AND ANALYSIS
8.3. DESKTOP
8.3.1. Overview
8.3.2. Desktop Market Forecast and Analysis
8.4. MOBILE
8.4.1. Overview
8.4.2. Mobile Market Forecast and Analysis
8.5. WEB
8.5.1. Overview
8.5.2. Web Market Forecast and Analysis
8.6. EMBEDDED SOFTWARE
8.6.1. Overview
8.6.2. Embedded Software Market Forecast and Analysis
9. AUTOMATION TESTING MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY VERTICAL
9.1. OVERVIEW
9.2. INDUSTRY VERTICAL MARKET FORECASTS AND ANALYSIS
9.3. BFSI
9.3.1. Overview
9.3.2. BFSI Market Forecast and Analysis
9.4. IT AND TELECOM
9.4.1. Overview
9.4.2. IT and Telecom Market Forecast and Analysis
9.5. AUTOMOTIVE
9.5.1. Overview
9.5.2. Automotive Market Forecast and Analysis
9.6. HEALTHCARE
9.6.1. Overview
9.6.2. Healthcare Market Forecast and Analysis
9.7. RETAIL
9.7.1. Overview
9.7.2. Retail Market Forecast and Analysis
9.8. MANUFACTURING
9.8.1. Overview
9.8.2. Manufacturing Market Forecast and Analysis
9.9. LOGISTICS AND TRANSPORTATION
9.9.1. Overview
9.9.2. Logistics and Transportation Market Forecast and Analysis
9.10. OTHERS
9.10.1. Overview
9.10.2. Others Market Forecast and Analysis
10. AUTOMATION TESTING MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Automation Testing Market Overview
10.1.2 North America Automation Testing Market Forecasts and Analysis
10.1.3 North America Automation Testing Market Forecasts and Analysis - By Component
10.1.4 North America Automation Testing Market Forecasts and Analysis - By Endpoint Interface
10.1.5 North America Automation Testing Market Forecasts and Analysis - By Industry Vertical
10.1.6 North America Automation Testing Market Forecasts and Analysis - By Countries
10.1.6.1 United States Automation Testing Market
10.1.6.1.1 United States Automation Testing Market by Component
10.1.6.1.2 United States Automation Testing Market by Endpoint Interface
10.1.6.1.3 United States Automation Testing Market by Industry Vertical
10.1.6.2 Canada Automation Testing Market
10.1.6.2.1 Canada Automation Testing Market by Component
10.1.6.2.2 Canada Automation Testing Market by Endpoint Interface
10.1.6.2.3 Canada Automation Testing Market by Industry Vertical
10.1.6.3 Mexico Automation Testing Market
10.1.6.3.1 Mexico Automation Testing Market by Component
10.1.6.3.2 Mexico Automation Testing Market by Endpoint Interface
10.1.6.3.3 Mexico Automation Testing Market by Industry Vertical
10.2. EUROPE
10.2.1 Europe Automation Testing Market Overview
10.2.2 Europe Automation Testing Market Forecasts and Analysis
10.2.3 Europe Automation Testing Market Forecasts and Analysis - By Component
10.2.4 Europe Automation Testing Market Forecasts and Analysis - By Endpoint Interface
10.2.5 Europe Automation Testing Market Forecasts and Analysis - By Industry Vertical
10.2.6 Europe Automation Testing Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Automation Testing Market
10.2.6.1.1 Germany Automation Testing Market by Component
10.2.6.1.2 Germany Automation Testing Market by Endpoint Interface
10.2.6.1.3 Germany Automation Testing Market by Industry Vertical
10.2.6.2 France Automation Testing Market
10.2.6.2.1 France Automation Testing Market by Component
10.2.6.2.2 France Automation Testing Market by Endpoint Interface
10.2.6.2.3 France Automation Testing Market by Industry Vertical
10.2.6.3 Italy Automation Testing Market
10.2.6.3.1 Italy Automation Testing Market by Component
10.2.6.3.2 Italy Automation Testing Market by Endpoint Interface
10.2.6.3.3 Italy Automation Testing Market by Industry Vertical
10.2.6.4 United Kingdom Automation Testing Market
10.2.6.4.1 United Kingdom Automation Testing Market by Component
10.2.6.4.2 United Kingdom Automation Testing Market by Endpoint Interface
10.2.6.4.3 United Kingdom Automation Testing Market by Industry Vertical
10.2.6.5 Russia Automation Testing Market
10.2.6.5.1 Russia Automation Testing Market by Component
10.2.6.5.2 Russia Automation Testing Market by Endpoint Interface
10.2.6.5.3 Russia Automation Testing Market by Industry Vertical
10.2.6.6 Rest of Europe Automation Testing Market
10.2.6.6.1 Rest of Europe Automation Testing Market by Component
10.2.6.6.2 Rest of Europe Automation Testing Market by Endpoint Interface
10.2.6.6.3 Rest of Europe Automation Testing Market by Industry Vertical
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Automation Testing Market Overview
10.3.2 Asia-Pacific Automation Testing Market Forecasts and Analysis
10.3.3 Asia-Pacific Automation Testing Market Forecasts and Analysis - By Component
10.3.4 Asia-Pacific Automation Testing Market Forecasts and Analysis - By Endpoint Interface
10.3.5 Asia-Pacific Automation Testing Market Forecasts and Analysis - By Industry Vertical
10.3.6 Asia-Pacific Automation Testing Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Automation Testing Market
10.3.6.1.1 Australia Automation Testing Market by Component
10.3.6.1.2 Australia Automation Testing Market by Endpoint Interface
10.3.6.1.3 Australia Automation Testing Market by Industry Vertical
10.3.6.2 China Automation Testing Market
10.3.6.2.1 China Automation Testing Market by Component
10.3.6.2.2 China Automation Testing Market by Endpoint Interface
10.3.6.2.3 China Automation Testing Market by Industry Vertical
10.3.6.3 India Automation Testing Market
10.3.6.3.1 India Automation Testing Market by Component
10.3.6.3.2 India Automation Testing Market by Endpoint Interface
10.3.6.3.3 India Automation Testing Market by Industry Vertical
10.3.6.4 Japan Automation Testing Market
10.3.6.4.1 Japan Automation Testing Market by Component
10.3.6.4.2 Japan Automation Testing Market by Endpoint Interface
10.3.6.4.3 Japan Automation Testing Market by Industry Vertical
10.3.6.5 South Korea Automation Testing Market
10.3.6.5.1 South Korea Automation Testing Market by Component
10.3.6.5.2 South Korea Automation Testing Market by Endpoint Interface
10.3.6.5.3 South Korea Automation Testing Market by Industry Vertical
10.3.6.6 Rest of Asia-Pacific Automation Testing Market
10.3.6.6.1 Rest of Asia-Pacific Automation Testing Market by Component
10.3.6.6.2 Rest of Asia-Pacific Automation Testing Market by Endpoint Interface
10.3.6.6.3 Rest of Asia-Pacific Automation Testing Market by Industry Vertical
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Automation Testing Market Overview
10.4.2 Middle East and Africa Automation Testing Market Forecasts and Analysis
10.4.3 Middle East and Africa Automation Testing Market Forecasts and Analysis - By Component
10.4.4 Middle East and Africa Automation Testing Market Forecasts and Analysis - By Endpoint Interface
10.4.5 Middle East and Africa Automation Testing Market Forecasts and Analysis - By Industry Vertical
10.4.6 Middle East and Africa Automation Testing Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Automation Testing Market
10.4.6.1.1 South Africa Automation Testing Market by Component
10.4.6.1.2 South Africa Automation Testing Market by Endpoint Interface
10.4.6.1.3 South Africa Automation Testing Market by Industry Vertical
10.4.6.2 Saudi Arabia Automation Testing Market
10.4.6.2.1 Saudi Arabia Automation Testing Market by Component
10.4.6.2.2 Saudi Arabia Automation Testing Market by Endpoint Interface
10.4.6.2.3 Saudi Arabia Automation Testing Market by Industry Vertical
10.4.6.3 U.A.E Automation Testing Market
10.4.6.3.1 U.A.E Automation Testing Market by Component
10.4.6.3.2 U.A.E Automation Testing Market by Endpoint Interface
10.4.6.3.3 U.A.E Automation Testing Market by Industry Vertical
10.4.6.4 Rest of Middle East and Africa Automation Testing Market
10.4.6.4.1 Rest of Middle East and Africa Automation Testing Market by Component
10.4.6.4.2 Rest of Middle East and Africa Automation Testing Market by Endpoint Interface
10.4.6.4.3 Rest of Middle East and Africa Automation Testing Market by Industry Vertical
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Automation Testing Market Overview
10.5.2 South and Central America Automation Testing Market Forecasts and Analysis
10.5.3 South and Central America Automation Testing Market Forecasts and Analysis - By Component
10.5.4 South and Central America Automation Testing Market Forecasts and Analysis - By Endpoint Interface
10.5.5 South and Central America Automation Testing Market Forecasts and Analysis - By Industry Vertical
10.5.6 South and Central America Automation Testing Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Automation Testing Market
10.5.6.1.1 Brazil Automation Testing Market by Component
10.5.6.1.2 Brazil Automation Testing Market by Endpoint Interface
10.5.6.1.3 Brazil Automation Testing Market by Industry Vertical
10.5.6.2 Argentina Automation Testing Market
10.5.6.2.1 Argentina Automation Testing Market by Component
10.5.6.2.2 Argentina Automation Testing Market by Endpoint Interface
10.5.6.2.3 Argentina Automation Testing Market by Industry Vertical
10.5.6.3 Rest of South and Central America Automation Testing Market
10.5.6.3.1 Rest of South and Central America Automation Testing Market by Component
10.5.6.3.2 Rest of South and Central America Automation Testing Market by Endpoint Interface
10.5.6.3.3 Rest of South and Central America Automation Testing Market by Industry Vertical
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. AUTOMATION TESTING MARKET, KEY COMPANY PROFILES
12.1. IBM CORPORATION
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. CAPGEMINI SE
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. CIGNITI TECHNOLOGIES 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. CODOID
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. KEYSIGHT TECHNOLOGIES
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. MICRO FOCUS INTERNATIONAL PLC
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. PARASOFT CORPORATION
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. SMARTBEAR SOFTWARE, INC.
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. THINKSYS INC.
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. TRICENTIS GMBH
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
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. IBM Corporation
2. Capgemini SE
3. Cigniti Technologies Ltd.
4. Codoid
5. Keysight Technologies
6. Micro Focus International plc
7. Parasoft Corporation
8. SmartBear Software, Inc.
9. ThinkSys Inc.
10. Tricentis GmbH
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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