Automotive Biometrics Market Key Findings and Share by 2031
The Automotive Biometrics Market is expected to register a CAGR of 18.1% during 2023–2031. The evolution of advanced technologies in vehicles is likely to remain a key trend in the market.
Automotive Biometrics Market Analysis
- The key factors increasing market growth are a greater emphasis on the development of autonomous vehicles, advances in emerging nations and a rise in consumer demand for security features in vehicles.
- The need for improved security management will continue to create new opportunities for the automotive biometric market, such as increased safety concerns leveraging technologies such as facial, fingerprint scans and voice recognition.
- The technology has only been implemented in the premium segment of cars as it is a high-end security feature that enhances vehicle security. The automakers are implementing the feature to improve vehicle security and other accessibility benefits in luxury cars, and it is anticipated that this technology will soon be implemented into the budget vehicles.
Automotive Biometrics Market Overview
- Automotive biometrics is used for vehicular access identification and authentication.
- Any type of biometric system, including voice, facial, and fingerprint recognition, can be used for augmenting vehicle security.
- The purpose of biometric authentication in automotive is to offer vehicle safety.
- Increasing number of vehicle thefts, automotive biometric security is becoming critical in the automotive industry. Emerging concerns regarding security and safety and growing consumer preference for luxury and electric vehicles are key drivers of the automotive biometrics market.
Strategic Insights
Automotive Biometrics Market Drivers and Opportunities
Growing Focus on Technological Advancement in Vehicles to Favor the Market
- The growing advancement in the vehicle technology is one of the prime reasons acting as a major driver for the market
- Additionally, growing consumer demand for more vehicle security and authentication is driving the application of automotive biometric technology globally.
- Increasing consumer preference for high-end vehicles for more luxury and secure rides is also driving the growth of the automotive biometrics market.
Increasing Demand of Vehicle Personalization and Advance Security Solutions
- The growing interest of customers in vehicle personalization and the rising need for advanced security solutions in cars are the main drivers of the numerous opportunities in the automotive biometric system market.
- The application of biometric driver identification systems is predicted to soar as issues about auto theft and illegal entry continue to mount.
- Additionally, developments in biometric technology, such as enhanced reliability, affordability, and accuracy, are driving market expansion.
- Unique applications and improved functionalities can be realized through the integration of biometric systems with other cutting-edge technologies like the Internet of Things and artificial intelligence.
- Additionally, since shared mobility services and autonomous vehicles are becoming more popular, there will probably be more opportunities for biometric driver identification systems because these technologies require strong authentication mechanisms to operate.
Automotive Biometrics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive biometrics market analysis are authentication type, vehicle type, and application.
- Based on authentication type, the automotive biometrics market is divided into fingerprint, voice, iris, and others.
- On the basis of the vehicle type, the market is divided into passenger vehicles and commercial vehicles.
- Based on the application, the automotive biometrics market is divided into vehicle security system, driver safety system, infotainment, and others.
Automotive Biometrics Market Share Analysis by Geography
- The automotive biometrics market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive biometrics market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive biometrics market in these regions.
Automotive Biometrics Market Report Scope
Automotive Biometrics Market News and Recent Developments
The automotive biometrics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive biometrics market are listed below:
- Fingerprint Cards AB announced that the company has signed an agreement with a tier 1 automotive supplier, with the objective of further developing Fingerprints’ iris recognition technology so that it can be seamlessly integrated into Driver Monitoring Systems. The scope of the agreement is to implement Fingerprints’ iris authentication software in an existing DMS, and to promote it to automotive OEMs as an add-on feature. Our partner will pay a non-recurring engineering (NRE) fee for the development phase of the project. (Source: Fingerprint Cards AB, Company Website, July 2023)
- IDEMIA Secure Transactions (IST), a division of IDEMIA Group, is a leading provider of payment and connectivity solutions for financial institutions, mobile network operators and automotive manufacturers. IST proudly received the NFC Forum Certification according to the latest Certification Release 13 (CR13) for its NFC key card portfolio. The compliance with this certification includes automotive car access NFC use cases as specified by the Car Connectivity Consortium® (CCC), a cross-industry organization advancing technologies for smartphone-to-car connectivity solutions. With the compatibility of its automotive-grade NFC Key Cards with CCC Digital Key™, IST creates the perfect conditions for automakers to deploy seamless NFC car access solutions to their vehicles. From now on, only one protocol is needed to integrate both physical and digital cards. (Source: IDEMIA, Company Website, April 2024)
Automotive Biometrics Market Report Coverage and Deliverables
The “Automotive Biometrics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive biometrics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive biometrics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Automotive biometrics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive biometrics market
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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
The global automotive biometrics market is expected to grow at a CAGR of 18.1% during the forecast period 2023 - 2031.
The rapid advancement of vehicle security technology and the growing demand for customization are some of the major factors driving the automotive biometrics market.
An increase in sales of high-end vehicles is anticipated to play a significant role in the global automotive biometrics market in the coming years.
The leading players operating in the automotive biometrics market are Fingerprint Cards AB, Fujitsu Ltd, HID Global Corporation/Assa ABLOY AB, Hitachi, Ltd, IDEMIA, Methode Electronics Inc, Nuance Communications, Inc., Safran S.A, Synaptics Incorporated.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are 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.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Automotive Biometrics Market - By Authentication Type
1.3.2 Automotive Biometrics Market - By Vehicle Type
1.3.3 Automotive Biometrics Market - By Application
1.3.4 Automotive Biometrics Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AUTOMOTIVE BIOMETRICS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. AUTOMOTIVE BIOMETRICS 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 AND RESTRAINTS
6. AUTOMOTIVE BIOMETRICS MARKET - GLOBAL MARKET ANALYSIS
6.1. AUTOMOTIVE BIOMETRICS - GLOBAL MARKET OVERVIEW
6.2. AUTOMOTIVE BIOMETRICS - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. AUTOMOTIVE BIOMETRICS MARKET - REVENUE AND FORECASTS TO 2027 - AUTHENTICATION TYPE
7.1. OVERVIEW
7.2. AUTHENTICATION TYPE MARKET FORECASTS AND ANALYSIS
7.3. FINGERPRINT
7.3.1. Overview
7.3.2. Fingerprint Market Forecast and Analysis
7.4. VOICE
7.4.1. Overview
7.4.2. Voice Market Forecast and Analysis
7.5. IRIS
7.5.1. Overview
7.5.2. IRIS Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. AUTOMOTIVE BIOMETRICS MARKET - REVENUE AND FORECASTS TO 2027 - VEHICLE TYPE
8.1. OVERVIEW
8.2. VEHICLE TYPE MARKET FORECASTS AND ANALYSIS
8.3. PASSENGER VEHICLES
8.3.1. Overview
8.3.2. Passenger Vehicles Market Forecast and Analysis
8.4. COMMERCIAL VEHICLES
8.4.1. Overview
8.4.2. Commercial Vehicles Market Forecast and Analysis
9. AUTOMOTIVE BIOMETRICS MARKET - REVENUE AND FORECASTS TO 2027 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. VEHICLE SECURITY SYSTEM
9.3.1. Overview
9.3.2. Vehicle Security System Market Forecast and Analysis
9.4. DRIVER SAFETY SYSTEM
9.4.1. Overview
9.4.2. Driver Safety System Market Forecast and Analysis
9.5. INFOTAINMENT
9.5.1. Overview
9.5.2. Infotainment Market Forecast and Analysis
9.6. OTHERS
9.6.1. Overview
9.6.2. Others Market Forecast and Analysis
10. AUTOMOTIVE BIOMETRICS MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Automotive Biometrics Market Overview
10.1.2 North America Automotive Biometrics Market Forecasts and Analysis
10.1.3 North America Automotive Biometrics Market Forecasts and Analysis - By Authentication Type
10.1.4 North America Automotive Biometrics Market Forecasts and Analysis - By Vehicle Type
10.1.5 North America Automotive Biometrics Market Forecasts and Analysis - By Application
10.1.6 North America Automotive Biometrics Market Forecasts and Analysis - By Countries
10.1.6.1 United States Automotive Biometrics Market
10.1.6.1.1 United States Automotive Biometrics Market by Authentication Type
10.1.6.1.2 United States Automotive Biometrics Market by Vehicle Type
10.1.6.1.3 United States Automotive Biometrics Market by Application
10.1.6.2 Canada Automotive Biometrics Market
10.1.6.2.1 Canada Automotive Biometrics Market by Authentication Type
10.1.6.2.2 Canada Automotive Biometrics Market by Vehicle Type
10.1.6.2.3 Canada Automotive Biometrics Market by Application
10.1.6.3 Mexico Automotive Biometrics Market
10.1.6.3.1 Mexico Automotive Biometrics Market by Authentication Type
10.1.6.3.2 Mexico Automotive Biometrics Market by Vehicle Type
10.1.6.3.3 Mexico Automotive Biometrics Market by Application
10.2. EUROPE
10.2.1 Europe Automotive Biometrics Market Overview
10.2.2 Europe Automotive Biometrics Market Forecasts and Analysis
10.2.3 Europe Automotive Biometrics Market Forecasts and Analysis - By Authentication Type
10.2.4 Europe Automotive Biometrics Market Forecasts and Analysis - By Vehicle Type
10.2.5 Europe Automotive Biometrics Market Forecasts and Analysis - By Application
10.2.6 Europe Automotive Biometrics Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Automotive Biometrics Market
10.2.6.1.1 Germany Automotive Biometrics Market by Authentication Type
10.2.6.1.2 Germany Automotive Biometrics Market by Vehicle Type
10.2.6.1.3 Germany Automotive Biometrics Market by Application
10.2.6.2 France Automotive Biometrics Market
10.2.6.2.1 France Automotive Biometrics Market by Authentication Type
10.2.6.2.2 France Automotive Biometrics Market by Vehicle Type
10.2.6.2.3 France Automotive Biometrics Market by Application
10.2.6.3 Italy Automotive Biometrics Market
10.2.6.3.1 Italy Automotive Biometrics Market by Authentication Type
10.2.6.3.2 Italy Automotive Biometrics Market by Vehicle Type
10.2.6.3.3 Italy Automotive Biometrics Market by Application
10.2.6.4 United Kingdom Automotive Biometrics Market
10.2.6.4.1 United Kingdom Automotive Biometrics Market by Authentication Type
10.2.6.4.2 United Kingdom Automotive Biometrics Market by Vehicle Type
10.2.6.4.3 United Kingdom Automotive Biometrics Market by Application
10.2.6.5 Russia Automotive Biometrics Market
10.2.6.5.1 Russia Automotive Biometrics Market by Authentication Type
10.2.6.5.2 Russia Automotive Biometrics Market by Vehicle Type
10.2.6.5.3 Russia Automotive Biometrics Market by Application
10.2.6.6 Rest of Europe Automotive Biometrics Market
10.2.6.6.1 Rest of Europe Automotive Biometrics Market by Authentication Type
10.2.6.6.2 Rest of Europe Automotive Biometrics Market by Vehicle Type
10.2.6.6.3 Rest of Europe Automotive Biometrics Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Automotive Biometrics Market Overview
10.3.2 Asia-Pacific Automotive Biometrics Market Forecasts and Analysis
10.3.3 Asia-Pacific Automotive Biometrics Market Forecasts and Analysis - By Authentication Type
10.3.4 Asia-Pacific Automotive Biometrics Market Forecasts and Analysis - By Vehicle Type
10.3.5 Asia-Pacific Automotive Biometrics Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Automotive Biometrics Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Automotive Biometrics Market
10.3.6.1.1 Australia Automotive Biometrics Market by Authentication Type
10.3.6.1.2 Australia Automotive Biometrics Market by Vehicle Type
10.3.6.1.3 Australia Automotive Biometrics Market by Application
10.3.6.2 China Automotive Biometrics Market
10.3.6.2.1 China Automotive Biometrics Market by Authentication Type
10.3.6.2.2 China Automotive Biometrics Market by Vehicle Type
10.3.6.2.3 China Automotive Biometrics Market by Application
10.3.6.3 India Automotive Biometrics Market
10.3.6.3.1 India Automotive Biometrics Market by Authentication Type
10.3.6.3.2 India Automotive Biometrics Market by Vehicle Type
10.3.6.3.3 India Automotive Biometrics Market by Application
10.3.6.4 Japan Automotive Biometrics Market
10.3.6.4.1 Japan Automotive Biometrics Market by Authentication Type
10.3.6.4.2 Japan Automotive Biometrics Market by Vehicle Type
10.3.6.4.3 Japan Automotive Biometrics Market by Application
10.3.6.5 South Korea Automotive Biometrics Market
10.3.6.5.1 South Korea Automotive Biometrics Market by Authentication Type
10.3.6.5.2 South Korea Automotive Biometrics Market by Vehicle Type
10.3.6.5.3 South Korea Automotive Biometrics Market by Application
10.3.6.6 Rest of Asia-Pacific Automotive Biometrics Market
10.3.6.6.1 Rest of Asia-Pacific Automotive Biometrics Market by Authentication Type
10.3.6.6.2 Rest of Asia-Pacific Automotive Biometrics Market by Vehicle Type
10.3.6.6.3 Rest of Asia-Pacific Automotive Biometrics Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Automotive Biometrics Market Overview
10.4.2 Middle East and Africa Automotive Biometrics Market Forecasts and Analysis
10.4.3 Middle East and Africa Automotive Biometrics Market Forecasts and Analysis - By Authentication Type
10.4.4 Middle East and Africa Automotive Biometrics Market Forecasts and Analysis - By Vehicle Type
10.4.5 Middle East and Africa Automotive Biometrics Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Automotive Biometrics Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Automotive Biometrics Market
10.4.6.1.1 South Africa Automotive Biometrics Market by Authentication Type
10.4.6.1.2 South Africa Automotive Biometrics Market by Vehicle Type
10.4.6.1.3 South Africa Automotive Biometrics Market by Application
10.4.6.2 Saudi Arabia Automotive Biometrics Market
10.4.6.2.1 Saudi Arabia Automotive Biometrics Market by Authentication Type
10.4.6.2.2 Saudi Arabia Automotive Biometrics Market by Vehicle Type
10.4.6.2.3 Saudi Arabia Automotive Biometrics Market by Application
10.4.6.3 U.A.E Automotive Biometrics Market
10.4.6.3.1 U.A.E Automotive Biometrics Market by Authentication Type
10.4.6.3.2 U.A.E Automotive Biometrics Market by Vehicle Type
10.4.6.3.3 U.A.E Automotive Biometrics Market by Application
10.4.6.4 Rest of Middle East and Africa Automotive Biometrics Market
10.4.6.4.1 Rest of Middle East and Africa Automotive Biometrics Market by Authentication Type
10.4.6.4.2 Rest of Middle East and Africa Automotive Biometrics Market by Vehicle Type
10.4.6.4.3 Rest of Middle East and Africa Automotive Biometrics Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Automotive Biometrics Market Overview
10.5.2 South and Central America Automotive Biometrics Market Forecasts and Analysis
10.5.3 South and Central America Automotive Biometrics Market Forecasts and Analysis - By Authentication Type
10.5.4 South and Central America Automotive Biometrics Market Forecasts and Analysis - By Vehicle Type
10.5.5 South and Central America Automotive Biometrics Market Forecasts and Analysis - By Application
10.5.6 South and Central America Automotive Biometrics Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Automotive Biometrics Market
10.5.6.1.1 Brazil Automotive Biometrics Market by Authentication Type
10.5.6.1.2 Brazil Automotive Biometrics Market by Vehicle Type
10.5.6.1.3 Brazil Automotive Biometrics Market by Application
10.5.6.2 Argentina Automotive Biometrics Market
10.5.6.2.1 Argentina Automotive Biometrics Market by Authentication Type
10.5.6.2.2 Argentina Automotive Biometrics Market by Vehicle Type
10.5.6.2.3 Argentina Automotive Biometrics Market by Application
10.5.6.3 Rest of South and Central America Automotive Biometrics Market
10.5.6.3.1 Rest of South and Central America Automotive Biometrics Market by Authentication Type
10.5.6.3.2 Rest of South and Central America Automotive Biometrics Market by Vehicle Type
10.5.6.3.3 Rest of South and Central America Automotive Biometrics Market by Application
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. AUTOMOTIVE BIOMETRICS MARKET, KEY COMPANY PROFILES
12.1. FINGERPRINT CARDS AB
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. FUJITSU LTD
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. HID GLOBAL CORPORATION/ASSA ABLOY AB
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. HITACHI, 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. IDEMIA
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. METHODE ELECTRONICS INC
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. NUANCE COMMUNICATIONS, INC.
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. SAFRAN S.A
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. SYNAPTICS INCORPORATED
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. VOXX INTERNATIONAL CORP.
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
The List of Companies
1. Fingerprint Cards AB
2. Fujitsu Ltd
3. HID Global Corporation/Assa ABLOY AB
4. Hitachi, Ltd
5. IDEMIA
6. Methode Electronics Inc
7. Nuance Communications, Inc.
8. Safran S.A
9. Synaptics Incorporated
10. VOXX International Corp.
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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