Bulletproof Vest Market Dynamics 2021-2031
Bulletproof vest is an armor that helps to protect soldiers from bullets, knives, explosive explosion by absorbing the impact and preventing the attack from penetrating the body. The soft vest is made of various layers of woven and laminated fabrics that protect soldiers and security guard from small shotgun, small caliber hand gun and explosive. Ballistic plates are also placed within soft vest. In addition, metal plates may be used with a soft jacket, offering additional protection against rifles and knife stabbing. These vests use various layers of strong fibers that bend bullets, distributing their power over a greater portion of the fiber, thereby mushrooming the bullet into a dish shape.
MARKET SCOPE
The "Global Bulletproof Vest Market Analysis to 2031" is a specialized and in-depth study of the bulletproof vest market with a special focus on the global market trend analysis. The report aims to provide an overview of bulletproof vest market with detailed market segmentation by type, protection level, end user and geography. The global bulletproof vest market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading bulletproof vest market players and offers key trends and opportunities in the bulletproof vest market.
MARKET SEGMENTATION
- On the basis of type, the market is segmented as soft vest, and hard vest.
- On the basis of protection level, the market is segmented as level I, level II, level III, and level IV.
- Based on type of end user, the market is segmnted as miltary, and law enforcement.
MARKET DYNAMICS
Drivers:
- Growing military spending the world
- Increasing security threats both internally and externally around the world and growing consciousness for commercial security
- The implementation of newer technology in the bulletproof vest such as nanotechnology
Restraints:
- The high cost of bulletproof jackets
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), South America. The Bulletproof Vests market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive porter's five forces analysis affecting the Bulletproof Vests market.
IMPACT OF COVID-19 ON BULLETPROOF VESTS MARKET
The COVID-19 pandemic has an influence on the global economy by reducing demand, disrupting supply chains in the market, and having a financial impact on businesses and financial markets. Covid-19 has had an impact on the defense industry. The industry's dynamic has shifted as a result of lower demand and delayed product deliveries. The market's development is projected to be slowed by the deferral of defense product manufacture. For instance, the Indian Military Affairs Department has instructed all of its armed forces to postpone capital acquisitions due to budget cuts brought on by COVID-19 in 2021. However, now that life is returning to normal, demand for the products is expected to rise expectedly. The supply-demand chain will be back in service and the market will maintain the pace in the coming years (2021
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), South America. The Bulletproof Vests market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive porter's five forces analysis affecting the Bulletproof Vests market.
IMPACT OF COVID-19 ON BULLETPROOF VESTS MARKET
The COVID-19 pandemic has an influence on the global economy by reducing demand, disrupting supply chains in the market, and having a financial impact on businesses and financial markets. Covid-19 has had an impact on the defense industry. The industry's dynamic has shifted as a result of lower demand and delayed product deliveries. The market's development is projected to be slowed by the deferral of defense product manufacture. For instance, the Indian Military Affairs Department has instructed all of its armed forces to postpone capital acquisitions due to budget cuts brought on by COVID-19 in 2021. However, now that life is returning to normal, demand for the products is expected to rise expectedly. The supply-demand chain will be back in service and the market will maintain the pace in the coming years (2021
MARKET PLAYERS
The report covers key developments in the Bulletproof Vests market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Bulletproof Vests market are anticipated to lucrative growth opportunities in the future with the rising demand for Bulletproof Vests in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Bulletproof Vests market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Armor Express
- Blackhawk
- Canadian Armour
- DuPont
- Elmon Systems Pvt Ltd.
- Point Blank Enterprises, Inc.
- U.S. Armor Corporation
- EnGarde B.V.
- VestGuard UK Ltd.
- Indian Armour System pvt ltd
- 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
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Bulletproof Vest Market - By Type
1.3.2 Bulletproof Vest Market - By Protection Level
1.3.3 Bulletproof Vest Market - By End User
1.3.4 Bulletproof Vest Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BULLETPROOF VEST 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. BULLETPROOF VEST 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. BULLETPROOF VEST MARKET - GLOBAL MARKET ANALYSIS
6.1. BULLETPROOF VEST - GLOBAL MARKET OVERVIEW
6.2. BULLETPROOF VEST - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BULLETPROOF VEST MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. SOFT VEST
7.3.1. Overview
7.3.2. Soft Vest Market Forecast and Analysis
7.4. HARD VEST
7.4.1. Overview
7.4.2. Hard Vest Market Forecast and Analysis
8. BULLETPROOF VEST MARKET - REVENUE AND FORECASTS TO 2028 - PROTECTION LEVEL
8.1. OVERVIEW
8.2. PROTECTION LEVEL MARKET FORECASTS AND ANALYSIS
8.3. LEVEL I
8.3.1. Overview
8.3.2. Level I Market Forecast and Analysis
8.4. LEVEL II
8.4.1. Overview
8.4.2. Level II Market Forecast and Analysis
8.5. LEVEL III
8.5.1. Overview
8.5.2. Level III Market Forecast and Analysis
8.6. LEVEL IV
8.6.1. Overview
8.6.2. Level IV Market Forecast and Analysis
9. BULLETPROOF VEST MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. MILITARY
9.3.1. Overview
9.3.2. Military Market Forecast and Analysis
9.4. LAW ENFORCEMENT
9.4.1. Overview
9.4.2. Law Enforcement Market Forecast and Analysis
10. BULLETPROOF VEST MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Bulletproof Vest Market Overview
10.1.2 North America Bulletproof Vest Market Forecasts and Analysis
10.1.3 North America Bulletproof Vest Market Forecasts and Analysis - By Type
10.1.4 North America Bulletproof Vest Market Forecasts and Analysis - By Protection Level
10.1.5 North America Bulletproof Vest Market Forecasts and Analysis - By End User
10.1.6 North America Bulletproof Vest Market Forecasts and Analysis - By Countries
10.1.6.1 United States Bulletproof Vest Market
10.1.6.1.1 United States Bulletproof Vest Market by Type
10.1.6.1.2 United States Bulletproof Vest Market by Protection Level
10.1.6.1.3 United States Bulletproof Vest Market by End User
10.1.6.2 Canada Bulletproof Vest Market
10.1.6.2.1 Canada Bulletproof Vest Market by Type
10.1.6.2.2 Canada Bulletproof Vest Market by Protection Level
10.1.6.2.3 Canada Bulletproof Vest Market by End User
10.1.6.3 Mexico Bulletproof Vest Market
10.1.6.3.1 Mexico Bulletproof Vest Market by Type
10.1.6.3.2 Mexico Bulletproof Vest Market by Protection Level
10.1.6.3.3 Mexico Bulletproof Vest Market by End User
10.2. EUROPE
10.2.1 Europe Bulletproof Vest Market Overview
10.2.2 Europe Bulletproof Vest Market Forecasts and Analysis
10.2.3 Europe Bulletproof Vest Market Forecasts and Analysis - By Type
10.2.4 Europe Bulletproof Vest Market Forecasts and Analysis - By Protection Level
10.2.5 Europe Bulletproof Vest Market Forecasts and Analysis - By End User
10.2.6 Europe Bulletproof Vest Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Bulletproof Vest Market
10.2.6.1.1 Germany Bulletproof Vest Market by Type
10.2.6.1.2 Germany Bulletproof Vest Market by Protection Level
10.2.6.1.3 Germany Bulletproof Vest Market by End User
10.2.6.2 France Bulletproof Vest Market
10.2.6.2.1 France Bulletproof Vest Market by Type
10.2.6.2.2 France Bulletproof Vest Market by Protection Level
10.2.6.2.3 France Bulletproof Vest Market by End User
10.2.6.3 Italy Bulletproof Vest Market
10.2.6.3.1 Italy Bulletproof Vest Market by Type
10.2.6.3.2 Italy Bulletproof Vest Market by Protection Level
10.2.6.3.3 Italy Bulletproof Vest Market by End User
10.2.6.4 United Kingdom Bulletproof Vest Market
10.2.6.4.1 United Kingdom Bulletproof Vest Market by Type
10.2.6.4.2 United Kingdom Bulletproof Vest Market by Protection Level
10.2.6.4.3 United Kingdom Bulletproof Vest Market by End User
10.2.6.5 Russia Bulletproof Vest Market
10.2.6.5.1 Russia Bulletproof Vest Market by Type
10.2.6.5.2 Russia Bulletproof Vest Market by Protection Level
10.2.6.5.3 Russia Bulletproof Vest Market by End User
10.2.6.6 Rest of Europe Bulletproof Vest Market
10.2.6.6.1 Rest of Europe Bulletproof Vest Market by Type
10.2.6.6.2 Rest of Europe Bulletproof Vest Market by Protection Level
10.2.6.6.3 Rest of Europe Bulletproof Vest Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Bulletproof Vest Market Overview
10.3.2 Asia-Pacific Bulletproof Vest Market Forecasts and Analysis
10.3.3 Asia-Pacific Bulletproof Vest Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Bulletproof Vest Market Forecasts and Analysis - By Protection Level
10.3.5 Asia-Pacific Bulletproof Vest Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Bulletproof Vest Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Bulletproof Vest Market
10.3.6.1.1 Australia Bulletproof Vest Market by Type
10.3.6.1.2 Australia Bulletproof Vest Market by Protection Level
10.3.6.1.3 Australia Bulletproof Vest Market by End User
10.3.6.2 China Bulletproof Vest Market
10.3.6.2.1 China Bulletproof Vest Market by Type
10.3.6.2.2 China Bulletproof Vest Market by Protection Level
10.3.6.2.3 China Bulletproof Vest Market by End User
10.3.6.3 India Bulletproof Vest Market
10.3.6.3.1 India Bulletproof Vest Market by Type
10.3.6.3.2 India Bulletproof Vest Market by Protection Level
10.3.6.3.3 India Bulletproof Vest Market by End User
10.3.6.4 Japan Bulletproof Vest Market
10.3.6.4.1 Japan Bulletproof Vest Market by Type
10.3.6.4.2 Japan Bulletproof Vest Market by Protection Level
10.3.6.4.3 Japan Bulletproof Vest Market by End User
10.3.6.5 South Korea Bulletproof Vest Market
10.3.6.5.1 South Korea Bulletproof Vest Market by Type
10.3.6.5.2 South Korea Bulletproof Vest Market by Protection Level
10.3.6.5.3 South Korea Bulletproof Vest Market by End User
10.3.6.6 Rest of Asia-Pacific Bulletproof Vest Market
10.3.6.6.1 Rest of Asia-Pacific Bulletproof Vest Market by Type
10.3.6.6.2 Rest of Asia-Pacific Bulletproof Vest Market by Protection Level
10.3.6.6.3 Rest of Asia-Pacific Bulletproof Vest Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Bulletproof Vest Market Overview
10.4.2 Middle East and Africa Bulletproof Vest Market Forecasts and Analysis
10.4.3 Middle East and Africa Bulletproof Vest Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Bulletproof Vest Market Forecasts and Analysis - By Protection Level
10.4.5 Middle East and Africa Bulletproof Vest Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Bulletproof Vest Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Bulletproof Vest Market
10.4.6.1.1 South Africa Bulletproof Vest Market by Type
10.4.6.1.2 South Africa Bulletproof Vest Market by Protection Level
10.4.6.1.3 South Africa Bulletproof Vest Market by End User
10.4.6.2 Saudi Arabia Bulletproof Vest Market
10.4.6.2.1 Saudi Arabia Bulletproof Vest Market by Type
10.4.6.2.2 Saudi Arabia Bulletproof Vest Market by Protection Level
10.4.6.2.3 Saudi Arabia Bulletproof Vest Market by End User
10.4.6.3 U.A.E Bulletproof Vest Market
10.4.6.3.1 U.A.E Bulletproof Vest Market by Type
10.4.6.3.2 U.A.E Bulletproof Vest Market by Protection Level
10.4.6.3.3 U.A.E Bulletproof Vest Market by End User
10.4.6.4 Rest of Middle East and Africa Bulletproof Vest Market
10.4.6.4.1 Rest of Middle East and Africa Bulletproof Vest Market by Type
10.4.6.4.2 Rest of Middle East and Africa Bulletproof Vest Market by Protection Level
10.4.6.4.3 Rest of Middle East and Africa Bulletproof Vest Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Bulletproof Vest Market Overview
10.5.2 South and Central America Bulletproof Vest Market Forecasts and Analysis
10.5.3 South and Central America Bulletproof Vest Market Forecasts and Analysis - By Type
10.5.4 South and Central America Bulletproof Vest Market Forecasts and Analysis - By Protection Level
10.5.5 South and Central America Bulletproof Vest Market Forecasts and Analysis - By End User
10.5.6 South and Central America Bulletproof Vest Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Bulletproof Vest Market
10.5.6.1.1 Brazil Bulletproof Vest Market by Type
10.5.6.1.2 Brazil Bulletproof Vest Market by Protection Level
10.5.6.1.3 Brazil Bulletproof Vest Market by End User
10.5.6.2 Argentina Bulletproof Vest Market
10.5.6.2.1 Argentina Bulletproof Vest Market by Type
10.5.6.2.2 Argentina Bulletproof Vest Market by Protection Level
10.5.6.2.3 Argentina Bulletproof Vest Market by End User
10.5.6.3 Rest of South and Central America Bulletproof Vest Market
10.5.6.3.1 Rest of South and Central America Bulletproof Vest Market by Type
10.5.6.3.2 Rest of South and Central America Bulletproof Vest Market by Protection Level
10.5.6.3.3 Rest of South and Central America Bulletproof Vest Market by End User
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. BULLETPROOF VEST MARKET, KEY COMPANY PROFILES
12.1. ARMOR EXPRESS
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. BLACKHAWK
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. CANADIAN ARMOUR
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. DUPONT
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. ELMON SYSTEMS PVT 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. POINT BLANK ENTERPRISES, 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. U.S. ARMOR 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. ENGARDE B.V.
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. VESTGUARD UK 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. INDIAN ARMOUR SYSTEM PVT LTD
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.Armor Express
2.Blackhawk
3.Canadian Armour
4.DuPont
5.Elmon Systems Pvt Ltd.
6.Point Blank Enterprises, Inc.
7.U.S. Armor Corporation
8.EnGarde B.V.
9.VestGuard UK Ltd.
10.Indian Armour System pvt 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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