Business Spend Software Market Overview and Forecast by 2031
The business spend software market is expected to register a CAGR of 11.5% during 2023–2031. Cloud-based spend management solutions are likely to remain a key trend in the market.
Business Spend Software Market Analysis
- The business spend software market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period.
- The business spend software market is growing owing to factors such as increasing awareness regarding the benefits of business spend software, increased IT spending of businesses, and a rising number of SMEs.
- AI-driven spend analytics to provide lucrative opportunities for the business spend software market.
Business Spend Software Market Overview
- Business spend software refers to digital tools and platforms designed to help organizations manage, track, and optimize their financial expenditures.
- Typically, these solutions cover a range of business spending topics, such as financial analytics, budgeting, accounts payable, procurement, and expense management.
- Business Spend Software helps organizations enforce spending regulations, negotiate better supplier contracts, find cost-saving possibilities, and make more educated financial decisions by centralizing spending data, automating approval workflows, and offering real-time visibility into expenses.
- With this technology, financial teams and executives will have more control over and visibility into the spending patterns of the entire firm, which should increase efficiency, decrease errors, improve compliance, and eventually improve an organization's bottom line.
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Business Spend Software Market: Strategic Insights
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Business Spend Software Market: Strategic Insights
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Business Spend Software Market Drivers and Opportunities
Increasing Awareness Regarding The Benefits Of Business Spend Software to Favor Market
- Spend management software refers to a suite of digital tools and solutions that allow businesses to manage and control their spending.
- Spend management software may assist businesses in meeting their financial objectives by enforcing a spend management program and offering real-time visibility into expenditure, enhancing control, and generating cost savings.
- Businesses can find cost-saving opportunities and act swiftly by tracking expenditures in real time. Businesses may guarantee compliance with company policies and regulations and expedite purchasing procedures by implementing spend management software.
- With the correct spend management technology, fraud may be avoided, and every purchase can be verified as essential and valid. Spend management software is becoming more and more important for companies trying to optimize their spending and save costs.
Technological Advancements, Such As The Integrations with AI, the Internet Of Things (IoT), and Machine Learning (ML)
- In today’s digital era, artificial intelligence (AI) and machine learning (ML) offer an intelligent and strategic approach to tackle the complexities of managing business expenses.
- Artificial Intelligence (AI) and machine learning (ML) have emerged as a game-changer in the field of spend management. Businesses can increase the efficiency and cost-effectiveness of their spending management procedures by automating and streamlining them with the help of artificial intelligence.
- Expenses may be automatically scanned and categorized by AI algorithms, eliminating the need for manual data entry.
- This not only saves time but also reduces the risk of human errors. Dashboards powered by AI offer real-time insights into expenditure trends. This enables businesses to monitor expenses as they occur rather than relying on periodic reports.
- Thus, AI-powered business spending management tools offer businesses the ability to automate and optimize their spend management processes, resulting in cost savings, improved vendor relationships, and better budget control.
Business Spend Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the business spend software market analysis are component, deployment, enterprise size, and end user.
- By component, the market is bifurcated into software and services.
- By deployment, the market is segmented into cloud and on-premise.
- By enterprise size, the market is bifurcated into SMEs and large enterprises.
- By end user, the market is segmented into BFSI, travel & tourism, hospitality, healthcare, IT & telecom, energy & utility, retail & e-commerce, and others.
Business Spend Software Market Share Analysis by Geography
- The business spend software 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 business spend software 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 business spend software market in these regions.
Business Spend Software Market Report Scope
Business Spend Software Market News and Recent Developments
The business spend software 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 business spend software market are listed below:
- ManageEngine, a division of Zoho Corporation and a leading provider of enterprise IT management solutions announced the launch of SaaS Manager Plus, a SaaS management solution for enterprises. SaaS Manager Plus seamlessly integrates with Zoho apps and other widely utilized applications, empowering IT admins and finance managers to streamline their SaaS ecosystems and identify cost-saving opportunities for better budget allocation. ManageEngine SaaS Manager Plus also generates detailed reports on SaaS spending trends, usage metrics, and cost breakdowns to facilitate informed decision-making and budget planning. (ManageEngine, Press Release, May 2024)
- Ivalua announced the launch of its External Workforce Management solution, which enables organizations to manage all aspects of their external workforce alongside the rest of their supplier spend. With Ivalua, organizations can gain a comprehensive understanding of external workforce costs, the value derived, and the level of risk involved at any given time. (Ivalua, Press Release, June 2024)
- Coupa Software, a leader in Business Spend Management (BSM), has launched the Coupa App Marketplace, giving customers an easier and smarter way to extend the power of the leading BSM platform. The Coupa App Marketplace connects businesses with certified, pre-built solutions that create a seamless way to tap into a trusted global community of BSM partners. (Coupa Software, Press Release, August 2021)
Business Spend Software Market Report Coverage and Deliverables
The “Business Spend Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Business spend software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Business spend software market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Business spend software 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 business spend software market.
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
This text is related
to segments covered.
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
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to country scope.
Frequently Asked Questions
The global business spend software market is expected to grow at a CAGR of 11.5% during the forecast period 2024 - 2031.
Increasing awareness regarding the benefits of business spend software, increased IT spending of businesses, and rising number of SMEs are the major factors driving the business spend software market.
Cloud-based spend management solutions are anticipated to play a significant role in the global business spend software market in the coming years.
The leading player operating in the business spend software market is Altergy.; SAP SE; Coupa Software Inc.; Procurify; IBM; Fraxion.; SutiSoft, Inc.; GEP; Sage Intacct, Inc.; and Touchstone Group Plc
The report can be delivered in PDF/PPT format; we can also share an Excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and a 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
1.3.1Business Spend Software Market - By Deployment Type
1.3.2Business Spend Software Market - By Application
1.3.3Business Spend Software Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.BUSINESS SPEND SOFTWARE MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.BUSINESS SPEND SOFTWARE 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.BUSINESS SPEND SOFTWARE MARKET - GLOBAL MARKET ANALYSIS
6.1.BUSINESS SPEND SOFTWARE - GLOBAL MARKET OVERVIEW
6.2.BUSINESS SPEND SOFTWARE - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.BUSINESS SPEND SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT TYPE
7.1.OVERVIEW
7.2.DEPLOYMENT TYPE MARKET FORECASTS AND ANALYSIS
7.3.ON-PREMISE
7.3.1.Overview
7.3.2.On-premise Market Forecast and Analysis
7.4.CLOUD
7.4.1.Overview
7.4.2.Cloud Market Forecast and Analysis
8.BUSINESS SPEND SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.BFSI
8.3.1.Overview
8.3.2.BFSI Market Forecast and Analysis
8.4.IT AND TELECOM
8.4.1.Overview
8.4.2.IT and Telecom Market Forecast and Analysis
8.5.ENERGY
8.5.1.Overview
8.5.2.Energy Market Forecast and Analysis
8.6.HEALTHCARE
8.6.1.Overview
8.6.2.Healthcare Market Forecast and Analysis
8.7.MANUFACTURING
8.7.1.Overview
8.7.2.Manufacturing Market Forecast and Analysis
8.8.OTHERS
8.8.1.Overview
8.8.2.Others Market Forecast and Analysis
9.BUSINESS SPEND SOFTWARE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Business Spend Software Market Overview
9.1.2North America Business Spend Software Market Forecasts and Analysis
9.1.3North America Business Spend Software Market Forecasts and Analysis - By Deployment Type
9.1.4North America Business Spend Software Market Forecasts and Analysis - By Application
9.1.5North America Business Spend Software Market Forecasts and Analysis - By Countries
9.1.5.1United States Business Spend Software Market
9.1.5.1.1United States Business Spend Software Market by Deployment Type
9.1.5.1.2United States Business Spend Software Market by Application
9.1.5.2Canada Business Spend Software Market
9.1.5.2.1Canada Business Spend Software Market by Deployment Type
9.1.5.2.2Canada Business Spend Software Market by Application
9.1.5.3Mexico Business Spend Software Market
9.1.5.3.1Mexico Business Spend Software Market by Deployment Type
9.1.5.3.2Mexico Business Spend Software Market by Application
9.2.EUROPE
9.2.1Europe Business Spend Software Market Overview
9.2.2Europe Business Spend Software Market Forecasts and Analysis
9.2.3Europe Business Spend Software Market Forecasts and Analysis - By Deployment Type
9.2.4Europe Business Spend Software Market Forecasts and Analysis - By Application
9.2.5Europe Business Spend Software Market Forecasts and Analysis - By Countries
9.2.5.1Germany Business Spend Software Market
9.2.5.1.1Germany Business Spend Software Market by Deployment Type
9.2.5.1.2Germany Business Spend Software Market by Application
9.2.5.2France Business Spend Software Market
9.2.5.2.1France Business Spend Software Market by Deployment Type
9.2.5.2.2France Business Spend Software Market by Application
9.2.5.3Italy Business Spend Software Market
9.2.5.3.1Italy Business Spend Software Market by Deployment Type
9.2.5.3.2Italy Business Spend Software Market by Application
9.2.5.4United Kingdom Business Spend Software Market
9.2.5.4.1United Kingdom Business Spend Software Market by Deployment Type
9.2.5.4.2United Kingdom Business Spend Software Market by Application
9.2.5.5Russia Business Spend Software Market
9.2.5.5.1Russia Business Spend Software Market by Deployment Type
9.2.5.5.2Russia Business Spend Software Market by Application
9.2.5.6Rest of Europe Business Spend Software Market
9.2.5.6.1Rest of Europe Business Spend Software Market by Deployment Type
9.2.5.6.2Rest of Europe Business Spend Software Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Business Spend Software Market Overview
9.3.2Asia-Pacific Business Spend Software Market Forecasts and Analysis
9.3.3Asia-Pacific Business Spend Software Market Forecasts and Analysis - By Deployment Type
9.3.4Asia-Pacific Business Spend Software Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Business Spend Software Market Forecasts and Analysis - By Countries
9.3.5.1Australia Business Spend Software Market
9.3.5.1.1Australia Business Spend Software Market by Deployment Type
9.3.5.1.2Australia Business Spend Software Market by Application
9.3.5.2China Business Spend Software Market
9.3.5.2.1China Business Spend Software Market by Deployment Type
9.3.5.2.2China Business Spend Software Market by Application
9.3.5.3India Business Spend Software Market
9.3.5.3.1India Business Spend Software Market by Deployment Type
9.3.5.3.2India Business Spend Software Market by Application
9.3.5.4Japan Business Spend Software Market
9.3.5.4.1Japan Business Spend Software Market by Deployment Type
9.3.5.4.2Japan Business Spend Software Market by Application
9.3.5.5South Korea Business Spend Software Market
9.3.5.5.1South Korea Business Spend Software Market by Deployment Type
9.3.5.5.2South Korea Business Spend Software Market by Application
9.3.5.6Rest of Asia-Pacific Business Spend Software Market
9.3.5.6.1Rest of Asia-Pacific Business Spend Software Market by Deployment Type
9.3.5.6.2Rest of Asia-Pacific Business Spend Software Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Business Spend Software Market Overview
9.4.2Middle East and Africa Business Spend Software Market Forecasts and Analysis
9.4.3Middle East and Africa Business Spend Software Market Forecasts and Analysis - By Deployment Type
9.4.4Middle East and Africa Business Spend Software Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Business Spend Software Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Business Spend Software Market
9.4.5.1.1South Africa Business Spend Software Market by Deployment Type
9.4.5.1.2South Africa Business Spend Software Market by Application
9.4.5.2Saudi Arabia Business Spend Software Market
9.4.5.2.1Saudi Arabia Business Spend Software Market by Deployment Type
9.4.5.2.2Saudi Arabia Business Spend Software Market by Application
9.4.5.3U.A.E Business Spend Software Market
9.4.5.3.1U.A.E Business Spend Software Market by Deployment Type
9.4.5.3.2U.A.E Business Spend Software Market by Application
9.4.5.4Rest of Middle East and Africa Business Spend Software Market
9.4.5.4.1Rest of Middle East and Africa Business Spend Software Market by Deployment Type
9.4.5.4.2Rest of Middle East and Africa Business Spend Software Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Business Spend Software Market Overview
9.5.2South and Central America Business Spend Software Market Forecasts and Analysis
9.5.3South and Central America Business Spend Software Market Forecasts and Analysis - By Deployment Type
9.5.4South and Central America Business Spend Software Market Forecasts and Analysis - By Application
9.5.5South and Central America Business Spend Software Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Business Spend Software Market
9.5.5.1.1Brazil Business Spend Software Market by Deployment Type
9.5.5.1.2Brazil Business Spend Software Market by Application
9.5.5.2Argentina Business Spend Software Market
9.5.5.2.1Argentina Business Spend Software Market by Deployment Type
9.5.5.2.2Argentina Business Spend Software Market by Application
9.5.5.3Rest of South and Central America Business Spend Software Market
9.5.5.3.1Rest of South and Central America Business Spend Software Market by Deployment Type
9.5.5.3.2Rest of South and Central America Business Spend Software Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.BUSINESS SPEND SOFTWARE MARKET, KEY COMPANY PROFILES
11.1.SAP SE
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.ADVANCED
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.COUPA SOFTWARE INC.
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.FRAXION
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.GEP
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.ORACLE
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.PROCURIFY
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.SIEVO
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.SUTISOFT
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.TRADOGRAM
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
The List of Companies
1. SAP SE
2. Advanced
3. Coupa Software Inc.
4. Fraxion
5. GEP
6. Oracle
7. Procurify
8. Sievo
9. SutiSoft
10. Tradogram
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.