Commercial Security System Market Updates by 2031
The Commercial Security System Market size is projected to reach US$ 368.92 billion by 2031 from US$ 145.84 billion in 2023. The market is expected to register a CAGR of 12.3% during 2023–2031. The increasing demand for cloud computing is likely to remain a key trend in the market.
Commercial Security System Market Analysis
- The commercial security system market has witnessed significant growth in recent years. The Internet of Things (IoT) has played a critical role in simplifying operational data. Additionally, it has made it much simpler to send and receive data via the Internet, enabling the usage of video surveillance systems.
- IoT and video surveillance system integration has improved the ability to provide relevant information for the operational and security requirements of any business or corporation. Using big data analytics in conjunction with video surveillance allows for the recording of pictures and subsequent correlation or relationship-building with sequential data.
- The Federal Information Security Management Act (FISMA) and the General Data Protection Regulation (GDPR) in Europe are two examples of new privacy protection laws that are being implemented around the globe. Such instances propel the growth of the commercial security system market size.
Commercial Security System Market Overview
- Commercial security systems are a collection of security measures implemented in a commercial setting to protect people, property, and assets from harm. They use a variety of products, such as fire protection systems, video surveillance, access control systems, entrance control systems, remote monitoring services, and security system integration services.
- The demand for commercial security systems market has increased due to factors such as the need for protection against increasingly prevalent threats, such as burglary, theft, and vandalism, heightened consumer awareness and security concerns, the willingness of businesses and organizations to invest in security measures to protect their employees, customers, and assets.
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Commercial Security System Market: Strategic Insights
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Commercial Security System Market: Strategic Insights
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Commercial Security System Market Drivers and Opportunities
Increase in the Building and Construction Industry
- The construction industry is growing rapidly, and with it comes the need for more robust commercial security solutions. According to the Global Construction Perspective, the global construction market is expected to reach $8 trillion by 2031, with the US, China, and India leading the way. This growth is being driven by high demand for housing and commercial space. Construction sites are often targeted for theft and vandalism, as they contain expensive tools, materials, and equipment.
- Commercial security solutions, such as alarms and surveillance cameras, can help to deter crime and protect valuable assets. These solutions can also serve as a deterrent and help to prevent theft, which can minimize financial losses for construction companies. In short, commercial security solutions are essential for protecting construction sites and their assets from crime.
- The increased need for security systems in the commercial sector is mostly due to the high-security standards. The capacity of security goods to safeguard assets and people's lives is what is causing their rising use, including video surveillance systems, fire prevention systems, and access control systems. Regular maintenance services are required to guarantee the best performance of such systems, which further increases the demand for commercial security services worldwide.
Imposition of Government Laws regarding Security
- With the growing government law enforcement regarding security due to the rising crime rates is anticipated to fuel the market growth. In addition, governments around the world are making efforts to reduce crime.
- For instance, it is projected that the commercial security systems market will grow as surveillance systems replace the requirement for humans to carry out important jobs in risky locations. Increasing the installation of new technological solutions, raising security concerns, expanding the use of wireless technology in security systems, increasing the availability of low-cost devices, increasing the use of various cameras by the government, and using data-driven solutions like analytics are other significant factors driving the market's expansion.
Commercial Security System Market Report Segmentation Analysis
key segments that contributed to the derivation of the Commercial Security System Market analysis are component and vertical.
- Based on components, the Commercial Security System Market is divided into hardware, software, and services.
- based on vertical, the market is divided into commercial, government, transportation, retail banking and finance, education, industrial, and others.
Commercial Security System Market Share Analysis by Geography
- The Commercial Security System 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 Commercial Security System 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 Commercial Security System Market in these regions.
Commercial Security System Market Report Scope
Commercial Security System Market News and Recent Developments
The Commercial Security System 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 Commercial Security System Market are listed below:
- Securitas Technology, a world-leading provider of integrated security systems, has officially launched, bringing together the electronic security expertise and capabilities of Securitas and STANLEY Security. (Source: Securitas Technology, Company Website, March 2023)
- Phoenix Security Systems Inc. of Wilmington, Massachusetts, which offers security, fire alarm, video surveillance systems, access control, and services for more than 800 businesses and homes, mostly in the metropolitan Boston and south shore areas of Massachusetts, was acquired by American Alarm and Communications, the company announced. (Source: Phoenix Security Systems Inc., Newsletter, December 2022).
Commercial Security System Market Report Coverage and Deliverables
The “Commercial Security System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Commercial Security System Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Commercial Security System Market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Commercial Security System 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 in the Commercial Security System Market.
- Detailed company profiles.
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.
Frequently Asked Questions
The global Commercial Security System Market is expected to grow at a CAGR of 12.3% during the forecast period 2023 - 2031.
The increase in the building and construction industry is one of the major factors driving the Commercial Security System Market.
The increasing demand for cloud computing is anticipated to play a significant role in the global Commercial Security System Market in the coming years.
The leading players operating in the Commercial Security System Market are Johnson Controls., Hikvision, Carrier, Honeywell International, Danua Technology, dormakaöa Holding AG, Bosch Security Systems, Assa Abloy, Secom Co., Ltd, and Axis Communications AB.
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 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
1.3.1Commercial Security System Market - By Component
1.3.2Commercial Security System Market - By Vertical
1.3.3Commercial Security System Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.COMMERCIAL SECURITY SYSTEM MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTERS FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.COMMERCIAL SECURITY SYSTEM 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.COMMERCIAL SECURITY SYSTEM MARKET - GLOBAL MARKET ANALYSIS
6.1.COMMERCIAL SECURITY SYSTEM - GLOBAL MARKET OVERVIEW
6.2.COMMERCIAL SECURITY SYSTEM - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.COMMERCIAL SECURITY SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 " COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.HARDWARE
7.3.1.Overview
7.3.2.Hardware Market Forecast and Analysis
7.3.3.Fire Protection System Market
7.3.3.1.Overview
7.3.3.2.Fire Protection System Market Forecast and Analysis
7.3.4.Video Surveillance Market
7.3.4.1.Overview
7.3.4.2.Video Surveillance Market Forecast and Analysis
7.3.5.Access Control System Market
7.3.5.1.Overview
7.3.5.2.Access Control System Market Forecast and Analysis
7.3.6.Entrance Control System Market
7.3.6.1.Overview
7.3.6.2.Entrance Control System Market Forecast and Analysis
7.4.SOFTWARE
7.4.1.Overview
7.4.2.Software Market Forecast and Analysis
7.4.3.Fire Analysis Market
7.4.3.1.Overview
7.4.3.2.Fire Analysis Market Forecast and Analysis
7.4.4.Video Surveillance Software Market
7.4.4.1.Overview
7.4.4.2.Video Surveillance Software Market Forecast and Analysis
7.4.5.Access Control Software Market
7.4.5.1.Overview
7.4.5.2.Access Control Software Market Forecast and Analysis
7.5.SERVICES
7.5.1.Overview
7.5.2.Services Market Forecast and Analysis
7.5.3.Security System Integration Service Market
7.5.3.1.Overview
7.5.3.2.Security System Integration Service Market Forecast and Analysis
7.5.4.Remote Monitoring Market
7.5.4.1.Overview
7.5.4.2.Remote Monitoring Market Forecast and Analysis
7.5.5.Fire Protection Service Market
7.5.5.1.Overview
7.5.5.2.Fire Protection Service Market Forecast and Analysis
7.5.6.Video Surveillance Service Market
7.5.6.1.Overview
7.5.6.2.Video Surveillance Service Market Forecast and Analysis
7.5.7.Access Control Service Market
7.5.7.1.Overview
7.5.7.2.Access Control Service Market Forecast and Analysis
8.COMMERCIAL SECURITY SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 " VERTICAL
8.1.OVERVIEW
8.2.VERTICAL MARKET FORECASTS AND ANALYSIS
8.3.COMMERCIAL
8.3.1.Overview
8.3.2.Commercial Market Forecast and Analysis
8.4.GOVERNMENT
8.4.1.Overview
8.4.2.Government Market Forecast and Analysis
8.5.TRANSPORTATION
8.5.1.Overview
8.5.2.Transportation Market Forecast and Analysis
8.6.RETAIL BANKING AND FINANCE
8.6.1.Overview
8.6.2.Retail Banking and Finance Market Forecast and Analysis
8.7.EDUCATION
8.7.1.Overview
8.7.2.Education Market Forecast and Analysis
8.8.INDUSTRIAL
8.8.1.Overview
8.8.2.Industrial Market Forecast and Analysis
8.9.OTHERS
8.9.1.Overview
8.9.2.Others Market Forecast and Analysis
9.COMMERCIAL SECURITY SYSTEM MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Commercial Security System Market Overview
9.1.2North America Commercial Security System Market Forecasts and Analysis
9.1.3North America Commercial Security System Market Forecasts and Analysis - By Component
9.1.4North America Commercial Security System Market Forecasts and Analysis - By Vertical
9.1.5North America Commercial Security System Market Forecasts and Analysis - By Countries
9.1.5.1United States Commercial Security System Market
9.1.5.1.1United States Commercial Security System Market by Component
9.1.5.1.2United States Commercial Security System Market by Vertical
9.1.5.2Canada Commercial Security System Market
9.1.5.2.1Canada Commercial Security System Market by Component
9.1.5.2.2Canada Commercial Security System Market by Vertical
9.1.5.3Mexico Commercial Security System Market
9.1.5.3.1Mexico Commercial Security System Market by Component
9.1.5.3.2Mexico Commercial Security System Market by Vertical
9.2.EUROPE
9.2.1Europe Commercial Security System Market Overview
9.2.2Europe Commercial Security System Market Forecasts and Analysis
9.2.3Europe Commercial Security System Market Forecasts and Analysis - By Component
9.2.4Europe Commercial Security System Market Forecasts and Analysis - By Vertical
9.2.5Europe Commercial Security System Market Forecasts and Analysis - By Countries
9.2.5.1Germany Commercial Security System Market
9.2.5.1.1Germany Commercial Security System Market by Component
9.2.5.1.2Germany Commercial Security System Market by Vertical
9.2.5.2France Commercial Security System Market
9.2.5.2.1France Commercial Security System Market by Component
9.2.5.2.2France Commercial Security System Market by Vertical
9.2.5.3Italy Commercial Security System Market
9.2.5.3.1Italy Commercial Security System Market by Component
9.2.5.3.2Italy Commercial Security System Market by Vertical
9.2.5.4United Kingdom Commercial Security System Market
9.2.5.4.1United Kingdom Commercial Security System Market by Component
9.2.5.4.2United Kingdom Commercial Security System Market by Vertical
9.2.5.5Russia Commercial Security System Market
9.2.5.5.1Russia Commercial Security System Market by Component
9.2.5.5.2Russia Commercial Security System Market by Vertical
9.2.5.6Rest of Europe Commercial Security System Market
9.2.5.6.1Rest of Europe Commercial Security System Market by Component
9.2.5.6.2Rest of Europe Commercial Security System Market by Vertical
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Commercial Security System Market Overview
9.3.2Asia-Pacific Commercial Security System Market Forecasts and Analysis
9.3.3Asia-Pacific Commercial Security System Market Forecasts and Analysis - By Component
9.3.4Asia-Pacific Commercial Security System Market Forecasts and Analysis - By Vertical
9.3.5Asia-Pacific Commercial Security System Market Forecasts and Analysis - By Countries
9.3.5.1Australia Commercial Security System Market
9.3.5.1.1Australia Commercial Security System Market by Component
9.3.5.1.2Australia Commercial Security System Market by Vertical
9.3.5.2China Commercial Security System Market
9.3.5.2.1China Commercial Security System Market by Component
9.3.5.2.2China Commercial Security System Market by Vertical
9.3.5.3India Commercial Security System Market
9.3.5.3.1India Commercial Security System Market by Component
9.3.5.3.2India Commercial Security System Market by Vertical
9.3.5.4Japan Commercial Security System Market
9.3.5.4.1Japan Commercial Security System Market by Component
9.3.5.4.2Japan Commercial Security System Market by Vertical
9.3.5.5South Korea Commercial Security System Market
9.3.5.5.1South Korea Commercial Security System Market by Component
9.3.5.5.2South Korea Commercial Security System Market by Vertical
9.3.5.6Rest of Asia-Pacific Commercial Security System Market
9.3.5.6.1Rest of Asia-Pacific Commercial Security System Market by Component
9.3.5.6.2Rest of Asia-Pacific Commercial Security System Market by Vertical
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Commercial Security System Market Overview
9.4.2Middle East and Africa Commercial Security System Market Forecasts and Analysis
9.4.3Middle East and Africa Commercial Security System Market Forecasts and Analysis - By Component
9.4.4Middle East and Africa Commercial Security System Market Forecasts and Analysis - By Vertical
9.4.5Middle East and Africa Commercial Security System Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Commercial Security System Market
9.4.5.1.1South Africa Commercial Security System Market by Component
9.4.5.1.2South Africa Commercial Security System Market by Vertical
9.4.5.2Saudi Arabia Commercial Security System Market
9.4.5.2.1Saudi Arabia Commercial Security System Market by Component
9.4.5.2.2Saudi Arabia Commercial Security System Market by Vertical
9.4.5.3U.A.E Commercial Security System Market
9.4.5.3.1U.A.E Commercial Security System Market by Component
9.4.5.3.2U.A.E Commercial Security System Market by Vertical
9.4.5.4Rest of Middle East and Africa Commercial Security System Market
9.4.5.4.1Rest of Middle East and Africa Commercial Security System Market by Component
9.4.5.4.2Rest of Middle East and Africa Commercial Security System Market by Vertical
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Commercial Security System Market Overview
9.5.2South and Central America Commercial Security System Market Forecasts and Analysis
9.5.3South and Central America Commercial Security System Market Forecasts and Analysis - By Component
9.5.4South and Central America Commercial Security System Market Forecasts and Analysis - By Vertical
9.5.5South and Central America Commercial Security System Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Commercial Security System Market
9.5.5.1.1Brazil Commercial Security System Market by Component
9.5.5.1.2Brazil Commercial Security System Market by Vertical
9.5.5.2Argentina Commercial Security System Market
9.5.5.2.1Argentina Commercial Security System Market by Component
9.5.5.2.2Argentina Commercial Security System Market by Vertical
9.5.5.3Rest of South and Central America Commercial Security System Market
9.5.5.3.1Rest of South and Central America Commercial Security System Market by Component
9.5.5.3.2Rest of South and Central America Commercial Security System Market by Vertical
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.COMMERCIAL SECURITY SYSTEM MARKET, KEY COMPANY PROFILES
11.1.JOHNSON CONTROLS
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.HIKVISION
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.CARRIER
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.HONEYWELL INTERNATIONAL
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.DAHUA TECHNOLOGY
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.DORMAKABA HOLDING AG
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.BOSCH SECURITY SYSTEMS
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.ASSA ABLOY
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.SECOM CO., LTD
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.AXIS COMMUNICATIONS AB
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. Johnson Controls
2. Hikvision
3. Carrier
4. Honeywell International
5. Dahua Technology
6. dormakaba Holding AG
7. BOSCH SECURITY SYSTEMS
8. ASSA ABLOY
9. Secom Co., Ltd
10. Axis Communications AB
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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