Connected Truck Market Opportunities 2031
The connected truck market is expected to register a CAGR of 15.6% during 2023–2031. The evolution of advanced technologies, like the integration of the Internet of Things (IoT) in trucks, is likely to remain a key trend in the market.
Connected Truck Market Analysis
- The increasing demand for automotive cybersecurity, high-end connectivity of vehicles and digitalization has led to significant growth in the global connected truck market.
- The growing chances of cyber threats have increased as vehicles are getting more advanced and sophisticated features such as safety features, autonomous driving capabilities, and a variety of sensors. Owing to this, there has been an increase in demand for advanced technology solutions to protect trucks and their occupants from possible cyberattacks.
Connected Truck Market Overview
- The connected truck market is anticipated to be boosted by a number of factors, such as the mounting number of electronic control units (ECUs) in electric vehicles for enhanced performance and sophistication, the upsurge in cyberattacks targeting the automotive industry, and the growing number of connected and autonomous vehicles.
- Vehicle safety solution providers are working with other key stakeholders and investing broadly in the development of advanced automotive solutions in order to combat the growing number of road accidents and hazards.
- Due to original equipment manufacturers' (OEMs)' growing concerns about vehicle security, the connected truck market is expected to grow significantly over the upcoming years.
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Connected Truck Market: Strategic Insights
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Connected Truck Market: Strategic Insights
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Connected Truck Market Drivers and Opportunities
Growing Focus on Technological Advancement in Vehicles to Favor the Market
- The market for connected truck is developing as an outcome of the widespread application of connected vehicle technology.
- With features such as infotainment systems, telematics, remote diagnostics, and over-the-air (OTA) software updates, modern trucks are getting more connected. Although these features improve driving and have many advantages, they also make users more vulnerable to online threats. For the purpose of exchanging data with outside systems and services, connected trucks rely on a variety of communication interfaces and networks.
Emergence of Software-Defined Vehicles
- The automotive industry has begun to focus more on vehicles that are software-centric.
- Automotive software is primarily responsible for enabling the features and functions of these vehicles. Most automotive manufacturers would likely procure cybersecurity products from suppliers and integrate them into their trucks’s hardware.
- The weak internal capabilities of most automakers at the plant or in technical centers may create significant vulnerabilities during the delay. This will lead to a rise in the demand for software-defined vehicles, which will create growth opportunities for the connected truck market.
Connected Truck Market Report Segmentation Analysis
Key segments that contributed to the derivation of the connected truck market analysis are component, range, and communication type.
- Based on the components, the connected truck market is divided into hardware, software, and services.
- On the basis of the security type, the market is divided into network security, endpoint security, application security, cloud security and others.
- Based on range, the connected truck market is divided into dedicated short-range communication and long-range communication.
- On the basis of the communication type, the market is divided into vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), and vehicle-to-cloud (V2C).
Connected Truck Market Share Analysis by Geography
- The connected truck 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 connected truck 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 connected truck market in these regions.
Connected Truck Market Report Scope
Connected Truck Market News and Recent Developments
The connected truck 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 connected truck market are listed below:
- Geotab, the global leader in connected transportation, and Daimler Truck North America (DTNA) are partnering to simplify fleet management. Through the integration of direct truck data from Freightliner trucks via DTNA’s data-as-a-service (DaaS) technology and Geotab’s advanced fleet management platform, MyGeotab, fleets can now benefit from a solution that marries technology and convenience, thus solving the previously complex issue of collecting and transforming data from multiple sources into actionable insights. (Source: Geotab, Company Website, February 2024)
- Daimler Truck Holding AG (“Daimler Truck”), Mitsubishi Fuso Truck and Bus Corporation (“MFTBC”), Hino Motors Ltd. (“Hino”) and Toyota Motor Corporation (“Toyota”) today concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino. Daimler Truck, MFTBC, Hino, and Toyota will collaborate toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected/Autonomous & Automated/Shared/Electric) and strengthening the commercial vehicle business on a global scale. (Source: Mitsubishi Fuso, Company Website, May 2023)
Connected Truck Market Report Coverage and Deliverables
The “Connected Truck Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Connected truck market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Connected truck market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Connected truck 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 connected truck 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
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.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the connected truck market are Continental AG, Delphi Technologies, Denso Corporation, NXP Semiconductors, Robert Bosch GmbH, Sierra Wireless, Trimble Inc., Verizon Wireless, and ZF Friedrichshafen AG.
An increase in sales of high-end vehicles is anticipated to play a significant role in the global connected truck market in the coming years.
The global connected truck market is expected to grow at a CAGR of 15.6% during the forecast period 2023 - 2031.
The rapid technological advancement in the automotive sector is one of the major factors driving the connected truck market.
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 Connected Truck Market - By Component
1.3.2 Connected Truck Market - By Range
1.3.3 Connected Truck Market - By Communication Type
1.3.4 Connected Truck Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CONNECTED TRUCK 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. CONNECTED TRUCK 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. CONNECTED TRUCK MARKET - GLOBAL MARKET ANALYSIS
6.1. CONNECTED TRUCK - GLOBAL MARKET OVERVIEW
6.2. CONNECTED TRUCK - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. CONNECTED TRUCK MARKET - REVENUE AND FORECASTS TO 2027 - 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
7.4. SOFTWARE
7.4.1. Overview
7.4.2. Software Market Forecast and Analysis
7.5. SERVICES
7.5.1. Overview
7.5.2. Services Market Forecast and Analysis
8. CONNECTED TRUCK MARKET - REVENUE AND FORECASTS TO 2027 - RANGE
8.1. OVERVIEW
8.2. RANGE MARKET FORECASTS AND ANALYSIS
8.3. DEDICATED SHORT RANGE COMMUNICATION(DSRC)
8.3.1. Overview
8.3.2. Dedicated Short Range Communication(DSRC) Market Forecast and Analysis
8.4. LONG RANGE COMMUNICATION(TELEMATICS CONTROL UNIT)
8.4.1. Overview
8.4.2. Long Range Communication(TELEMATICS CONTROL UNIT) Market Forecast and Analysis
9. CONNECTED TRUCK MARKET - REVENUE AND FORECASTS TO 2027 - COMMUNICATION TYPE
9.1. OVERVIEW
9.2. COMMUNICATION TYPE MARKET FORECASTS AND ANALYSIS
9.3. VEHICLE TO VEHICLE (V2V)
9.3.1. Overview
9.3.2. Vehicle to Vehicle (V2V) Market Forecast and Analysis
9.4. VEHICLE TO INFRASTRUCTURE (V2I)
9.4.1. Overview
9.4.2. Vehicle to Infrastructure (V2I) Market Forecast and Analysis
9.5. VEHICLE TO CLOUD(V2C)
9.5.1. Overview
9.5.2. Vehicle to Cloud(V2C) Market Forecast and Analysis
10. CONNECTED TRUCK MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Connected Truck Market Overview
10.1.2 North America Connected Truck Market Forecasts and Analysis
10.1.3 North America Connected Truck Market Forecasts and Analysis - By Component
10.1.4 North America Connected Truck Market Forecasts and Analysis - By Range
10.1.5 North America Connected Truck Market Forecasts and Analysis - By Communication Type
10.1.6 North America Connected Truck Market Forecasts and Analysis - By Countries
10.1.6.1 United States Connected Truck Market
10.1.6.1.1 United States Connected Truck Market by Component
10.1.6.1.2 United States Connected Truck Market by Range
10.1.6.1.3 United States Connected Truck Market by Communication Type
10.1.6.2 Canada Connected Truck Market
10.1.6.2.1 Canada Connected Truck Market by Component
10.1.6.2.2 Canada Connected Truck Market by Range
10.1.6.2.3 Canada Connected Truck Market by Communication Type
10.1.6.3 Mexico Connected Truck Market
10.1.6.3.1 Mexico Connected Truck Market by Component
10.1.6.3.2 Mexico Connected Truck Market by Range
10.1.6.3.3 Mexico Connected Truck Market by Communication Type
10.2. EUROPE
10.2.1 Europe Connected Truck Market Overview
10.2.2 Europe Connected Truck Market Forecasts and Analysis
10.2.3 Europe Connected Truck Market Forecasts and Analysis - By Component
10.2.4 Europe Connected Truck Market Forecasts and Analysis - By Range
10.2.5 Europe Connected Truck Market Forecasts and Analysis - By Communication Type
10.2.6 Europe Connected Truck Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Connected Truck Market
10.2.6.1.1 Germany Connected Truck Market by Component
10.2.6.1.2 Germany Connected Truck Market by Range
10.2.6.1.3 Germany Connected Truck Market by Communication Type
10.2.6.2 France Connected Truck Market
10.2.6.2.1 France Connected Truck Market by Component
10.2.6.2.2 France Connected Truck Market by Range
10.2.6.2.3 France Connected Truck Market by Communication Type
10.2.6.3 Italy Connected Truck Market
10.2.6.3.1 Italy Connected Truck Market by Component
10.2.6.3.2 Italy Connected Truck Market by Range
10.2.6.3.3 Italy Connected Truck Market by Communication Type
10.2.6.4 United Kingdom Connected Truck Market
10.2.6.4.1 United Kingdom Connected Truck Market by Component
10.2.6.4.2 United Kingdom Connected Truck Market by Range
10.2.6.4.3 United Kingdom Connected Truck Market by Communication Type
10.2.6.5 Russia Connected Truck Market
10.2.6.5.1 Russia Connected Truck Market by Component
10.2.6.5.2 Russia Connected Truck Market by Range
10.2.6.5.3 Russia Connected Truck Market by Communication Type
10.2.6.6 Rest of Europe Connected Truck Market
10.2.6.6.1 Rest of Europe Connected Truck Market by Component
10.2.6.6.2 Rest of Europe Connected Truck Market by Range
10.2.6.6.3 Rest of Europe Connected Truck Market by Communication Type
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Connected Truck Market Overview
10.3.2 Asia-Pacific Connected Truck Market Forecasts and Analysis
10.3.3 Asia-Pacific Connected Truck Market Forecasts and Analysis - By Component
10.3.4 Asia-Pacific Connected Truck Market Forecasts and Analysis - By Range
10.3.5 Asia-Pacific Connected Truck Market Forecasts and Analysis - By Communication Type
10.3.6 Asia-Pacific Connected Truck Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Connected Truck Market
10.3.6.1.1 Australia Connected Truck Market by Component
10.3.6.1.2 Australia Connected Truck Market by Range
10.3.6.1.3 Australia Connected Truck Market by Communication Type
10.3.6.2 China Connected Truck Market
10.3.6.2.1 China Connected Truck Market by Component
10.3.6.2.2 China Connected Truck Market by Range
10.3.6.2.3 China Connected Truck Market by Communication Type
10.3.6.3 India Connected Truck Market
10.3.6.3.1 India Connected Truck Market by Component
10.3.6.3.2 India Connected Truck Market by Range
10.3.6.3.3 India Connected Truck Market by Communication Type
10.3.6.4 Japan Connected Truck Market
10.3.6.4.1 Japan Connected Truck Market by Component
10.3.6.4.2 Japan Connected Truck Market by Range
10.3.6.4.3 Japan Connected Truck Market by Communication Type
10.3.6.5 South Korea Connected Truck Market
10.3.6.5.1 South Korea Connected Truck Market by Component
10.3.6.5.2 South Korea Connected Truck Market by Range
10.3.6.5.3 South Korea Connected Truck Market by Communication Type
10.3.6.6 Rest of Asia-Pacific Connected Truck Market
10.3.6.6.1 Rest of Asia-Pacific Connected Truck Market by Component
10.3.6.6.2 Rest of Asia-Pacific Connected Truck Market by Range
10.3.6.6.3 Rest of Asia-Pacific Connected Truck Market by Communication Type
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Connected Truck Market Overview
10.4.2 Middle East and Africa Connected Truck Market Forecasts and Analysis
10.4.3 Middle East and Africa Connected Truck Market Forecasts and Analysis - By Component
10.4.4 Middle East and Africa Connected Truck Market Forecasts and Analysis - By Range
10.4.5 Middle East and Africa Connected Truck Market Forecasts and Analysis - By Communication Type
10.4.6 Middle East and Africa Connected Truck Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Connected Truck Market
10.4.6.1.1 South Africa Connected Truck Market by Component
10.4.6.1.2 South Africa Connected Truck Market by Range
10.4.6.1.3 South Africa Connected Truck Market by Communication Type
10.4.6.2 Saudi Arabia Connected Truck Market
10.4.6.2.1 Saudi Arabia Connected Truck Market by Component
10.4.6.2.2 Saudi Arabia Connected Truck Market by Range
10.4.6.2.3 Saudi Arabia Connected Truck Market by Communication Type
10.4.6.3 U.A.E Connected Truck Market
10.4.6.3.1 U.A.E Connected Truck Market by Component
10.4.6.3.2 U.A.E Connected Truck Market by Range
10.4.6.3.3 U.A.E Connected Truck Market by Communication Type
10.4.6.4 Rest of Middle East and Africa Connected Truck Market
10.4.6.4.1 Rest of Middle East and Africa Connected Truck Market by Component
10.4.6.4.2 Rest of Middle East and Africa Connected Truck Market by Range
10.4.6.4.3 Rest of Middle East and Africa Connected Truck Market by Communication Type
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Connected Truck Market Overview
10.5.2 South and Central America Connected Truck Market Forecasts and Analysis
10.5.3 South and Central America Connected Truck Market Forecasts and Analysis - By Component
10.5.4 South and Central America Connected Truck Market Forecasts and Analysis - By Range
10.5.5 South and Central America Connected Truck Market Forecasts and Analysis - By Communication Type
10.5.6 South and Central America Connected Truck Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Connected Truck Market
10.5.6.1.1 Brazil Connected Truck Market by Component
10.5.6.1.2 Brazil Connected Truck Market by Range
10.5.6.1.3 Brazil Connected Truck Market by Communication Type
10.5.6.2 Argentina Connected Truck Market
10.5.6.2.1 Argentina Connected Truck Market by Component
10.5.6.2.2 Argentina Connected Truck Market by Range
10.5.6.2.3 Argentina Connected Truck Market by Communication Type
10.5.6.3 Rest of South and Central America Connected Truck Market
10.5.6.3.1 Rest of South and Central America Connected Truck Market by Component
10.5.6.3.2 Rest of South and Central America Connected Truck Market by Range
10.5.6.3.3 Rest of South and Central America Connected Truck Market by Communication Type
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. CONNECTED TRUCK MARKET, KEY COMPANY PROFILES
12.1. CONTINENTAL AG
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. DELPHI TECHNOLOGIES
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. DENSO CORPORATION
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. NXP SEMICONDUCTORS
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. ROBERT BOSCH GMBH
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. SIERRA WIRELESS
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. TRIMBLE 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. VERIZON WIRELESS
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. ZF FRIEDRICHSHAFEN AG
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
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Continental AG
2. Delphi Technologies
3. Denso Corporation
4. NXP Semiconductors
5. Robert Bosch GmbH
6. Sierra Wireless
7. Trimble Inc.
8. Verizon Wireless
9. ZF Friedrichshafen AG
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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