Contactless Biometrics Market Size (2021-2031) and Geography
The Contactless Biometrics Market is expected to register a CAGR of 14.2% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Offering (Hardware, Software, Services); Application (Face Recognition, Fingerprint Recognition, Iris Recognition, Voice Recognition, Hand Geometry, Others); End-user (BFSI , Defense and Security, Government, Transport and Logistics , Retail and Ecommerce, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Contactless Biometrics Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Contactless Biometrics Market Segmentation
Offering- Hardware
- Software
- Services
- Face Recognition
- Fingerprint Recognition
- Iris Recognition
- Voice Recognition
- Hand Geometry
- BFSI
- Defense and Security
- Government
- Transport and Logistics
- Retail and Ecommerce
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
Strategic Insights
Contactless Biometrics Market Growth Drivers- Rising Demand for High-Volume Printing: The increasing demand for high-quality, high-volume printing across industries such as publishing, packaging, and direct mail is driving the growth of the production printer market. Businesses are looking for faster, more efficient ways to produce printed materials in large quantities while maintaining quality. Production printers, with their ability to handle bulk printing needs, provide businesses with a solution to meet these demands, improving productivity and operational efficiency.
- Advancements in Print Technology: Technological advancements, including digital printing, inkjet, and electrophotography, are fueling the growth of the production printer market. These innovations enable faster, more precise, and cost-effective printing, making production printers essential for industries requiring high-quality outputs. Continuous improvements in print speeds, color accuracy, and energy efficiency further contribute to the growing adoption of these machines.
- Integration of Artificial Intelligence and Machine Learning to Enhance the Efficiency of Biometric Recognition Systems: A notable trend in the contactless biometrics market is the integration of artificial intelligence (AI) and machine learning (ML) technologies. These advancements enhance the accuracy and efficiency of biometric recognition systems by enabling them to learn and adapt over time. As AI and ML algorithms improve, contactless systems can provide faster and more reliable authentication, further driving their adoption in security applications.
- Focus on Privacy and Data Protection: With increasing awareness of privacy concerns, there is a growing trend towards implementing robust data protection measures in contactless biometric systems. Organizations are prioritizing the development of secure protocols to protect user data from unauthorized access and breaches. Compliance with regulations like GDPR and CCPA is shaping the design of biometric solutions, ensuring that user privacy is maintained while still enabling effective identity verification.
- Emergence of Multi-Modal Biometric Systems: There is a rising trend towards the use of multi-modal biometric systems, which combine different biometric modalities, such as facial recognition, voice recognition, and iris scanning, for enhanced security. By integrating multiple biometric factors, these systems increase the accuracy and reliability of identity verification. This trend is being driven by the need for more secure and versatile solutions across various sectors, including finance, healthcare, and government.
- Expansion in Smart City Initiatives: As smart cities continue to develop globally, there is a significant opportunity for the contactless biometrics market to grow. These initiatives often require advanced security and access control systems to manage urban infrastructure, transportation, and public safety. Contactless biometric technologies can play a crucial role in enhancing security measures, facilitating seamless transportation, and improving overall urban management.
- Rising Demand for Biometric Payment Solutions: The rapid adoption of digital payment solutions presents a lucrative opportunity for contactless biometrics. Consumers are increasingly seeking secure and convenient methods to conduct transactions without physical contact. Implementing contactless biometric authentication for payment systems can reduce fraud and enhance user experience, leading to broader acceptance and integration within the financial services sector.
- Advancements in Biometric Technology for Wearables: The growing popularity of wearable devices, such as smartwatches and fitness trackers, creates opportunities for contactless biometric solutions. As these devices become more sophisticated, incorporating biometric authentication methods, like heart rate or facial recognition, can enhance user security and accessibility. This trend offers a promising avenue for innovation and market growth within the contactless biometrics space.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Contactless Biometrics Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Contactless Biometrics Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- 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
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an 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 leading players operating in the contactless biometrics market include HID Global Corporation, Bio Key International, NEC Corporation, Thales Group, Fulcrum Biometric Inc., Nuance Communication Inc., Precise Biometric, Qualcomm Technology, Dreamlog Identification System Inc., Daon Inc.
The global contactless biometrics market is expected to grow at a CAGR of 14.2% during the forecast period 2024 - 2031.
Integration of Artificial Intelligence and Machine Learning to Enhance the Efficiency of Biometric Recognition Systems, Focus on Privacy and Data Protection, Emergence of Multi-Modal Biometric Systems is the key future trend of the contactless biometrics market
The major factors driving the contactless biometrics market is Increasing Demand for Enhanced Security Solutions, Growth in Mobile Device Usage, COVID-19 Pandemic and Health Safety Concerns.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Contactless Biometrics Market - By Offering
1.3.2 Contactless Biometrics Market - By Application
1.3.3 Contactless Biometrics Market - By End-user
1.3.4 Contactless Biometrics Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CONTACTLESS BIOMETRICS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. CONTACTLESS BIOMETRICS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. CONTACTLESS BIOMETRICS MARKET - GLOBAL MARKET ANALYSIS
6.1. CONTACTLESS BIOMETRICS - GLOBAL MARKET OVERVIEW
6.2. CONTACTLESS BIOMETRICS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CONTACTLESS BIOMETRICS MARKET - REVENUE AND FORECASTS TO 2028 - OFFERING
7.1. OVERVIEW
7.2. OFFERING 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
7.5.3. Professional Services Market
7.5.3.1. Overview
7.5.3.2. Professional Services Market Forecast and Analysis
7.5.4. Managed Services Market
7.5.4.1. Overview
7.5.4.2. Managed Services Market Forecast and Analysis
8. CONTACTLESS BIOMETRICS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. FACE RECOGNITION
8.3.1. Overview
8.3.2. Face Recognition Market Forecast and Analysis
8.4. FINGERPRINT RECOGNITION
8.4.1. Overview
8.4.2. Fingerprint Recognition Market Forecast and Analysis
8.5. IRIS RECOGNITION
8.5.1. Overview
8.5.2. Iris Recognition Market Forecast and Analysis
8.6. VOICE RECOGNITION
8.6.1. Overview
8.6.2. Voice Recognition Market Forecast and Analysis
8.7. HAND GEOMETRY
8.7.1. Overview
8.7.2. Hand Geometry Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. CONTACTLESS BIOMETRICS MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1. OVERVIEW
9.2. END-USER MARKET FORECASTS AND ANALYSIS
9.3. BFSI
9.3.1. Overview
9.3.2. BFSI Market Forecast and Analysis
9.4. DEFENSE AND SECURITY
9.4.1. Overview
9.4.2. Defense and Security Market Forecast and Analysis
9.5. GOVERNMENT
9.5.1. Overview
9.5.2. Government Market Forecast and Analysis
9.6. TRANSPORT AND LOGISTICS
9.6.1. Overview
9.6.2. Transport and Logistics Market Forecast and Analysis
9.7. RETAIL AND ECOMMERCE
9.7.1. Overview
9.7.2. Retail and Ecommerce Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. CONTACTLESS BIOMETRICS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Contactless Biometrics Market Overview
10.1.2 North America Contactless Biometrics Market Forecasts and Analysis
10.1.3 North America Contactless Biometrics Market Forecasts and Analysis - By Offering
10.1.4 North America Contactless Biometrics Market Forecasts and Analysis - By Application
10.1.5 North America Contactless Biometrics Market Forecasts and Analysis - By End-user
10.1.6 North America Contactless Biometrics Market Forecasts and Analysis - By Countries
10.1.6.1 United States Contactless Biometrics Market
10.1.6.1.1 United States Contactless Biometrics Market by Offering
10.1.6.1.2 United States Contactless Biometrics Market by Application
10.1.6.1.3 United States Contactless Biometrics Market by End-user
10.1.6.2 Canada Contactless Biometrics Market
10.1.6.2.1 Canada Contactless Biometrics Market by Offering
10.1.6.2.2 Canada Contactless Biometrics Market by Application
10.1.6.2.3 Canada Contactless Biometrics Market by End-user
10.1.6.3 Mexico Contactless Biometrics Market
10.1.6.3.1 Mexico Contactless Biometrics Market by Offering
10.1.6.3.2 Mexico Contactless Biometrics Market by Application
10.1.6.3.3 Mexico Contactless Biometrics Market by End-user
10.2. EUROPE
10.2.1 Europe Contactless Biometrics Market Overview
10.2.2 Europe Contactless Biometrics Market Forecasts and Analysis
10.2.3 Europe Contactless Biometrics Market Forecasts and Analysis - By Offering
10.2.4 Europe Contactless Biometrics Market Forecasts and Analysis - By Application
10.2.5 Europe Contactless Biometrics Market Forecasts and Analysis - By End-user
10.2.6 Europe Contactless Biometrics Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Contactless Biometrics Market
10.2.6.1.1 Germany Contactless Biometrics Market by Offering
10.2.6.1.2 Germany Contactless Biometrics Market by Application
10.2.6.1.3 Germany Contactless Biometrics Market by End-user
10.2.6.2 France Contactless Biometrics Market
10.2.6.2.1 France Contactless Biometrics Market by Offering
10.2.6.2.2 France Contactless Biometrics Market by Application
10.2.6.2.3 France Contactless Biometrics Market by End-user
10.2.6.3 Italy Contactless Biometrics Market
10.2.6.3.1 Italy Contactless Biometrics Market by Offering
10.2.6.3.2 Italy Contactless Biometrics Market by Application
10.2.6.3.3 Italy Contactless Biometrics Market by End-user
10.2.6.4 United Kingdom Contactless Biometrics Market
10.2.6.4.1 United Kingdom Contactless Biometrics Market by Offering
10.2.6.4.2 United Kingdom Contactless Biometrics Market by Application
10.2.6.4.3 United Kingdom Contactless Biometrics Market by End-user
10.2.6.5 Russia Contactless Biometrics Market
10.2.6.5.1 Russia Contactless Biometrics Market by Offering
10.2.6.5.2 Russia Contactless Biometrics Market by Application
10.2.6.5.3 Russia Contactless Biometrics Market by End-user
10.2.6.6 Rest of Europe Contactless Biometrics Market
10.2.6.6.1 Rest of Europe Contactless Biometrics Market by Offering
10.2.6.6.2 Rest of Europe Contactless Biometrics Market by Application
10.2.6.6.3 Rest of Europe Contactless Biometrics Market by End-user
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Contactless Biometrics Market Overview
10.3.2 Asia-Pacific Contactless Biometrics Market Forecasts and Analysis
10.3.3 Asia-Pacific Contactless Biometrics Market Forecasts and Analysis - By Offering
10.3.4 Asia-Pacific Contactless Biometrics Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Contactless Biometrics Market Forecasts and Analysis - By End-user
10.3.6 Asia-Pacific Contactless Biometrics Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Contactless Biometrics Market
10.3.6.1.1 Australia Contactless Biometrics Market by Offering
10.3.6.1.2 Australia Contactless Biometrics Market by Application
10.3.6.1.3 Australia Contactless Biometrics Market by End-user
10.3.6.2 China Contactless Biometrics Market
10.3.6.2.1 China Contactless Biometrics Market by Offering
10.3.6.2.2 China Contactless Biometrics Market by Application
10.3.6.2.3 China Contactless Biometrics Market by End-user
10.3.6.3 India Contactless Biometrics Market
10.3.6.3.1 India Contactless Biometrics Market by Offering
10.3.6.3.2 India Contactless Biometrics Market by Application
10.3.6.3.3 India Contactless Biometrics Market by End-user
10.3.6.4 Japan Contactless Biometrics Market
10.3.6.4.1 Japan Contactless Biometrics Market by Offering
10.3.6.4.2 Japan Contactless Biometrics Market by Application
10.3.6.4.3 Japan Contactless Biometrics Market by End-user
10.3.6.5 South Korea Contactless Biometrics Market
10.3.6.5.1 South Korea Contactless Biometrics Market by Offering
10.3.6.5.2 South Korea Contactless Biometrics Market by Application
10.3.6.5.3 South Korea Contactless Biometrics Market by End-user
10.3.6.6 Rest of Asia-Pacific Contactless Biometrics Market
10.3.6.6.1 Rest of Asia-Pacific Contactless Biometrics Market by Offering
10.3.6.6.2 Rest of Asia-Pacific Contactless Biometrics Market by Application
10.3.6.6.3 Rest of Asia-Pacific Contactless Biometrics Market by End-user
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Contactless Biometrics Market Overview
10.4.2 Middle East and Africa Contactless Biometrics Market Forecasts and Analysis
10.4.3 Middle East and Africa Contactless Biometrics Market Forecasts and Analysis - By Offering
10.4.4 Middle East and Africa Contactless Biometrics Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Contactless Biometrics Market Forecasts and Analysis - By End-user
10.4.6 Middle East and Africa Contactless Biometrics Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Contactless Biometrics Market
10.4.6.1.1 South Africa Contactless Biometrics Market by Offering
10.4.6.1.2 South Africa Contactless Biometrics Market by Application
10.4.6.1.3 South Africa Contactless Biometrics Market by End-user
10.4.6.2 Saudi Arabia Contactless Biometrics Market
10.4.6.2.1 Saudi Arabia Contactless Biometrics Market by Offering
10.4.6.2.2 Saudi Arabia Contactless Biometrics Market by Application
10.4.6.2.3 Saudi Arabia Contactless Biometrics Market by End-user
10.4.6.3 U.A.E Contactless Biometrics Market
10.4.6.3.1 U.A.E Contactless Biometrics Market by Offering
10.4.6.3.2 U.A.E Contactless Biometrics Market by Application
10.4.6.3.3 U.A.E Contactless Biometrics Market by End-user
10.4.6.4 Rest of Middle East and Africa Contactless Biometrics Market
10.4.6.4.1 Rest of Middle East and Africa Contactless Biometrics Market by Offering
10.4.6.4.2 Rest of Middle East and Africa Contactless Biometrics Market by Application
10.4.6.4.3 Rest of Middle East and Africa Contactless Biometrics Market by End-user
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Contactless Biometrics Market Overview
10.5.2 South and Central America Contactless Biometrics Market Forecasts and Analysis
10.5.3 South and Central America Contactless Biometrics Market Forecasts and Analysis - By Offering
10.5.4 South and Central America Contactless Biometrics Market Forecasts and Analysis - By Application
10.5.5 South and Central America Contactless Biometrics Market Forecasts and Analysis - By End-user
10.5.6 South and Central America Contactless Biometrics Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Contactless Biometrics Market
10.5.6.1.1 Brazil Contactless Biometrics Market by Offering
10.5.6.1.2 Brazil Contactless Biometrics Market by Application
10.5.6.1.3 Brazil Contactless Biometrics Market by End-user
10.5.6.2 Argentina Contactless Biometrics Market
10.5.6.2.1 Argentina Contactless Biometrics Market by Offering
10.5.6.2.2 Argentina Contactless Biometrics Market by Application
10.5.6.2.3 Argentina Contactless Biometrics Market by End-user
10.5.6.3 Rest of South and Central America Contactless Biometrics Market
10.5.6.3.1 Rest of South and Central America Contactless Biometrics Market by Offering
10.5.6.3.2 Rest of South and Central America Contactless Biometrics Market by Application
10.5.6.3.3 Rest of South and Central America Contactless Biometrics 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. CONTACTLESS BIOMETRICS MARKET, KEY COMPANY PROFILES
12.1. AWARE, INC.
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. FUJITSU LTD.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. HID GLOBAL
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. IDEMIA
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. IRIS ID, INC.
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. M2SYS TECHNOLOGY
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. NEC 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. NVIASOFT
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. THALES GROUP
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. TOUCHLESS BIOMETRIC SYSTEMS AG
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. Aware, Inc.
2. Fujitsu Ltd.
3. HID Global
4. IDEMIA
5. Iris ID, Inc.
6. M2SYS Technology
7. NEC Corporation
8. nViaSoft
9. Thales Group
10. Touchless Biometric Systems 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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