Crowdsourced Security Market Key Findings by 2031
The Crowdsourced Security Market is expected to register a CAGR of 7.9 % 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 Type (Web Application, Mobile Application, Others); Deployment Mode (Cloud, On-Premise); Industry (BFSI, IT and Telecom, Retail, Healthcare, Media and Entertainment, Travel and Hospitality, 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 Crowdsourced Security 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.
Crowdsourced Security Market Segmentation
Type- Web Application
- Mobile Application
- Cloud
- On-Premise;
- BFSI
- IT and Telecom
- Retail
- Healthcare
- Media and Entertainment
- Travel and Hospitality
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
Strategic Insights
Crowdsourced Security Market Growth Drivers- Growing Threats to Cybersecurity: The rising incidence and sophistication of cyber threats remains one of the key factors propelling the growth of the crowdsourced security market. Organizations are under attack by numerous vectors including but not limited to data breach, ransomware, and phishing, which continue to call for more security. Crowdsourced security seeks to utilize the know-how of a variety of security experts and ethical hackers to find, and even help mitigate, problems within the network. This not only improves the overall security of a business but also makes it very much useful for companies aiming to increase their defenses from current and future cyber threats.
- Affordability of Crowdsourced Solutions: Crowdsourced security is cheaper compared to the other available security mechanisms. Considering the nature of the work, many organizations do not see any sense in establishing a long-term fully-fledged security department, which is made possible by engaging a legion of security experts. In this way, corporations can raise the level of security and decrease it again accordingly to the needs and demands of the project, which is good for all types of enterprises. As such, there is a rising need for very affordable security options that can still allow organizations a chance to security spend effectively while still achieving good levels of cyber security.
- Growing Adoption of the Bug Bounty Program Model: Bug bounty programs, a key component of crowdsourced security, have gained significant traction across industries. These programs incentivize ethical hackers and security researchers to identify and report vulnerabilities in exchange for monetary rewards. As organizations realize the benefits of external input in strengthening their security posture, the popularity of bug bounty programs is increasing. Large companies like Google, Facebook, and Apple, as well as government agencies, are already investing in these programs, driving the growth of crowdsourced security solutions.
- The Growing Trend of Gamification in Security Testing: The implementation of gamification is on the rise within the crowdsourced security industry as firms look to include more participants in the testing of security. The addition of such elements into these processes can spur on the participants to find more of the weaknesses in the system. In addition, this method improves the level of security evaluation and builds a community among the testers. Therefore, as the use of gamification increases over time, it is expected that the number of inventive crowdsourced security solutions that make use of this gimmick will also increase.
- Expansion of Security Services Beyond Vulnerability Testing: Traditionally, crowdsourced security has been focused on vulnerability testing and bug bounty programs. However, there is a growing trend toward expanding crowdsourced security services to cover other areas such as threat hunting, incident response, and security audits. This shift allows organizations to access a broader range of expertise through crowdsourcing, ensuring comprehensive security coverage across all aspects of their IT infrastructure. This expansion is helping the market evolve and become more integrated into broader cybersecurity strategies.
- Growth in Bug Bounty Programs: The surge in the use of bug bounty programs is a tremendous market for the crowdsourced security industry. Bug bounty programs offer rewards to ethical hackers for finding and reporting errors in software applications allowing the entities to patch before it’s too late. On account of more and more companies’ attitudinal shift against the 92 ideal of waiting until an attack has taken place to secure the perimeter, it is likely that the target market for the provision of crowdsourced security services for the execution of bug bounty programs will expand. This trend not only improves the security of software but also enables an understanding between establishments and the cybersecurity market.
- Rising Popularity of Cybersecurity Compliance: The awareness regarding data protection has increased due to various laws, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Businesses are starting to look for crowdsourced security services to help them comply with these laws. Using a dedicated workforce of trained and monitored crowdsourced security practitioners, an organization can resolve security issues and also comply with relevant standards. This emphasis on compliance also creates the possibility of the buyers of such service segment providing complaints based solutions.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Crowdsourced Security 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 Crowdsourced Security 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.
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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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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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 report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
The Growing Trend of Gamification in Security Testing is anticipated to play a significant role in the global crowd analytics market in the coming years
The major factors driving the crowd analytics market are:
1. Growing Threats to Cybersecurity
2. Affordability of Crowdsourced Solutions
The crowd analytics market is estimated to witness a US$ XX Million by 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Crowdsourced Security Market - By Type
1.3.2 Crowdsourced Security Market - By Deployment Mode
1.3.3 Crowdsourced Security Market - By Industry
1.3.4 Crowdsourced Security Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CROWDSOURCED SECURITY 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. CROWDSOURCED SECURITY 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. CROWDSOURCED SECURITY MARKET - GLOBAL MARKET ANALYSIS
6.1. CROWDSOURCED SECURITY - GLOBAL MARKET OVERVIEW
6.2. CROWDSOURCED SECURITY - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CROWDSOURCED SECURITY MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. WEB APPLICATION
7.3.1. Overview
7.3.2. Web Application Market Forecast and Analysis
7.4. MOBILE APPLICATION
7.4.1. Overview
7.4.2. Mobile Application Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. CROWDSOURCED SECURITY MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT MODE
8.1. OVERVIEW
8.2. DEPLOYMENT MODE MARKET FORECASTS AND ANALYSIS
8.3. CLOUD
8.3.1. Overview
8.3.2. Cloud Market Forecast and Analysis
8.4. ON-PREMISE
8.4.1. Overview
8.4.2. On-Premise Market Forecast and Analysis
9. CROWDSOURCED SECURITY MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY
9.1. OVERVIEW
9.2. INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. BFSI
9.3.1. Overview
9.3.2. BFSI Market Forecast and Analysis
9.4. IT AND TELECOM
9.4.1. Overview
9.4.2. IT and Telecom Market Forecast and Analysis
9.5. RETAIL
9.5.1. Overview
9.5.2. Retail Market Forecast and Analysis
9.6. HEALTHCARE
9.6.1. Overview
9.6.2. Healthcare Market Forecast and Analysis
9.7. MEDIA AND ENTERTAINMENT
9.7.1. Overview
9.7.2. Media and Entertainment Market Forecast and Analysis
9.8. TRAVEL AND HOSPITALITY
9.8.1. Overview
9.8.2. Travel and Hospitality Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. CROWDSOURCED SECURITY MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Crowdsourced Security Market Overview
10.1.2 North America Crowdsourced Security Market Forecasts and Analysis
10.1.3 North America Crowdsourced Security Market Forecasts and Analysis - By Type
10.1.4 North America Crowdsourced Security Market Forecasts and Analysis - By Deployment Mode
10.1.5 North America Crowdsourced Security Market Forecasts and Analysis - By Industry
10.1.6 North America Crowdsourced Security Market Forecasts and Analysis - By Countries
10.1.6.1 United States Crowdsourced Security Market
10.1.6.1.1 United States Crowdsourced Security Market by Type
10.1.6.1.2 United States Crowdsourced Security Market by Deployment Mode
10.1.6.1.3 United States Crowdsourced Security Market by Industry
10.1.6.2 Canada Crowdsourced Security Market
10.1.6.2.1 Canada Crowdsourced Security Market by Type
10.1.6.2.2 Canada Crowdsourced Security Market by Deployment Mode
10.1.6.2.3 Canada Crowdsourced Security Market by Industry
10.1.6.3 Mexico Crowdsourced Security Market
10.1.6.3.1 Mexico Crowdsourced Security Market by Type
10.1.6.3.2 Mexico Crowdsourced Security Market by Deployment Mode
10.1.6.3.3 Mexico Crowdsourced Security Market by Industry
10.2. EUROPE
10.2.1 Europe Crowdsourced Security Market Overview
10.2.2 Europe Crowdsourced Security Market Forecasts and Analysis
10.2.3 Europe Crowdsourced Security Market Forecasts and Analysis - By Type
10.2.4 Europe Crowdsourced Security Market Forecasts and Analysis - By Deployment Mode
10.2.5 Europe Crowdsourced Security Market Forecasts and Analysis - By Industry
10.2.6 Europe Crowdsourced Security Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Crowdsourced Security Market
10.2.6.1.1 Germany Crowdsourced Security Market by Type
10.2.6.1.2 Germany Crowdsourced Security Market by Deployment Mode
10.2.6.1.3 Germany Crowdsourced Security Market by Industry
10.2.6.2 France Crowdsourced Security Market
10.2.6.2.1 France Crowdsourced Security Market by Type
10.2.6.2.2 France Crowdsourced Security Market by Deployment Mode
10.2.6.2.3 France Crowdsourced Security Market by Industry
10.2.6.3 Italy Crowdsourced Security Market
10.2.6.3.1 Italy Crowdsourced Security Market by Type
10.2.6.3.2 Italy Crowdsourced Security Market by Deployment Mode
10.2.6.3.3 Italy Crowdsourced Security Market by Industry
10.2.6.4 United Kingdom Crowdsourced Security Market
10.2.6.4.1 United Kingdom Crowdsourced Security Market by Type
10.2.6.4.2 United Kingdom Crowdsourced Security Market by Deployment Mode
10.2.6.4.3 United Kingdom Crowdsourced Security Market by Industry
10.2.6.5 Russia Crowdsourced Security Market
10.2.6.5.1 Russia Crowdsourced Security Market by Type
10.2.6.5.2 Russia Crowdsourced Security Market by Deployment Mode
10.2.6.5.3 Russia Crowdsourced Security Market by Industry
10.2.6.6 Rest of Europe Crowdsourced Security Market
10.2.6.6.1 Rest of Europe Crowdsourced Security Market by Type
10.2.6.6.2 Rest of Europe Crowdsourced Security Market by Deployment Mode
10.2.6.6.3 Rest of Europe Crowdsourced Security Market by Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Crowdsourced Security Market Overview
10.3.2 Asia-Pacific Crowdsourced Security Market Forecasts and Analysis
10.3.3 Asia-Pacific Crowdsourced Security Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Crowdsourced Security Market Forecasts and Analysis - By Deployment Mode
10.3.5 Asia-Pacific Crowdsourced Security Market Forecasts and Analysis - By Industry
10.3.6 Asia-Pacific Crowdsourced Security Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Crowdsourced Security Market
10.3.6.1.1 Australia Crowdsourced Security Market by Type
10.3.6.1.2 Australia Crowdsourced Security Market by Deployment Mode
10.3.6.1.3 Australia Crowdsourced Security Market by Industry
10.3.6.2 China Crowdsourced Security Market
10.3.6.2.1 China Crowdsourced Security Market by Type
10.3.6.2.2 China Crowdsourced Security Market by Deployment Mode
10.3.6.2.3 China Crowdsourced Security Market by Industry
10.3.6.3 India Crowdsourced Security Market
10.3.6.3.1 India Crowdsourced Security Market by Type
10.3.6.3.2 India Crowdsourced Security Market by Deployment Mode
10.3.6.3.3 India Crowdsourced Security Market by Industry
10.3.6.4 Japan Crowdsourced Security Market
10.3.6.4.1 Japan Crowdsourced Security Market by Type
10.3.6.4.2 Japan Crowdsourced Security Market by Deployment Mode
10.3.6.4.3 Japan Crowdsourced Security Market by Industry
10.3.6.5 South Korea Crowdsourced Security Market
10.3.6.5.1 South Korea Crowdsourced Security Market by Type
10.3.6.5.2 South Korea Crowdsourced Security Market by Deployment Mode
10.3.6.5.3 South Korea Crowdsourced Security Market by Industry
10.3.6.6 Rest of Asia-Pacific Crowdsourced Security Market
10.3.6.6.1 Rest of Asia-Pacific Crowdsourced Security Market by Type
10.3.6.6.2 Rest of Asia-Pacific Crowdsourced Security Market by Deployment Mode
10.3.6.6.3 Rest of Asia-Pacific Crowdsourced Security Market by Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Crowdsourced Security Market Overview
10.4.2 Middle East and Africa Crowdsourced Security Market Forecasts and Analysis
10.4.3 Middle East and Africa Crowdsourced Security Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Crowdsourced Security Market Forecasts and Analysis - By Deployment Mode
10.4.5 Middle East and Africa Crowdsourced Security Market Forecasts and Analysis - By Industry
10.4.6 Middle East and Africa Crowdsourced Security Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Crowdsourced Security Market
10.4.6.1.1 South Africa Crowdsourced Security Market by Type
10.4.6.1.2 South Africa Crowdsourced Security Market by Deployment Mode
10.4.6.1.3 South Africa Crowdsourced Security Market by Industry
10.4.6.2 Saudi Arabia Crowdsourced Security Market
10.4.6.2.1 Saudi Arabia Crowdsourced Security Market by Type
10.4.6.2.2 Saudi Arabia Crowdsourced Security Market by Deployment Mode
10.4.6.2.3 Saudi Arabia Crowdsourced Security Market by Industry
10.4.6.3 U.A.E Crowdsourced Security Market
10.4.6.3.1 U.A.E Crowdsourced Security Market by Type
10.4.6.3.2 U.A.E Crowdsourced Security Market by Deployment Mode
10.4.6.3.3 U.A.E Crowdsourced Security Market by Industry
10.4.6.4 Rest of Middle East and Africa Crowdsourced Security Market
10.4.6.4.1 Rest of Middle East and Africa Crowdsourced Security Market by Type
10.4.6.4.2 Rest of Middle East and Africa Crowdsourced Security Market by Deployment Mode
10.4.6.4.3 Rest of Middle East and Africa Crowdsourced Security Market by Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Crowdsourced Security Market Overview
10.5.2 South and Central America Crowdsourced Security Market Forecasts and Analysis
10.5.3 South and Central America Crowdsourced Security Market Forecasts and Analysis - By Type
10.5.4 South and Central America Crowdsourced Security Market Forecasts and Analysis - By Deployment Mode
10.5.5 South and Central America Crowdsourced Security Market Forecasts and Analysis - By Industry
10.5.6 South and Central America Crowdsourced Security Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Crowdsourced Security Market
10.5.6.1.1 Brazil Crowdsourced Security Market by Type
10.5.6.1.2 Brazil Crowdsourced Security Market by Deployment Mode
10.5.6.1.3 Brazil Crowdsourced Security Market by Industry
10.5.6.2 Argentina Crowdsourced Security Market
10.5.6.2.1 Argentina Crowdsourced Security Market by Type
10.5.6.2.2 Argentina Crowdsourced Security Market by Deployment Mode
10.5.6.2.3 Argentina Crowdsourced Security Market by Industry
10.5.6.3 Rest of South and Central America Crowdsourced Security Market
10.5.6.3.1 Rest of South and Central America Crowdsourced Security Market by Type
10.5.6.3.2 Rest of South and Central America Crowdsourced Security Market by Deployment Mode
10.5.6.3.3 Rest of South and Central America Crowdsourced Security Market by Industry
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. CROWDSOURCED SECURITY MARKET, KEY COMPANY PROFILES
12.1. APPLAUSE APP QUALITY, 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. BUGCROWD
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. COBALT
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. CROWDSPRINT.
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. DETECTIFY
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. HACKERONE
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. PLANIT TESTING
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. RAINFOREST QA, INC.
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. SYNACK, INC.
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. ZEROCOPTER B.V.
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. Applause App Quality, Inc.
2. Bugcrowd Inc.
3. Cobalt
4. Detectify
5. HackerOne Inc.
6. passbrains ag
7. Planit Test Management Solutions Pty Ltd
8. Rainforest QA, Inc.
9. Synack, Inc.
10. Zerocopter B.V.
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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