Death Care Service Market Growth Drivers by 2031
The Death Care Service Market is expected to register a CAGR of 6.3% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented By Products & Services (Caskets & Vaults, Facility Rentals, Embalming & Cosmetic preparation, Urns, Others); Arrangement (At-need, Pre-need); Operations (Funeral Homes, Cemeteries). The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Death Care Service 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.
Death Care Service Market Segmentation
Products & Services- Caskets & Vaults
- Facility Rentals
- Embalming & Cosmetic preparation
- Urns
- Others
- At-need
- Pre-need
- Funeral Homes
- Cemeteries
Strategic Insights
Death Care Service Market Growth Drivers- Aging Population: The increasing number of senior citizens worldwide is also a significant factor for global growth in the death care services market. Achieving old age over the years has led to an upsurge in the availability and demand for funeral, burial and cremation services worldwide. Especially due to this, there is a market rise as developed countries having a vast portion of their population geographically indulge in this due end of life service availing for their aged ones.
- Cultural and Religious Shifts: The service market for death care providers is undergoing some uncertainties due to the changes in the culture and religion driven by globalization. The more positive attitude towards cremation instead of the conventional burial together with the changing funeral practices has prompted the service providers to widen their service scope. It is primarily an environmentally oriented trend supporting cheaper and better service, which is growing the industry especially in cases where the death is treated differently by society from that of the past.
- Increased Focus on Pre-Need Planning: There is also a growing trend known as pre-need funeral planning, which entails individuals planning and paying for their services in advance. The this growth is a result of increasing case of the aftermath of the death of a loved one, which is the usually emotional and financial burdens imposed on the bereaved families. More and more, funeral service providers are offering pre-planning packages as terms and conditions the market is increasingly desperate for in order to ensure that they get peace of mind and financial relief in relation to dying.
- Rise in Cremation Services: Clearly, cremation is less expensive and ecological compared to burial. Therefore, it is common to witness this practice among many families today which has increased the number of crematoria and related services. This is a clear indication of changing cultural views and is also driving the growth of death care services in NA and Europe in particular where such services can be described as more pronounced.
- Personalized and Eco-friendly Funeral Options: Most people today would want a better and an attractive way of celebrating the end of someone else life. Moreover, eco-sensitive modes of funeral practices like eco-caskets and eco-burials are on the rise. With the increasing concern about the environment, death care services are working under this market pressure, providing options for more environmentally friendly ways of offering personal services.
- Technological Integration in Funeral Services: The death care service is also changing thanks to technology where we have innovations that include online memorials, virtual funerals and computerized funeral services. The use of technology makes provides services that are easier to access and more customized. These solutions are particularly interesting to the young customers and offer a new way of providing death care services while enhancing the customer’s experience and the process of organizing the funerals.
- Expansion in Emerging Markets: The cutoff for professional and organized death care is narrowing faster than before. This is due to globalization, income growth, and other processes especially in the Asia, Latin and African regions. This is where they move from inherited, worked-out informal funeral systems, to taking up professionalized services, creating a leeway for the players to up their game and positions in new markets.
- Innovation in Memorialization Services: It will also be interesting for death care service providers to consider that there is a memorialization industry that is waiting to be developed that is less traditional and offers more modern forms of memorialization such as creating a memorial website, streaming the memorial service, and 3-D printing. With greater emphasis on celebrating the life of the deceased rather than funeral services, there is a clear market for providers to meet this need by providing more personalized memorials.
- Partnerships with Pre-Need Planning Providers: It is very encouraging to note that there is a great potential in pre-need funeral planning services more so for two main reasons. A higher number of individuals are now willing to arrange for these services way before they are required for themselves or their loved ones. In this way, such synergies will enable death care service providers to harness the potential growth in the pre-need segment of the market, as more customers will be assured of their services for a sustained period.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Death Care Service 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 Death Care Service 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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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
Armstrong Funeral Home, Carriage Services Inc, StoneMor, Daniel J. Schaefer Funeral Home, Hillenbrand, Dignity Plc, InvoCare Australia Pty Ltd, Musgrove Mortuaries & Cemeteries, Tennant Funeral Home & Crematory, Welch Funeral Homes are some of the major market players operating in the market
The funeral homes segment accounts for highest revenue in operations segment in 2023
Asia Pacific region dominated the death care service market in 2023
North America region dominated the death care service market in 2023
The Death Care Service Market is estimated to witness a CAGR of 6.3% from 2023 to 2031
The major factors driving the death care service market are:
1.Aging Population
2. Cultural and Religious Shifts
3. Increased Focus on Pre-Need Planning
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Death Care Service Market - By Products and Services
1.3.2 Death Care Service Market - By Arrangement
1.3.3 Death Care Service Market - By Operations
1.3.4 Death Care Service Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DEATH CARE SERVICE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. DEATH CARE SERVICE 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. DEATH CARE SERVICE MARKET - GLOBAL MARKET ANALYSIS
6.1. DEATH CARE SERVICE - GLOBAL MARKET OVERVIEW
6.2. DEATH CARE SERVICE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DEATH CARE SERVICE MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCTS AND SERVICES
7.1. OVERVIEW
7.2. PRODUCTS AND SERVICES MARKET FORECASTS AND ANALYSIS
7.3. CASKETS AND VAULTS
7.3.1. Overview
7.3.2. Caskets and Vaults Market Forecast and Analysis
7.4. FACILITY RENTALS
7.4.1. Overview
7.4.2. Facility Rentals Market Forecast and Analysis
7.5. EMBALMING AND COSMETIC PREPARATION
7.5.1. Overview
7.5.2. Embalming and Cosmetic preparation Market Forecast and Analysis
7.6. URNS
7.6.1. Overview
7.6.2. Urns Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. DEATH CARE SERVICE MARKET - REVENUE AND FORECASTS TO 2028 - ARRANGEMENT
8.1. OVERVIEW
8.2. ARRANGEMENT MARKET FORECASTS AND ANALYSIS
8.3. AT-NEED
8.3.1. Overview
8.3.2. At-need Market Forecast and Analysis
8.4. PRE-NEED
8.4.1. Overview
8.4.2. Pre-need Market Forecast and Analysis
9. DEATH CARE SERVICE MARKET - REVENUE AND FORECASTS TO 2028 - OPERATIONS
9.1. OVERVIEW
9.2. OPERATIONS MARKET FORECASTS AND ANALYSIS
9.3. FUNERAL HOMES
9.3.1. Overview
9.3.2. Funeral Homes Market Forecast and Analysis
9.4. CEMETERIES
9.4.1. Overview
9.4.2. Cemeteries Market Forecast and Analysis
10. DEATH CARE SERVICE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Death Care Service Market Overview
10.1.2 North America Death Care Service Market Forecasts and Analysis
10.1.3 North America Death Care Service Market Forecasts and Analysis - By Products and Services
10.1.4 North America Death Care Service Market Forecasts and Analysis - By Arrangement
10.1.5 North America Death Care Service Market Forecasts and Analysis - By Operations
10.1.6 North America Death Care Service Market Forecasts and Analysis - By Countries
10.1.6.1 United States Death Care Service Market
10.1.6.1.1 United States Death Care Service Market by Products and Services
10.1.6.1.2 United States Death Care Service Market by Arrangement
10.1.6.1.3 United States Death Care Service Market by Operations
10.1.6.2 Canada Death Care Service Market
10.1.6.2.1 Canada Death Care Service Market by Products and Services
10.1.6.2.2 Canada Death Care Service Market by Arrangement
10.1.6.2.3 Canada Death Care Service Market by Operations
10.1.6.3 Mexico Death Care Service Market
10.1.6.3.1 Mexico Death Care Service Market by Products and Services
10.1.6.3.2 Mexico Death Care Service Market by Arrangement
10.1.6.3.3 Mexico Death Care Service Market by Operations
10.2. EUROPE
10.2.1 Europe Death Care Service Market Overview
10.2.2 Europe Death Care Service Market Forecasts and Analysis
10.2.3 Europe Death Care Service Market Forecasts and Analysis - By Products and Services
10.2.4 Europe Death Care Service Market Forecasts and Analysis - By Arrangement
10.2.5 Europe Death Care Service Market Forecasts and Analysis - By Operations
10.2.6 Europe Death Care Service Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Death Care Service Market
10.2.6.1.1 Germany Death Care Service Market by Products and Services
10.2.6.1.2 Germany Death Care Service Market by Arrangement
10.2.6.1.3 Germany Death Care Service Market by Operations
10.2.6.2 France Death Care Service Market
10.2.6.2.1 France Death Care Service Market by Products and Services
10.2.6.2.2 France Death Care Service Market by Arrangement
10.2.6.2.3 France Death Care Service Market by Operations
10.2.6.3 Italy Death Care Service Market
10.2.6.3.1 Italy Death Care Service Market by Products and Services
10.2.6.3.2 Italy Death Care Service Market by Arrangement
10.2.6.3.3 Italy Death Care Service Market by Operations
10.2.6.4 Spain Death Care Service Market
10.2.6.4.1 Spain Death Care Service Market by Products and Services
10.2.6.4.2 Spain Death Care Service Market by Arrangement
10.2.6.4.3 Spain Death Care Service Market by Operations
10.2.6.5 United Kingdom Death Care Service Market
10.2.6.5.1 United Kingdom Death Care Service Market by Products and Services
10.2.6.5.2 United Kingdom Death Care Service Market by Arrangement
10.2.6.5.3 United Kingdom Death Care Service Market by Operations
10.2.6.6 Rest of Europe Death Care Service Market
10.2.6.6.1 Rest of Europe Death Care Service Market by Products and Services
10.2.6.6.2 Rest of Europe Death Care Service Market by Arrangement
10.2.6.6.3 Rest of Europe Death Care Service Market by Operations
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Death Care Service Market Overview
10.3.2 Asia-Pacific Death Care Service Market Forecasts and Analysis
10.3.3 Asia-Pacific Death Care Service Market Forecasts and Analysis - By Products and Services
10.3.4 Asia-Pacific Death Care Service Market Forecasts and Analysis - By Arrangement
10.3.5 Asia-Pacific Death Care Service Market Forecasts and Analysis - By Operations
10.3.6 Asia-Pacific Death Care Service Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Death Care Service Market
10.3.6.1.1 Australia Death Care Service Market by Products and Services
10.3.6.1.2 Australia Death Care Service Market by Arrangement
10.3.6.1.3 Australia Death Care Service Market by Operations
10.3.6.2 China Death Care Service Market
10.3.6.2.1 China Death Care Service Market by Products and Services
10.3.6.2.2 China Death Care Service Market by Arrangement
10.3.6.2.3 China Death Care Service Market by Operations
10.3.6.3 India Death Care Service Market
10.3.6.3.1 India Death Care Service Market by Products and Services
10.3.6.3.2 India Death Care Service Market by Arrangement
10.3.6.3.3 India Death Care Service Market by Operations
10.3.6.4 Japan Death Care Service Market
10.3.6.4.1 Japan Death Care Service Market by Products and Services
10.3.6.4.2 Japan Death Care Service Market by Arrangement
10.3.6.4.3 Japan Death Care Service Market by Operations
10.3.6.5 South Korea Death Care Service Market
10.3.6.5.1 South Korea Death Care Service Market by Products and Services
10.3.6.5.2 South Korea Death Care Service Market by Arrangement
10.3.6.5.3 South Korea Death Care Service Market by Operations
10.3.6.6 Rest of Asia-Pacific Death Care Service Market
10.3.6.6.1 Rest of Asia-Pacific Death Care Service Market by Products and Services
10.3.6.6.2 Rest of Asia-Pacific Death Care Service Market by Arrangement
10.3.6.6.3 Rest of Asia-Pacific Death Care Service Market by Operations
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Death Care Service Market Overview
10.4.2 Middle East and Africa Death Care Service Market Forecasts and Analysis
10.4.3 Middle East and Africa Death Care Service Market Forecasts and Analysis - By Products and Services
10.4.4 Middle East and Africa Death Care Service Market Forecasts and Analysis - By Arrangement
10.4.5 Middle East and Africa Death Care Service Market Forecasts and Analysis - By Operations
10.4.6 Middle East and Africa Death Care Service Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Death Care Service Market
10.4.6.1.1 South Africa Death Care Service Market by Products and Services
10.4.6.1.2 South Africa Death Care Service Market by Arrangement
10.4.6.1.3 South Africa Death Care Service Market by Operations
10.4.6.2 Saudi Arabia Death Care Service Market
10.4.6.2.1 Saudi Arabia Death Care Service Market by Products and Services
10.4.6.2.2 Saudi Arabia Death Care Service Market by Arrangement
10.4.6.2.3 Saudi Arabia Death Care Service Market by Operations
10.4.6.3 U.A.E Death Care Service Market
10.4.6.3.1 U.A.E Death Care Service Market by Products and Services
10.4.6.3.2 U.A.E Death Care Service Market by Arrangement
10.4.6.3.3 U.A.E Death Care Service Market by Operations
10.4.6.4 Rest of Middle East and Africa Death Care Service Market
10.4.6.4.1 Rest of Middle East and Africa Death Care Service Market by Products and Services
10.4.6.4.2 Rest of Middle East and Africa Death Care Service Market by Arrangement
10.4.6.4.3 Rest of Middle East and Africa Death Care Service Market by Operations
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Death Care Service Market Overview
10.5.2 South and Central America Death Care Service Market Forecasts and Analysis
10.5.3 South and Central America Death Care Service Market Forecasts and Analysis - By Products and Services
10.5.4 South and Central America Death Care Service Market Forecasts and Analysis - By Arrangement
10.5.5 South and Central America Death Care Service Market Forecasts and Analysis - By Operations
10.5.6 South and Central America Death Care Service Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Death Care Service Market
10.5.6.1.1 Brazil Death Care Service Market by Products and Services
10.5.6.1.2 Brazil Death Care Service Market by Arrangement
10.5.6.1.3 Brazil Death Care Service Market by Operations
10.5.6.2 Argentina Death Care Service Market
10.5.6.2.1 Argentina Death Care Service Market by Products and Services
10.5.6.2.2 Argentina Death Care Service Market by Arrangement
10.5.6.2.3 Argentina Death Care Service Market by Operations
10.5.6.3 Rest of South and Central America Death Care Service Market
10.5.6.3.1 Rest of South and Central America Death Care Service Market by Products and Services
10.5.6.3.2 Rest of South and Central America Death Care Service Market by Arrangement
10.5.6.3.3 Rest of South and Central America Death Care Service Market by Operations
11. IMPACT OF COVID-19 PANDEMIC ON GLOBAL DEATH CARE SERVICE MARKET
11.1 North America
11.2 Europe
11.3 Asia-Pacific
11.4 Middle East and Africa
11.5 South and Central America
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. DEATH CARE SERVICE MARKET, KEY COMPANY PROFILES
13.1. ARMSTRONG FUNERAL HOME
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. CARRIAGE SERVICES INC.
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. STONEMOR
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. DANIEL J. SCHAEFER FUNERAL HOME
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. HILLENBRAND
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. DIGNITY PLC
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. INVOCARE AUSTRALIA PTY LTD.
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. MUSGROVE MORTUARIES AND CEMETERIES
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. TENNANT FUNERAL HOME AND CREMATORY
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. WELCH FUNERAL HOMES
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
1. Armstrong Funeral Home
2. Carriage Services Inc.
3. StoneMor
4. Daniel J. Schaefer Funeral Home
5. Hillenbrand
6. Dignity Plc
7. InvoCare Australia Pty Ltd.
8. Musgrove Mortuaries & Cemeteries
9. Tennant Funeral Home & Crematory
10. Welch Funeral Homes
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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