Digital Signature Market Size & CAGR (2023-2031)
The Digital Signature Market is expected to register a CAGR of 34.2% 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 Solution (Hardware, Software, Services); Business Type (B2B (Business to Business), B2C (Business to Consumer), B2G (Business to Government)); Industy (BFSI, E-Commerce, Healthcare, Defense, Information Technology (IT), 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 Digital Signature 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.
Digital Signature Market Segmentation
Solution- Hardware
- Software
- Services
- B2B
- B2C
- B2G
- BFSI
- E-Commerce
- Healthcare
- Defense
- Information Technology
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Digital Signature Market Growth Drivers- Growing Demand for Secure Online Transactions: One of the prime drivers of the digital signature market is the increasing need for secure online transactions. With businesses and individuals increasingly going digital for doing business, there is an increasing demand for secure methods of verifying identity and authorizing agreements. Digital signatures are highly secure in that they use cryptography to authenticate and ensure the integrity of electronic documents. It's thus suitable for sectors like banking, insurance, healthcare, and e-commerce that usually deal with sensitive information most of the time.
- Government Regulations and Legal Frameworks: Governments around the world are compelling the implementation of digital signatures through their legislation and regulatory frameworks. For instance, the eIDAS Regulation in the European Union and the ESIGN Act and UETA in the United States have made digital signatures legally valid for a wide range of applications, including contracts, tax filings, and business agreements. These legal endorsements have given businesses more confidence in adopting digital signatures, ensuring that electronically signed documents are just as enforceable as traditional paper-based signatures. Further regions would be employing similar regulatory frameworks, and therefore the market for digital signatures would flourish.
- Biometric Authentication and Digital Signatures: More digital signature solutions are introducing biometric authentication technologies in order to increase security and utilize facial recognition and fingerprint scanning. Digital signatures combine the security of a paper document with the convenience of email with an added layer of verification that the person actually is who they say they are. Biometrics could increasingly become a part of digitally signed documents, especially from heavily regulated industries where accurate identification is critical.
- Expansion of Digital Signatures in Remote Work Solutions: As remote work continues to grow, the digital signature market is poised for significant expansion. Companies will increasingly depend on digital signatures for secure and efficient document signing, even across borders. This shift will streamline workflows, minimize paperwork, and accelerate the adoption of digital-first, paperless environments, enhancing business efficiency globally.
- Increasing Need for Document Automation: Another major promoter is the growing demand for document automation. Organizations are seeking ways of reducing overheads associated with manual processing of paper-based documents. Digital signature solutions can automatically and speed up document workflow processes, saving time and money on paperwork. Companies can increase efficiency while maintaining the standards of regulatory compliance when integrating digital signatures with the management of documents and their enterprise resource planning systems.
- Rising Adoption of Cloud-based Solutions: Cloud-based digital signature solutions are gaining popularity, giving organizations more flexibility and scalability. Cloud platforms allow businesses to implement digital signature solutions without having to invest in a lot of upfront infrastructure. This is particularly helpful for small and medium-sized enterprises (SMEs) that require cost-effective and easy-to-deploy solutions. This allows the possibility to store and manage digital signatures on the cloud, making access, sharing, and secure storage of signed documents easier across multiple devices and places, further pushing for more adoption of digital signature technologies.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Digital Signature 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 Digital Signature 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
Solution, Business Type, Industry, and Geography
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 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
Biometric Authentication and Digital Signatures is anticipated to play a significant role in the global digital signature market in the coming years
The Digital Signature Market is estimated to witness a CAGR of 34.2% from 2023 to 2031
The major factors driving the digital signature market are:
1. Growing Demand for Secure Online Transactions
2. Government Regulations and Legal Frameworks
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 Digital Signature Market - By Solution
1.3.2 Digital Signature Market - By Business Type
1.3.3 Digital Signature Market - By Industy
1.3.4 Digital Signature Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DIGITAL SIGNATURE 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. DIGITAL SIGNATURE 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. DIGITAL SIGNATURE MARKET - GLOBAL MARKET ANALYSIS
6.1. DIGITAL SIGNATURE - GLOBAL MARKET OVERVIEW
6.2. DIGITAL SIGNATURE - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. DIGITAL SIGNATURE MARKET - REVENUE AND FORECASTS TO 2027 - SOLUTION
7.1. OVERVIEW
7.2. SOLUTION 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. DIGITAL SIGNATURE MARKET - REVENUE AND FORECASTS TO 2027 - BUSINESS TYPE
8.1. OVERVIEW
8.2. BUSINESS TYPE MARKET FORECASTS AND ANALYSIS
8.3. B2B (BUSINESS TO BUSINESS)
8.3.1. Overview
8.3.2. B2B (Business to Business) Market Forecast and Analysis
8.4. B2C (BUSINESS TO CONSUMER)
8.4.1. Overview
8.4.2. B2C (Business to Consumer) Market Forecast and Analysis
8.5. B2G (BUSINESS TO GOVERNMENT)
8.5.1. Overview
8.5.2. B2G (Business to Government) Market Forecast and Analysis
9. DIGITAL SIGNATURE MARKET - REVENUE AND FORECASTS TO 2027 - INDUSTY
9.1. OVERVIEW
9.2. INDUSTY MARKET FORECASTS AND ANALYSIS
9.3. BFSI
9.3.1. Overview
9.3.2. BFSI Market Forecast and Analysis
9.4. E/M-COMMERCE
9.4.1. Overview
9.4.2. E/M-Commerce Market Forecast and Analysis
9.5. HEALTHCARE
9.5.1. Overview
9.5.2. Healthcare Market Forecast and Analysis
9.6. DEFENSE
9.6.1. Overview
9.6.2. Defense Market Forecast and Analysis
9.7. INFORMATION TECHNOLOGY (IT)
9.7.1. Overview
9.7.2. Information Technology (IT) Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. DIGITAL SIGNATURE MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Digital Signature Market Overview
10.1.2 North America Digital Signature Market Forecasts and Analysis
10.1.3 North America Digital Signature Market Forecasts and Analysis - By Solution
10.1.4 North America Digital Signature Market Forecasts and Analysis - By Business Type
10.1.5 North America Digital Signature Market Forecasts and Analysis - By Industy
10.1.6 North America Digital Signature Market Forecasts and Analysis - By Countries
10.1.6.1 United States Digital Signature Market
10.1.6.1.1 United States Digital Signature Market by Solution
10.1.6.1.2 United States Digital Signature Market by Business Type
10.1.6.1.3 United States Digital Signature Market by Industy
10.1.6.2 Canada Digital Signature Market
10.1.6.2.1 Canada Digital Signature Market by Solution
10.1.6.2.2 Canada Digital Signature Market by Business Type
10.1.6.2.3 Canada Digital Signature Market by Industy
10.1.6.3 Mexico Digital Signature Market
10.1.6.3.1 Mexico Digital Signature Market by Solution
10.1.6.3.2 Mexico Digital Signature Market by Business Type
10.1.6.3.3 Mexico Digital Signature Market by Industy
10.2. EUROPE
10.2.1 Europe Digital Signature Market Overview
10.2.2 Europe Digital Signature Market Forecasts and Analysis
10.2.3 Europe Digital Signature Market Forecasts and Analysis - By Solution
10.2.4 Europe Digital Signature Market Forecasts and Analysis - By Business Type
10.2.5 Europe Digital Signature Market Forecasts and Analysis - By Industy
10.2.6 Europe Digital Signature Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Digital Signature Market
10.2.6.1.1 Germany Digital Signature Market by Solution
10.2.6.1.2 Germany Digital Signature Market by Business Type
10.2.6.1.3 Germany Digital Signature Market by Industy
10.2.6.2 France Digital Signature Market
10.2.6.2.1 France Digital Signature Market by Solution
10.2.6.2.2 France Digital Signature Market by Business Type
10.2.6.2.3 France Digital Signature Market by Industy
10.2.6.3 Italy Digital Signature Market
10.2.6.3.1 Italy Digital Signature Market by Solution
10.2.6.3.2 Italy Digital Signature Market by Business Type
10.2.6.3.3 Italy Digital Signature Market by Industy
10.2.6.4 United Kingdom Digital Signature Market
10.2.6.4.1 United Kingdom Digital Signature Market by Solution
10.2.6.4.2 United Kingdom Digital Signature Market by Business Type
10.2.6.4.3 United Kingdom Digital Signature Market by Industy
10.2.6.5 Russia Digital Signature Market
10.2.6.5.1 Russia Digital Signature Market by Solution
10.2.6.5.2 Russia Digital Signature Market by Business Type
10.2.6.5.3 Russia Digital Signature Market by Industy
10.2.6.6 Rest of Europe Digital Signature Market
10.2.6.6.1 Rest of Europe Digital Signature Market by Solution
10.2.6.6.2 Rest of Europe Digital Signature Market by Business Type
10.2.6.6.3 Rest of Europe Digital Signature Market by Industy
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Digital Signature Market Overview
10.3.2 Asia-Pacific Digital Signature Market Forecasts and Analysis
10.3.3 Asia-Pacific Digital Signature Market Forecasts and Analysis - By Solution
10.3.4 Asia-Pacific Digital Signature Market Forecasts and Analysis - By Business Type
10.3.5 Asia-Pacific Digital Signature Market Forecasts and Analysis - By Industy
10.3.6 Asia-Pacific Digital Signature Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Digital Signature Market
10.3.6.1.1 Australia Digital Signature Market by Solution
10.3.6.1.2 Australia Digital Signature Market by Business Type
10.3.6.1.3 Australia Digital Signature Market by Industy
10.3.6.2 China Digital Signature Market
10.3.6.2.1 China Digital Signature Market by Solution
10.3.6.2.2 China Digital Signature Market by Business Type
10.3.6.2.3 China Digital Signature Market by Industy
10.3.6.3 India Digital Signature Market
10.3.6.3.1 India Digital Signature Market by Solution
10.3.6.3.2 India Digital Signature Market by Business Type
10.3.6.3.3 India Digital Signature Market by Industy
10.3.6.4 Japan Digital Signature Market
10.3.6.4.1 Japan Digital Signature Market by Solution
10.3.6.4.2 Japan Digital Signature Market by Business Type
10.3.6.4.3 Japan Digital Signature Market by Industy
10.3.6.5 South Korea Digital Signature Market
10.3.6.5.1 South Korea Digital Signature Market by Solution
10.3.6.5.2 South Korea Digital Signature Market by Business Type
10.3.6.5.3 South Korea Digital Signature Market by Industy
10.3.6.6 Rest of Asia-Pacific Digital Signature Market
10.3.6.6.1 Rest of Asia-Pacific Digital Signature Market by Solution
10.3.6.6.2 Rest of Asia-Pacific Digital Signature Market by Business Type
10.3.6.6.3 Rest of Asia-Pacific Digital Signature Market by Industy
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Digital Signature Market Overview
10.4.2 Middle East and Africa Digital Signature Market Forecasts and Analysis
10.4.3 Middle East and Africa Digital Signature Market Forecasts and Analysis - By Solution
10.4.4 Middle East and Africa Digital Signature Market Forecasts and Analysis - By Business Type
10.4.5 Middle East and Africa Digital Signature Market Forecasts and Analysis - By Industy
10.4.6 Middle East and Africa Digital Signature Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Digital Signature Market
10.4.6.1.1 South Africa Digital Signature Market by Solution
10.4.6.1.2 South Africa Digital Signature Market by Business Type
10.4.6.1.3 South Africa Digital Signature Market by Industy
10.4.6.2 Saudi Arabia Digital Signature Market
10.4.6.2.1 Saudi Arabia Digital Signature Market by Solution
10.4.6.2.2 Saudi Arabia Digital Signature Market by Business Type
10.4.6.2.3 Saudi Arabia Digital Signature Market by Industy
10.4.6.3 U.A.E Digital Signature Market
10.4.6.3.1 U.A.E Digital Signature Market by Solution
10.4.6.3.2 U.A.E Digital Signature Market by Business Type
10.4.6.3.3 U.A.E Digital Signature Market by Industy
10.4.6.4 Rest of Middle East and Africa Digital Signature Market
10.4.6.4.1 Rest of Middle East and Africa Digital Signature Market by Solution
10.4.6.4.2 Rest of Middle East and Africa Digital Signature Market by Business Type
10.4.6.4.3 Rest of Middle East and Africa Digital Signature Market by Industy
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Digital Signature Market Overview
10.5.2 South and Central America Digital Signature Market Forecasts and Analysis
10.5.3 South and Central America Digital Signature Market Forecasts and Analysis - By Solution
10.5.4 South and Central America Digital Signature Market Forecasts and Analysis - By Business Type
10.5.5 South and Central America Digital Signature Market Forecasts and Analysis - By Industy
10.5.6 South and Central America Digital Signature Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Digital Signature Market
10.5.6.1.1 Brazil Digital Signature Market by Solution
10.5.6.1.2 Brazil Digital Signature Market by Business Type
10.5.6.1.3 Brazil Digital Signature Market by Industy
10.5.6.2 Argentina Digital Signature Market
10.5.6.2.1 Argentina Digital Signature Market by Solution
10.5.6.2.2 Argentina Digital Signature Market by Business Type
10.5.6.2.3 Argentina Digital Signature Market by Industy
10.5.6.3 Rest of South and Central America Digital Signature Market
10.5.6.3.1 Rest of South and Central America Digital Signature Market by Solution
10.5.6.3.2 Rest of South and Central America Digital Signature Market by Business Type
10.5.6.3.3 Rest of South and Central America Digital Signature Market by Industy
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. DIGITAL SIGNATURE MARKET, KEY COMPANY PROFILES
12.1. ADOBE SYSTEMS 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. ALANKIT LIMITED.
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. CITRIX SYSTEMS, INC.
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. DOCUSIGN INC.
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. GEMALTO INC. (THALES GROUP)
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. GLOBALSIGN
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. HELLOSIGN
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. MULTICERT
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. ONESPAN 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. ZOHO CORPORATION PVT. LTD.
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
The List of Companies
1. ADOBE SYSTEMS INC.
2. ALANKIT LIMITED.
3. CITRIX SYSTEMS, INC.
4. DOCUSIGN INC.
5. Gemalto Inc. (THALES GROUP)
6. GLOBALSIGN
7. HelloSign
8. Multicert
9. ONESPAN INC.
10. ZOHO CORPORATION PVT. LTD.
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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