Financial Technology Market Size: 2021 to 2031 Key Findings
The Financial Technology market size is anticipated to expand at a CAGR of 17.5% from 2023 to 2031. With the correct POS system, one can immediately reduce hours of human labor and data entry, which can lead to reporting inaccuracies. Past decade has witnessed a tremendous growth in the fintech sector. The financial service sector has put fintech in the forefront of their digital transformation journey. This rapid adoption can be attributed to the growing banking sector, rapid digitization, changing customer preferences, and increasing support of investors and regulators.
Financial Technology Market Analysis
The Financial Technology market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Financial technology (often known as fintech) refers to new technology that aims to improve and automate the delivery and usage of financial services. Fintech aims to improve financial management for businesses, individuals, and their lifestyles. It consists of specialized software and algorithms that run on computers and cellphones.
Financial Technology Overview
- FinTech has transformed the financial industry, offering great benefits to individuals, organizations, and the economy as a whole. Startups in this field have greatly boosted access to financial services, particularly for underserved or unbanked people. FinTech has attracted a lot of venture capital investment due to its revolutionary influence.
- For instance, in March 2024, NX Technologies, a fintech company that operates the automotive payment management platform bezahl.de, announced that it has raised US$24,027,000 in series B funding, led by PayPal Ventures, the corporate venture arm of global payments and commerce company PayPal. With its core product bezahl.de, the Cologne-based fintech has established a new industry standard for payment management in the automotive sector. NX Technologies plans to use the funding to strengthen its market position in Germany, expand into new markets across Europe, and accelerate the growth of its platform.
REGIONAL FRAMEWORK
Financial Technology Market Driver
Consumer Demand for Convenience to Drive the Financial Technology Market
- Today's economy is increasingly reliant on technologically savvy consumers, making quick money transfers a critical requirement for financial service providers, particularly emergent FinTech issuers looking to attract customers away from established banks.
- According to The Issuers Report 2023: FinTechs’ Instant Payments Mismatch by PYMNTS Intelligence and Ingo Money, Peer-to-peer (P2P) transfers are the most popular among consumers, with 51% utilizing them for money-in and 44% for money-out. This indicates a roughly 20% rise in Q3 2023 over the same period a year ago. According to the poll, FinTech issuers are increasingly offering peer-to-peer transfers to meet demand.
Financial Technology Market Report Segmentation Analysis
- Based on the solutions, the Financial Technology market report is segmented into money transfer and payments source, savings and payments, digital lending and lending marketplaces, online insurance and insurance marketplaces, and other service propositions. The into money transfer and payments source segment is expected to hold a significant financial technology market share in 2023.
- Money transfers are now easier than ever thanks to financial technology (fintech) apps and services. In addition to offering a consumer banking app, several banks participate in peer-to-peer payment services, which allow you to send and receive money from others using only their mobile number or email address.
Financial Technology Market Analysis by Geography
The scope of the Financial Technology market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Financial Technology market share. The region's significant development in the field of banking and financial services to this growth. North America is home to many developing countries like the US and Canada, driving the Financial Technology market growth.
Financial Technology Market Report Scope
The "Financial Technology Market Analysis" was carried out based on core investment strategies and geography. In terms of application, the market is segmented into Fraud monitoring, KYC verification, and compliance & regulatory support. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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MARKET PLAYERS
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Financial Technology Market Driver
Consumer Demand for Convenience to Drive the Financial Technology Market
- Today's economy is increasingly reliant on technologically savvy consumers, making quick money transfers a critical requirement for financial service providers, particularly emergent FinTech issuers looking to attract customers away from established banks.
- According to The Issuers Report 2023: FinTechs’ Instant Payments Mismatch by PYMNTS Intelligence and Ingo Money, Peer-to-peer (P2P) transfers are the most popular among consumers, with 51% utilizing them for money-in and 44% for money-out. This indicates a roughly 20% rise in Q3 2023 over the same period a year ago. According to the poll, FinTech issuers are increasingly offering peer-to-peer transfers to meet demand.
Financial Technology Market Report Segmentation Analysis
- Based on the solutions, the Financial Technology market report is segmented into money transfer and payments source, savings and payments, digital lending and lending marketplaces, online insurance and insurance marketplaces, and other service propositions. The into money transfer and payments source segment is expected to hold a significant financial technology market share in 2023.
- Money transfers are now easier than ever thanks to financial technology (fintech) apps and services. In addition to offering a consumer banking app, several banks participate in peer-to-peer payment services, which allow you to send and receive money from others using only their mobile number or email address.
Financial Technology Market Analysis by Geography
The scope of the Financial Technology market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Financial Technology market share. The region's significant development in the field of banking and financial services to this growth. North America is home to many developing countries like the US and Canada, driving the Financial Technology market growth.
Financial Technology Market Report Scope
The "Financial Technology Market Analysis" was carried out based on core investment strategies and geography. In terms of application, the market is segmented into Fraud monitoring, KYC verification, and compliance & regulatory support. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
MARKET PLAYERS
Financial Technology Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Financial Technology market. A few recent key market developments are listed below:
- In March 2024, PayPal introduced a new offering that will enable small and medium-sized enterprises (SMEs) to accept a wider range of payments online. Described as an “all-in-one” solution, PayPal Complete Payments will enable merchants to offer a range of different alternative payment methods within their online checkouts, including PayPal payments, Apple Pay, Google Pay and buy now, pay later (BNPL) solutions, alongside traditional credit and debit cards.
[Source: PayPal, Company Website]
Financial Technology Market Report Coverage & Deliverables
The market report "Financial Technology Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
- 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
This text is related
to country scope.
Frequently Asked Questions
The global Financial Technology market is expected to grow at a CAGR of 17.5% during the forecast period 2023 - 2031.
Consumer demand for convenience and tech-savy consumers are the major factors that propel the global Financial Technology market growth.
Digital payment and open banking are anticipated to bring new Financial Technology market trends in the coming years.
The key players holding majority shares in the global Financial Technology market are Stripe, Paypal, Paytm, and Razorpay.
In terms of revenue, the AI segment held the major market share in 2023.
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Financial Technology Market - By Component
1.3.2Financial Technology Market - By Deployment
1.3.3Financial Technology Market - By End User
1.3.4Financial Technology Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.FINANCIAL TECHNOLOGY MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.FINANCIAL TECHNOLOGY 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.FINANCIAL TECHNOLOGY MARKET - GLOBAL MARKET ANALYSIS
6.1.FINANCIAL TECHNOLOGY - GLOBAL MARKET OVERVIEW
6.2.FINANCIAL TECHNOLOGY - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.FINANCIAL TECHNOLOGY MARKET - REVENUE AND FORECASTS TO 2028 â" COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.SOLUTION
7.3.1.Overview
7.3.2.Solution Market Forecast and Analysis
7.4.SERVICE
7.4.1.Overview
7.4.2.Service Market Forecast and Analysis
8.FINANCIAL TECHNOLOGY MARKET - REVENUE AND FORECASTS TO 2028 â" DEPLOYMENT
8.1.OVERVIEW
8.2.DEPLOYMENT MARKET FORECASTS AND ANALYSIS
8.3.SAAS
8.3.1.Overview
8.3.2.SaaS Market Forecast and Analysis
8.4.ON-PREMISE
8.4.1.Overview
8.4.2.On-Premise Market Forecast and Analysis
9.FINANCIAL TECHNOLOGY MARKET - REVENUE AND FORECASTS TO 2028 â" END USER
9.1.OVERVIEW
9.2.END USER MARKET FORECASTS AND ANALYSIS
9.3.BANKS
9.3.1.Overview
9.3.2.Banks Market Forecast and Analysis
9.4.FINANCIAL CONSULTANCY
9.4.1.Overview
9.4.2.Financial Consultancy Market Forecast and Analysis
9.5.OTHERS
9.5.1.Overview
9.5.2.Others Market Forecast and Analysis
10.FINANCIAL TECHNOLOGY MARKET REVENUE AND FORECASTS TO 2028 â" GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Financial Technology Market Overview
10.1.2North America Financial Technology Market Forecasts and Analysis
10.1.3North America Financial Technology Market Forecasts and Analysis - By Component
10.1.4North America Financial Technology Market Forecasts and Analysis - By Deployment
10.1.5North America Financial Technology Market Forecasts and Analysis - By End User
10.1.6North America Financial Technology Market Forecasts and Analysis - By Countries
10.1.6.1Canada Financial Technology Market
10.1.6.1.1Canada Financial Technology Market by Component
10.1.6.1.2Canada Financial Technology Market by Deployment
10.1.6.1.3Canada Financial Technology Market by End User
10.1.6.2Mexico Financial Technology Market
10.1.6.2.1Mexico Financial Technology Market by Component
10.1.6.2.2Mexico Financial Technology Market by Deployment
10.1.6.2.3Mexico Financial Technology Market by End User
10.2.EUROPE
10.2.1Europe Financial Technology Market Overview
10.2.2Europe Financial Technology Market Forecasts and Analysis
10.2.3Europe Financial Technology Market Forecasts and Analysis - By Component
10.2.4Europe Financial Technology Market Forecasts and Analysis - By Deployment
10.2.5Europe Financial Technology Market Forecasts and Analysis - By End User
10.2.6Europe Financial Technology Market Forecasts and Analysis - By Countries
10.2.6.1Germany Financial Technology Market
10.2.6.1.1Germany Financial Technology Market by Component
10.2.6.1.2Germany Financial Technology Market by Deployment
10.2.6.1.3Germany Financial Technology Market by End User
10.2.6.2France Financial Technology Market
10.2.6.2.1France Financial Technology Market by Component
10.2.6.2.2France Financial Technology Market by Deployment
10.2.6.2.3France Financial Technology Market by End User
10.2.6.3Italy Financial Technology Market
10.2.6.3.1Italy Financial Technology Market by Component
10.2.6.3.2Italy Financial Technology Market by Deployment
10.2.6.3.3Italy Financial Technology Market by End User
10.2.6.4United Kingdom Financial Technology Market
10.2.6.4.1United Kingdom Financial Technology Market by Component
10.2.6.4.2United Kingdom Financial Technology Market by Deployment
10.2.6.4.3United Kingdom Financial Technology Market by End User
10.2.6.5Russia Financial Technology Market
10.2.6.5.1Russia Financial Technology Market by Component
10.2.6.5.2Russia Financial Technology Market by Deployment
10.2.6.5.3Russia Financial Technology Market by End User
10.2.6.6Rest of Europe Financial Technology Market
10.2.6.6.1Rest of Europe Financial Technology Market by Component
10.2.6.6.2Rest of Europe Financial Technology Market by Deployment
10.2.6.6.3Rest of Europe Financial Technology Market by End User
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Financial Technology Market Overview
10.3.2Asia-Pacific Financial Technology Market Forecasts and Analysis
10.3.3Asia-Pacific Financial Technology Market Forecasts and Analysis - By Component
10.3.4Asia-Pacific Financial Technology Market Forecasts and Analysis - By Deployment
10.3.5Asia-Pacific Financial Technology Market Forecasts and Analysis - By End User
10.3.6Asia-Pacific Financial Technology Market Forecasts and Analysis - By Countries
10.3.6.1Australia Financial Technology Market
10.3.6.1.1Australia Financial Technology Market by Component
10.3.6.1.2Australia Financial Technology Market by Deployment
10.3.6.1.3Australia Financial Technology Market by End User
10.3.6.2China Financial Technology Market
10.3.6.2.1China Financial Technology Market by Component
10.3.6.2.2China Financial Technology Market by Deployment
10.3.6.2.3China Financial Technology Market by End User
10.3.6.3India Financial Technology Market
10.3.6.3.1India Financial Technology Market by Component
10.3.6.3.2India Financial Technology Market by Deployment
10.3.6.3.3India Financial Technology Market by End User
10.3.6.4Japan Financial Technology Market
10.3.6.4.1Japan Financial Technology Market by Component
10.3.6.4.2Japan Financial Technology Market by Deployment
10.3.6.4.3Japan Financial Technology Market by End User
10.3.6.5South Korea Financial Technology Market
10.3.6.5.1South Korea Financial Technology Market by Component
10.3.6.5.2South Korea Financial Technology Market by Deployment
10.3.6.5.3South Korea Financial Technology Market by End User
10.3.6.6Rest of Asia-Pacific Financial Technology Market
10.3.6.6.1Rest of Asia-Pacific Financial Technology Market by Component
10.3.6.6.2Rest of Asia-Pacific Financial Technology Market by Deployment
10.3.6.6.3Rest of Asia-Pacific Financial Technology Market by End User
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Financial Technology Market Overview
10.4.2Middle East and Africa Financial Technology Market Forecasts and Analysis
10.4.3Middle East and Africa Financial Technology Market Forecasts and Analysis - By Component
10.4.4Middle East and Africa Financial Technology Market Forecasts and Analysis - By Deployment
10.4.5Middle East and Africa Financial Technology Market Forecasts and Analysis - By End User
10.4.6Middle East and Africa Financial Technology Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Financial Technology Market
10.4.6.1.1South Africa Financial Technology Market by Component
10.4.6.1.2South Africa Financial Technology Market by Deployment
10.4.6.1.3South Africa Financial Technology Market by End User
10.4.6.2Saudi Arabia Financial Technology Market
10.4.6.2.1Saudi Arabia Financial Technology Market by Component
10.4.6.2.2Saudi Arabia Financial Technology Market by Deployment
10.4.6.2.3Saudi Arabia Financial Technology Market by End User
10.4.6.3U.A.E Financial Technology Market
10.4.6.3.1U.A.E Financial Technology Market by Component
10.4.6.3.2U.A.E Financial Technology Market by Deployment
10.4.6.3.3U.A.E Financial Technology Market by End User
10.4.6.4Rest of Middle East and Africa Financial Technology Market
10.4.6.4.1Rest of Middle East and Africa Financial Technology Market by Component
10.4.6.4.2Rest of Middle East and Africa Financial Technology Market by Deployment
10.4.6.4.3Rest of Middle East and Africa Financial Technology Market by End User
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Financial Technology Market Overview
10.5.2South and Central America Financial Technology Market Forecasts and Analysis
10.5.3South and Central America Financial Technology Market Forecasts and Analysis - By Component
10.5.4South and Central America Financial Technology Market Forecasts and Analysis - By Deployment
10.5.5South and Central America Financial Technology Market Forecasts and Analysis - By End User
10.5.6South and Central America Financial Technology Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Financial Technology Market
10.5.6.1.1Brazil Financial Technology Market by Component
10.5.6.1.2Brazil Financial Technology Market by Deployment
10.5.6.1.3Brazil Financial Technology Market by End User
10.5.6.2Argentina Financial Technology Market
10.5.6.2.1Argentina Financial Technology Market by Component
10.5.6.2.2Argentina Financial Technology Market by Deployment
10.5.6.2.3Argentina Financial Technology Market by End User
10.5.6.3Rest of South and Central America Financial Technology Market
10.5.6.3.1Rest of South and Central America Financial Technology Market by Component
10.5.6.3.2Rest of South and Central America Financial Technology Market by Deployment
10.5.6.3.3Rest of South and Central America Financial Technology 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.FINANCIAL TECHNOLOGY MARKET, KEY COMPANY PROFILES
12.1.SOCIAL FINANCE, INC. (SOFI)
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.STRIPE
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.YAPSTONE, 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.BRAINTREE (PAYPAL)
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.ADYEN
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.LENDING CLUB
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.ADDEPAR
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.COMMONBOND, 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.ROBINHOOD
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.WEALTHFRONT, INC.
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. Social Finance, Inc. (SoFi)
2. Stripe
3. YapStone, Inc.
4. Braintree (PayPal)
5. Adyen
6. Lending Club
7. Addepar
8. Commonbond, Inc.
9. Robinhood
10. Wealthfront, Inc.
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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