Freight Audit and Payment Market Dynamics - 2021 to 2031
The Freight Audit and Payment market is expected to register a CAGR of 14.3% in 2023–2031. Automation digitization and real-time visibility are likely to remain key freight audit and payment market trends.
Freight Audit and Payment Market Analysis
Freight audits and payments are key components of logistics and supply chain management. This process entails verifying and reconciling freight bills to ensure that you are not overpaying for shipping services. It also performs compliance checks on contracts and service agreements. Companies that efficiently manage freight audits and payments can save money, increase operational efficiency, and obtain important insights into their shipping activities.
Freight Audit and Payment Market Overview
Automation and artificial intelligence (AI) are becoming more common in the freight auditing and billing process. Automation helps to decrease errors, accelerate payments, and increase data quality. AI also examines bills and discovers abnormalities. Being more accurate through automation and AI will result in better customer and carrier service. Data analytics and visibility are critical for any freight broker or 3PL looking to optimize their operations and performance. Freight brokers can acquire useful insights by collecting and evaluating data from a variety of sources, including invoices, shipments, carriers, clients, and market circumstances.
REGIONAL FRAMEWORK
Freight Audit and Payment Market Drivers and Opportunities
Managing Regulatory Compliances to Favor Market
Freight auditing services have become an essential component of logistics management. They are in charge of reviewing and reconciling transportation invoices to contractual terms, guaranteeing regulatory compliance, and identifying cost-saving options. Freight audits are critical for assuring compliance with regulatory obligations in the transportation business. Transportation rules are complicated and continuously changing, making it difficult for shippers to stay current with the latest standards. Freight auditing firms have the experience and knowledge to discover and resolve compliance concerns, lowering the risk of noncompliance penalties and fines.
Data Analytics – An Opportunity in Freight Audit and Payment
Data analytics in freight auditing have evolved from manual, paper-based techniques to complex, algorithm-driven analysis. Modern data analytics technologies can handle large amounts of data from a variety of sources, such as shipment tracking systems, carrier bills, and transportation management systems. This progress has permitted more nuanced and comprehensive audits, resulting in higher accuracy and efficiency in the freight auditing process. One of the most important advantages of applying data analytics to freight audits is a large rise in accuracy. Data analytics systems can automatically detect errors in freight invoices, such as duplicate charges, wrong rates, or misclassified shipments. This level of precision decreases the possibility of overpayments and ensures that billing issues are resolved quickly.
Freight Audit and Payment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Freight Audit and Payment market analysis are organization size, application, and industry vertical.
- Based on organization size, the Freight Audit and Payment market is divided into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.
- By application, the market is segmented into road freight, ocean freight, rail freight, and air freight. The road freight segment held the largest share of the market in 2023.
- In terms of industry verticals, the market is bifurcated into retail, manufacturing, food and beverage, and healthcare. The manufacturing segment dominated the market in 2023.
Freight Audit and Payment Market Share Analysis by Geography
The geographic scope of the Freight Audit and Payment Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the freight audit and payment market. Rapid developments in the logistics infrastructure in North America countries are driving the demand for Freight Audit and Payment in the region. The Freight Audit and Payment market is undergoing substantial development in North America, with an increasing number of transport and logistics firms using this software. This trend is primarily motivated by the demand for more effective management of complicated business processes, increased productivity, and better decision-making abilities.
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MARKET PLAYERS
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Freight Audit and Payment Market Drivers and Opportunities
Managing Regulatory Compliances to Favor Market
Freight auditing services have become an essential component of logistics management. They are in charge of reviewing and reconciling transportation invoices to contractual terms, guaranteeing regulatory compliance, and identifying cost-saving options. Freight audits are critical for assuring compliance with regulatory obligations in the transportation business. Transportation rules are complicated and continuously changing, making it difficult for shippers to stay current with the latest standards. Freight auditing firms have the experience and knowledge to discover and resolve compliance concerns, lowering the risk of noncompliance penalties and fines.
Data Analytics – An Opportunity in Freight Audit and Payment
Data analytics in freight auditing have evolved from manual, paper-based techniques to complex, algorithm-driven analysis. Modern data analytics technologies can handle large amounts of data from a variety of sources, such as shipment tracking systems, carrier bills, and transportation management systems. This progress has permitted more nuanced and comprehensive audits, resulting in higher accuracy and efficiency in the freight auditing process. One of the most important advantages of applying data analytics to freight audits is a large rise in accuracy. Data analytics systems can automatically detect errors in freight invoices, such as duplicate charges, wrong rates, or misclassified shipments. This level of precision decreases the possibility of overpayments and ensures that billing issues are resolved quickly.
Freight Audit and Payment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Freight Audit and Payment market analysis are organization size, application, and industry vertical.
- Based on organization size, the Freight Audit and Payment market is divided into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.
- By application, the market is segmented into road freight, ocean freight, rail freight, and air freight. The road freight segment held the largest share of the market in 2023.
- In terms of industry verticals, the market is bifurcated into retail, manufacturing, food and beverage, and healthcare. The manufacturing segment dominated the market in 2023.
Freight Audit and Payment Market Share Analysis by Geography
The geographic scope of the Freight Audit and Payment Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the freight audit and payment market. Rapid developments in the logistics infrastructure in North America countries are driving the demand for Freight Audit and Payment in the region. The Freight Audit and Payment market is undergoing substantial development in North America, with an increasing number of transport and logistics firms using this software. This trend is primarily motivated by the demand for more effective management of complicated business processes, increased productivity, and better decision-making abilities.
MARKET PLAYERS
FREIGHT AUDIT AND PAYMENT Market Report Scope
Freight Audit and Payment Market News and Recent Developments
The freight audit and payment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- Denim, a freight payment platform, announced the debut of Denim Audit, an AI-driven freight audit solution designed specifically for freight brokers. Denim Audit uses cutting-edge AI technology such as ChatGPT and significant industry knowledge to ensure correct billing and document management. Our 20-second analysis looks for anomalies in evidence of delivery, carrier invoices, and rate confirmations. The end result is a streamlined and efficient auditing process. (Source: Denim, Press Release, 2023)
Freight Audit And Payment Market Report Coverage and Deliverables
The “Freight Audit And Payment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and 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/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent 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 Freight Audit and Payment market is expected to grow at a CAGR of 14.3% during the forecast period 2023 - 2031.
Managing regulatory compliances and integration with supply chain management are the major factors that propel the global Freight Audit and Payment market growth.
Automation digitization and real-time visibility are anticipated to bring new freight audit and payment market trends in the coming years.
The key players holding majority shares in the global freight audit and payment market are Orca, Trax Technologies, Zero Down Supply Chain Solutions, Condata Global, and nVision Global.
In terms of revenue, the large enterprises 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
1.3.1Freight Audit And Payment Market - By Offering
1.3.2Freight Audit And Payment Market - By Deployment
1.3.3Freight Audit And Payment Market - By Application
1.3.4Freight Audit And Payment Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.FREIGHT AUDIT AND PAYMENT 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.FREIGHT AUDIT AND PAYMENT 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.FREIGHT AUDIT AND PAYMENT MARKET - GLOBAL MARKET ANALYSIS
6.1.FREIGHT AUDIT AND PAYMENT - GLOBAL MARKET OVERVIEW
6.2.FREIGHT AUDIT AND PAYMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.FREIGHT AUDIT AND PAYMENT MARKET - REVENUE AND FORECASTS TO 2028 " OFFERING
7.1.OVERVIEW
7.2.OFFERING MARKET FORECASTS AND ANALYSIS
7.3.SOLUTION
7.3.1.Overview
7.3.2.Solution Market Forecast and Analysis
7.3.3.Control-Billing Market
7.3.3.1.Overview
7.3.3.2.Control-Billing Market Forecast and Analysis
7.3.4.Self-Billing Market
7.3.4.1.Overview
7.3.4.2.Self-Billing Market Forecast and Analysis
7.3.5.Account Management Market
7.3.5.1.Overview
7.3.5.2.Account Management Market Forecast and Analysis
7.3.6.Others Market
7.3.6.1.Overview
7.3.6.2.Others Market Forecast and Analysis
7.4.SERVICE
7.4.1.Overview
7.4.2.Service Market Forecast and Analysis
7.4.3.Customized Service Market
7.4.3.1.Overview
7.4.3.2.Customized Service Market Forecast and Analysis
7.4.4.Standard Service Market
7.4.4.1.Overview
7.4.4.2.Standard Service Market Forecast and Analysis
8.FREIGHT AUDIT AND PAYMENT MARKET - REVENUE AND FORECASTS TO 2028 " DEPLOYMENT
8.1.OVERVIEW
8.2.DEPLOYMENT 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.FREIGHT AUDIT AND PAYMENT MARKET - REVENUE AND FORECASTS TO 2028 " APPLICATION
9.1.OVERVIEW
9.2.APPLICATION MARKET FORECASTS AND ANALYSIS
9.3.SEAWAYS
9.3.1.Overview
9.3.2.Seaways Market Forecast and Analysis
9.4.ROADWAYS
9.4.1.Overview
9.4.2.Roadways Market Forecast and Analysis
9.5.RAILWAYS
9.5.1.Overview
9.5.2.Railways Market Forecast and Analysis
9.6.AIRWAYS
9.6.1.Overview
9.6.2.Airways Market Forecast and Analysis
10.FREIGHT AUDIT AND PAYMENT MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Freight Audit And Payment Market Overview
10.1.2North America Freight Audit And Payment Market Forecasts and Analysis
10.1.3North America Freight Audit And Payment Market Forecasts and Analysis - By Offering
10.1.4North America Freight Audit And Payment Market Forecasts and Analysis - By Deployment
10.1.5North America Freight Audit And Payment Market Forecasts and Analysis - By Application
10.1.6North America Freight Audit And Payment Market Forecasts and Analysis - By Countries
10.1.6.1United States Freight Audit And Payment Market
10.1.6.1.1United States Freight Audit And Payment Market by Offering
10.1.6.1.2United States Freight Audit And Payment Market by Deployment
10.1.6.1.3United States Freight Audit And Payment Market by Application
10.1.6.2Canada Freight Audit And Payment Market
10.1.6.2.1Canada Freight Audit And Payment Market by Offering
10.1.6.2.2Canada Freight Audit And Payment Market by Deployment
10.1.6.2.3Canada Freight Audit And Payment Market by Application
10.1.6.3Mexico Freight Audit And Payment Market
10.1.6.3.1Mexico Freight Audit And Payment Market by Offering
10.1.6.3.2Mexico Freight Audit And Payment Market by Deployment
10.1.6.3.3Mexico Freight Audit And Payment Market by Application
10.2.EUROPE
10.2.1Europe Freight Audit And Payment Market Overview
10.2.2Europe Freight Audit And Payment Market Forecasts and Analysis
10.2.3Europe Freight Audit And Payment Market Forecasts and Analysis - By Offering
10.2.4Europe Freight Audit And Payment Market Forecasts and Analysis - By Deployment
10.2.5Europe Freight Audit And Payment Market Forecasts and Analysis - By Application
10.2.6Europe Freight Audit And Payment Market Forecasts and Analysis - By Countries
10.2.6.1Germany Freight Audit And Payment Market
10.2.6.1.1Germany Freight Audit And Payment Market by Offering
10.2.6.1.2Germany Freight Audit And Payment Market by Deployment
10.2.6.1.3Germany Freight Audit And Payment Market by Application
10.2.6.2France Freight Audit And Payment Market
10.2.6.2.1France Freight Audit And Payment Market by Offering
10.2.6.2.2France Freight Audit And Payment Market by Deployment
10.2.6.2.3France Freight Audit And Payment Market by Application
10.2.6.3Italy Freight Audit And Payment Market
10.2.6.3.1Italy Freight Audit And Payment Market by Offering
10.2.6.3.2Italy Freight Audit And Payment Market by Deployment
10.2.6.3.3Italy Freight Audit And Payment Market by Application
10.2.6.4United Kingdom Freight Audit And Payment Market
10.2.6.4.1United Kingdom Freight Audit And Payment Market by Offering
10.2.6.4.2United Kingdom Freight Audit And Payment Market by Deployment
10.2.6.4.3United Kingdom Freight Audit And Payment Market by Application
10.2.6.5Russia Freight Audit And Payment Market
10.2.6.5.1Russia Freight Audit And Payment Market by Offering
10.2.6.5.2Russia Freight Audit And Payment Market by Deployment
10.2.6.5.3Russia Freight Audit And Payment Market by Application
10.2.6.6Rest of Europe Freight Audit And Payment Market
10.2.6.6.1Rest of Europe Freight Audit And Payment Market by Offering
10.2.6.6.2Rest of Europe Freight Audit And Payment Market by Deployment
10.2.6.6.3Rest of Europe Freight Audit And Payment Market by Application
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Freight Audit And Payment Market Overview
10.3.2Asia-Pacific Freight Audit And Payment Market Forecasts and Analysis
10.3.3Asia-Pacific Freight Audit And Payment Market Forecasts and Analysis - By Offering
10.3.4Asia-Pacific Freight Audit And Payment Market Forecasts and Analysis - By Deployment
10.3.5Asia-Pacific Freight Audit And Payment Market Forecasts and Analysis - By Application
10.3.6Asia-Pacific Freight Audit And Payment Market Forecasts and Analysis - By Countries
10.3.6.1Australia Freight Audit And Payment Market
10.3.6.1.1Australia Freight Audit And Payment Market by Offering
10.3.6.1.2Australia Freight Audit And Payment Market by Deployment
10.3.6.1.3Australia Freight Audit And Payment Market by Application
10.3.6.2China Freight Audit And Payment Market
10.3.6.2.1China Freight Audit And Payment Market by Offering
10.3.6.2.2China Freight Audit And Payment Market by Deployment
10.3.6.2.3China Freight Audit And Payment Market by Application
10.3.6.3India Freight Audit And Payment Market
10.3.6.3.1India Freight Audit And Payment Market by Offering
10.3.6.3.2India Freight Audit And Payment Market by Deployment
10.3.6.3.3India Freight Audit And Payment Market by Application
10.3.6.4Japan Freight Audit And Payment Market
10.3.6.4.1Japan Freight Audit And Payment Market by Offering
10.3.6.4.2Japan Freight Audit And Payment Market by Deployment
10.3.6.4.3Japan Freight Audit And Payment Market by Application
10.3.6.5South Korea Freight Audit And Payment Market
10.3.6.5.1South Korea Freight Audit And Payment Market by Offering
10.3.6.5.2South Korea Freight Audit And Payment Market by Deployment
10.3.6.5.3South Korea Freight Audit And Payment Market by Application
10.3.6.6Rest of Asia-Pacific Freight Audit And Payment Market
10.3.6.6.1Rest of Asia-Pacific Freight Audit And Payment Market by Offering
10.3.6.6.2Rest of Asia-Pacific Freight Audit And Payment Market by Deployment
10.3.6.6.3Rest of Asia-Pacific Freight Audit And Payment Market by Application
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Freight Audit And Payment Market Overview
10.4.2Middle East and Africa Freight Audit And Payment Market Forecasts and Analysis
10.4.3Middle East and Africa Freight Audit And Payment Market Forecasts and Analysis - By Offering
10.4.4Middle East and Africa Freight Audit And Payment Market Forecasts and Analysis - By Deployment
10.4.5Middle East and Africa Freight Audit And Payment Market Forecasts and Analysis - By Application
10.4.6Middle East and Africa Freight Audit And Payment Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Freight Audit And Payment Market
10.4.6.1.1South Africa Freight Audit And Payment Market by Offering
10.4.6.1.2South Africa Freight Audit And Payment Market by Deployment
10.4.6.1.3South Africa Freight Audit And Payment Market by Application
10.4.6.2Saudi Arabia Freight Audit And Payment Market
10.4.6.2.1Saudi Arabia Freight Audit And Payment Market by Offering
10.4.6.2.2Saudi Arabia Freight Audit And Payment Market by Deployment
10.4.6.2.3Saudi Arabia Freight Audit And Payment Market by Application
10.4.6.3U.A.E Freight Audit And Payment Market
10.4.6.3.1U.A.E Freight Audit And Payment Market by Offering
10.4.6.3.2U.A.E Freight Audit And Payment Market by Deployment
10.4.6.3.3U.A.E Freight Audit And Payment Market by Application
10.4.6.4Rest of Middle East and Africa Freight Audit And Payment Market
10.4.6.4.1Rest of Middle East and Africa Freight Audit And Payment Market by Offering
10.4.6.4.2Rest of Middle East and Africa Freight Audit And Payment Market by Deployment
10.4.6.4.3Rest of Middle East and Africa Freight Audit And Payment Market by Application
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Freight Audit And Payment Market Overview
10.5.2South and Central America Freight Audit And Payment Market Forecasts and Analysis
10.5.3South and Central America Freight Audit And Payment Market Forecasts and Analysis - By Offering
10.5.4South and Central America Freight Audit And Payment Market Forecasts and Analysis - By Deployment
10.5.5South and Central America Freight Audit And Payment Market Forecasts and Analysis - By Application
10.5.6South and Central America Freight Audit And Payment Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Freight Audit And Payment Market
10.5.6.1.1Brazil Freight Audit And Payment Market by Offering
10.5.6.1.2Brazil Freight Audit And Payment Market by Deployment
10.5.6.1.3Brazil Freight Audit And Payment Market by Application
10.5.6.2Argentina Freight Audit And Payment Market
10.5.6.2.1Argentina Freight Audit And Payment Market by Offering
10.5.6.2.2Argentina Freight Audit And Payment Market by Deployment
10.5.6.2.3Argentina Freight Audit And Payment Market by Application
10.5.6.3Rest of South and Central America Freight Audit And Payment Market
10.5.6.3.1Rest of South and Central America Freight Audit And Payment Market by Offering
10.5.6.3.2Rest of South and Central America Freight Audit And Payment Market by Deployment
10.5.6.3.3Rest of South and Central America Freight Audit And Payment Market by Application
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.FREIGHT AUDIT AND PAYMENT MARKET, KEY COMPANY PROFILES
12.1.CASS INFORMATION 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.CONTROLPAY
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.CT LOGISTICS
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.CTSI-GLOBAL
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.ENVISTA LLC
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.INTELLIGENT AUDIT
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.INTERLOG SERVICES
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.NVISION GLOBAL TECHNOLOGY SOLUTIONS
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.RATELINX
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.SOFTWARE SOLUTIONS UNLIMITED, 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.Cass Information Systems, Inc.
2.ControlPay
3.CT Logistics
4.CTSI-Global
5.enVista LLC
6.Intelligent Audit
7.INTERLOG Services
8.nVision Global Technology Solutions
9.RateLinx
10.Software Solutions Unlimited, 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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