Gesture Recognition Market Key Findings by 2031
The gesture recognition market is expected to grow from US$ 12.93 billion in 2021; it is estimated to grow at a compound annual growth rate (CAGR) of 22.3% from 2022 to 2031.
The gesture recognition market growth is driven by numerous factors, such as surging demand from the automotive industry to provide driver safety and the rising use of gesture recognition technologies in consumer electronics such as computers, tablets, and smartphones. Moreover, leading automotive manufacturers are implementing gesture recognition in different systems, such as windows and windshield wipers and air conditioning, in order to reduce driver workload and allow safe driving, thereby propelling the market growth during the forecast period.
MARKET DYNAMICS
Gesture recognition enables users to control the functioning of smart TVs with their fingers and hand gestures. The recognition software attempts to match these gestures to a predefined set of gestures. Moreover, there is an increased adoption of gesture recognition mainly across consumer electronics, such as smartphones, smart TVs, smart homes, laptops, and set-top boxes. Gesture recognition tends to control computer devices. Several companies and organizations are implementing biometrics solutions that help digitalize large business processes, which propels the gesture recognition market growth. However, high power consumption by products with gesture recognition hampers the market growth. Conversely, due to minimal technological complexities and increased digitization across numerous industries, the adoption of gesture recognition technology is rising, , primarily across the consumer electronics industry. Technological advancements and the need to deliver remote-less gesture presentations in several businesses are anticipated to create significant growth opportunities for the gesture recognition market players during the forecast period.
MARKET SCOPE
The "Global Gesture Recognition Market Forecast to 2031" report aims to provide an overview of the market with detailed market segmentation based on technology, type, and industry vertical. The report provides key statistics based on the performance of the leading market players. It also offers key trends and opportunities in the gesture recognition market.
Strategic Insights
MARKET SEGMENTATION
The global gesture recognition market is segmented on the basis of technology, type, and industry vertical. By technology, the gesture recognition market is bifurcated into touch-based gesture recognition, touchless gesture recognition. Based on type, the market is divided into online gesture recognition and offline gesture recognition. In terms of industry vertical, the gesture recognition market is segmented into automotive, consumer electronics, sports, healthcare, advertisement and communication, aerospace and defense, and others.
The report provides a detailed overview of the industry, including both qualitative and quantitative information. The global gesture recognition market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The market report covers the analysis and forecast of 18 countries across the world, along with trends and opportunities prevailing in the region.
From the regional perspective, North America is expected to hold the largest share of the gesture recognition market during the forecast period. The market in North America is segmented into the US, Canada, and Mexico. In the past five years, the region has witnessed significant adoption of technologies, which has resulted in the growth of the gesture recognition market. Owing to the massive presence of key players, including Microsoft; Google, Inc.; and Intel Corporation, the adoption of gesture recognition is high in the consumer electronics and gaming industries. In January 2021, Qualcomm Technologies, Inc. (a leading wireless tech innovator) acquired Clay AIR (a US-based AI-powered hand tracking and gesture recognition technology company) to strengthen Qualcomm’s XR technology stack. In addition, the inclusion of Clay AIR provides highly accurate and power-efficient hardware-agnostic technology, interaction design, along with the machine learning professionals and industry-leading team of computer vision.
The below figure showcases the revenue growth trend in the global gesture recognition market:
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, impacting the gesture recognition market. It also provides an exhaustive PEST analysis of the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
During the COVID-19 pandemic, several industries experienced a significant shift in their business operations. There was a massive implementation of biometrics, facial recognition, and other new technology solutions, primarily at airports, to maintain a distance, which bolstered the gesture recognition market. The adoption of gesture recognition technologies helped to contain the spread of novel coronavirus infection. Also, there was a huge investment made in these technologies across several sectors. In the aviation sector, a boarding pass was printed through gestures or voice for on-boarding process. For instance, in September 2021, Spirit Airlines, Inc., a US-based airline company, launched biometric facial recognition for passenger check-ins. Moreover, biometrics firms in the US developed biometric solutions to bypass travel documents at the security checks in airports during the health crisis. Therefore, the demand for gesture recognition increased during the COVID-19 pandemic and is also set to increase during the forecast period.
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The report provides a detailed overview of the industry, including both qualitative and quantitative information. The global gesture recognition market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The market report covers the analysis and forecast of 18 countries across the world, along with trends and opportunities prevailing in the region.
From the regional perspective, North America is expected to hold the largest share of the gesture recognition market during the forecast period. The market in North America is segmented into the US, Canada, and Mexico. In the past five years, the region has witnessed significant adoption of technologies, which has resulted in the growth of the gesture recognition market. Owing to the massive presence of key players, including Microsoft; Google, Inc.; and Intel Corporation, the adoption of gesture recognition is high in the consumer electronics and gaming industries. In January 2021, Qualcomm Technologies, Inc. (a leading wireless tech innovator) acquired Clay AIR (a US-based AI-powered hand tracking and gesture recognition technology company) to strengthen Qualcomm’s XR technology stack. In addition, the inclusion of Clay AIR provides highly accurate and power-efficient hardware-agnostic technology, interaction design, along with the machine learning professionals and industry-leading team of computer vision.
The below figure showcases the revenue growth trend in the global gesture recognition market:
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, impacting the gesture recognition market. It also provides an exhaustive PEST analysis of the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
During the COVID-19 pandemic, several industries experienced a significant shift in their business operations. There was a massive implementation of biometrics, facial recognition, and other new technology solutions, primarily at airports, to maintain a distance, which bolstered the gesture recognition market. The adoption of gesture recognition technologies helped to contain the spread of novel coronavirus infection. Also, there was a huge investment made in these technologies across several sectors. In the aviation sector, a boarding pass was printed through gestures or voice for on-boarding process. For instance, in September 2021, Spirit Airlines, Inc., a US-based airline company, launched biometric facial recognition for passenger check-ins. Moreover, biometrics firms in the US developed biometric solutions to bypass travel documents at the security checks in airports during the health crisis. Therefore, the demand for gesture recognition increased during the COVID-19 pandemic and is also set to increase during the forecast period.
MARKET PLAYERS
Various companies in the gesture recognition market are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved the way for the expansion of business and the customer base of market players. The market players are anticipated to experience lucrative growth opportunities during the forecast period owing to the rising demand for gesture recognition solutions.
The report also includes the profiles of key gesture recognition market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players’ information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years. Below is a list of a few companies engaged in the gesture recognition market.
- Synaptics Incorporated
- Qualcomm Technologies, Inc.
- Microsoft
- Microchip Technology Inc.
- Intel Corporation
- Infineon Technologies AG
- Cipia Vision Ltd.
- Apple Inc.
- Alphabet Inc
- Cognitec Systems GmbH
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Type, Industry Vertical, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
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 Gesture Recognition Market - By Technology
1.3.2 Gesture Recognition Market - By Type
1.3.3 Gesture Recognition Market - By Industry
1.3.4 Gesture Recognition Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. GESTURE RECOGNITION 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. GESTURE RECOGNITION 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. GESTURE RECOGNITION MARKET - GLOBAL MARKET ANALYSIS
6.1. GESTURE RECOGNITION - GLOBAL MARKET OVERVIEW
6.2. GESTURE RECOGNITION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. GESTURE RECOGNITION MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. TOUCH-BASED GESTURE RECOGNITION
7.3.1. Overview
7.3.2. Touch-Based Gesture Recognition Market Forecast and Analysis
7.3.3. Multi-Touch System Market
7.3.3.1. Overview
7.3.3.2. Multi-Touch System Market Forecast and Analysis
7.3.4. Motion Gesture Market
7.3.4.1. Overview
7.3.4.2. Motion Gesture Market Forecast and Analysis
7.4. TOUCHLESS GESTURE RECOGNITION
7.4.1. Overview
7.4.2. Touchless Gesture Recognition Market Forecast and Analysis
7.4.3. Capacitive/Electric Field Market
7.4.3.1. Overview
7.4.3.2. Capacitive/Electric Field Market Forecast and Analysis
7.4.4. Infrared Array Market
7.4.4.1. Overview
7.4.4.2. Infrared Array Market Forecast and Analysis
7.4.5. Ultrasonic Technology Market
7.4.5.1. Overview
7.4.5.2. Ultrasonic Technology Market Forecast and Analysis
7.4.6. 2d Camera-Based Market
7.4.6.1. Overview
7.4.6.2. 2d Camera-Based Market Forecast and Analysis
7.4.7. 3d Vision Technologies Market
7.4.7.1. Overview
7.4.7.2. 3d Vision Technologies Market Forecast and Analysis
8. GESTURE RECOGNITION MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
8.1. OVERVIEW
8.2. TYPE MARKET FORECASTS AND ANALYSIS
8.3. ONLINE GESTURE RECOGNITION
8.3.1. Overview
8.3.2. Online Gesture Recognition Market Forecast and Analysis
8.4. OFFLINE GESTURE RECOGNITION
8.4.1. Overview
8.4.2. Offline Gesture Recognition Market Forecast and Analysis
9. GESTURE RECOGNITION MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY
9.1. OVERVIEW
9.2. INDUSTRY MARKET FORECASTS AND ANALYSIS
9.3. AUTOMOTIVE
9.3.1. Overview
9.3.2. Automotive Market Forecast and Analysis
9.4. CONSUMER ELECTRONICS
9.4.1. Overview
9.4.2. Consumer Electronics Market Forecast and Analysis
9.5. SPORTS
9.5.1. Overview
9.5.2. Sports Market Forecast and Analysis
9.6. HEALTHCARE
9.6.1. Overview
9.6.2. Healthcare Market Forecast and Analysis
9.7. ADVERTISEMENT AND COMMUNICATION
9.7.1. Overview
9.7.2. Advertisement and Communication Market Forecast and Analysis
9.8. AEROSPACE AND DEFENSE
9.8.1. Overview
9.8.2. Aerospace and Defense Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. GESTURE RECOGNITION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Gesture Recognition Market Overview
10.1.2 North America Gesture Recognition Market Forecasts and Analysis
10.1.3 North America Gesture Recognition Market Forecasts and Analysis - By Technology
10.1.4 North America Gesture Recognition Market Forecasts and Analysis - By Type
10.1.5 North America Gesture Recognition Market Forecasts and Analysis - By Industry
10.1.6 North America Gesture Recognition Market Forecasts and Analysis - By Countries
10.1.6.1 United States Gesture Recognition Market
10.1.6.1.1 United States Gesture Recognition Market by Technology
10.1.6.1.2 United States Gesture Recognition Market by Type
10.1.6.1.3 United States Gesture Recognition Market by Industry
10.1.6.2 Canada Gesture Recognition Market
10.1.6.2.1 Canada Gesture Recognition Market by Technology
10.1.6.2.2 Canada Gesture Recognition Market by Type
10.1.6.2.3 Canada Gesture Recognition Market by Industry
10.1.6.3 Mexico Gesture Recognition Market
10.1.6.3.1 Mexico Gesture Recognition Market by Technology
10.1.6.3.2 Mexico Gesture Recognition Market by Type
10.1.6.3.3 Mexico Gesture Recognition Market by Industry
10.2. EUROPE
10.2.1 Europe Gesture Recognition Market Overview
10.2.2 Europe Gesture Recognition Market Forecasts and Analysis
10.2.3 Europe Gesture Recognition Market Forecasts and Analysis - By Technology
10.2.4 Europe Gesture Recognition Market Forecasts and Analysis - By Type
10.2.5 Europe Gesture Recognition Market Forecasts and Analysis - By Industry
10.2.6 Europe Gesture Recognition Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Gesture Recognition Market
10.2.6.1.1 Germany Gesture Recognition Market by Technology
10.2.6.1.2 Germany Gesture Recognition Market by Type
10.2.6.1.3 Germany Gesture Recognition Market by Industry
10.2.6.2 France Gesture Recognition Market
10.2.6.2.1 France Gesture Recognition Market by Technology
10.2.6.2.2 France Gesture Recognition Market by Type
10.2.6.2.3 France Gesture Recognition Market by Industry
10.2.6.3 Italy Gesture Recognition Market
10.2.6.3.1 Italy Gesture Recognition Market by Technology
10.2.6.3.2 Italy Gesture Recognition Market by Type
10.2.6.3.3 Italy Gesture Recognition Market by Industry
10.2.6.4 United Kingdom Gesture Recognition Market
10.2.6.4.1 United Kingdom Gesture Recognition Market by Technology
10.2.6.4.2 United Kingdom Gesture Recognition Market by Type
10.2.6.4.3 United Kingdom Gesture Recognition Market by Industry
10.2.6.5 Russia Gesture Recognition Market
10.2.6.5.1 Russia Gesture Recognition Market by Technology
10.2.6.5.2 Russia Gesture Recognition Market by Type
10.2.6.5.3 Russia Gesture Recognition Market by Industry
10.2.6.6 Rest of Europe Gesture Recognition Market
10.2.6.6.1 Rest of Europe Gesture Recognition Market by Technology
10.2.6.6.2 Rest of Europe Gesture Recognition Market by Type
10.2.6.6.3 Rest of Europe Gesture Recognition Market by Industry
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Gesture Recognition Market Overview
10.3.2 Asia-Pacific Gesture Recognition Market Forecasts and Analysis
10.3.3 Asia-Pacific Gesture Recognition Market Forecasts and Analysis - By Technology
10.3.4 Asia-Pacific Gesture Recognition Market Forecasts and Analysis - By Type
10.3.5 Asia-Pacific Gesture Recognition Market Forecasts and Analysis - By Industry
10.3.6 Asia-Pacific Gesture Recognition Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Gesture Recognition Market
10.3.6.1.1 Australia Gesture Recognition Market by Technology
10.3.6.1.2 Australia Gesture Recognition Market by Type
10.3.6.1.3 Australia Gesture Recognition Market by Industry
10.3.6.2 China Gesture Recognition Market
10.3.6.2.1 China Gesture Recognition Market by Technology
10.3.6.2.2 China Gesture Recognition Market by Type
10.3.6.2.3 China Gesture Recognition Market by Industry
10.3.6.3 India Gesture Recognition Market
10.3.6.3.1 India Gesture Recognition Market by Technology
10.3.6.3.2 India Gesture Recognition Market by Type
10.3.6.3.3 India Gesture Recognition Market by Industry
10.3.6.4 Japan Gesture Recognition Market
10.3.6.4.1 Japan Gesture Recognition Market by Technology
10.3.6.4.2 Japan Gesture Recognition Market by Type
10.3.6.4.3 Japan Gesture Recognition Market by Industry
10.3.6.5 South Korea Gesture Recognition Market
10.3.6.5.1 South Korea Gesture Recognition Market by Technology
10.3.6.5.2 South Korea Gesture Recognition Market by Type
10.3.6.5.3 South Korea Gesture Recognition Market by Industry
10.3.6.6 Rest of Asia-Pacific Gesture Recognition Market
10.3.6.6.1 Rest of Asia-Pacific Gesture Recognition Market by Technology
10.3.6.6.2 Rest of Asia-Pacific Gesture Recognition Market by Type
10.3.6.6.3 Rest of Asia-Pacific Gesture Recognition Market by Industry
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Gesture Recognition Market Overview
10.4.2 Middle East and Africa Gesture Recognition Market Forecasts and Analysis
10.4.3 Middle East and Africa Gesture Recognition Market Forecasts and Analysis - By Technology
10.4.4 Middle East and Africa Gesture Recognition Market Forecasts and Analysis - By Type
10.4.5 Middle East and Africa Gesture Recognition Market Forecasts and Analysis - By Industry
10.4.6 Middle East and Africa Gesture Recognition Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Gesture Recognition Market
10.4.6.1.1 South Africa Gesture Recognition Market by Technology
10.4.6.1.2 South Africa Gesture Recognition Market by Type
10.4.6.1.3 South Africa Gesture Recognition Market by Industry
10.4.6.2 Saudi Arabia Gesture Recognition Market
10.4.6.2.1 Saudi Arabia Gesture Recognition Market by Technology
10.4.6.2.2 Saudi Arabia Gesture Recognition Market by Type
10.4.6.2.3 Saudi Arabia Gesture Recognition Market by Industry
10.4.6.3 U.A.E Gesture Recognition Market
10.4.6.3.1 U.A.E Gesture Recognition Market by Technology
10.4.6.3.2 U.A.E Gesture Recognition Market by Type
10.4.6.3.3 U.A.E Gesture Recognition Market by Industry
10.4.6.4 Rest of Middle East and Africa Gesture Recognition Market
10.4.6.4.1 Rest of Middle East and Africa Gesture Recognition Market by Technology
10.4.6.4.2 Rest of Middle East and Africa Gesture Recognition Market by Type
10.4.6.4.3 Rest of Middle East and Africa Gesture Recognition Market by Industry
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Gesture Recognition Market Overview
10.5.2 South and Central America Gesture Recognition Market Forecasts and Analysis
10.5.3 South and Central America Gesture Recognition Market Forecasts and Analysis - By Technology
10.5.4 South and Central America Gesture Recognition Market Forecasts and Analysis - By Type
10.5.5 South and Central America Gesture Recognition Market Forecasts and Analysis - By Industry
10.5.6 South and Central America Gesture Recognition Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Gesture Recognition Market
10.5.6.1.1 Brazil Gesture Recognition Market by Technology
10.5.6.1.2 Brazil Gesture Recognition Market by Type
10.5.6.1.3 Brazil Gesture Recognition Market by Industry
10.5.6.2 Argentina Gesture Recognition Market
10.5.6.2.1 Argentina Gesture Recognition Market by Technology
10.5.6.2.2 Argentina Gesture Recognition Market by Type
10.5.6.2.3 Argentina Gesture Recognition Market by Industry
10.5.6.3 Rest of South and Central America Gesture Recognition Market
10.5.6.3.1 Rest of South and Central America Gesture Recognition Market by Technology
10.5.6.3.2 Rest of South and Central America Gesture Recognition Market by Type
10.5.6.3.3 Rest of South and Central America Gesture Recognition Market by Industry
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. GESTURE RECOGNITION MARKET, KEY COMPANY PROFILES
12.1. APPLE 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. COGNITEC SYSTEMS GMBH
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. GESTURETEK TECHNOLOGIES
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. GOOGLE LLC
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. IRISGUARD LTD
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. MICROCHIP TECHNOLOGY INC.
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. MICROSOFT CORPORATION
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. OMNIVISION TECHNOLOGIES, 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. PMDTECHNOLOGIES GMBH
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. SONY DEPTHSENSING SOLUTIONS SA/NV
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. Apple Inc.
2. Cognitec Systems GmbH
3. GestureTek technologies
4. Google LLC
5. IrisGuard Ltd
6. Microchip Technology Inc.
7. Microsoft Corporation
8. OMNIVISION TECHNOLOGIES, INC.
9. pmdtechnologies gmbH
10. Sony Depthsensing Solutions SA/NV
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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