Hardware Wallet Market Developments by 2031
The hardware wallet market size is expected to grow at a CAGR of 29.2% from 2023 to 2031. Multiple factors, such as the increasing global emphasis on digitalization and cashless transactions, the proliferation of NFC-enabled smartphones and wearables, and the growing demand for convenient and secure payment options, are driving the market. Additionally, the market is being expanded in functionality and reach by the ongoing evolution of NFC technology and its integration with other developing technologies like mobile wallets and the Internet of Things (IoT).
Hardware Wallet Market Analysis
The growing interest in trading cryptocurrencies is driving the market. These days, a lot of people use these devices for business purposes. Furthermore, wallet programs come with strong anti-theft and anti-hacking mechanisms that make them less vulnerable to threats. Furthermore, the increased security that these devices provide over software, paper wallets, and web-based alternatives is expected to propel market growth throughout the projected period.
Hardware Wallet Market Overview
- Hardware wallets are specially designed cryptocurrency wallets that securely store users' private keys on encrypted hardware. These wallets allow users to safeguard sensitive data by storing private keys in a protected area within a microcontroller. Because hardware wallets remain offline, they are less vulnerable to malware and hacking attempts than software wallets, which are designed to function on PCs or smartphones.
- Many features, including backup options and PIN protection, are included with these wallets to increase security. Despite having a larger initial cost than software wallets, many individuals are considering these wallets owing to increased security.
REGIONAL FRAMEWORK
Hardware Wallet Market Driver and Opportunities
Growing Hardware Wallet Technology to Drive the Hardware Wallet Market
- Hardware wallet technology is always evolving, which has enhanced user experience, security features, and interoperability with other cryptocurrencies. Both new and regular Bitcoin investors find hardware wallets more tempting as a result of these developments.
- The entry of institutional investors into the cryptocurrency marketplace further increases the demand for secure storage solutions. Since security and compliance are usually given the top priority at institutions, hardware wallets are a necessary solution for managing large amounts of digital assets.
Increasing Awareness of Cryptocurrency Security to Create Lucrative Market Opportunities
- Due to the increasing popularity of cryptocurrencies, users must protect their digital assets at all costs. Since there is no central authority overseeing cryptocurrencies, it is up to each individual to maintain security. Because hardware wallets provide a higher level of security than software-based wallets, this understanding is driving up demand for hardware wallets.
- These wallets are safe from online threats, unlike software wallets, which are vulnerable to phishing and hacking attempts. They make it nearly hard for unauthorized users to access the stored digital assets by storing the user's private keys offline. This, in turn, is expected to create lucrative opportunities for the hardware wallet market during the forecast period.
Hardware Wallet Market Report Segmentation Analysis
The key segment that contributed to the derivation of the Hardware Wallet market analysis is type.
- Based on type, the market is segmented into USB, NFC, and Bluetooth.
- USB Segment to expected to hold a substantial market share in 2023. A USB hardware wallet is a physical device that securely stores cryptocurrency private keys offline. The wallet performs PIN verification, confirmations, and updates via a physical screen. It has a micro-USB connector and is packaged in a sturdy plastic case.
- Its purpose is to safeguard against cyberattacks and malware by isolating the keys from devices that are connected to the internet. The USB wallet can be connected to a mobile device or computer by operators when they need to make transactions, but the keys never leave the device, safeguarding improved security.
Hardware Wallet Market Share Analysis By Geography
- The scope of the Hardware Wallet market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period.
- Due to the rising trend of digital and cashless payments in emerging nations such as China, South Korea, and India, as well as the increasing acceptance of cryptocurrencies, Asia-Pacific is one of the major expanding markets for hardware wallets as a secure way to hold digital assets.
- In addition, the market is expanding as a result of distributed ledger and blockchain technology being integrated for security and transparency. The increasing prevalence of cybercrime, the growth of e-commerce platforms, and the increasing susceptibility of data to security breaches have led to an increased demand for safe storage solutions like as hardware wallets.
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Hardware Wallet Market Driver and Opportunities
Growing Hardware Wallet Technology to Drive the Hardware Wallet Market
- Hardware wallet technology is always evolving, which has enhanced user experience, security features, and interoperability with other cryptocurrencies. Both new and regular Bitcoin investors find hardware wallets more tempting as a result of these developments.
- The entry of institutional investors into the cryptocurrency marketplace further increases the demand for secure storage solutions. Since security and compliance are usually given the top priority at institutions, hardware wallets are a necessary solution for managing large amounts of digital assets.
Increasing Awareness of Cryptocurrency Security to Create Lucrative Market Opportunities
- Due to the increasing popularity of cryptocurrencies, users must protect their digital assets at all costs. Since there is no central authority overseeing cryptocurrencies, it is up to each individual to maintain security. Because hardware wallets provide a higher level of security than software-based wallets, this understanding is driving up demand for hardware wallets.
- These wallets are safe from online threats, unlike software wallets, which are vulnerable to phishing and hacking attempts. They make it nearly hard for unauthorized users to access the stored digital assets by storing the user's private keys offline. This, in turn, is expected to create lucrative opportunities for the hardware wallet market during the forecast period.
Hardware Wallet Market Report Segmentation Analysis
The key segment that contributed to the derivation of the Hardware Wallet market analysis is type.
- Based on type, the market is segmented into USB, NFC, and Bluetooth.
- USB Segment to expected to hold a substantial market share in 2023. A USB hardware wallet is a physical device that securely stores cryptocurrency private keys offline. The wallet performs PIN verification, confirmations, and updates via a physical screen. It has a micro-USB connector and is packaged in a sturdy plastic case.
- Its purpose is to safeguard against cyberattacks and malware by isolating the keys from devices that are connected to the internet. The USB wallet can be connected to a mobile device or computer by operators when they need to make transactions, but the keys never leave the device, safeguarding improved security.
Hardware Wallet Market Share Analysis By Geography
- The scope of the Hardware Wallet market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period.
- Due to the rising trend of digital and cashless payments in emerging nations such as China, South Korea, and India, as well as the increasing acceptance of cryptocurrencies, Asia-Pacific is one of the major expanding markets for hardware wallets as a secure way to hold digital assets.
- In addition, the market is expanding as a result of distributed ledger and blockchain technology being integrated for security and transparency. The increasing prevalence of cybercrime, the growth of e-commerce platforms, and the increasing susceptibility of data to security breaches have led to an increased demand for safe storage solutions like as hardware wallets.
MARKET PLAYERS
Hardware Wallet Market Report Scope
Hardware Wallet Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Hardware Wallet market. Some of the recent key market developments are listed below:
- February 2024 - With the increasing relevance of Bitcoin and the extensive needs of its user base, BitBox (Shift Crypto AG) entered into a strategic alliance with Bitsurance. This alliance marks an important milestone in its continuous effort to enhance the user experience and security of our BitBox02 cold wallet, particularly for those new to the Bitcoin market. [Source: BitBox, Company Website]
Hardware Wallet Market Report Coverage & Deliverables
The Hardware Wallet market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Hardware Wallet 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
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to country scope.
Frequently Asked Questions
The global hardware wallet market was estimated to grow at a CAGR of 29.2% during 2023 - 2031.
Growing hardware technology and increasing awareness about data breaches are the major factors that propel the global hardware wallet market.
The increasing popularity of cryptocurrencies is anticipated to play a significant role in the global hardware wallet market in the coming years.
The major players holding majority shares the Ledger SAS, Satoshi Labs SRO, ShapeShift AG, Coinkite Inc., and CoolbitX Ltd.
Asia Pacific is anticipated to grow with a high growth rate during the forecast period.
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 Hardware Wallet Market - By Connection Type
1.3.2 Hardware Wallet Market - By End User
1.3.3 Hardware Wallet Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HARDWARE WALLET 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. HARDWARE WALLET 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. HARDWARE WALLET MARKET - GLOBAL MARKET ANALYSIS
6.1. HARDWARE WALLET - GLOBAL MARKET OVERVIEW
6.2. HARDWARE WALLET - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. HARDWARE WALLET MARKET - REVENUE AND FORECASTS TO 2028 - CONNECTION TYPE
7.1. OVERVIEW
7.2. CONNECTION TYPE MARKET FORECASTS AND ANALYSIS
7.3. NEAR FIELD COMMUNICATION (NFC)
7.3.1. Overview
7.3.2. Near Field Communication (NFC) Market Forecast and Analysis
7.4. USB
7.4.1. Overview
7.4.2. USB Market Forecast and Analysis
7.5. BLUETOOTH
7.5.1. Overview
7.5.2. Bluetooth Market Forecast and Analysis
8. HARDWARE WALLET MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1. OVERVIEW
8.2. END USER MARKET FORECASTS AND ANALYSIS
8.3. INDIVIDUAL
8.3.1. Overview
8.3.2. Individual Market Forecast and Analysis
8.4. ENTERPRISE
8.4.1. Overview
8.4.2. Enterprise Market Forecast and Analysis
9. HARDWARE WALLET MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Hardware Wallet Market Overview
9.1.2 North America Hardware Wallet Market Forecasts and Analysis
9.1.3 North America Hardware Wallet Market Forecasts and Analysis - By Connection Type
9.1.4 North America Hardware Wallet Market Forecasts and Analysis - By End User
9.1.5 North America Hardware Wallet Market Forecasts and Analysis - By Countries
9.1.5.1 United States Hardware Wallet Market
9.1.5.1.1 United States Hardware Wallet Market by Connection Type
9.1.5.1.2 United States Hardware Wallet Market by End User
9.1.5.2 Canada Hardware Wallet Market
9.1.5.2.1 Canada Hardware Wallet Market by Connection Type
9.1.5.2.2 Canada Hardware Wallet Market by End User
9.1.5.3 Mexico Hardware Wallet Market
9.1.5.3.1 Mexico Hardware Wallet Market by Connection Type
9.1.5.3.2 Mexico Hardware Wallet Market by End User
9.2. EUROPE
9.2.1 Europe Hardware Wallet Market Overview
9.2.2 Europe Hardware Wallet Market Forecasts and Analysis
9.2.3 Europe Hardware Wallet Market Forecasts and Analysis - By Connection Type
9.2.4 Europe Hardware Wallet Market Forecasts and Analysis - By End User
9.2.5 Europe Hardware Wallet Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Hardware Wallet Market
9.2.5.1.1 Germany Hardware Wallet Market by Connection Type
9.2.5.1.2 Germany Hardware Wallet Market by End User
9.2.5.2 France Hardware Wallet Market
9.2.5.2.1 France Hardware Wallet Market by Connection Type
9.2.5.2.2 France Hardware Wallet Market by End User
9.2.5.3 Italy Hardware Wallet Market
9.2.5.3.1 Italy Hardware Wallet Market by Connection Type
9.2.5.3.2 Italy Hardware Wallet Market by End User
9.2.5.4 United Kingdom Hardware Wallet Market
9.2.5.4.1 United Kingdom Hardware Wallet Market by Connection Type
9.2.5.4.2 United Kingdom Hardware Wallet Market by End User
9.2.5.5 Russia Hardware Wallet Market
9.2.5.5.1 Russia Hardware Wallet Market by Connection Type
9.2.5.5.2 Russia Hardware Wallet Market by End User
9.2.5.6 Rest of Europe Hardware Wallet Market
9.2.5.6.1 Rest of Europe Hardware Wallet Market by Connection Type
9.2.5.6.2 Rest of Europe Hardware Wallet Market by End User
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Hardware Wallet Market Overview
9.3.2 Asia-Pacific Hardware Wallet Market Forecasts and Analysis
9.3.3 Asia-Pacific Hardware Wallet Market Forecasts and Analysis - By Connection Type
9.3.4 Asia-Pacific Hardware Wallet Market Forecasts and Analysis - By End User
9.3.5 Asia-Pacific Hardware Wallet Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Hardware Wallet Market
9.3.5.1.1 Australia Hardware Wallet Market by Connection Type
9.3.5.1.2 Australia Hardware Wallet Market by End User
9.3.5.2 China Hardware Wallet Market
9.3.5.2.1 China Hardware Wallet Market by Connection Type
9.3.5.2.2 China Hardware Wallet Market by End User
9.3.5.3 India Hardware Wallet Market
9.3.5.3.1 India Hardware Wallet Market by Connection Type
9.3.5.3.2 India Hardware Wallet Market by End User
9.3.5.4 Japan Hardware Wallet Market
9.3.5.4.1 Japan Hardware Wallet Market by Connection Type
9.3.5.4.2 Japan Hardware Wallet Market by End User
9.3.5.5 South Korea Hardware Wallet Market
9.3.5.5.1 South Korea Hardware Wallet Market by Connection Type
9.3.5.5.2 South Korea Hardware Wallet Market by End User
9.3.5.6 Rest of Asia-Pacific Hardware Wallet Market
9.3.5.6.1 Rest of Asia-Pacific Hardware Wallet Market by Connection Type
9.3.5.6.2 Rest of Asia-Pacific Hardware Wallet Market by End User
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Hardware Wallet Market Overview
9.4.2 Middle East and Africa Hardware Wallet Market Forecasts and Analysis
9.4.3 Middle East and Africa Hardware Wallet Market Forecasts and Analysis - By Connection Type
9.4.4 Middle East and Africa Hardware Wallet Market Forecasts and Analysis - By End User
9.4.5 Middle East and Africa Hardware Wallet Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Hardware Wallet Market
9.4.5.1.1 South Africa Hardware Wallet Market by Connection Type
9.4.5.1.2 South Africa Hardware Wallet Market by End User
9.4.5.2 Saudi Arabia Hardware Wallet Market
9.4.5.2.1 Saudi Arabia Hardware Wallet Market by Connection Type
9.4.5.2.2 Saudi Arabia Hardware Wallet Market by End User
9.4.5.3 U.A.E Hardware Wallet Market
9.4.5.3.1 U.A.E Hardware Wallet Market by Connection Type
9.4.5.3.2 U.A.E Hardware Wallet Market by End User
9.4.5.4 Rest of Middle East and Africa Hardware Wallet Market
9.4.5.4.1 Rest of Middle East and Africa Hardware Wallet Market by Connection Type
9.4.5.4.2 Rest of Middle East and Africa Hardware Wallet Market by End User
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Hardware Wallet Market Overview
9.5.2 South and Central America Hardware Wallet Market Forecasts and Analysis
9.5.3 South and Central America Hardware Wallet Market Forecasts and Analysis - By Connection Type
9.5.4 South and Central America Hardware Wallet Market Forecasts and Analysis - By End User
9.5.5 South and Central America Hardware Wallet Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Hardware Wallet Market
9.5.5.1.1 Brazil Hardware Wallet Market by Connection Type
9.5.5.1.2 Brazil Hardware Wallet Market by End User
9.5.5.2 Argentina Hardware Wallet Market
9.5.5.2.1 Argentina Hardware Wallet Market by Connection Type
9.5.5.2.2 Argentina Hardware Wallet Market by End User
9.5.5.3 Rest of South and Central America Hardware Wallet Market
9.5.5.3.1 Rest of South and Central America Hardware Wallet Market by Connection Type
9.5.5.3.2 Rest of South and Central America Hardware Wallet Market by End User
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. HARDWARE WALLET MARKET, KEY COMPANY PROFILES
11.1. ARCHOS
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. COINKITE INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. COOLBITX
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. ELLIPAL
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. KEYSTONE
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. LEDGER SAS
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SAFEPAL
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SATOSHILABS
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SHAPESHIFT (KEEPKEY)
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. SHIFT CRYPTO AG
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. ARCHOS
2. Coinkite Inc.
3. CoolBitX
4. ELLIPAL
5. Keystone
6. Ledger SAS
7. SafePal
8. SatoshiLabs
9. ShapeShift (KeepKey)
10. Shift Crypto AG
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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