IoT in Smart Cities Market Dynamics and Analysis by 2031
The IoT in Smart Cities Market is expected to register a CAGR of 20.1% during 2023–2031. Growing adoption of 5G is likely to remain a key trend in the market.
IoT in Smart Cities Market Analysis
- The implementation of IoT technology in smart cities helps in the development of sustainable, eco-friendly, resourceful, competent, and connected urban centers. The growth of the market is fueled by the penetration of IoT in smart city systems, which provides comfort, productivity, and preservation of the environment for citizens.
- In addition, the increasing use of 5G technology provides ample growth opportunities for different IoT applications in smart cities as it allows ultra-low latency, high speed, and massive connectivity for smart devices in smart cities.
- The growth of the market is also dependent on the increasing government policies towards the development of smart cities and public-private partnership (PPP) models, and IoT and its potential implications on the communication infrastructure in the future.
IoT in Smart Cities Market Overview
- IoT-enabling technologies for smart cities include the deployment of interconnected IP-enabled hardware devices, machines, sensors, and urban infrastructure. IoT smart cities leverage networked hardware devices and sensors along with data analytics to allow for heightened efficiencies, reduced energy consumption, and improved quality of life.
- Using IoT, smart cities can provide real-time data on traffic flows, air pollution, energy use, infrastructure efficiency, and building safety to aid city planners and decision-makers in the planning and delivery of services and more efficient use of resources.
- IoT in smart cities can also enable the establishment of smart grids, intelligent transportation systems, and urban monitoring solutions to improve the connectedness, sustainability, and responsiveness of the city. The use of IoT technologies can help make smart cities better places to live and work while reducing the impact of cities on the surrounding environment.
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IoT in Smart Cities Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
IoT in Smart Cities Market: Strategic Insights
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IoT in Smart Cities Market Drivers and Opportunities
Growing Connectivity Proliferation to Favor the Market
- Universal connectivity infrastructure established by Wi-Fi, LPWAN, and cellular networks is enabling the ubiquitous deployment of IoT devices and sensors in urban areas.
- Smart cities can now leverage IoT technologies to optimize energy consumption, reduce traffic congestion, enhance public security, elevate the quality of life for citizens, and more.
- Furthermore, the growing technological adoptions like 5G networks, edge computing, and artificial intelligence are enabling IoT solutions with unprecedented levels of performance, efficiency, and intelligence along with high-speed, low-latency connectivity, real-time processing, and advanced analytics. Thus, the growing connectivity proliferation is driving the growth of the IoT in the smart cities market.
Sustainable Urban Development and Citizen Well-being
- The use of IoT technologies can be key to addressing many critical challenges related to the development of smart cities, such as congestion and traffic, energy efficiency and management, environmental pollution, public safety, and security.
- Smart-city applications enabled with IoT can implement innovative solutions to support intelligent transportation, energy management and conservation, environmental monitoring, early detection of emergency and security situations, and many other functions.
- These initiatives will create liveable, more resilient, and sustainable urban environments and improve urban life for citizens. Moreover, the market for IoT in Smart Cities provides opportunities for wider societal benefits.
- Smart cities can develop citizen-centric services such as smart healthcare, education, and civility promotion to enhance urban society. The sustainable development of urban communities and the well-being of citizens are likely to be the most important future market growth opportunities.
IoT in Smart Cities Market Report Segmentation Analysis
Key segments that contributed to the derivation of the IoT in Smart Cities Market analysis are component and application.
- Based on components, the IoT in the smart cities market is divided into solutions and services. The solution segment is further sub-segmented into remote monitoring, real-time location systems, network management, security management, data management, and others. The services segment is further sub-segmented into professional services and managed services.
- based on application, the market is divided into smart transportation, smart building, smart utilities, and smart citizen services.
IoT in Smart Cities Market Share Analysis by Geography
- IoT in Smart Cities Market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering IoT in Smart Cities Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the IoT in the Smart Cities Market in these regions.
IoT in Smart Cities Market Report Scope
IoT in Smart Cities Market News and Recent Developments
The IoT in Smart Cities Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT in the Smart Cities Market are listed below:
- IBM announced a new request for proposals from government and non-profit organizations for the IBM Sustainability Accelerator, focused on technology-driven projects to advance city resiliency. (Source: IBM, News, March 2024)
- Honeywell and Accelerator for America announced the launch of the Honeywell Smart City Accelerator Program to help cities strategically plan their futures and build capacity to fund transformational initiatives. Honeywell is engaging with five U.S. cities to provide in-kind support to accelerate progress on their smart city strategic planning. The cities are Cleveland, Louisville, Ky., Kansas City, Mo., San Diego, and Waterloo, Iowa. (Source: Honeywell, News, October 2022).
IoT in Smart Cities Market Report Coverage and Deliverables
The “IoT in Smart Cities Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- IoT in Smart Cities Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- IoT in Smart Cities Market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- IoT in Smart Cities Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IoT in Smart Cities Market.
- Detailed company profiles.
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 IoT in Smart Cities Market is expected to grow at a CAGR of 20.1% during the forecast period 2023 - 2031.
Growing connectivity proliferation is one of the major factors driving the IoT in the Smart Cities Market.
Growing adoption of 5G is anticipated to play a significant role in the global IoT in Smart Cities Market in the coming years.
The leading players operating in the IoT in the smart cities market are Cisco Systems, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, SAP SE, SAS Insitute, Inc., Schneider Electric, and Siemens AG.
The report can be delivered in PDF/PPT format; we can also share the Excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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 IoT In Smart Cities Market - By Technology
1.3.2 IoT In Smart Cities Market - By Component
1.3.3 IoT In Smart Cities Market - By Application
1.3.4 IoT In Smart Cities Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. IOT IN SMART CITIES 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. IOT IN SMART CITIES 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. IOT IN SMART CITIES MARKET - GLOBAL MARKET ANALYSIS
6.1. IOT IN SMART CITIES - GLOBAL MARKET OVERVIEW
6.2. IOT IN SMART CITIES - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. IOT IN SMART CITIES MARKET - REVENUE AND FORECASTS TO 2027 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. BLUETOOTH
7.3.1. Overview
7.3.2. Bluetooth Market Forecast and Analysis
7.4. CELLULAR NETWORK
7.4.1. Overview
7.4.2. Cellular Network Market Forecast and Analysis
7.5. RFID
7.5.1. Overview
7.5.2. RFID Market Forecast and Analysis
7.6. OTHERS
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. IOT IN SMART CITIES MARKET - REVENUE AND FORECASTS TO 2027 - COMPONENT
8.1. OVERVIEW
8.2. COMPONENT MARKET FORECASTS AND ANALYSIS
8.3. SOLUTION
8.3.1. Overview
8.3.2. Solution Market Forecast and Analysis
8.3.3. Location Analytics Market
8.3.3.1. Overview
8.3.3.2. Location Analytics Market Forecast and Analysis
8.3.4. Network Security Market
8.3.4.1. Overview
8.3.4.2. Network Security Market Forecast and Analysis
8.3.5. Application Security Market
8.3.5.1. Overview
8.3.5.2. Application Security Market Forecast and Analysis
8.3.6. Real-Time Streaming Analytics Market
8.3.6.1. Overview
8.3.6.2. Real-Time Streaming Analytics Market Forecast and Analysis
8.3.7. Remote Monitoring System Market
8.3.7.1. Overview
8.3.7.2. Remote Monitoring System Market Forecast and Analysis
8.3.8. Others Market
8.3.8.1. Overview
8.3.8.2. Others Market Forecast and Analysis
8.4. SERVICES
8.4.1. Overview
8.4.2. Services Market Forecast and Analysis
9. IOT IN SMART CITIES MARKET - REVENUE AND FORECASTS TO 2027 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. INFRASTRUCTURE MANAGEMENT
9.3.1. Overview
9.3.2. Infrastructure Management Market Forecast and Analysis
9.4. TRANSPORTATION
9.4.1. Overview
9.4.2. Transportation Market Forecast and Analysis
9.5. ENERGY MANAGEMENT
9.5.1. Overview
9.5.2. Energy Management Market Forecast and Analysis
9.6. BUILDING AUTOMATION
9.6.1. Overview
9.6.2. Building automation Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. IOT IN SMART CITIES MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America IoT In Smart Cities Market Overview
10.1.2 North America IoT In Smart Cities Market Forecasts and Analysis
10.1.3 North America IoT In Smart Cities Market Forecasts and Analysis - By Technology
10.1.4 North America IoT In Smart Cities Market Forecasts and Analysis - By Component
10.1.5 North America IoT In Smart Cities Market Forecasts and Analysis - By Application
10.1.6 North America IoT In Smart Cities Market Forecasts and Analysis - By Countries
10.1.6.1 United States IoT In Smart Cities Market
10.1.6.1.1 United States IoT In Smart Cities Market by Technology
10.1.6.1.2 United States IoT In Smart Cities Market by Component
10.1.6.1.3 United States IoT In Smart Cities Market by Application
10.1.6.2 Canada IoT In Smart Cities Market
10.1.6.2.1 Canada IoT In Smart Cities Market by Technology
10.1.6.2.2 Canada IoT In Smart Cities Market by Component
10.1.6.2.3 Canada IoT In Smart Cities Market by Application
10.1.6.3 Mexico IoT In Smart Cities Market
10.1.6.3.1 Mexico IoT In Smart Cities Market by Technology
10.1.6.3.2 Mexico IoT In Smart Cities Market by Component
10.1.6.3.3 Mexico IoT In Smart Cities Market by Application
10.2. EUROPE
10.2.1 Europe IoT In Smart Cities Market Overview
10.2.2 Europe IoT In Smart Cities Market Forecasts and Analysis
10.2.3 Europe IoT In Smart Cities Market Forecasts and Analysis - By Technology
10.2.4 Europe IoT In Smart Cities Market Forecasts and Analysis - By Component
10.2.5 Europe IoT In Smart Cities Market Forecasts and Analysis - By Application
10.2.6 Europe IoT In Smart Cities Market Forecasts and Analysis - By Countries
10.2.6.1 Germany IoT In Smart Cities Market
10.2.6.1.1 Germany IoT In Smart Cities Market by Technology
10.2.6.1.2 Germany IoT In Smart Cities Market by Component
10.2.6.1.3 Germany IoT In Smart Cities Market by Application
10.2.6.2 France IoT In Smart Cities Market
10.2.6.2.1 France IoT In Smart Cities Market by Technology
10.2.6.2.2 France IoT In Smart Cities Market by Component
10.2.6.2.3 France IoT In Smart Cities Market by Application
10.2.6.3 Italy IoT In Smart Cities Market
10.2.6.3.1 Italy IoT In Smart Cities Market by Technology
10.2.6.3.2 Italy IoT In Smart Cities Market by Component
10.2.6.3.3 Italy IoT In Smart Cities Market by Application
10.2.6.4 United Kingdom IoT In Smart Cities Market
10.2.6.4.1 United Kingdom IoT In Smart Cities Market by Technology
10.2.6.4.2 United Kingdom IoT In Smart Cities Market by Component
10.2.6.4.3 United Kingdom IoT In Smart Cities Market by Application
10.2.6.5 Russia IoT In Smart Cities Market
10.2.6.5.1 Russia IoT In Smart Cities Market by Technology
10.2.6.5.2 Russia IoT In Smart Cities Market by Component
10.2.6.5.3 Russia IoT In Smart Cities Market by Application
10.2.6.6 Rest of Europe IoT In Smart Cities Market
10.2.6.6.1 Rest of Europe IoT In Smart Cities Market by Technology
10.2.6.6.2 Rest of Europe IoT In Smart Cities Market by Component
10.2.6.6.3 Rest of Europe IoT In Smart Cities Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific IoT In Smart Cities Market Overview
10.3.2 Asia-Pacific IoT In Smart Cities Market Forecasts and Analysis
10.3.3 Asia-Pacific IoT In Smart Cities Market Forecasts and Analysis - By Technology
10.3.4 Asia-Pacific IoT In Smart Cities Market Forecasts and Analysis - By Component
10.3.5 Asia-Pacific IoT In Smart Cities Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific IoT In Smart Cities Market Forecasts and Analysis - By Countries
10.3.6.1 Australia IoT In Smart Cities Market
10.3.6.1.1 Australia IoT In Smart Cities Market by Technology
10.3.6.1.2 Australia IoT In Smart Cities Market by Component
10.3.6.1.3 Australia IoT In Smart Cities Market by Application
10.3.6.2 China IoT In Smart Cities Market
10.3.6.2.1 China IoT In Smart Cities Market by Technology
10.3.6.2.2 China IoT In Smart Cities Market by Component
10.3.6.2.3 China IoT In Smart Cities Market by Application
10.3.6.3 India IoT In Smart Cities Market
10.3.6.3.1 India IoT In Smart Cities Market by Technology
10.3.6.3.2 India IoT In Smart Cities Market by Component
10.3.6.3.3 India IoT In Smart Cities Market by Application
10.3.6.4 Japan IoT In Smart Cities Market
10.3.6.4.1 Japan IoT In Smart Cities Market by Technology
10.3.6.4.2 Japan IoT In Smart Cities Market by Component
10.3.6.4.3 Japan IoT In Smart Cities Market by Application
10.3.6.5 South Korea IoT In Smart Cities Market
10.3.6.5.1 South Korea IoT In Smart Cities Market by Technology
10.3.6.5.2 South Korea IoT In Smart Cities Market by Component
10.3.6.5.3 South Korea IoT In Smart Cities Market by Application
10.3.6.6 Rest of Asia-Pacific IoT In Smart Cities Market
10.3.6.6.1 Rest of Asia-Pacific IoT In Smart Cities Market by Technology
10.3.6.6.2 Rest of Asia-Pacific IoT In Smart Cities Market by Component
10.3.6.6.3 Rest of Asia-Pacific IoT In Smart Cities Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa IoT In Smart Cities Market Overview
10.4.2 Middle East and Africa IoT In Smart Cities Market Forecasts and Analysis
10.4.3 Middle East and Africa IoT In Smart Cities Market Forecasts and Analysis - By Technology
10.4.4 Middle East and Africa IoT In Smart Cities Market Forecasts and Analysis - By Component
10.4.5 Middle East and Africa IoT In Smart Cities Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa IoT In Smart Cities Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa IoT In Smart Cities Market
10.4.6.1.1 South Africa IoT In Smart Cities Market by Technology
10.4.6.1.2 South Africa IoT In Smart Cities Market by Component
10.4.6.1.3 South Africa IoT In Smart Cities Market by Application
10.4.6.2 Saudi Arabia IoT In Smart Cities Market
10.4.6.2.1 Saudi Arabia IoT In Smart Cities Market by Technology
10.4.6.2.2 Saudi Arabia IoT In Smart Cities Market by Component
10.4.6.2.3 Saudi Arabia IoT In Smart Cities Market by Application
10.4.6.3 U.A.E IoT In Smart Cities Market
10.4.6.3.1 U.A.E IoT In Smart Cities Market by Technology
10.4.6.3.2 U.A.E IoT In Smart Cities Market by Component
10.4.6.3.3 U.A.E IoT In Smart Cities Market by Application
10.4.6.4 Rest of Middle East and Africa IoT In Smart Cities Market
10.4.6.4.1 Rest of Middle East and Africa IoT In Smart Cities Market by Technology
10.4.6.4.2 Rest of Middle East and Africa IoT In Smart Cities Market by Component
10.4.6.4.3 Rest of Middle East and Africa IoT In Smart Cities Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America IoT In Smart Cities Market Overview
10.5.2 South and Central America IoT In Smart Cities Market Forecasts and Analysis
10.5.3 South and Central America IoT In Smart Cities Market Forecasts and Analysis - By Technology
10.5.4 South and Central America IoT In Smart Cities Market Forecasts and Analysis - By Component
10.5.5 South and Central America IoT In Smart Cities Market Forecasts and Analysis - By Application
10.5.6 South and Central America IoT In Smart Cities Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil IoT In Smart Cities Market
10.5.6.1.1 Brazil IoT In Smart Cities Market by Technology
10.5.6.1.2 Brazil IoT In Smart Cities Market by Component
10.5.6.1.3 Brazil IoT In Smart Cities Market by Application
10.5.6.2 Argentina IoT In Smart Cities Market
10.5.6.2.1 Argentina IoT In Smart Cities Market by Technology
10.5.6.2.2 Argentina IoT In Smart Cities Market by Component
10.5.6.2.3 Argentina IoT In Smart Cities Market by Application
10.5.6.3 Rest of South and Central America IoT In Smart Cities Market
10.5.6.3.1 Rest of South and Central America IoT In Smart Cities Market by Technology
10.5.6.3.2 Rest of South and Central America IoT In Smart Cities Market by Component
10.5.6.3.3 Rest of South and Central America IoT In Smart Cities 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. IOT IN SMART CITIES MARKET, KEY COMPANY PROFILES
12.1. CISCO SYSTEMS
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. HONEYWELL INTERNATIONAL INC.
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. HUAWEI TECHNOLOGIES CO., LTD.
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. IBM CORPORATION
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. INTEL CORPORATION
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. MICROSOFT CORPORATION
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. SAP SE
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. SAS INSITUTE, 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. SCHNEIDER ELECTRIC
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. SIEMENS AG
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. Cisco Systems
2. Honeywell International Inc.
3. Huawei Technologies Co., Ltd.
4. IBM Corporation
5. Intel Corporation
6. Microsoft Corporation
7. SAP SE
8. SAS Insitute, Inc.
9. Schneider Electric
10. Siemens 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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