IT Service Market Analysis 2021-2031 | Top Players
The IT Service Market is expected to register a CAGR of 9.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The IT Service Market report is sub-categorized: by Service Type, by Enterprise Size, by End-user and by Geography. The regional analysis encompasses various markets in different leading countries. The valuation of the market is provided in US dollars (US$) for all the segmental analyses mentioned above to give a comprehensive picture and trend of the market.
Purpose of the Report
The report IT Service Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
IT Service Market Segmentation
Service Type
- Professional
Enterprise Size
- Large Enterprise
- Small
- Medium Enterprise
End-user
- Telecommunication
- BFSI
- Healthcare
- Retail
- Manufacturing
- Government
- others
Geography
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Geography
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
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IT Service Market: Strategic Insights
| Market Size Value in | US$ 1.16 trillion in 2022 |
| Market Size Value by | US$ 2.37 trillion by 2030 |
| Growth rate | CAGR of 9.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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IT Service Market Growth Drivers
- Digital Transformation: Initiatives of Digital Transformation will modernize the uptake of digital technologies by organizations quite fast; hence, IT services that support digital transformation will be in high demand. Organizations are leveraging digital tools and technology, but while integrating they face challenges with existing business procedures. This generates demand for IT services that integrate everything effectively. Moreover, IT service providers play a crucial role in facilitating this integration. With the increase in digitalization, consumer expectations also increased. Services that support personalized experiences, and responsive customer support are an essential part of this transformation.
- Growing Cybersecurity Concerns: Every operational organization now prioritizes IT security due to the frequency of cyber threats and data breaches. Investments in cybersecurity services have increased as a result, increasing demand for highly qualified IT service providers.
- Access to cloud computing: Cloud computing has been one of the prime factors for the growth of IT services, as organizations today are relying on cloud-based solutions to make business operations scalable and affordable. Each of these requires IT services.
IT Service Market Future Trends
- Cloud solutions are gaining momentum: This leads to, consequently, an upsurge in demand for cloud-related IT services management, migration, and support. Thus, this reflects the great potential for the investors within an IT service market. Companies, moving forward in flexible and cost-effective IT services, are showing demand and are expected to remain dominant in the anticipation for cloud infrastructure. Driving this trend is majorly by the demand from businesses to adapt to random changes. Companies are moving to multi-cloud and hybrid cloud.
- Managed Service Growth: The trends have gradually but surely shifted to managed services wherein organizations outsource their IT functions.
- Cyber Readiness of Organizations: Because of a growing number of cyber incidents, organizations are taking serious cybersecurity measures. IT service-providing companies, therefore, are expanding their services. MSP subscriptions: More organizations are embracing managed services programs as those offer IT support at lower cost that allows them to scale as their need. Organizations can forecast their internal budget and track their expenses easily. MSP subscription packages are likely to gain positive responses from business development teams for critical and mission-specific tasks.
IT Service Market Opportunities
- Increasing penetration of cloud technology: As of December 2023, many large enterprises aspired to have 60% of their environment in the cloud by 2025. Moreover, early detection of problems saves the cost of repair for businesses. Many IT service companies offer continued oversight and assessment to ensure seamless operations
- Room for strategic mindset: The IT service industry will need a strategic mindset to keep pace with rapid changes and adopt innovations traversing all industries. Knowing that customers are always in a state of change, is necessary for companies willing to serve their needs.
- Outperform competition: Companies need to master their capacities to outperform the competition and deliver high-quality services. Investing in companies that provide cloud migration and consulting services is a lucrative opportunity for businesses. Look for firms that offer hybrid solutions to acquire a broader market. With cyber threats, companies are investing in incident response, cyber threat detection, and complaint services seen to have growth potential.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the IT Service Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the IT Service Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service Type, Enterprise Size, End-user, and Geography
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
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.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Accenture plc, Capgemini SE, Cognizant, DXC Technology, Fujitsu Ltd., Hewlett Packard Enterprise, Development LP, IBM Corporation, Microsoft Corporation, and Oracle Corporation are key companies in this market.
Adoption of cloud solutions, IT service outsources, uptake of managed services by small and medium enterprises, and emphasis on cyber security measures by companies are likely to remain key trends in this market.
The market is expected to register a CAGR of 9.5% during 2023-2031
Uptake of digital technologies, rising cyber security concerns, increasing adoption of cloud technology are key factors contributing to market growth
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 IT Services Market - By Service Type
1.3.2 IT Services Market - By Application
1.3.3 IT Services Market - By Enterprise Size
1.3.4 IT Services Market - By End-user
1.3.5 IT Services Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. IT SERVICES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. IT SERVICES 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. IT SERVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. IT SERVICES - GLOBAL MARKET OVERVIEW
6.2. IT SERVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. IT SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - SERVICE TYPE
7.1. OVERVIEW
7.2. SERVICE TYPE MARKET FORECASTS AND ANALYSIS
7.3. PROFESSIONAL SERVICES
7.3.1. Overview
7.3.2. Professional Services Market Forecast and Analysis
7.4. MANAGED SERVICES
7.4.1. Overview
7.4.2. Managed Services Market Forecast and Analysis
8. IT SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. IT OPERATION
8.3.1. Overview
8.3.2. IT Operation Market Forecast and Analysis
8.4. IT SECURITY
8.4.1. Overview
8.4.2. IT Security Market Forecast and Analysis
8.5. CLOUD SERVICES
8.5.1. Overview
8.5.2. Cloud Services Market Forecast and Analysis
8.6. OTHERS
8.6.1. Overview
8.6.2. Others Market Forecast and Analysis
9. IT SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - ENTERPRISE SIZE
9.1. OVERVIEW
9.2. ENTERPRISE SIZE MARKET FORECASTS AND ANALYSIS
9.3. SMALL AND MEDIUM-SIZE ENTERPRISES
9.3.1. Overview
9.3.2. Small and Medium-Size Enterprises Market Forecast and Analysis
9.4. LARGE ENTERPRISES
9.4.1. Overview
9.4.2. Large Enterprises Market Forecast and Analysis
10. IT SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
10.1. OVERVIEW
10.2. END-USER MARKET FORECASTS AND ANALYSIS
10.3. BFSI
10.3.1. Overview
10.3.2. BFSI Market Forecast and Analysis
10.4. IT AND TELECOM
10.4.1. Overview
10.4.2. IT and Telecom Market Forecast and Analysis
10.5. GOVERNMENT
10.5.1. Overview
10.5.2. Government Market Forecast and Analysis
10.6. HEALTHCARE
10.6.1. Overview
10.6.2. Healthcare Market Forecast and Analysis
10.7. RETAIL AND E-COMMERCE
10.7.1. Overview
10.7.2. Retail and E-Commerce Market Forecast and Analysis
10.8. MANUFACTURING
10.8.1. Overview
10.8.2. Manufacturing Market Forecast and Analysis
10.9. OTHERS
10.9.1. Overview
10.9.2. Others Market Forecast and Analysis
11. IT SERVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America IT Services Market Overview
11.1.2 North America IT Services Market Forecasts and Analysis
11.1.3 North America IT Services Market Forecasts and Analysis - By Service Type
11.1.4 North America IT Services Market Forecasts and Analysis - By Application
11.1.5 North America IT Services Market Forecasts and Analysis - By Enterprise Size
11.1.6 North America IT Services Market Forecasts and Analysis - By End-user
11.1.7 North America IT Services Market Forecasts and Analysis - By Countries
11.1.7.1 United States IT Services Market
11.1.7.1.1 United States IT Services Market by Service Type
11.1.7.1.2 United States IT Services Market by Application
11.1.7.1.3 United States IT Services Market by Enterprise Size
11.1.7.1.4 United States IT Services Market by End-user
11.1.7.2 Canada IT Services Market
11.1.7.2.1 Canada IT Services Market by Service Type
11.1.7.2.2 Canada IT Services Market by Application
11.1.7.2.3 Canada IT Services Market by Enterprise Size
11.1.7.2.4 Canada IT Services Market by End-user
11.1.7.3 Mexico IT Services Market
11.1.7.3.1 Mexico IT Services Market by Service Type
11.1.7.3.2 Mexico IT Services Market by Application
11.1.7.3.3 Mexico IT Services Market by Enterprise Size
11.1.7.3.4 Mexico IT Services Market by End-user
11.2. EUROPE
11.2.1 Europe IT Services Market Overview
11.2.2 Europe IT Services Market Forecasts and Analysis
11.2.3 Europe IT Services Market Forecasts and Analysis - By Service Type
11.2.4 Europe IT Services Market Forecasts and Analysis - By Application
11.2.5 Europe IT Services Market Forecasts and Analysis - By Enterprise Size
11.2.6 Europe IT Services Market Forecasts and Analysis - By End-user
11.2.7 Europe IT Services Market Forecasts and Analysis - By Countries
11.2.7.1 Germany IT Services Market
11.2.7.1.1 Germany IT Services Market by Service Type
11.2.7.1.2 Germany IT Services Market by Application
11.2.7.1.3 Germany IT Services Market by Enterprise Size
11.2.7.1.4 Germany IT Services Market by End-user
11.2.7.2 France IT Services Market
11.2.7.2.1 France IT Services Market by Service Type
11.2.7.2.2 France IT Services Market by Application
11.2.7.2.3 France IT Services Market by Enterprise Size
11.2.7.2.4 France IT Services Market by End-user
11.2.7.3 Italy IT Services Market
11.2.7.3.1 Italy IT Services Market by Service Type
11.2.7.3.2 Italy IT Services Market by Application
11.2.7.3.3 Italy IT Services Market by Enterprise Size
11.2.7.3.4 Italy IT Services Market by End-user
11.2.7.4 United Kingdom IT Services Market
11.2.7.4.1 United Kingdom IT Services Market by Service Type
11.2.7.4.2 United Kingdom IT Services Market by Application
11.2.7.4.3 United Kingdom IT Services Market by Enterprise Size
11.2.7.4.4 United Kingdom IT Services Market by End-user
11.2.7.5 Russia IT Services Market
11.2.7.5.1 Russia IT Services Market by Service Type
11.2.7.5.2 Russia IT Services Market by Application
11.2.7.5.3 Russia IT Services Market by Enterprise Size
11.2.7.5.4 Russia IT Services Market by End-user
11.2.7.6 Rest of Europe IT Services Market
11.2.7.6.1 Rest of Europe IT Services Market by Service Type
11.2.7.6.2 Rest of Europe IT Services Market by Application
11.2.7.6.3 Rest of Europe IT Services Market by Enterprise Size
11.2.7.6.4 Rest of Europe IT Services Market by End-user
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific IT Services Market Overview
11.3.2 Asia-Pacific IT Services Market Forecasts and Analysis
11.3.3 Asia-Pacific IT Services Market Forecasts and Analysis - By Service Type
11.3.4 Asia-Pacific IT Services Market Forecasts and Analysis - By Application
11.3.5 Asia-Pacific IT Services Market Forecasts and Analysis - By Enterprise Size
11.3.6 Asia-Pacific IT Services Market Forecasts and Analysis - By End-user
11.3.7 Asia-Pacific IT Services Market Forecasts and Analysis - By Countries
11.3.7.1 Australia IT Services Market
11.3.7.1.1 Australia IT Services Market by Service Type
11.3.7.1.2 Australia IT Services Market by Application
11.3.7.1.3 Australia IT Services Market by Enterprise Size
11.3.7.1.4 Australia IT Services Market by End-user
11.3.7.2 China IT Services Market
11.3.7.2.1 China IT Services Market by Service Type
11.3.7.2.2 China IT Services Market by Application
11.3.7.2.3 China IT Services Market by Enterprise Size
11.3.7.2.4 China IT Services Market by End-user
11.3.7.3 India IT Services Market
11.3.7.3.1 India IT Services Market by Service Type
11.3.7.3.2 India IT Services Market by Application
11.3.7.3.3 India IT Services Market by Enterprise Size
11.3.7.3.4 India IT Services Market by End-user
11.3.7.4 Japan IT Services Market
11.3.7.4.1 Japan IT Services Market by Service Type
11.3.7.4.2 Japan IT Services Market by Application
11.3.7.4.3 Japan IT Services Market by Enterprise Size
11.3.7.4.4 Japan IT Services Market by End-user
11.3.7.5 South Korea IT Services Market
11.3.7.5.1 South Korea IT Services Market by Service Type
11.3.7.5.2 South Korea IT Services Market by Application
11.3.7.5.3 South Korea IT Services Market by Enterprise Size
11.3.7.5.4 South Korea IT Services Market by End-user
11.3.7.6 Rest of Asia-Pacific IT Services Market
11.3.7.6.1 Rest of Asia-Pacific IT Services Market by Service Type
11.3.7.6.2 Rest of Asia-Pacific IT Services Market by Application
11.3.7.6.3 Rest of Asia-Pacific IT Services Market by Enterprise Size
11.3.7.6.4 Rest of Asia-Pacific IT Services Market by End-user
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa IT Services Market Overview
11.4.2 Middle East and Africa IT Services Market Forecasts and Analysis
11.4.3 Middle East and Africa IT Services Market Forecasts and Analysis - By Service Type
11.4.4 Middle East and Africa IT Services Market Forecasts and Analysis - By Application
11.4.5 Middle East and Africa IT Services Market Forecasts and Analysis - By Enterprise Size
11.4.6 Middle East and Africa IT Services Market Forecasts and Analysis - By End-user
11.4.7 Middle East and Africa IT Services Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa IT Services Market
11.4.7.1.1 South Africa IT Services Market by Service Type
11.4.7.1.2 South Africa IT Services Market by Application
11.4.7.1.3 South Africa IT Services Market by Enterprise Size
11.4.7.1.4 South Africa IT Services Market by End-user
11.4.7.2 Saudi Arabia IT Services Market
11.4.7.2.1 Saudi Arabia IT Services Market by Service Type
11.4.7.2.2 Saudi Arabia IT Services Market by Application
11.4.7.2.3 Saudi Arabia IT Services Market by Enterprise Size
11.4.7.2.4 Saudi Arabia IT Services Market by End-user
11.4.7.3 U.A.E IT Services Market
11.4.7.3.1 U.A.E IT Services Market by Service Type
11.4.7.3.2 U.A.E IT Services Market by Application
11.4.7.3.3 U.A.E IT Services Market by Enterprise Size
11.4.7.3.4 U.A.E IT Services Market by End-user
11.4.7.4 Rest of Middle East and Africa IT Services Market
11.4.7.4.1 Rest of Middle East and Africa IT Services Market by Service Type
11.4.7.4.2 Rest of Middle East and Africa IT Services Market by Application
11.4.7.4.3 Rest of Middle East and Africa IT Services Market by Enterprise Size
11.4.7.4.4 Rest of Middle East and Africa IT Services Market by End-user
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America IT Services Market Overview
11.5.2 South and Central America IT Services Market Forecasts and Analysis
11.5.3 South and Central America IT Services Market Forecasts and Analysis - By Service Type
11.5.4 South and Central America IT Services Market Forecasts and Analysis - By Application
11.5.5 South and Central America IT Services Market Forecasts and Analysis - By Enterprise Size
11.5.6 South and Central America IT Services Market Forecasts and Analysis - By End-user
11.5.7 South and Central America IT Services Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil IT Services Market
11.5.7.1.1 Brazil IT Services Market by Service Type
11.5.7.1.2 Brazil IT Services Market by Application
11.5.7.1.3 Brazil IT Services Market by Enterprise Size
11.5.7.1.4 Brazil IT Services Market by End-user
11.5.7.2 Argentina IT Services Market
11.5.7.2.1 Argentina IT Services Market by Service Type
11.5.7.2.2 Argentina IT Services Market by Application
11.5.7.2.3 Argentina IT Services Market by Enterprise Size
11.5.7.2.4 Argentina IT Services Market by End-user
11.5.7.3 Rest of South and Central America IT Services Market
11.5.7.3.1 Rest of South and Central America IT Services Market by Service Type
11.5.7.3.2 Rest of South and Central America IT Services Market by Application
11.5.7.3.3 Rest of South and Central America IT Services Market by Enterprise Size
11.5.7.3.4 Rest of South and Central America IT Services Market by End-user
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. IT SERVICES MARKET, KEY COMPANY PROFILES
13.1. ACCENTURE PLC
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. CAPGEMINI SE
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. COGNIZANT
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. DXC TECHNOLOGY
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. FUJITSU LTD.
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. HEWLETT PACKARD ENTERPRISE DEVELOPMENT LP
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. IBM CORPORATION
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. MICROSOFT CORPORATION
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. ORACLE CORPORATION
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. TATA CONSULTANCY SERVICES LIMITED
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
The List of Companies
1. Accenture plc
2. Capgemini SE
3. Cognizant
4. DXC Technology
5. Fujitsu Ltd.
6. Hewlett Packard Enterprise Development LP
7. IBM Corporation
8. Microsoft Corporation
9. Oracle Corporation
10. Tata Consultancy Services Limited
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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