Medical Transcription Services Market Size and CAGR by 2031
The Medical Transcription Services Market is expected to register a CAGR of 5.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Medical Transcription Services Market report covers segmental analysis By Product and Application. The global analysis is further broken down at the regional level and major countries. The Report Offers the Value in US$ for the above analysis and segments.
Purpose of the ReportThe report Medical Transcription Services 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.
Medical Transcription Services Market Segmentation
Product- Outsourcing
- Offshoring
- Hospitals
- Clinical Laboratories
- Academic Medical Centers
Strategic Insights
Medical Transcription Services Market Growth Drivers- Healthcare Documentation Drives Demand: Rising healthcare documentation requirements are a major driver of the Medical Transcription Services Market. With increasingly larger sizes of healthcare facilities, standardization, and regulations have become a top imperative for good and effective documentation, to greater extents. These two basic factors seem to open myriad opportunities for medical transcription service providers to enhance better care for patients and ensure compliance with healthcare regulations.
- AI and Speech Recognition Impact: Technological advancements, especially in speech recognition software, are highly impacting the Medical Transcription Services Market. It hence cuts down transcription time, raises effectiveness, and provides a better quality finish for the final document. The incorporation of artificial intelligence in transcription services has effectively reduced turnaround time while minimizing the error rate. Analysis from a recently released market report indicates that speech recognition technology used in the healthcare sector has significant potential to save over $2 billion every year, and thus the share of the Medical Transcription Services Market would be considerable for high-tech-based transcription service providers.
- Telehealth Growth Boosts Market: Due to an increase in demand for telehealth services since the COVID-19 pandemic, the growth of the market has been at a very rapid pace. With many consultations with patients conducted remotely, the need for timely and error-free documentation has skyrocketed. This growth has opened up tremendous opportunities for medical transcription services market service providers to meet the need that arises from effective management of a patient's record and due fulfillment of legal requirements.
- Outsourcing Transcription Dominates Trend: The medical transcription services market is slowly moving towards a change where outsourcing has turned into a de facto rule. That's why it's critical for healthcare providers - those who are in the business of wage-paying those medical transcription providers ?? to understand all the implications. So, let's take an in-depth look at the medical transcription services marketplace. Hospitals are outsourcing their documentation responsibilities to third-party vendors, leaving themselves with a better capacity to deliver direct patient care. The statistics bear out the shift: now an estimated 60 percent of hospitals are outsourcing transcription services. Demand for the medical transcription services market has never been higher. And with strong competition in the medical transcription services market, it's clear providers need to deliver a higher standard of quality at lower prices to stand out.
- Value-Based Care Needs Accuracy: A paradigm shift is happening in today’s healthcare delivery system with an increased focus on value-based care models as an alternative to the fee-for-service (FFS) relationship between caregivers and purchasers of care. While value-based care concentrates on outcomes over volume, it necessitates optimal documentation and precise reporting. Depending on the specialty area reports like a transcription of a dictation form part of an important communication resource. To be profitable, caregivers must produce quality healthcare along with thorough documentation at a consistent level to make sure the reimbursement process is accurate. The market dynamics show that businesses that invest in value-based care models are more likely to seek out and invest in quality transcription services. A study was recently conducted that revealed a 20 percent increase in patient satisfaction scores for those providers who used medical transcription services available by cutting-edge transcription services.
- Telehealth Services Propel Demand: One of the most important drivers that is going to determine the evolution of the Medical Transcription Services Market is the increased uptake of telehealth services. As more and more healthcare practitioners gravitate to remote consultations, the need for transcribing these telehealth sessions grows. Recent data shows that, in 2020, the utilization of telehealth services grew by 154% compared to the previous year. This increased adoption compels the need for advanced strategies in Medical Transcription Services to keep up with the growing demand for accurate documentation in a quicker manner, while also propelling the growth of the overall industry. According to findings, competitors who are adapting cutting-edge solutions like AI solutions are reaping the benefits.
- Regulations Escalate Documentation Needs: The growing need for proper documentation in health centers is a key trend that drives the growth of the Medical Transcription Services Market. As regulatory controls improve in healthcare facilities, agencies have to be more meticulous when recording the medical history of their patients. Demand is expected to escalate at more than 10% over the forecast period as more organizations take steps to secure compliance with regulations related to documentation and operational efficiency. Leveraging state-of-the-art Medical Transcription Services technology can help providers meet these documentation demands while reducing workloads.
- Sector Specialization Gains Market Share: According to As expensive treatments proliferate, and healthcare continues to become more specialized, service providers specializing in specific sectors like orthopedics, radiology, or pathology will capture a larger market share in the global Medical Transcription Services market. With specialization, clients receive more accurate and time-sensitive solutions. The specialized service providers will be able to cater to their parent organization’s pathology or radiology needs better. This should enable them to gain a competitive advantage over other service providers. The general trend of Medical Transcription Services is towards an individual’s needs but also specialized segments which will increase the revenue in that particular sector.
- Patient-Centric Models Shape Growth: The patient-centric care model is changing the path to Medical Transcription Services Market and the way we look at the service. With greater patient engagement and sweet talk, the clients rely on the transcription services to enable them to better patient communication. This point that the model is in demand the market will witness a volcanic eruption in the coming years hence service providers will have an opportunity to offer new services that match the need of the current patient-centric care model. The expected market growth is at an average rate of 8% annually.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Medical Transcription Services 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 Medical Transcription Services 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.
REGIONAL FRAMEWORKHave a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The report can be delivered in PDF/PPT format; we can also share 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.
Key companies in this market are: Lingual Consultancy Services, Acusis LLC, Nuance Communications Inc, Superior Global Solutions, Transcend Services, Scribe Technology Solutions, Medscribe, TRANSPERFECT, iMedX Inc
Key future trends in this market are - AI-driven transcription tools, Remote healthcare services growth, Accuracy improvement in transcription
The Medical Transcription Services Market is expected to register a CAGR of 5.4% from 2023-2031.
The major factors impacting the Medical Transcription Services Market are: Growing Focus on Telehealth Services, Advancements in Speech Recognition Technology, and Increasing Demand for Healthcare Documentation
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Medical Transcription Services Market - By Product
1.3.2 Medical Transcription Services Market - By Application
1.3.3 Medical Transcription Services Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MEDICAL TRANSCRIPTION 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. EXPERT OPINIONS
5. MEDICAL TRANSCRIPTION 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. MEDICAL TRANSCRIPTION SERVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. MEDICAL TRANSCRIPTION SERVICES - GLOBAL MARKET OVERVIEW
6.2. MEDICAL TRANSCRIPTION SERVICES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. MEDICAL TRANSCRIPTION SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. OUTSOURCING
7.3.1. Overview
7.3.2. Outsourcing Market Forecast and Analysis
7.4. OFFSHORING
7.4.1. Overview
7.4.2. Offshoring Market Forecast and Analysis
8. MEDICAL TRANSCRIPTION SERVICES MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. HOSPITALS
8.3.1. Overview
8.3.2. Hospitals Market Forecast and Analysis
8.4. CLINICAL LABORATORIES
8.4.1. Overview
8.4.2. Clinical Laboratories Market Forecast and Analysis
8.5. ACADEMIC MEDICAL CENTERS
8.5.1. Overview
8.5.2. Academic Medical Centers Market Forecast and Analysis
9. MEDICAL TRANSCRIPTION SERVICES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Medical Transcription Services Market Overview
9.1.2 North America Medical Transcription Services Market Forecasts and Analysis
9.1.3 North America Medical Transcription Services Market Forecasts and Analysis - By Product
9.1.4 North America Medical Transcription Services Market Forecasts and Analysis - By Application
9.1.5 North America Medical Transcription Services Market Forecasts and Analysis - By Countries
9.1.5.1 United States Medical Transcription Services Market
9.1.5.1.1 United States Medical Transcription Services Market by Product
9.1.5.1.2 United States Medical Transcription Services Market by Application
9.1.5.2 Canada Medical Transcription Services Market
9.1.5.2.1 Canada Medical Transcription Services Market by Product
9.1.5.2.2 Canada Medical Transcription Services Market by Application
9.1.5.3 Mexico Medical Transcription Services Market
9.1.5.3.1 Mexico Medical Transcription Services Market by Product
9.1.5.3.2 Mexico Medical Transcription Services Market by Application
9.2. EUROPE
9.2.1 Europe Medical Transcription Services Market Overview
9.2.2 Europe Medical Transcription Services Market Forecasts and Analysis
9.2.3 Europe Medical Transcription Services Market Forecasts and Analysis - By Product
9.2.4 Europe Medical Transcription Services Market Forecasts and Analysis - By Application
9.2.5 Europe Medical Transcription Services Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Medical Transcription Services Market
9.2.5.1.1 Germany Medical Transcription Services Market by Product
9.2.5.1.2 Germany Medical Transcription Services Market by Application
9.2.5.2 France Medical Transcription Services Market
9.2.5.2.1 France Medical Transcription Services Market by Product
9.2.5.2.2 France Medical Transcription Services Market by Application
9.2.5.3 Italy Medical Transcription Services Market
9.2.5.3.1 Italy Medical Transcription Services Market by Product
9.2.5.3.2 Italy Medical Transcription Services Market by Application
9.2.5.4 Spain Medical Transcription Services Market
9.2.5.4.1 Spain Medical Transcription Services Market by Product
9.2.5.4.2 Spain Medical Transcription Services Market by Application
9.2.5.5 United Kingdom Medical Transcription Services Market
9.2.5.5.1 United Kingdom Medical Transcription Services Market by Product
9.2.5.5.2 United Kingdom Medical Transcription Services Market by Application
9.2.5.6 Rest of Europe Medical Transcription Services Market
9.2.5.6.1 Rest of Europe Medical Transcription Services Market by Product
9.2.5.6.2 Rest of Europe Medical Transcription Services Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Medical Transcription Services Market Overview
9.3.2 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis
9.3.3 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis - By Product
9.3.4 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Medical Transcription Services Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Medical Transcription Services Market
9.3.5.1.1 Australia Medical Transcription Services Market by Product
9.3.5.1.2 Australia Medical Transcription Services Market by Application
9.3.5.2 China Medical Transcription Services Market
9.3.5.2.1 China Medical Transcription Services Market by Product
9.3.5.2.2 China Medical Transcription Services Market by Application
9.3.5.3 India Medical Transcription Services Market
9.3.5.3.1 India Medical Transcription Services Market by Product
9.3.5.3.2 India Medical Transcription Services Market by Application
9.3.5.4 Japan Medical Transcription Services Market
9.3.5.4.1 Japan Medical Transcription Services Market by Product
9.3.5.4.2 Japan Medical Transcription Services Market by Application
9.3.5.5 South Korea Medical Transcription Services Market
9.3.5.5.1 South Korea Medical Transcription Services Market by Product
9.3.5.5.2 South Korea Medical Transcription Services Market by Application
9.3.5.6 Rest of Asia-Pacific Medical Transcription Services Market
9.3.5.6.1 Rest of Asia-Pacific Medical Transcription Services Market by Product
9.3.5.6.2 Rest of Asia-Pacific Medical Transcription Services Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Medical Transcription Services Market Overview
9.4.2 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis
9.4.3 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis - By Product
9.4.4 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Medical Transcription Services Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Medical Transcription Services Market
9.4.5.1.1 South Africa Medical Transcription Services Market by Product
9.4.5.1.2 South Africa Medical Transcription Services Market by Application
9.4.5.2 Saudi Arabia Medical Transcription Services Market
9.4.5.2.1 Saudi Arabia Medical Transcription Services Market by Product
9.4.5.2.2 Saudi Arabia Medical Transcription Services Market by Application
9.4.5.3 U.A.E Medical Transcription Services Market
9.4.5.3.1 U.A.E Medical Transcription Services Market by Product
9.4.5.3.2 U.A.E Medical Transcription Services Market by Application
9.4.5.4 Rest of Middle East and Africa Medical Transcription Services Market
9.4.5.4.1 Rest of Middle East and Africa Medical Transcription Services Market by Product
9.4.5.4.2 Rest of Middle East and Africa Medical Transcription Services Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Medical Transcription Services Market Overview
9.5.2 South and Central America Medical Transcription Services Market Forecasts and Analysis
9.5.3 South and Central America Medical Transcription Services Market Forecasts and Analysis - By Product
9.5.4 South and Central America Medical Transcription Services Market Forecasts and Analysis - By Application
9.5.5 South and Central America Medical Transcription Services Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Medical Transcription Services Market
9.5.5.1.1 Brazil Medical Transcription Services Market by Product
9.5.5.1.2 Brazil Medical Transcription Services Market by Application
9.5.5.2 Argentina Medical Transcription Services Market
9.5.5.2.1 Argentina Medical Transcription Services Market by Product
9.5.5.2.2 Argentina Medical Transcription Services Market by Application
9.5.5.3 Rest of South and Central America Medical Transcription Services Market
9.5.5.3.1 Rest of South and Central America Medical Transcription Services Market by Product
9.5.5.3.2 Rest of South and Central America Medical Transcription Services Market by Application
10. IMPACT OF COVID-19 PANDEMIC ON GLOBAL MEDICAL TRANSCRIPTION SERVICES MARKET
10.1 North America
10.2 Europe
10.3 Asia-Pacific
10.4 Middle East and Africa
10.5 South and Central America
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. MEDICAL TRANSCRIPTION SERVICES MARKET, KEY COMPANY PROFILES
12.1. LINGUAL CONSULTANCY SERVICES
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. ACUSIS, LLC
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. NUANCE COMMUNICATIONS, INC
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. SUPERIOR GLOBAL SOLUTIONS
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. TRANSCEND SERVICES
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. SCRIBE TECHNOLOGY SOLUTIONS
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. MEDSCRIBE
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. TRANSPERFECT
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. IMEDX, INC
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. DOCTORDOCS
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
1. Lingual Consultancy Services
2. Acusis, LLC
3. Nuance Communications, Inc.
4. Superior Global Solutions
5. Transcend Services
6. Scribe Technology Solutions
7. Medscribe
8. TRANSPERFECT
9. iMedX, Inc.
10. DoctorDocs
11. LC Transcription Services
12. GMT
13. Same Day Transcriptions
14. Medi-Script Plus
15. Outsource2india
16. TransPerfect
17. VIVA Transcription
18. World-Wide Dictation
19. Athreon
20. BVS Transtech
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.