Mobile Application Market Size and CAGR by 2031
The mobile application market size is projected to reach US$ 591.62 billion by 2031 from US$ 205.31 billion in 2023. The market is expected to register a CAGR of 14.1% during 2023–2031. The growing digitalization, rising adoption of 5G technology, and evolution of augmented reality (AR) and virtual reality (VR) are likely to remain key trends in the market.
Mobile Application Market Analysis
The mobile application market is rapidly evolving due to the growing popularity of smartphones and tablets. The market growth is driven by the demand for tailored and practical user experiences. Users are actively seeking applications that match their own needs and interests, whether for social networking, gaming, productivity, shopping, or any other reason. As a result, developers are creating a diverse range of applications to meet the varied interests and needs of smartphone users. The growing number of smartphone users and expanding the potential user base for mobile applications is fueling the market.
In addition, businesses must deal with risks related to the fast-changing technological landscape, ROI, market demand, and the technical resources and experience required to develop mobile applications. Developers focus on developing and introducing new applications to match user requirements and industry trends in this highly competitive and dynamic sector. Smartphone accessibility and worldwide reach allow developers to target a large and varied customer base.
Mobile Application Market Overview
The mobile application market trends comprise growth in the adoption of variable devices and an increase in customer base for the e-commerce industry, which are the main factors driving the mobile application market growth. Additionally, constant growth in enterprise apps, increased attention on apps precisely used for health & fitness, high downloads, and app purchases for gaming apps fuel the mobile application market growth.
Mobile applications are software applications that are largely constructed and invented to run on smartphones, computers, and tablets. Mobile applications are created to help consumers connect via internet services by enabling them to access their portable devices. Mobile applications are hassle-free compared to desktop applications developed and designed for desktops.
Web applications used on web browsers are ready to deteriorate in terms of usage with the emergence of progressive mobile applications worldwide. In the coming ten years, mobile applications are estimated to be integrated into cloud computing solutions to make every task smoother than before. Growing demand for wearables such as smartwatches is also estimated to propel the requirement for emerging mobile applications that would allow users to connect their wearables with tablets and smartphones.
Moreover, several software developers are ready to use motion gyroscopes, accelerometers, and sensors for developing new mobile applications to provide an enhanced experience of virtual reality (VR) and augmented reality (AR).
The growing focus of consumers on maintaining their wellness and health is also projected to push sales of health-turned-mobile applications.
Several companies are also applying the Internet of Things (IoT) to expand mobile applications. In developing economies, the entry of many start-up mobile application developers is estimated to apply the Internet of Things (IoT) to expand mobile applications. In developing economies, the entry of many start-up mobile application developers is estimated to fuel the mobile application market growth. Further, the growing demand for high-quality mobile games among Generation Z and millennials is expected to strengthen sales. In various colleges and schools, teachers have also decided to be provided with unique educational applications that can be used on tablets and smartphones for giving homework and teaching students online. Moreover, renowned clothing brands are coming up with their official mobile applications to maintain zero contact transactions and disturbance-free shopping.
Strategic Insights
Mobile Application Market Drivers and Opportunities
A Surge in Adoption of Wearable Devices to Favor Market
Mobile applications are frequently used by wearable technology to improve functionality. Users can access and manage numerous functions and settings using the connections of devices to smartphones or tablets via specialized programs. For instance, smartwatches enable users to receive notifications, make calls, and interact with applications straight from their wrists. At the same time, fitness trackers sync with smartphone applications to deliver real-time health and fitness data. The expansion of the capabilities of wearable technology through interaction with mobile apps provides a seamless user experience. Mobile application developers have new options due to the explosion in wearable device adoption. Due to the demand for these devices, developers are concentrating on making applications specifically for wearables. Examples of applications only available for fitness trackers include those that monitor heart rate, track sleep patterns, and offer guided workouts. Developers can target a specialized market and respond to wearable device users' unique demands and preferences by specializing in wearable applications. As more consumers use wearable devices, developers are looking at new ways to exploit the capabilities and sensors of these gadgets to provide individualized and contextually aware experiences; applications are developed that use features such as GPS, accelerometers, heart rate monitors, and motion sensors. For instance, some apps use a smartwatch's GPS to send location-based reminders, while others use augmented reality glasses to superimpose digital data on the physical world. Developing cutting-edge apps is propelled by the convergence of wearable technology and mobile applications.
Integration of Advanced Technologies for Enhancing User-Experience
The growth of artificial intelligence (AI) and machine learning (ML) technologies has resulted in a paradigm shift in mobile application development. Market players are integrating AI and ML technologies to automate and advance mobile applications to new heights. The growing usage of AI and ML technologies in a variety of industries, including e-commerce, health and fitness, social networking, and others, encourages mobile application developers to create more innovative, user-centric applications that improve user experiences. These factors are anticipated to create significant growth opportunities for the market during the forecast period.
Mobile Application Market Report Segmentation Analysis
Key segments that contributed to the derivation of the mobile application market analysis are store type and application.
- Based on store type, the mobile application market is divided into Apple iOS store, Google Play store, and others. The Google Play Store segment held a larger market share in 2023.
- In terms of application, the market is segmented into gaming, music and entertainment, health and fitness, social networking, retail and e-commerce, and others. The retail and e-commerce segment is anticipated to expand during the forecast period.
Mobile Application Market Share Analysis by Geography
The geographic scope of the mobile application market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has the presence of numerous players in the region, such as Apple Inc., Google LLC, Hewlett Packard Enterprise, Netflix Inc., and Microsoft Corporation. Strong in-app consumer spending, high smartphone penetration, and greater mobile application downloads have collectively ensured a high mobile application market share. The U.S. is expected to emerge as a lucrative mobile game application market in terms of in-app payment, paid mobile games, and a rapidly increasing user base of mobile apps in the country. This will eventually fuel the mobile application market growth.
Mobile Application Market Report Scope
Mobile Application Market News and Recent Developments
The mobile application 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 mobile application market are listed below:
- In December 2022, popular fast food company McDonald's presented its new holiday promotion arranged around its mobile app, providing everything from discounted menu items to free food for lifelong and quirky McDonald's merchandise. (Source: McDonald, Company Website, December 2022)
- In December 2022, Amazon introduced a new short-form photo and video feed app, Inspire. It would allow consumers to explore products and ideas and shop from content created by other influencers, customers, and brands. The feature is essentially developed to attract consumers' attention far from apps like TikTok to push sales on Amazon.com. (Source: Amazon, Company Website, December 2022)
Mobile Application Market Report Coverage and Deliverables
The “Mobile Application Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Mobile application market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Mobile application market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Mobile application 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 mobile application market
- Detailed company profiles
![RD Image](https://www.theinsightpartners.com/assets/rdimages/mobile-application-market-img1.png)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
![World Geography](https://www.theinsightpartners.com/assets/rdimages/world-geography.png)
Have a question?
![Analyst](https://www.theinsightpartners.com/assets/naveen-chittaragi.png)
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
![Analyst](https://www.theinsightpartners.com/assets/images/speak_analyst.gif)
- 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](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Store Type, Application, and Geography
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global mobile application market is estimated to register a CAGR of 14.1% during the forecast period 2023–2031.
The growing demand for high-quality games among the Gen-Z population and a surge in the adoption of wearable devices are the major factors that propel the global mobile application market.
The growing digitalization, rising adoption of 5G technology, and evolution of augmented reality (AR) and virtual reality (VR) to play a significant role in the global mobile application market in the coming years.
The key players holding majority shares in the global mobile application market are Apple Inc., CA Technologies, Cognizant, China Mobile Ltd, Hewlett Packard Enterprise, Intellectsoft, Google LLC, International Business Machines Corporation, Microsoft Corporation, and Verbat Technologies.
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 the 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
1.3.1Mobile Application Market - By Store Type
1.3.2Mobile Application Market - By Application
1.3.3Mobile Application Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.MOBILE APPLICATION MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.MOBILE APPLICATION 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.MOBILE APPLICATION MARKET - GLOBAL MARKET ANALYSIS
6.1.MOBILE APPLICATION - GLOBAL MARKET OVERVIEW
6.2.MOBILE APPLICATION - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.MOBILE APPLICATION MARKET - REVENUE AND FORECASTS TO 2028 - STORE TYPE
7.1.OVERVIEW
7.2.STORE TYPE MARKET FORECASTS AND ANALYSIS
7.3.APPLE IOS STORE
7.3.1.Overview
7.3.2.Apple iOS Store Market Forecast and Analysis
7.4.GOOGLE PLAY STORE
7.4.1.Overview
7.4.2.Google Play Store Market Forecast and Analysis
7.5.OTHER MARKETPLACES (MICROSOFT)
7.5.1.Overview
7.5.2.Other Marketplaces (Microsoft) Market Forecast and Analysis
8.MOBILE APPLICATION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.GAMING
8.3.1.Overview
8.3.2.Gaming Market Forecast and Analysis
8.4.MUSIC AND ENTERTAINMENT
8.4.1.Overview
8.4.2.Music and Entertainment Market Forecast and Analysis
8.5.HEALTH AND FITNESS
8.5.1.Overview
8.5.2.Health and Fitness Market Forecast and Analysis
8.6.SOCIAL NETWORKING
8.6.1.Overview
8.6.2.Social Networking Market Forecast and Analysis
8.7.RETAIL AND E-COMMERCE
8.7.1.Overview
8.7.2.Retail and E-commerce Market Forecast and Analysis
8.8.OTHERS
8.8.1.Overview
8.8.2.Others Market Forecast and Analysis
9.MOBILE APPLICATION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Mobile Application Market Overview
9.1.2North America Mobile Application Market Forecasts and Analysis
9.1.3North America Mobile Application Market Forecasts and Analysis - By Store Type
9.1.4North America Mobile Application Market Forecasts and Analysis - By Application
9.1.5North America Mobile Application Market Forecasts and Analysis - By Countries
9.1.5.1United States Mobile Application Market
9.1.5.1.1United States Mobile Application Market by Store Type
9.1.5.1.2United States Mobile Application Market by Application
9.1.5.2Canada Mobile Application Market
9.1.5.2.1Canada Mobile Application Market by Store Type
9.1.5.2.2Canada Mobile Application Market by Application
9.1.5.3Mexico Mobile Application Market
9.1.5.3.1Mexico Mobile Application Market by Store Type
9.1.5.3.2Mexico Mobile Application Market by Application
9.2.EUROPE
9.2.1Europe Mobile Application Market Overview
9.2.2Europe Mobile Application Market Forecasts and Analysis
9.2.3Europe Mobile Application Market Forecasts and Analysis - By Store Type
9.2.4Europe Mobile Application Market Forecasts and Analysis - By Application
9.2.5Europe Mobile Application Market Forecasts and Analysis - By Countries
9.2.5.1Germany Mobile Application Market
9.2.5.1.1Germany Mobile Application Market by Store Type
9.2.5.1.2Germany Mobile Application Market by Application
9.2.5.2France Mobile Application Market
9.2.5.2.1France Mobile Application Market by Store Type
9.2.5.2.2France Mobile Application Market by Application
9.2.5.3Italy Mobile Application Market
9.2.5.3.1Italy Mobile Application Market by Store Type
9.2.5.3.2Italy Mobile Application Market by Application
9.2.5.4United Kingdom Mobile Application Market
9.2.5.4.1United Kingdom Mobile Application Market by Store Type
9.2.5.4.2United Kingdom Mobile Application Market by Application
9.2.5.5Russia Mobile Application Market
9.2.5.5.1Russia Mobile Application Market by Store Type
9.2.5.5.2Russia Mobile Application Market by Application
9.2.5.6Rest of Europe Mobile Application Market
9.2.5.6.1Rest of Europe Mobile Application Market by Store Type
9.2.5.6.2Rest of Europe Mobile Application Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Mobile Application Market Overview
9.3.2Asia-Pacific Mobile Application Market Forecasts and Analysis
9.3.3Asia-Pacific Mobile Application Market Forecasts and Analysis - By Store Type
9.3.4Asia-Pacific Mobile Application Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Mobile Application Market Forecasts and Analysis - By Countries
9.3.5.1Australia Mobile Application Market
9.3.5.1.1Australia Mobile Application Market by Store Type
9.3.5.1.2Australia Mobile Application Market by Application
9.3.5.2China Mobile Application Market
9.3.5.2.1China Mobile Application Market by Store Type
9.3.5.2.2China Mobile Application Market by Application
9.3.5.3India Mobile Application Market
9.3.5.3.1India Mobile Application Market by Store Type
9.3.5.3.2India Mobile Application Market by Application
9.3.5.4Japan Mobile Application Market
9.3.5.4.1Japan Mobile Application Market by Store Type
9.3.5.4.2Japan Mobile Application Market by Application
9.3.5.5South Korea Mobile Application Market
9.3.5.5.1South Korea Mobile Application Market by Store Type
9.3.5.5.2South Korea Mobile Application Market by Application
9.3.5.6Rest of Asia-Pacific Mobile Application Market
9.3.5.6.1Rest of Asia-Pacific Mobile Application Market by Store Type
9.3.5.6.2Rest of Asia-Pacific Mobile Application Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Mobile Application Market Overview
9.4.2Middle East and Africa Mobile Application Market Forecasts and Analysis
9.4.3Middle East and Africa Mobile Application Market Forecasts and Analysis - By Store Type
9.4.4Middle East and Africa Mobile Application Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Mobile Application Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Mobile Application Market
9.4.5.1.1South Africa Mobile Application Market by Store Type
9.4.5.1.2South Africa Mobile Application Market by Application
9.4.5.2Saudi Arabia Mobile Application Market
9.4.5.2.1Saudi Arabia Mobile Application Market by Store Type
9.4.5.2.2Saudi Arabia Mobile Application Market by Application
9.4.5.3U.A.E Mobile Application Market
9.4.5.3.1U.A.E Mobile Application Market by Store Type
9.4.5.3.2U.A.E Mobile Application Market by Application
9.4.5.4Rest of Middle East and Africa Mobile Application Market
9.4.5.4.1Rest of Middle East and Africa Mobile Application Market by Store Type
9.4.5.4.2Rest of Middle East and Africa Mobile Application Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Mobile Application Market Overview
9.5.2South and Central America Mobile Application Market Forecasts and Analysis
9.5.3South and Central America Mobile Application Market Forecasts and Analysis - By Store Type
9.5.4South and Central America Mobile Application Market Forecasts and Analysis - By Application
9.5.5South and Central America Mobile Application Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Mobile Application Market
9.5.5.1.1Brazil Mobile Application Market by Store Type
9.5.5.1.2Brazil Mobile Application Market by Application
9.5.5.2Argentina Mobile Application Market
9.5.5.2.1Argentina Mobile Application Market by Store Type
9.5.5.2.2Argentina Mobile Application Market by Application
9.5.5.3Rest of South and Central America Mobile Application Market
9.5.5.3.1Rest of South and Central America Mobile Application Market by Store Type
9.5.5.3.2Rest of South and Central America Mobile Application Market by Application
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.MOBILE APPLICATION MARKET, KEY COMPANY PROFILES
11.1.APPLE INC.
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.CA TECHNOLOGIES
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.COGNIZANT
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.CHINA MOBILE LTD
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.HEWLETT PACKARD ENTERPRISE
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.INTELLECTSOFT
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.GOOGLE LLC
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.INTERNATIONAL BUSINESS MACHINES CORPORATION
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.MICROSOFT CORPORATION
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.VERBAT TECHNOLOGIES
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. Apple Inc.
2. CA Technologies
3. Cognizant
4. China Mobile Ltd
5. Hewlett Packard Enterprise
6. Intellectsoft
7. Google LLC
8. International Business Machines Corporation
9. Microsoft Corporation
10. Verbat Technologies
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.