NFC Payments Market Size and Growth by 2031

Coverage: NFC Payments Market covers analysis By Device Type (Smartphones, Smartwatches, Tablets, EMV Cards, Others); End User (Retail Stores, Hospitality, Healthcare Services, Others); and Geography

Report Code : TIPRE00017759
Category : Banking, Financial Services, and Insurance

No. of Pages : 150

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NFC Payments Market Forecast (2024-2031), Size, Share

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The NFC payments market size is expected to grow at a CAGR of 36.5% from 2023 to 2031. The NFC payments market includes growth prospects owing to the current NFC payments market trends and their foreseeable impact during the forecast period. The NFC payments market is growing due to factors such as increased adoption of smartphones, surge in demand for mobile and wearable payment devices, and increased use of contactless payment systems.

NFC Payments Market Analysis

NFC (Near Field Communication) payments are a way for customers to pay for goods or services using their smartphones or other NFC-enabled devices. With NFC payments, users hold their devices close to a compatible payment terminal to complete a transaction securely and swiftly. NFC payments eliminate the need for physical cash or cards, making transactions quicker and more convenient for both customers and businesses. NFC transactions are encrypted, reducing the risk of fraud compared to traditional payment methods. NFC technology is increasingly integrated into smartphones and other devices, making it accessible to a wide range of consumers. NFC payments are commonly used in retail stores, restaurants, public transportation, and various other locations equipped with NFC-enabled payment terminals.

NFC Payments Market Overview

The NFC payments market is experiencing significant growth, driven by the increasing adoption of smartphones and contactless payment technology. Businesses across various industries are embracing NFC payments to enhance customer convenience and streamline transactions.
As consumers seek faster and more convenient payment options, NFC payments are gaining popularity. The ease of tapping a smartphone or wearable device for transactions is driving adoption among diverse demographic groups.
Ongoing advancements in NFC technology, such as improved security features and enhanced compatibility with various devices, are expanding the capabilities and reliability of NFC payments.

REGIONAL FRAMEWORK

NFC Payments Market Driver

Rising Adoption of Smartphones To Drive The NFC Payments Market

The skyrocketing adoption of smartphones is revolutionizing how we make transactions. According to GSMA, smartphone adoption is witnessing huge growth, with over 5.6 billion (69% of the global population) mobile subscribers worldwide.
Smartphones serve as the gateway to NFC payments, as they come equipped with the necessary hardware and software to facilitate contactless transactions. As more consumers embrace smartphones for daily tasks, from communication to shopping, the convenience of tapping a phone to pay becomes increasingly appealing. Thus, the rising adoption of smartphones will drive the NFC payments market growth.

NFC Payments Market Report Segmentation Analysis

Based on device type, the NFC payments market is segmented into smartphones, smartwatches, tablets, EMV cards, and others. The smartphone segment is expected to hold a substantial NFC payments market share in 2023.

NFC Payments Market Share Analysis By Geography

The scope of the NFC payments market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant NFC payments market share. Businesses and consumers alike are rapidly adopting this technology for its convenience and efficiency. With NFC-enabled smartphones becoming increasingly common, the infrastructure to support NFC payments is widespread across the region. Moreover, North America led in smartphone adoption, with 89% penetration in 2022. This is expected to rise to 91% by 2030, according to GSMA. Such huge penetration of smartphones drives the NFC payments market growth in North America.

NFC Payments Market Report Scope

The "NFC Payments Market Analysis" was carried out based on device type, end user, and geography. Based on device type, the NFC payments market is segmented into smartphones, smartwatches, tablets, EMV cards, and others. On the basis of end user, the market is segmented into retail stores, hospitality, healthcare services, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

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MARKET PLAYERS

NFC Payments Market Driver

Rising Adoption of Smartphones To Drive The NFC Payments Market

The skyrocketing adoption of smartphones is revolutionizing how we make transactions. According to GSMA, smartphone adoption is witnessing huge growth, with over 5.6 billion (69% of the global population) mobile subscribers worldwide.
Smartphones serve as the gateway to NFC payments, as they come equipped with the necessary hardware and software to facilitate contactless transactions. As more consumers embrace smartphones for daily tasks, from communication to shopping, the convenience of tapping a phone to pay becomes increasingly appealing. Thus, the rising adoption of smartphones will drive the NFC payments market growth.

NFC Payments Market Report Segmentation Analysis

Based on device type, the NFC payments market is segmented into smartphones, smartwatches, tablets, EMV cards, and others. The smartphone segment is expected to hold a substantial NFC payments market share in 2023.

NFC Payments Market Share Analysis By Geography

NFC Payments Market Report Scope

MARKET PLAYERS

NFC Payments Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the NFC payments market. A few recent key market developments are listed below:

In September 2023, the National Payments Corporation of India (NPCI), which operates the Unified Payments Interface (UPI) network, launched new products to ensure more digital inclusivity of the payment service, even as it aims to scale the infrastructure to 100 billion monthly transactions.

[Source: National Payments Corporation of India, Press Release]

NFC Payments Market Report Coverage & Deliverables

The NFC payments market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "NFC Payments Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
Market dynamics such as drivers, restraints, and key opportunities.
Key future trends.
Detailed PEST & SWOT analysis
Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
Detailed company profiles.

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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

Which region is expected to register a high growth rate during the forecast period?

North America is anticipated to grow with a high growth rate during the forecast period.

Which are the key players holding the major market share of the NFC payments market?

The key players holding majority shares in the global NFC payments market are PayPal, Apple Pay, AMERICAN EXPRESS COMPANY, Visa Inc., and Alphabet Inc.

What are the future trends of the global NFC payments market?

The growing trend of mobile commerce is anticipated to play a significant role in the global NFC payments market in the coming years.

What are the driving factors impacting the global NFC payments market?

Increased adoption of smartphones, Surge in demand for mobile and wearable payment devices, and increased use of contactless payment systems are the major factors that propel the global NFC payments market.

What is the growth rate of the global NFC payments market over the forecast period?

The global NFC payments market is expected to grow at a CAGR of 36.5% during 2023 - 2031.

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 NFC Payments Market - By COMPONENT
1.3.2 NFC Payments Market - By Payment mode
1.3.3 NFC Payments Market - By Industry Vertical
1.3.4 NFC Payments Market - By Region
1.3.4.1 By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4. NFC PAYMENTS 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. NFC PAYMENTS 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. NFC PAYMENTS MARKET - GLOBAL MARKET ANALYSIS
6.1. NFC PAYMENTS - GLOBAL MARKET OVERVIEW
6.2. NFC PAYMENTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE

7. NFC PAYMENTS MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOLUTION
7.3.1. Overview
7.3.2. Solution Market Forecast and Analysis
7.4. SERVICE
7.4.1. Overview
7.4.2. Service Market Forecast and Analysis
8. NFC PAYMENTS MARKET - REVENUE AND FORECASTS TO 2028 - PAYMENT MODE
8.1. OVERVIEW
8.2. PAYMENT MODE MARKET FORECASTS AND ANALYSIS
8.3. SMARTPHONES
8.3.1. Overview
8.3.2. Smartphones Market Forecast and Analysis
8.4. SMARTCARDS
8.4.1. Overview
8.4.2. Smartcards Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. NFC PAYMENTS MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY VERTICAL
9.1. OVERVIEW
9.2. INDUSTRY VERTICAL MARKET FORECASTS AND ANALYSIS
9.3. RETAIL
9.3.1. Overview
9.3.2. Retail Market Forecast and Analysis
9.4. HEALTHCARE
9.4.1. Overview
9.4.2. Healthcare Market Forecast and Analysis
9.5. HOSPITALITY
9.5.1. Overview
9.5.2. Hospitality Market Forecast and Analysis
9.6. ENERGY AND UTILITIES
9.6.1. Overview
9.6.2. Energy and Utilities Market Forecast and Analysis
9.7. TRANSPORTATION AND LOGISTICS
9.7.1. Overview
9.7.2. Transportation and Logistics Market Forecast and Analysis
9.8. BFSI
9.8.1. Overview
9.8.2. BFSI Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis

10. NFC PAYMENTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America NFC Payments Market Overview
10.1.2 North America NFC Payments Market Forecasts and Analysis
10.1.3 North America NFC Payments Market Forecasts and Analysis - By COMPONENT
10.1.4 North America NFC Payments Market Forecasts and Analysis - By Payment mode
10.1.5 North America NFC Payments Market Forecasts and Analysis - By Industry Vertical
10.1.6 North America NFC Payments Market Forecasts and Analysis - By Countries
10.1.6.1 United States NFC Payments Market
10.1.6.1.1 United States NFC Payments Market by COMPONENT
10.1.6.1.2 United States NFC Payments Market by Payment mode
10.1.6.1.3 United States NFC Payments Market by Industry Vertical
10.1.6.2 Canada NFC Payments Market
10.1.6.2.1 Canada NFC Payments Market by COMPONENT
10.1.6.2.2 Canada NFC Payments Market by Payment mode
10.1.6.2.3 Canada NFC Payments Market by Industry Vertical
10.1.6.3 Mexico NFC Payments Market
10.1.6.3.1 Mexico NFC Payments Market by COMPONENT
10.1.6.3.2 Mexico NFC Payments Market by Payment mode
10.1.6.3.3 Mexico NFC Payments Market by Industry Vertical
10.2. EUROPE
10.2.1 Europe NFC Payments Market Overview
10.2.2 Europe NFC Payments Market Forecasts and Analysis
10.2.3 Europe NFC Payments Market Forecasts and Analysis - By COMPONENT
10.2.4 Europe NFC Payments Market Forecasts and Analysis - By Payment mode
10.2.5 Europe NFC Payments Market Forecasts and Analysis - By Industry Vertical
10.2.6 Europe NFC Payments Market Forecasts and Analysis - By Countries
10.2.6.1 Germany NFC Payments Market
10.2.6.1.1 Germany NFC Payments Market by COMPONENT
10.2.6.1.2 Germany NFC Payments Market by Payment mode
10.2.6.1.3 Germany NFC Payments Market by Industry Vertical
10.2.6.2 France NFC Payments Market
10.2.6.2.1 France NFC Payments Market by COMPONENT
10.2.6.2.2 France NFC Payments Market by Payment mode
10.2.6.2.3 France NFC Payments Market by Industry Vertical
10.2.6.3 Italy NFC Payments Market
10.2.6.3.1 Italy NFC Payments Market by COMPONENT
10.2.6.3.2 Italy NFC Payments Market by Payment mode
10.2.6.3.3 Italy NFC Payments Market by Industry Vertical
10.2.6.4 United Kingdom NFC Payments Market
10.2.6.4.1 United Kingdom NFC Payments Market by COMPONENT
10.2.6.4.2 United Kingdom NFC Payments Market by Payment mode
10.2.6.4.3 United Kingdom NFC Payments Market by Industry Vertical
10.2.6.5 Russia NFC Payments Market
10.2.6.5.1 Russia NFC Payments Market by COMPONENT
10.2.6.5.2 Russia NFC Payments Market by Payment mode
10.2.6.5.3 Russia NFC Payments Market by Industry Vertical
10.2.6.6 Rest of Europe NFC Payments Market
10.2.6.6.1 Rest of Europe NFC Payments Market by COMPONENT
10.2.6.6.2 Rest of Europe NFC Payments Market by Payment mode
10.2.6.6.3 Rest of Europe NFC Payments Market by Industry Vertical
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific NFC Payments Market Overview
10.3.2 Asia-Pacific NFC Payments Market Forecasts and Analysis
10.3.3 Asia-Pacific NFC Payments Market Forecasts and Analysis - By COMPONENT
10.3.4 Asia-Pacific NFC Payments Market Forecasts and Analysis - By Payment mode
10.3.5 Asia-Pacific NFC Payments Market Forecasts and Analysis - By Industry Vertical
10.3.6 Asia-Pacific NFC Payments Market Forecasts and Analysis - By Countries
10.3.6.1 Australia NFC Payments Market
10.3.6.1.1 Australia NFC Payments Market by COMPONENT
10.3.6.1.2 Australia NFC Payments Market by Payment mode
10.3.6.1.3 Australia NFC Payments Market by Industry Vertical
10.3.6.2 China NFC Payments Market
10.3.6.2.1 China NFC Payments Market by COMPONENT
10.3.6.2.2 China NFC Payments Market by Payment mode
10.3.6.2.3 China NFC Payments Market by Industry Vertical
10.3.6.3 India NFC Payments Market
10.3.6.3.1 India NFC Payments Market by COMPONENT
10.3.6.3.2 India NFC Payments Market by Payment mode
10.3.6.3.3 India NFC Payments Market by Industry Vertical
10.3.6.4 Japan NFC Payments Market
10.3.6.4.1 Japan NFC Payments Market by COMPONENT
10.3.6.4.2 Japan NFC Payments Market by Payment mode
10.3.6.4.3 Japan NFC Payments Market by Industry Vertical
10.3.6.5 South Korea NFC Payments Market
10.3.6.5.1 South Korea NFC Payments Market by COMPONENT
10.3.6.5.2 South Korea NFC Payments Market by Payment mode
10.3.6.5.3 South Korea NFC Payments Market by Industry Vertical
10.3.6.6 Rest of Asia-Pacific NFC Payments Market
10.3.6.6.1 Rest of Asia-Pacific NFC Payments Market by COMPONENT
10.3.6.6.2 Rest of Asia-Pacific NFC Payments Market by Payment mode
10.3.6.6.3 Rest of Asia-Pacific NFC Payments Market by Industry Vertical
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa NFC Payments Market Overview
10.4.2 Middle East and Africa NFC Payments Market Forecasts and Analysis
10.4.3 Middle East and Africa NFC Payments Market Forecasts and Analysis - By COMPONENT
10.4.4 Middle East and Africa NFC Payments Market Forecasts and Analysis - By Payment mode
10.4.5 Middle East and Africa NFC Payments Market Forecasts and Analysis - By Industry Vertical
10.4.6 Middle East and Africa NFC Payments Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa NFC Payments Market
10.4.6.1.1 South Africa NFC Payments Market by COMPONENT
10.4.6.1.2 South Africa NFC Payments Market by Payment mode
10.4.6.1.3 South Africa NFC Payments Market by Industry Vertical
10.4.6.2 Saudi Arabia NFC Payments Market
10.4.6.2.1 Saudi Arabia NFC Payments Market by COMPONENT
10.4.6.2.2 Saudi Arabia NFC Payments Market by Payment mode
10.4.6.2.3 Saudi Arabia NFC Payments Market by Industry Vertical
10.4.6.3 U.A.E NFC Payments Market
10.4.6.3.1 U.A.E NFC Payments Market by COMPONENT
10.4.6.3.2 U.A.E NFC Payments Market by Payment mode
10.4.6.3.3 U.A.E NFC Payments Market by Industry Vertical
10.4.6.4 Rest of Middle East and Africa NFC Payments Market
10.4.6.4.1 Rest of Middle East and Africa NFC Payments Market by COMPONENT
10.4.6.4.2 Rest of Middle East and Africa NFC Payments Market by Payment mode
10.4.6.4.3 Rest of Middle East and Africa NFC Payments Market by Industry Vertical
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America NFC Payments Market Overview
10.5.2 South and Central America NFC Payments Market Forecasts and Analysis
10.5.3 South and Central America NFC Payments Market Forecasts and Analysis - By COMPONENT
10.5.4 South and Central America NFC Payments Market Forecasts and Analysis - By Payment mode
10.5.5 South and Central America NFC Payments Market Forecasts and Analysis - By Industry Vertical
10.5.6 South and Central America NFC Payments Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil NFC Payments Market
10.5.6.1.1 Brazil NFC Payments Market by COMPONENT
10.5.6.1.2 Brazil NFC Payments Market by Payment mode
10.5.6.1.3 Brazil NFC Payments Market by Industry Vertical
10.5.6.2 Argentina NFC Payments Market
10.5.6.2.1 Argentina NFC Payments Market by COMPONENT
10.5.6.2.2 Argentina NFC Payments Market by Payment mode
10.5.6.2.3 Argentina NFC Payments Market by Industry Vertical
10.5.6.3 Rest of South and Central America NFC Payments Market
10.5.6.3.1 Rest of South and Central America NFC Payments Market by COMPONENT
10.5.6.3.2 Rest of South and Central America NFC Payments Market by Payment mode
10.5.6.3.3 Rest of South and Central America NFC Payments Market by Industry Vertical

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. NFC PAYMENTS MARKET, KEY COMPANY PROFILES
12.1. APPLE INC.
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. GARMIN LTD
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. GOOGLE
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. MASTERCARD
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. NORTONLIFELOCK INC.
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. PAYPAL
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. PAYTM
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. SAMSUNG ELECTRONICS
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. SQUARE CAPITAL, LLC
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. VISA
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. Apple Inc.
2. Garmin Ltd
3. Google
4. Mastercard
5. NortonLifeLock Inc.
6. Paypal
7. Paytm
8. Samsung Electronics
9. Square Capital, LLC
10. Visa

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:

Research Methodology

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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