Payment HSMs Market Dynamics 2021-2031
The payment HSMs market size is expected to grow at a CAGR of 7.2% from 2023 to 2031. The payment HSMs market includes growth prospects owing to the current payment HSMs market trends and their foreseeable impact during the forecast period. The payment HSMs market is growing due to factors such as the increasing number of cyber incidents and increasing awareness among consumers regarding the benefits of payment HSMs.
Payment HSMs Market Analysis
A Payment Hardware Security Module (HSM) is a specialized device used in financial transactions to securely manage, process, and store cryptographic keys and sensitive data, ensuring the integrity and confidentiality of payment information. HSMs play a crucial role in safeguarding payment systems against unauthorized access, fraud, and data breaches. Payment HSMs offer robust encryption and secure key storage, protecting financial transactions from unauthorized access or tampering. They help businesses comply with industry regulations such as PCI DSS by providing secure cryptographic operations. Payment HSMs are used by banks, payment processors, financial institutions, and merchants to secure credit card transactions, online payments, mobile payments, and other financial transactions.
Payment HSMs Market Overview
- As more businesses and consumers rely on digital transactions, the need for robust security measures has increased. Payment HSMs play a crucial role in ensuring the safety and integrity of these transactions by providing encryption, decryption, and key management services.
- With strict regulatory requirements and the constant threat of cyber-attacks, businesses are investing in Payment HSMs to safeguard sensitive financial data and maintain compliance.
- The Payment HSM market is witnessing steady growth driven by the increasing adoption of digital payments and the prioritization of security in financial transactions.
REGIONAL FRAMEWORK
Payment HSMs Market Driver
Increasing Number Of Cyber Incidents To Drive The Payment HSMs Market
- Businesses are facing continuous threat of cybercrimes, as they have grown more widespread in recent years. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2021, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyber risks.
- According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2021. Between 2021 and 2021, cyberattacks in the US have increased by 139% as the country registered a staggering 145.2 million cases in Q3 2021.
- As a result, businesses are prioritizing security measures such as Payment HSMs to safeguard against these threats. Payment HSMs provide encryption, decryption, and key management services, ensuring the confidentiality and integrity of payment transactions. With regulatory bodies imposing stricter compliance requirements and consumers demanding better security, the demand for Payment HSMs is on the rise.
Payment HSMs Market Report Segmentation Analysis
- Based on type, the payment HSMs market is segmented PCI based, USB based, and network based. The PCI based segment is expected to hold a substantial payment HSMs market share in 2023.
Payment HSMs Market Share Analysis By Geography
The scope of the payment HSMs 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 payment HSMs market share owing to factors such as high reliance on digital payment systems and the growing concerns over cybersecurity. With the United States and Canada being major hubs for financial transactions, businesses are prioritizing security measures such as Payment HSMs to protect sensitive payment data from cyber threats.
Payment HSMs Market Report Scope
The "Payment HSMs Market Analysis" was carried out based on type, application, end user, and geography. On the basis of type, the market is segmented into PCI based, USB based, and network based. On the basis of application, the market is segmented into Code and document signing, secure sockets layer (SSL), transport layer security (TLS), Authentication, database encryption, PKI or credential management, and others. Based on end user, the market is segmented into (BFSI, government, technology and communications, manufacturing industry, energy and utilities, retail and consumer products, and others); Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Have 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
MARKET PLAYERS
Have 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
Payment HSMs Market Driver
Increasing Number Of Cyber Incidents To Drive The Payment HSMs Market
- Businesses are facing continuous threat of cybercrimes, as they have grown more widespread in recent years. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2021, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyber risks.
- According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2021. Between 2021 and 2021, cyberattacks in the US have increased by 139% as the country registered a staggering 145.2 million cases in Q3 2021.
- As a result, businesses are prioritizing security measures such as Payment HSMs to safeguard against these threats. Payment HSMs provide encryption, decryption, and key management services, ensuring the confidentiality and integrity of payment transactions. With regulatory bodies imposing stricter compliance requirements and consumers demanding better security, the demand for Payment HSMs is on the rise.
Payment HSMs Market Report Segmentation Analysis
- Based on type, the payment HSMs market is segmented PCI based, USB based, and network based. The PCI based segment is expected to hold a substantial payment HSMs market share in 2023.
Payment HSMs Market Share Analysis By Geography
The scope of the payment HSMs 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 payment HSMs market share owing to factors such as high reliance on digital payment systems and the growing concerns over cybersecurity. With the United States and Canada being major hubs for financial transactions, businesses are prioritizing security measures such as Payment HSMs to protect sensitive payment data from cyber threats.
Payment HSMs Market Report Scope
The "Payment HSMs Market Analysis" was carried out based on type, application, end user, and geography. On the basis of type, the market is segmented into PCI based, USB based, and network based. On the basis of application, the market is segmented into Code and document signing, secure sockets layer (SSL), transport layer security (TLS), Authentication, database encryption, PKI or credential management, and others. Based on end user, the market is segmented into (BFSI, government, technology and communications, manufacturing industry, energy and utilities, retail and consumer products, and others); Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
MARKET PLAYERS
Payment HSMs Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the payment HSMs market. A few recent key market developments are listed below:
- In August 2023, Thales announced the launch of Thales payShield Cloud HSM, a subscription-based digital payments security service built on its market-leading payShield 10K Payment Hardware Security Module (HSM) technology to help customers accelerate the adoption of cloud-based payments infrastructure.
[Source: Thales, Press Release]
- In January 2021, Futurex announced the industry's first web API for payment hardware security modules (HSMs). Developers can now more easily integrate their payment applications with Futurex's enterprise encryption and key management technology, including Futurex's VirtuCrypt cloud payment HSMs.
[Source: Skoda Auto, Press Release]
Payment HSMs Market Report Coverage & Deliverables
The payment HSMs market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Payment HSMs 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.
- 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 global payment HSMs market is expected to grow at a CAGR of 7.2% during 2023 - 2031.
The increasing number of cyber incidents and increasing awareness among consumers regarding the benefits of payment HSMs are the major factors that propel the global payment HSMs market.
Cloud payment HSM solutions are anticipated to play a significant role in the global payment HSMs market in the coming years.
The key players holding majority shares in the global payment HSMs market are Gemalto, Thales, Utimaco, Atos SE, and Yubico.
North America is anticipated to grow with a high growth rate during the forecast period.
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 Payment HSMs Market - By Type
1.3.2 Payment HSMs Market - By Applications
1.3.3 Payment HSMs Market - By End User
1.3.4 Payment HSMs Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PAYMENT HSMS 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. PAYMENT HSMS 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. PAYMENT HSMS MARKET - GLOBAL MARKET ANALYSIS
6.1. PAYMENT HSMS - GLOBAL MARKET OVERVIEW
6.2. PAYMENT HSMS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PAYMENT HSMS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. PCI BASED
7.3.1. Overview
7.3.2. PCI Based Market Forecast and Analysis
7.4. USB BASED
7.4.1. Overview
7.4.2. USB Based Market Forecast and Analysis
7.5. NETWORK BASED
7.5.1. Overview
7.5.2. Network Based Market Forecast and Analysis
8. PAYMENT HSMS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATIONS
8.1. OVERVIEW
8.2. APPLICATIONS MARKET FORECASTS AND ANALYSIS
8.3. CODE AND DOCUMENT SIGNING
8.3.1. Overview
8.3.2. Code and Document Signing Market Forecast and Analysis
8.4. SECURE SOCKETS LAYER (SSL) AND TRANSPORT LAYER SECURITY (TLS)
8.4.1. Overview
8.4.2. Secure Sockets Layer (SSL) and Transport Layer Security (TLS) Market Forecast and Analysis
8.5. AUTHENTICATION
8.5.1. Overview
8.5.2. Authentication Market Forecast and Analysis
8.6. DATABASE ENCRYPTION
8.6.1. Overview
8.6.2. Database Encryption Market Forecast and Analysis
8.7. PKI OR CREDENTIAL MANAGEMENT
8.7.1. Overview
8.7.2. PKI or Credential Management Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. PAYMENT HSMS MARKET - REVENUE AND FORECASTS TO 2028 - END USER
9.1. OVERVIEW
9.2. END USER MARKET FORECASTS AND ANALYSIS
9.3. BFSI
9.3.1. Overview
9.3.2. BFSI Market Forecast and Analysis
9.4. GOVERNMENT
9.4.1. Overview
9.4.2. Government Market Forecast and Analysis
9.5. TECHNOLOGY AND COMMUNICATIONS
9.5.1. Overview
9.5.2. Technology and Communications Market Forecast and Analysis
9.6. MANUFACTURING INDUSTRY
9.6.1. Overview
9.6.2. Manufacturing Industry Market Forecast and Analysis
9.7. ENERGY AND UTILITIES
9.7.1. Overview
9.7.2. Energy and Utilities Market Forecast and Analysis
9.8. RETAIL AND CONSUMER PRODUCTS
9.8.1. Overview
9.8.2. Retail and Consumer Products Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. PAYMENT HSMS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Payment HSMs Market Overview
10.1.2 North America Payment HSMs Market Forecasts and Analysis
10.1.3 North America Payment HSMs Market Forecasts and Analysis - By Type
10.1.4 North America Payment HSMs Market Forecasts and Analysis - By Applications
10.1.5 North America Payment HSMs Market Forecasts and Analysis - By End User
10.1.6 North America Payment HSMs Market Forecasts and Analysis - By Countries
10.1.6.1 United States Payment HSMs Market
10.1.6.1.1 United States Payment HSMs Market by Type
10.1.6.1.2 United States Payment HSMs Market by Applications
10.1.6.1.3 United States Payment HSMs Market by End User
10.1.6.2 Canada Payment HSMs Market
10.1.6.2.1 Canada Payment HSMs Market by Type
10.1.6.2.2 Canada Payment HSMs Market by Applications
10.1.6.2.3 Canada Payment HSMs Market by End User
10.1.6.3 Mexico Payment HSMs Market
10.1.6.3.1 Mexico Payment HSMs Market by Type
10.1.6.3.2 Mexico Payment HSMs Market by Applications
10.1.6.3.3 Mexico Payment HSMs Market by End User
10.2. EUROPE
10.2.1 Europe Payment HSMs Market Overview
10.2.2 Europe Payment HSMs Market Forecasts and Analysis
10.2.3 Europe Payment HSMs Market Forecasts and Analysis - By Type
10.2.4 Europe Payment HSMs Market Forecasts and Analysis - By Applications
10.2.5 Europe Payment HSMs Market Forecasts and Analysis - By End User
10.2.6 Europe Payment HSMs Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Payment HSMs Market
10.2.6.1.1 Germany Payment HSMs Market by Type
10.2.6.1.2 Germany Payment HSMs Market by Applications
10.2.6.1.3 Germany Payment HSMs Market by End User
10.2.6.2 France Payment HSMs Market
10.2.6.2.1 France Payment HSMs Market by Type
10.2.6.2.2 France Payment HSMs Market by Applications
10.2.6.2.3 France Payment HSMs Market by End User
10.2.6.3 Italy Payment HSMs Market
10.2.6.3.1 Italy Payment HSMs Market by Type
10.2.6.3.2 Italy Payment HSMs Market by Applications
10.2.6.3.3 Italy Payment HSMs Market by End User
10.2.6.4 United Kingdom Payment HSMs Market
10.2.6.4.1 United Kingdom Payment HSMs Market by Type
10.2.6.4.2 United Kingdom Payment HSMs Market by Applications
10.2.6.4.3 United Kingdom Payment HSMs Market by End User
10.2.6.5 Russia Payment HSMs Market
10.2.6.5.1 Russia Payment HSMs Market by Type
10.2.6.5.2 Russia Payment HSMs Market by Applications
10.2.6.5.3 Russia Payment HSMs Market by End User
10.2.6.6 Rest of Europe Payment HSMs Market
10.2.6.6.1 Rest of Europe Payment HSMs Market by Type
10.2.6.6.2 Rest of Europe Payment HSMs Market by Applications
10.2.6.6.3 Rest of Europe Payment HSMs Market by End User
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Payment HSMs Market Overview
10.3.2 Asia-Pacific Payment HSMs Market Forecasts and Analysis
10.3.3 Asia-Pacific Payment HSMs Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Payment HSMs Market Forecasts and Analysis - By Applications
10.3.5 Asia-Pacific Payment HSMs Market Forecasts and Analysis - By End User
10.3.6 Asia-Pacific Payment HSMs Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Payment HSMs Market
10.3.6.1.1 Australia Payment HSMs Market by Type
10.3.6.1.2 Australia Payment HSMs Market by Applications
10.3.6.1.3 Australia Payment HSMs Market by End User
10.3.6.2 China Payment HSMs Market
10.3.6.2.1 China Payment HSMs Market by Type
10.3.6.2.2 China Payment HSMs Market by Applications
10.3.6.2.3 China Payment HSMs Market by End User
10.3.6.3 India Payment HSMs Market
10.3.6.3.1 India Payment HSMs Market by Type
10.3.6.3.2 India Payment HSMs Market by Applications
10.3.6.3.3 India Payment HSMs Market by End User
10.3.6.4 Japan Payment HSMs Market
10.3.6.4.1 Japan Payment HSMs Market by Type
10.3.6.4.2 Japan Payment HSMs Market by Applications
10.3.6.4.3 Japan Payment HSMs Market by End User
10.3.6.5 South Korea Payment HSMs Market
10.3.6.5.1 South Korea Payment HSMs Market by Type
10.3.6.5.2 South Korea Payment HSMs Market by Applications
10.3.6.5.3 South Korea Payment HSMs Market by End User
10.3.6.6 Rest of Asia-Pacific Payment HSMs Market
10.3.6.6.1 Rest of Asia-Pacific Payment HSMs Market by Type
10.3.6.6.2 Rest of Asia-Pacific Payment HSMs Market by Applications
10.3.6.6.3 Rest of Asia-Pacific Payment HSMs Market by End User
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Payment HSMs Market Overview
10.4.2 Middle East and Africa Payment HSMs Market Forecasts and Analysis
10.4.3 Middle East and Africa Payment HSMs Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Payment HSMs Market Forecasts and Analysis - By Applications
10.4.5 Middle East and Africa Payment HSMs Market Forecasts and Analysis - By End User
10.4.6 Middle East and Africa Payment HSMs Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Payment HSMs Market
10.4.6.1.1 South Africa Payment HSMs Market by Type
10.4.6.1.2 South Africa Payment HSMs Market by Applications
10.4.6.1.3 South Africa Payment HSMs Market by End User
10.4.6.2 Saudi Arabia Payment HSMs Market
10.4.6.2.1 Saudi Arabia Payment HSMs Market by Type
10.4.6.2.2 Saudi Arabia Payment HSMs Market by Applications
10.4.6.2.3 Saudi Arabia Payment HSMs Market by End User
10.4.6.3 U.A.E Payment HSMs Market
10.4.6.3.1 U.A.E Payment HSMs Market by Type
10.4.6.3.2 U.A.E Payment HSMs Market by Applications
10.4.6.3.3 U.A.E Payment HSMs Market by End User
10.4.6.4 Rest of Middle East and Africa Payment HSMs Market
10.4.6.4.1 Rest of Middle East and Africa Payment HSMs Market by Type
10.4.6.4.2 Rest of Middle East and Africa Payment HSMs Market by Applications
10.4.6.4.3 Rest of Middle East and Africa Payment HSMs Market by End User
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Payment HSMs Market Overview
10.5.2 South and Central America Payment HSMs Market Forecasts and Analysis
10.5.3 South and Central America Payment HSMs Market Forecasts and Analysis - By Type
10.5.4 South and Central America Payment HSMs Market Forecasts and Analysis - By Applications
10.5.5 South and Central America Payment HSMs Market Forecasts and Analysis - By End User
10.5.6 South and Central America Payment HSMs Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Payment HSMs Market
10.5.6.1.1 Brazil Payment HSMs Market by Type
10.5.6.1.2 Brazil Payment HSMs Market by Applications
10.5.6.1.3 Brazil Payment HSMs Market by End User
10.5.6.2 Argentina Payment HSMs Market
10.5.6.2.1 Argentina Payment HSMs Market by Type
10.5.6.2.2 Argentina Payment HSMs Market by Applications
10.5.6.2.3 Argentina Payment HSMs Market by End User
10.5.6.3 Rest of South and Central America Payment HSMs Market
10.5.6.3.1 Rest of South and Central America Payment HSMs Market by Type
10.5.6.3.2 Rest of South and Central America Payment HSMs Market by Applications
10.5.6.3.3 Rest of South and Central America Payment HSMs Market by End User
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. PAYMENT HSMS MARKET, KEY COMPANY PROFILES
12.1. GEMALTO NV
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. THALES E-SECURITY, INC.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. UTIMACO GMBH
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. IBM CORPORATION
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. FUTUREX
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. HEWLETT-PACKARD ENTERPRISE DEVELOPMENT LP
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. SWIFT
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. ATOS SE
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. ULTRA-ELECTRONICS
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. YUBICO
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.Gemalto NV
2.Thales e-Security, Inc.
3.Utimaco GmbH
4.IBM Corporation
5.FutureX
6.Hewlett-Packard Enterprise Development LP
7.SWIFT
8.Atos SE
9.Ultra-Electronics
10.Yubico
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.
Get Free Sample For