Pharmaceutical 2D Barcode Scanner Market Report - (Growth and Size 2031)
The Pharmaceutical 2D Barcode Scanner Market is expected to register a CAGR of 8.6% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Wired Scanners, Wireless Scanners). The report further presents analysis based on Application (Serialization, Aggregation, Reporting, Other Applications). Futher, it is segmented based on Distribution Channel (Retail & Mail, Non Retail). The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments.
Purpose of the ReportThe report Pharmaceutical 2D Barcode Scanner 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.
Pharmaceutical 2D Barcode Scanner Market Segmentation
Type- Wired Scanners
- Wireless Scanners
- Serialization
- Aggregation
- Reporting
- Other Applications
- Retail & Mail
- Non Retail
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Pharmaceutical 2D Barcode Scanner Market Growth Drivers- Increasing Demand for Drug Traceability: Growing demand for drug traceability is the other critical growth factor for 2D barcode scanners. Regulatory compliance for chain-of-supply medication tracking is compelling pharmaceutical manufacturers to use enhanced scanning technology. This improves product safety and ensures adherence to industry standards.
- Increasing Sales of Pharmaceutical Products through E-commerce: Advances in e-commerce are resulting in more pharmaceutical product sales. With the increase in e-commerce, pharmacy sites are gaining popularity, and therefore, optimum inventory management and order filling will require efficient systems of tracking inventory and scanning orders. Barcode scanners help make processes more efficient with better accuracy in every transaction.
- Increasing Emphasis on Inventory Control: Pharmaceutical firms are increasingly implementing more robust control practices over inventory management, and this alone is generating demand for 2D barcode scanners. Error in accounting for medication inventory is reduced, and wastage is minimized. The rising concern of the health service operators for supply chains drives the adoption of the technology of scanning bar codes towards effective control over inventory and efficiency in operations.
- Integration of Mobile Scanning Solutions: Mobile scanning solutions are a fast-growing development in the pharmaceutical 2D barcode scanner market. Inventory management and medication verification through mobile scanning apps have increased the usage of smartphones and tablets. These adaptations make operations more accessible and flexible, allowing healthcare professionals to get tasks operationalized without too much investment in dedicated scanning equipment.
- Enhanced Focus on Compliance and Regulations: The pharmaceutical industry maintains a highly stringent regulatory compliance scenario, which continues to raise the demand for newer, more evolved solutions such as barcode scanning. Growing imposition of traceability and reporting by key regulatory bodies forces companies into investing in sophisticated 2D scanners for 2-D barcode scanning for compliance with the aforementioned standards or risk potential from non-compliance.
- Research and Development for Advanced Security Features: It is built upon the growing concern over counterfeit drugs, and the pharmaceutical 2D barcode scanner badly needs advanced security features. Standardization of innovations such as encrypted barcodes and tamper-evident packaging is also under development. The enhancements include the integrity of the medication supply chain, increasing consumer confidence, and offering a push for the adoption of secure scanning technologies.
- Growing Patient Safety Concern: A growing concern among patients regarding safety and the accuracy of medication is driving the market for 2D barcode scanners. Pre-administration scanning of drugs will ensure error-free medication and proper administration of the correct medications to the patient. This kind of security awareness is prompting healthcare organizations to invest in newer products for barcode scanning that advance medication management processes.
- Integration with IoT Solutions: It is worth mentioning that integration with IoT solutions creates new opportunities for 2D barcode scanners. Thus, with the integration of scanners with IoT platforms, real-time data analytics and management of inventory in real-time will benefit operational efficiency and gain deeper insight into the supply chain process, hence driving the adoption of integrated scanning solutions.
- Personalized Medicine: It leads to opening new avenues in pharmacy barcodes through personalized medicine. As the industry continues to develop more drug therapies that are targeted, the accurate monitoring of the drugs for every person is becoming highly critical. Now, the correct treatment that is to be prescribed to the patient is ensured through the accuracy of barcode scanners. Healthcare providers can efficiently manage and verify prescriptions in the context of personalized medicine. This factor has also grown the demand for advanced scanning systems.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Pharmaceutical 2D Barcode Scanner 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 Pharmaceutical 2D Barcode Scanner 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 FRAMEWORK
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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
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to country scope.
Frequently Asked Questions
The increasing demand for drug traceability and increasing sales of pharmaceutical products through e-commerce are the major factors boosting the pharmaceutical 2D barcode scanner market growth.
North America region accounts for highest revenue share in pharmaceutical 2D barcode scanner market.
The final report will duly include market size and projection estimates for all the segments from 2021 to 2031, along with a revenue share and compound annual growth rate (%) for the regional/country-wise market wherein 2021-2022 are the historic years, 2023 is considered to be the base year, and the forecast will be provided till 2031, along with CAGR (%).
The pharmaceutical 2D barcode scanner market is expected to grow at a CAGR of 8.6%.
Zebra Technologies Corp, Honeywell International Inc, and Cognex Corporation are the major companies operating in the pharmaceutical 2D barcode scanner market.
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023 - 2031).
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1. Pharmaceutical 2D Barcode Scanner Market- By Type
1.3.2. Pharmaceutical 2D Barcode Scanner Market- By Application
1.3.3. Pharmaceutical 2D Barcode Scanner Market- By Distribution Channel
1.3.4. Pharmaceutical 2D Barcode Scanner Market- By Region
1.3.4.1. By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PHARMACEUTICAL 2D BARCODE SCANNER MARKET LANDSCAPE
4.1. MARKET 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 & Africa - PEST Analysis
4.2.5. South and Central America - PEST Analysis
5. PHARMACEUTICAL 2D BARCODE SCANNER MARKET- KEY INDUSTRY 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. PHARMACEUTICAL 2D BARCODE SCANNER MARKET- GLOBAL ANALYSIS
6.1. PHARMACEUTICAL 2D BARCODE SCANNER MARKET - GLOBAL MARKET OVERVIEW
6.2. PHARMACEUTICAL 2D BARCODE SCANNER MARKET - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/ MARKET SHARE OF KEY PLAYERS
7. PHARMACEUTICAL 2D BARCODE SCANNER MARKET REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. WIRED SCANNERS MARKET
7.3.1. Overview
7.3.2. Wired Scanners Market Forecast and Analysis (US$ Mn)
7.4. WIRELESS SCANNERS MARKET
7.4.1. Overview
7.4.2. Wireless Scanners Market Forecast and Analysis (US$ Mn)
8. PHARMACEUTICAL 2D BARCODE SCANNER MARKET REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. SERIALIZATION MARKET
8.3.1. Overview
8.3.2. Serialization Market Forecast and Analysis (US$ Mn)
8.4. AGGREGATIONS MARKET
8.4.1. Overview
8.4.2. Aggregations Market Forecast and Analysis (US$ Mn)
8.5. REPORTING MARKET
8.5.1. Overview
8.5.2. Reporting Market Forecast and Analysis (US$ Mn)
8.6. OTHER APPLICATIONS MARKET
8.6.1. Overview
8.6.2. Other Applications Market Forecast and Analysis (US$ Mn)
9. PHARMACEUTICAL 2D BARCODE SCANNER MARKET REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. RETAIL & MAIL MARKET
9.3.1. Overview
9.3.2. Retail & Mail Market Forecast and Analysis (US$ Mn)
9.4. NON RETAIL MARKET
9.4.1. Overview
9.4.2. Non Retail Market Forecast and Analysis (US$ Mn)
10. PHARMACEUTICAL 2D BARCODE SCANNER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA PHARMACEUTICAL 2D BARCODE SCANNER MARKET
10.1.1. North America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis (US$ Mn)
10.1.2. North America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.1.3. North America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.1.4. North America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.1.5. North America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Country
10.1.6. US Market Overview
10.1.6.1. US Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.1.6.2. US Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.1.6.3. US Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.1.7. Canada Market Overview
10.1.7.1. Canada Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.1.7.2. Canada Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.1.7.3. Canada Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.1.8. Mexico Market Overview
10.1.8.1. Mexico Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.1.8.2. Mexico Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.1.8.3. Mexico Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.2. EUROPE PHARMACEUTICAL 2D BARCODE SCANNER MARKET
10.2.1. Europe Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis (US$ Mn)
10.2.2. Europe Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.2.3. Europe Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.2.4. Europe Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.2.5. Europe Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Country
10.2.6. UK Market Overview
10.2.6.1. UK Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.2.6.2. UK Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.2.6.3. UK Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.2.7. Germany Market Overview
10.2.7.1. Germany Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.2.7.2. Germany Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.2.7.3. Germany Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.2.8. France Market Overview
10.2.8.1. France Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.2.8.2. France Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.2.8.3. France Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.3. ASIA PACIFIC PHARMACEUTICAL 2D BARCODE SCANNER MARKET
10.3.1. Asia Pacific Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis (US$ Mn)
10.3.2. Asia Pacific Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.3.3. Asia Pacific Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.3.4. Asia Pacific Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.3.5. Asia Pacific Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Country
10.3.6. Japan Market Overview
10.3.6.1. Japan Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.3.6.2. Japan Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.3.6.3. Japan Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.3.7. India Market Overview
10.3.7.1. India Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.3.7.2. India Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.3.7.3. India Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.3.8. China Market Overview
10.3.8.1. China Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.3.8.2. China Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.3.8.3. China Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.4. MIDDLE EAST & AFRICA (MEA) PHARMACEUTICAL 2D BARCODE SCANNER MARKET
10.4.1. Middle East & Africa (MEA) Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis (US$ Mn)
10.4.2. Middle East & Africa (MEA) Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.4.3. Middle East & Africa (MEA) Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.4.4. Middle East & Africa (MEA) Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.4.5. Middle East & Africa (MEA) Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Country
10.4.6. South Africa Market Overview
10.4.6.1. South Africa Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.4.6.2. South Africa Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.4.6.3. South Africa Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.4.7. Saudi Arabia Market Overview
10.4.7.1. Saudi Arabia Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.4.7.2. Saudi Arabia Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.4.7.3. Saudi Arabia Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.4.8. UAE Market Overview
10.4.8.1. UAE Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.4.8.2. UAE Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.4.8.3. UAE Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.5. SOUTH AND CENTRAL AMERICA PHARMACEUTICAL 2D BARCODE SCANNER MARKET
10.5.1. South and Central America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis (US$ Mn)
10.5.2. South and Central America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.5.3. South and Central America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.5.4. South and Central America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
10.5.5. South and Central America Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Country
10.5.6. Brazil Market Overview
10.5.6.1. Brazil Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Type (US$ Mn)
10.5.6.2. Brazil Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Application (US$ Mn)
10.5.6.3. Brazil Pharmaceutical 2D Barcode Scanner Market Forecasts and Analysis - By Distribution Channel (US$ Mn)
11. INDUSTRY LANDSCAPE
11.1. ORGANIC GROWTH STRATEGIES
11.1.1. New Product Launches
11.1.2. Marketing & Promotional Activities
11.2. INORGANIC GROWTH STRATEGIES
11.2.1. Partnerships, Collaborations, and Joint Ventures
11.2.2. Mergers & Acquisitions
12. PHARMACEUTICAL 2D BARCODE SCANNER MARKET, KEY COMPANY PROFILES
12.1. ZEBRA TECHNOLOGIES CORP
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Financial Overview
12.1.4. Product Portfolio
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. HONEYWELL INTERNATIONAL INC.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Financial Overview
12.2.4. Product Portfolio
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. COGNEX CORPORATION
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Financial Overview
12.3.4. Product Portfolio
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. DATALOGIC S.P.A.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Financial Overview
12.4.4. Product Portfolio
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. CILICO
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Financial Overview
12.5.4. Product Portfolio
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. FOSHAN XINCODE ELECTRONICS TECHNOLOGY CO.,LTD.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Financial Overview
12.6.4. Product Portfolio
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. FAMETECH INC.
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Financial Overview
12.7.4. Product Portfolio
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. SYSTEC & SOLUTIONS GMBH
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Financial Overview
12.8.4. Product Portfolio
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. KEYENCE CORPORATION
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Financial Overview
12.9.4. Product Portfolio
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. WASP BARCODE TECHNOLOGIES
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Financial Overview
12.10.4. Product Portfolio
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Zebra Technologies Corp
2. Honeywell International Inc.
3. Cognex Corporation
4. Datalogic S.p.A.
5. CILICO
6. Foshan Xincode Electronics Technology Co.,LTD.
7. FAMETECH INC.
8. Systec & Solutions GmbH
9. KEYENCE CORPORATION
10. Wasp Barcode 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.
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