Real Time Payments Market Key Players Analysis 2031
The global real time payments market size is expected to grow from US$ 19.62 billion in 2023 to US$ 186.39 billion by 2031; it is anticipated to expand at a CAGR of 32.5% from 2024 to 2031. The increasing utilization of AI and IoT is likely to remain a key real time payments market trends.
Real Time Payments Market Analysis
The market growth can be attributed to the widespread use of smartphones and the adoption of cloud-based solutions for faster payment processing. The increasing availability and usage of smartphones have led to a higher demand for products and services that cater to mobile users.
Real Time Payments Market Overview
Real Time Payments (RTP) is a cutting-edge financial system that enables businesses to conduct instant and seamless transactions. Unlike traditional payment methods, which often involve delays and manual processes, RTP allows for immediate transfer of funds, ensuring swift and efficient payment processing. With RTP, businesses can enjoy the benefits of instant settlements, eliminating the need for waiting periods and reducing the risk of delayed payments. This real-time capability empowers organizations to optimize their cash flow, enhance liquidity management, and improve overall financial performance. Furthermore, RTP offers enhanced security measures to protect businesses and their customers from fraudulent activities. The system utilizes advanced encryption techniques and authentication protocols, ensuring that each transaction is conducted securely and confidentially.
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Real Time Payments Market Drivers and Opportunities
Growth of mobile-based transactions and e-commerce to Favor Real Time Payments Market Growth
The continuous growth of online shopping and e-commerce sales has been a significant driver for the development of the real-time payments market. The increasing popularity of mobile commerce and the convenience it offers are contributing to the growth of the market. The convenience of mobile shopping is a major factor driving the growth of mobile commerce. Three out of four consumers say they carry out purchases on their mobile devices because it saves time. However, there is still room for improvement, as 90% of shoppers believe their experiences with mobile commerce could be better. The share of mobile e-commerce sales in total e-commerce sales has been increasing. It is forecasted to reach a 60% market share in 2024, meaning that $3 out of every $5 spent on online purchases will be done through a mobile device.
Adoption of cloud-based solutions
The adoption of cloud-based solutions is driving the real-time payments market due to several key advantages. Cloud-based solutions offer scalability, flexibility, and cost-effectiveness, making them attractive options for businesses and financial institutions. Additionally, cloud-based solutions offer cost-effectiveness by providing a more cost-effective and scalable alternative to traditional on-premises solutions. Financial institutions can save costs by leveraging the scalability and flexibility of cloud-based solutions, allowing them to adapt to new market trends and customer demands more efficiently. Cloud-based solutions also enable financial institutions to innovate and adapt to changing demands. By leveraging cloud computing, banks can more easily put out new services and adapt to changing market conditions. This flexibility and scalability make cloud-based solutions helpful for driving innovation in payment systems.
Real Time Payments Market Report Segmentation Analysis
Key segments that contributed to the derivation of the real time payments market analysis component, payments type, deployment mode, and end user.
- Based on components, the market is divided into solutions and services. The solutions segment held a larger market share in 2023.
- Based on payment type, the market is divided into P2B, B2B, P2P, and Others. The P2B segment held a larger market share in 2023.
- Based on deployment mode, the market is divided into on-premises and cloud. The on-premises segment held a larger market share in 2023.
- Based on end user, the market is bifurcated into retail & e-commerce, BFSI, it & telecom, travel & tourism, government, healthcare, energy & utilities. The retail & e-commerce segment held a larger market share in 2023.
Real Time Payments Market Share Analysis by Geography
The geographic scope of the real time payments market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Asia Pacific dominated the real time payments market in 2023. The regional market is anticipated to experience rapid growth over the forecast period, with the highest compound annual growth rate (CAGR). The increasing adoption of real-time payment solutions by both large-scale and small- to medium-scale enterprises in the Asia Pacific region is predicted to propel the growth of the regional market. Numerous enterprises throughout the Asia Pacific are prioritizing the digitization of their business operations, which is expected to drive the demand for real-time payment solutions.
Real Time Payments Market Report Scope
Real Time Payments Market News and Recent Developments
The real time payments market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In June 2021, Mastercard Incorporated unveiled the introduction of PayPort+, an advanced real-time payment gateway service. This innovative solution aims to offer payment service providers and financial institutions convenient and adaptable access to the United Kingdom's real-time payment infrastructure. PayPort+ is developed in collaboration with Vocalink, a subsidiary of Mastercard, and Form3, a trusted technology partner.
(Source: Mastercard, Press Release, 2021)
Real Time Payments Market Report Coverage and Deliverables
The "Real Time Payments Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and 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/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Nature of Payment Component Enterprise Size and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Frequently Asked Questions
The advent of IoT, big data, and machine learning are impacting real-time payments, which are anticipated to play a significant role in the global real-time payments market in the coming years.
Rising adoption of smartphones and access to high-speed internet to drive the real-time payments market growth.
The key players holding majority shares in the global real-time payments market are ACI Worldwide; FIS; Fiserv, Inc.; and Mastercard.; Worldline S.A.
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Real-Time Payments Market - By Nature of Payment
1.3.2Real-Time Payments Market - By Component
1.3.3Real-Time Payments Market - By Enterprise Size
1.3.4Real-Time Payments Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.REAL-TIME PAYMENTS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.REAL-TIME 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.REAL-TIME PAYMENTS MARKET - GLOBAL MARKET ANALYSIS
6.1.REAL-TIME PAYMENTS - GLOBAL MARKET OVERVIEW
6.2.REAL-TIME PAYMENTS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.REAL-TIME PAYMENTS MARKET - REVENUE AND FORECASTS TO 2028 - NATURE OF PAYMENT
7.1.OVERVIEW
7.2.NATURE OF PAYMENT MARKET FORECASTS AND ANALYSIS
7.3.P2P
7.3.1.Overview
7.3.2.P2P Market Forecast and Analysis
7.4.P2B AND B2P
7.4.1.Overview
7.4.2.P2B and B2P Market Forecast and Analysis
8.REAL-TIME PAYMENTS MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
8.1.OVERVIEW
8.2.COMPONENT MARKET FORECASTS AND ANALYSIS
8.3.SOLUTION
8.3.1.Overview
8.3.2.Solution Market Forecast and Analysis
8.4.SERVICES
8.4.1.Overview
8.4.2.Services Market Forecast and Analysis
9.REAL-TIME PAYMENTS MARKET - REVENUE AND FORECASTS TO 2028 - ENTERPRISE SIZE
9.1.OVERVIEW
9.2.ENTERPRISE SIZE MARKET FORECASTS AND ANALYSIS
9.3.LARGE ENTERPRISES
9.3.1.Overview
9.3.2.Large Enterprises Market Forecast and Analysis
9.4.SMES
9.4.1.Overview
9.4.2.SMEs Market Forecast and Analysis
10.REAL-TIME PAYMENTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Real-Time Payments Market Overview
10.1.2North America Real-Time Payments Market Forecasts and Analysis
10.1.3North America Real-Time Payments Market Forecasts and Analysis - By Nature of Payment
10.1.4North America Real-Time Payments Market Forecasts and Analysis - By Component
10.1.5North America Real-Time Payments Market Forecasts and Analysis - By Enterprise Size
10.1.6North America Real-Time Payments Market Forecasts and Analysis - By Countries
10.1.6.1United States Real-Time Payments Market
10.1.6.1.1United States Real-Time Payments Market by Nature of Payment
10.1.6.1.2United States Real-Time Payments Market by Component
10.1.6.1.3United States Real-Time Payments Market by Enterprise Size
10.1.6.2Canada Real-Time Payments Market
10.1.6.2.1Canada Real-Time Payments Market by Nature of Payment
10.1.6.2.2Canada Real-Time Payments Market by Component
10.1.6.2.3Canada Real-Time Payments Market by Enterprise Size
10.1.6.3Mexico Real-Time Payments Market
10.1.6.3.1Mexico Real-Time Payments Market by Nature of Payment
10.1.6.3.2Mexico Real-Time Payments Market by Component
10.1.6.3.3Mexico Real-Time Payments Market by Enterprise Size
10.2.EUROPE
10.2.1Europe Real-Time Payments Market Overview
10.2.2Europe Real-Time Payments Market Forecasts and Analysis
10.2.3Europe Real-Time Payments Market Forecasts and Analysis - By Nature of Payment
10.2.4Europe Real-Time Payments Market Forecasts and Analysis - By Component
10.2.5Europe Real-Time Payments Market Forecasts and Analysis - By Enterprise Size
10.2.6Europe Real-Time Payments Market Forecasts and Analysis - By Countries
10.2.6.1Germany Real-Time Payments Market
10.2.6.1.1Germany Real-Time Payments Market by Nature of Payment
10.2.6.1.2Germany Real-Time Payments Market by Component
10.2.6.1.3Germany Real-Time Payments Market by Enterprise Size
10.2.6.2France Real-Time Payments Market
10.2.6.2.1France Real-Time Payments Market by Nature of Payment
10.2.6.2.2France Real-Time Payments Market by Component
10.2.6.2.3France Real-Time Payments Market by Enterprise Size
10.2.6.3Italy Real-Time Payments Market
10.2.6.3.1Italy Real-Time Payments Market by Nature of Payment
10.2.6.3.2Italy Real-Time Payments Market by Component
10.2.6.3.3Italy Real-Time Payments Market by Enterprise Size
10.2.6.4United Kingdom Real-Time Payments Market
10.2.6.4.1United Kingdom Real-Time Payments Market by Nature of Payment
10.2.6.4.2United Kingdom Real-Time Payments Market by Component
10.2.6.4.3United Kingdom Real-Time Payments Market by Enterprise Size
10.2.6.5Russia Real-Time Payments Market
10.2.6.5.1Russia Real-Time Payments Market by Nature of Payment
10.2.6.5.2Russia Real-Time Payments Market by Component
10.2.6.5.3Russia Real-Time Payments Market by Enterprise Size
10.2.6.6Rest of Europe Real-Time Payments Market
10.2.6.6.1Rest of Europe Real-Time Payments Market by Nature of Payment
10.2.6.6.2Rest of Europe Real-Time Payments Market by Component
10.2.6.6.3Rest of Europe Real-Time Payments Market by Enterprise Size
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Real-Time Payments Market Overview
10.3.2Asia-Pacific Real-Time Payments Market Forecasts and Analysis
10.3.3Asia-Pacific Real-Time Payments Market Forecasts and Analysis - By Nature of Payment
10.3.4Asia-Pacific Real-Time Payments Market Forecasts and Analysis - By Component
10.3.5Asia-Pacific Real-Time Payments Market Forecasts and Analysis - By Enterprise Size
10.3.6Asia-Pacific Real-Time Payments Market Forecasts and Analysis - By Countries
10.3.6.1Australia Real-Time Payments Market
10.3.6.1.1Australia Real-Time Payments Market by Nature of Payment
10.3.6.1.2Australia Real-Time Payments Market by Component
10.3.6.1.3Australia Real-Time Payments Market by Enterprise Size
10.3.6.2China Real-Time Payments Market
10.3.6.2.1China Real-Time Payments Market by Nature of Payment
10.3.6.2.2China Real-Time Payments Market by Component
10.3.6.2.3China Real-Time Payments Market by Enterprise Size
10.3.6.3India Real-Time Payments Market
10.3.6.3.1India Real-Time Payments Market by Nature of Payment
10.3.6.3.2India Real-Time Payments Market by Component
10.3.6.3.3India Real-Time Payments Market by Enterprise Size
10.3.6.4Japan Real-Time Payments Market
10.3.6.4.1Japan Real-Time Payments Market by Nature of Payment
10.3.6.4.2Japan Real-Time Payments Market by Component
10.3.6.4.3Japan Real-Time Payments Market by Enterprise Size
10.3.6.5South Korea Real-Time Payments Market
10.3.6.5.1South Korea Real-Time Payments Market by Nature of Payment
10.3.6.5.2South Korea Real-Time Payments Market by Component
10.3.6.5.3South Korea Real-Time Payments Market by Enterprise Size
10.3.6.6Rest of Asia-Pacific Real-Time Payments Market
10.3.6.6.1Rest of Asia-Pacific Real-Time Payments Market by Nature of Payment
10.3.6.6.2Rest of Asia-Pacific Real-Time Payments Market by Component
10.3.6.6.3Rest of Asia-Pacific Real-Time Payments Market by Enterprise Size
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Real-Time Payments Market Overview
10.4.2Middle East and Africa Real-Time Payments Market Forecasts and Analysis
10.4.3Middle East and Africa Real-Time Payments Market Forecasts and Analysis - By Nature of Payment
10.4.4Middle East and Africa Real-Time Payments Market Forecasts and Analysis - By Component
10.4.5Middle East and Africa Real-Time Payments Market Forecasts and Analysis - By Enterprise Size
10.4.6Middle East and Africa Real-Time Payments Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Real-Time Payments Market
10.4.6.1.1South Africa Real-Time Payments Market by Nature of Payment
10.4.6.1.2South Africa Real-Time Payments Market by Component
10.4.6.1.3South Africa Real-Time Payments Market by Enterprise Size
10.4.6.2Saudi Arabia Real-Time Payments Market
10.4.6.2.1Saudi Arabia Real-Time Payments Market by Nature of Payment
10.4.6.2.2Saudi Arabia Real-Time Payments Market by Component
10.4.6.2.3Saudi Arabia Real-Time Payments Market by Enterprise Size
10.4.6.3U.A.E Real-Time Payments Market
10.4.6.3.1U.A.E Real-Time Payments Market by Nature of Payment
10.4.6.3.2U.A.E Real-Time Payments Market by Component
10.4.6.3.3U.A.E Real-Time Payments Market by Enterprise Size
10.4.6.4Rest of Middle East and Africa Real-Time Payments Market
10.4.6.4.1Rest of Middle East and Africa Real-Time Payments Market by Nature of Payment
10.4.6.4.2Rest of Middle East and Africa Real-Time Payments Market by Component
10.4.6.4.3Rest of Middle East and Africa Real-Time Payments Market by Enterprise Size
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Real-Time Payments Market Overview
10.5.2South and Central America Real-Time Payments Market Forecasts and Analysis
10.5.3South and Central America Real-Time Payments Market Forecasts and Analysis - By Nature of Payment
10.5.4South and Central America Real-Time Payments Market Forecasts and Analysis - By Component
10.5.5South and Central America Real-Time Payments Market Forecasts and Analysis - By Enterprise Size
10.5.6South and Central America Real-Time Payments Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Real-Time Payments Market
10.5.6.1.1Brazil Real-Time Payments Market by Nature of Payment
10.5.6.1.2Brazil Real-Time Payments Market by Component
10.5.6.1.3Brazil Real-Time Payments Market by Enterprise Size
10.5.6.2Argentina Real-Time Payments Market
10.5.6.2.1Argentina Real-Time Payments Market by Nature of Payment
10.5.6.2.2Argentina Real-Time Payments Market by Component
10.5.6.2.3Argentina Real-Time Payments Market by Enterprise Size
10.5.6.3Rest of South and Central America Real-Time Payments Market
10.5.6.3.1Rest of South and Central America Real-Time Payments Market by Nature of Payment
10.5.6.3.2Rest of South and Central America Real-Time Payments Market by Component
10.5.6.3.3Rest of South and Central America Real-Time Payments Market by Enterprise Size
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.REAL-TIME PAYMENTS MARKET, KEY COMPANY PROFILES
12.1.ACI WORLDWIDE
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.APPLE
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.FIS
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.FISERV
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.MASTERCARD
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.TEMENOS
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.VISA
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.WIRECARD
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.WORLDLINE
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
- ACI Worldwide
- FIS
- Fiserv, Inc.
- Mastercard.
- Worldline S.A.
- PayPal
- Visa
- Apple Inc.
- Ant Group CO., Ltd.
- Temenos SA
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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