Remote Sensing Technology Market Scope and Size by 2031
The remote sensing technology market is expected to register a CAGR of 12.1% during 2023–2031. The rise of cubesats for earth observation and advancements in light detection and ranging (LiDAR) technology is likely to remain a key trend in the market.
Remote Sensing Technology Market Analysis
- The remote sensing technology market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period.
- The remote sensing technology market is growing owing to factors such as the shift from desktop-based to cloud-based processing, convergence of the Internet of Things (IoT), and increasing use of 5G and satellite internet.
- Integration with advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), and development and deployment of hyperspectral imaging to provide lucrative opportunities for the remote sensing technology market.
Remote Sensing Technology Market Overview
- Remote sensing is a type of geospatial technology that samples emitted and reflected electromagnetic (EM) radiation from the Earth’s terrestrial, atmospheric, and aquatic ecosystems for detecting and monitoring an area's physical properties by measuring its reflected and emitted radiation at a distance without making physical contact.
- Sensor technologies that are either passive or active are commonly used in this remote sensing data collecting, and they are based on satellites and aircraft.
- The majority of earth sciences, such as meteorology, geology, hydrology, ecology, oceanography, glaciology, geography, and land surveying, as well as applications in the military, intelligence, commercial, economic, planning, and humanitarian fields, are among the thousands of use cases and disciplines in which remote sensing technology is used.
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Remote Sensing Technology Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Remote Sensing Technology Market: Strategic Insights
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Remote Sensing Technology Market Drivers and Opportunities
Shift From Desktop-Based To Cloud-Based Processing to Favor Market
- Cloud computing has many benefits, including cost-effectiveness, accessibility, scalability, and teamwork. Users may access and analyze remote sensing data from a variety of sources and formats, use sophisticated algorithms and machine learning, and share and visualize the results online due to cloud platforms like Google Earth Engine, Amazon Web Services, and Microsoft Azure.
- The integration of remote sensing data with other geospatial data and applications, like web mapping, geocoding, and spatial analysis, is also made easier due to cloud computing.
Development And Deployment Of Hyperspectral Imaging
- Hyperspectral imaging is a powerful technology combining spectroscopy with imaging capability. It enables to collection of comprehensive data in a manner that is not feasible with traditional imaging technologies regarding the make-up and properties of surfaces and objects.
- Hyperspectral imaging sensors are able to record hundreds of small electromagnetic radiation bands ranging from the visible to the infrared. High spectral detail and resolution offered by hyperspectral imaging enable the detection and categorization of objects and features that traditional multispectral sensors are unable to detect.
- Numerous fields can benefit from hyperspectral imaging, including urban planning, vegetation mapping, mineral exploitation, and water quality evaluation.
Remote Sensing Technology Market Report Segmentation Analysis
Key segments that contributed to the derivation of the remote sensing technology market analysis are type, system type, and application.
- By type, the market is bifurcated into passive and active.
- By system type, the market is segmented into visual remote sensing systems, infrared remote sensing, optical remote sensing, microwave remote sensing, radar remote sensing, and others.
- By application, the market is segmented into landscape assessment, security, air quality, hydrology, forestry, floodplain mapping, emergency management, and others.
Remote Sensing Technology Market Share Analysis by Geography
- Remote sensing technology market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering remote sensing technology market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the remote sensing technology market in these regions.
Remote Sensing Technology Market Report Scope
Remote Sensing Technology Market News and Recent Developments
The remote sensing technology market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the remote sensing technology market are listed below:
- According to the China Aerospace Science and Technology Corporation, China successfully launched a Long March 2D carrier rocket, deploying a new remote-sensing satellite into orbit. The rocket lifted off at 7:45 am from the Xichang Satellite Launch Center in Sichuan province and successfully delivered the Yaogan 42B satellite to its designated orbit. (China Aerospace Science and Technology Corporation, Press Release, April 2024).
- Sentera, a leading provider of advanced sensing solutions, is pleased to announce a strategic partnership with Dynatech Innovations, a premier technology distributor based in the United Arab Emirates. This collaboration marks a significant milestone in Sentera’s global expansion strategy and aims to bring state-of-the-art sensor technology to a broader market across multiple sectors. Under the terms of the partnership, Dynatech will serve as an authorized distributor of Sentera’s comprehensive range of sensors and imaging systems throughout the Middle East. This alliance will leverage Dynatech’s robust distribution network and deep understanding of regional market needs, ensuring that Sentera’s innovative products reach more industries, including agriculture, construction, environmental monitoring, and more. (Sentera, Press Release, May 2024).
Remote Sensing Technology Market Report Coverage and Deliverables
The “Remote Sensing Technology Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Remote sensing technology market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Remote sensing technology market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Remote sensing technology market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the remote sensing technology market
- Detailed company profiles
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 rise of cubesats for earth observation and advancements in light detection and ranging (LiDAR) technology is anticipated to play a significant role in the global remote sensing technology market in the coming years.
The global remote sensing technology market is expected to grow at a CAGR of 12.1% during the forecast period 2024 - 2031.
The leading players operating in the remote sensing technology market are Maxar Technologies; Esri.; General Dynamics Mission Systems, Inc.; Hexagon AB; Lockheed Martin Corporation.; Orbital Insight; Planet Labs PBC; Northrop Grumman; Raytheon Technologies Corporation; and Thales Group
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and a country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
Shift from desktop-based to cloud-based processing, convergence of the Internet of Things (IoT), and increasing use of 5G and satellite internet are the major factors driving the remote sensing technology market.
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 Remote Sensing Technology Market - By Technology
1.3.2 Remote Sensing Technology Market - By Application
1.3.3 Remote Sensing Technology Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. REMOTE SENSING TECHNOLOGY MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. REMOTE SENSING TECHNOLOGY 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. REMOTE SENSING TECHNOLOGY MARKET - GLOBAL MARKET ANALYSIS
6.1. REMOTE SENSING TECHNOLOGY - GLOBAL MARKET OVERVIEW
6.2. REMOTE SENSING TECHNOLOGY - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. REMOTE SENSING TECHNOLOGY MARKET - REVENUE AND FORECASTS TO 2027 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. ACTIVE REMOTE SENSING
7.3.1. Overview
7.3.2. Active Remote Sensing Market Forecast and Analysis
7.4. PASSIVE REMOTE SENSING
7.4.1. Overview
7.4.2. Passive Remote Sensing Market Forecast and Analysis
8. REMOTE SENSING TECHNOLOGY MARKET - REVENUE AND FORECASTS TO 2027 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. AGRICULTURE
8.3.1. Overview
8.3.2. Agriculture Market Forecast and Analysis
8.4. FLOODPLAIN MAPPING AND EMERGENCY MANAGEMENT
8.4.1. Overview
8.4.2. Floodplain Mapping and Emergency Management Market Forecast and Analysis
8.5. GEOLOGY AND MINERAL EXPLORATION
8.5.1. Overview
8.5.2. Geology and Mineral Exploration Market Forecast and Analysis
8.6. LANDSCAPE ASSESSMENT
8.6.1. Overview
8.6.2. Landscape Assessment Market Forecast and Analysis
8.7. OCEANOGRAPHY
8.7.1. Overview
8.7.2. Oceanography Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. REMOTE SENSING TECHNOLOGY MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Remote Sensing Technology Market Overview
9.1.2 North America Remote Sensing Technology Market Forecasts and Analysis
9.1.3 North America Remote Sensing Technology Market Forecasts and Analysis - By Technology
9.1.4 North America Remote Sensing Technology Market Forecasts and Analysis - By Application
9.1.5 North America Remote Sensing Technology Market Forecasts and Analysis - By Countries
9.1.5.1 United States Remote Sensing Technology Market
9.1.5.1.1 United States Remote Sensing Technology Market by Technology
9.1.5.1.2 United States Remote Sensing Technology Market by Application
9.1.5.2 Canada Remote Sensing Technology Market
9.1.5.2.1 Canada Remote Sensing Technology Market by Technology
9.1.5.2.2 Canada Remote Sensing Technology Market by Application
9.1.5.3 Mexico Remote Sensing Technology Market
9.1.5.3.1 Mexico Remote Sensing Technology Market by Technology
9.1.5.3.2 Mexico Remote Sensing Technology Market by Application
9.2. EUROPE
9.2.1 Europe Remote Sensing Technology Market Overview
9.2.2 Europe Remote Sensing Technology Market Forecasts and Analysis
9.2.3 Europe Remote Sensing Technology Market Forecasts and Analysis - By Technology
9.2.4 Europe Remote Sensing Technology Market Forecasts and Analysis - By Application
9.2.5 Europe Remote Sensing Technology Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Remote Sensing Technology Market
9.2.5.1.1 Germany Remote Sensing Technology Market by Technology
9.2.5.1.2 Germany Remote Sensing Technology Market by Application
9.2.5.2 France Remote Sensing Technology Market
9.2.5.2.1 France Remote Sensing Technology Market by Technology
9.2.5.2.2 France Remote Sensing Technology Market by Application
9.2.5.3 Italy Remote Sensing Technology Market
9.2.5.3.1 Italy Remote Sensing Technology Market by Technology
9.2.5.3.2 Italy Remote Sensing Technology Market by Application
9.2.5.4 United Kingdom Remote Sensing Technology Market
9.2.5.4.1 United Kingdom Remote Sensing Technology Market by Technology
9.2.5.4.2 United Kingdom Remote Sensing Technology Market by Application
9.2.5.5 Russia Remote Sensing Technology Market
9.2.5.5.1 Russia Remote Sensing Technology Market by Technology
9.2.5.5.2 Russia Remote Sensing Technology Market by Application
9.2.5.6 Rest of Europe Remote Sensing Technology Market
9.2.5.6.1 Rest of Europe Remote Sensing Technology Market by Technology
9.2.5.6.2 Rest of Europe Remote Sensing Technology Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Remote Sensing Technology Market Overview
9.3.2 Asia-Pacific Remote Sensing Technology Market Forecasts and Analysis
9.3.3 Asia-Pacific Remote Sensing Technology Market Forecasts and Analysis - By Technology
9.3.4 Asia-Pacific Remote Sensing Technology Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Remote Sensing Technology Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Remote Sensing Technology Market
9.3.5.1.1 Australia Remote Sensing Technology Market by Technology
9.3.5.1.2 Australia Remote Sensing Technology Market by Application
9.3.5.2 China Remote Sensing Technology Market
9.3.5.2.1 China Remote Sensing Technology Market by Technology
9.3.5.2.2 China Remote Sensing Technology Market by Application
9.3.5.3 India Remote Sensing Technology Market
9.3.5.3.1 India Remote Sensing Technology Market by Technology
9.3.5.3.2 India Remote Sensing Technology Market by Application
9.3.5.4 Japan Remote Sensing Technology Market
9.3.5.4.1 Japan Remote Sensing Technology Market by Technology
9.3.5.4.2 Japan Remote Sensing Technology Market by Application
9.3.5.5 South Korea Remote Sensing Technology Market
9.3.5.5.1 South Korea Remote Sensing Technology Market by Technology
9.3.5.5.2 South Korea Remote Sensing Technology Market by Application
9.3.5.6 Rest of Asia-Pacific Remote Sensing Technology Market
9.3.5.6.1 Rest of Asia-Pacific Remote Sensing Technology Market by Technology
9.3.5.6.2 Rest of Asia-Pacific Remote Sensing Technology Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Remote Sensing Technology Market Overview
9.4.2 Middle East and Africa Remote Sensing Technology Market Forecasts and Analysis
9.4.3 Middle East and Africa Remote Sensing Technology Market Forecasts and Analysis - By Technology
9.4.4 Middle East and Africa Remote Sensing Technology Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Remote Sensing Technology Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Remote Sensing Technology Market
9.4.5.1.1 South Africa Remote Sensing Technology Market by Technology
9.4.5.1.2 South Africa Remote Sensing Technology Market by Application
9.4.5.2 Saudi Arabia Remote Sensing Technology Market
9.4.5.2.1 Saudi Arabia Remote Sensing Technology Market by Technology
9.4.5.2.2 Saudi Arabia Remote Sensing Technology Market by Application
9.4.5.3 U.A.E Remote Sensing Technology Market
9.4.5.3.1 U.A.E Remote Sensing Technology Market by Technology
9.4.5.3.2 U.A.E Remote Sensing Technology Market by Application
9.4.5.4 Rest of Middle East and Africa Remote Sensing Technology Market
9.4.5.4.1 Rest of Middle East and Africa Remote Sensing Technology Market by Technology
9.4.5.4.2 Rest of Middle East and Africa Remote Sensing Technology Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Remote Sensing Technology Market Overview
9.5.2 South and Central America Remote Sensing Technology Market Forecasts and Analysis
9.5.3 South and Central America Remote Sensing Technology Market Forecasts and Analysis - By Technology
9.5.4 South and Central America Remote Sensing Technology Market Forecasts and Analysis - By Application
9.5.5 South and Central America Remote Sensing Technology Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Remote Sensing Technology Market
9.5.5.1.1 Brazil Remote Sensing Technology Market by Technology
9.5.5.1.2 Brazil Remote Sensing Technology Market by Application
9.5.5.2 Argentina Remote Sensing Technology Market
9.5.5.2.1 Argentina Remote Sensing Technology Market by Technology
9.5.5.2.2 Argentina Remote Sensing Technology Market by Application
9.5.5.3 Rest of South and Central America Remote Sensing Technology Market
9.5.5.3.1 Rest of South and Central America Remote Sensing Technology Market by Technology
9.5.5.3.2 Rest of South and Central America Remote Sensing Technology Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. REMOTE SENSING TECHNOLOGY MARKET, KEY COMPANY PROFILES
11.1. GENERAL DYNAMICS CORP.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. GEOSYS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. HONEYWELL INTERNATIONAL INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. ITT INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. LEICA GEOSYSTEMS HOLDINGS AG
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. LOCKHEED MARTIN CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. LUMASENSE TECHNOLOGIES, INC. (ADVANCED ENERGY)
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. NORTHROP GRUMMAN CORPORATION
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. RAYTHEON TECHNOLOGIES CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. THALES GROUP
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. General Dynamics Corp.
2. GEOSYS
3. Honeywell International Inc.
4. ITT Inc.
5. Leica Geosystems Holdings AG
6. Lockheed Martin Corporation
7. Lumasense Technologies, Inc. (Advanced Energy)
8. Northrop Grumman Corporation
9. Raytheon Technologies Corporation
10. Thales Group
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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