RFID Tags Market Strategic Insights 2021-2031
The RFID Tags Market is expected to register a CAGR of 8.8% 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 (Active Tags, Passive Tags), Application (Transportation, Healthcare, Logistics,Retail, Others), Frequency (Low Frequency, High Frequency, Ultra High Frequency). 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 RFID Tags 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.
RFID Tags Market Segmentation
Type- Active Tags
- Passive Tags
- Transportation
- Healthcare
- Logistics
- Retail
- Others
- Low Frequency
- High Frequency
- Ultra High Frequency
- 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
RFID Tags Market Growth Drivers- Increasing Demand for Supply Chain Efficiency: One of the primary drivers for the RFID tags market is the growing need for enhanced supply chain efficiency across various industries. RFID (Radio-Frequency Identification) technology allows for real-time tracking of goods and inventory, reducing errors associated with manual inventory management. Businesses are increasingly adopting RFID tags to optimize their operations, improve inventory accuracy, and streamline logistics. This demand for greater efficiency and transparency in supply chains is propelling the adoption of RFID technologies, driving market growth.
- Rising Adoption in Retail and E-commerce: The retail and e-commerce sectors are significant drivers of the RFID tags market. As retailers strive to enhance customer experiences and improve operational efficiency, the implementation of RFID technology has become essential. RFID tags enable retailers to automate inventory management, reduce stockouts, and provide accurate product information to consumers. Additionally, with the rise of e-commerce, inventory visibility has become crucial for fulfilling online orders promptly. The ongoing trend of digitization in retail is further accelerating the adoption of RFID tags in these sectors.
- Miniaturization and Enhanced Performance: A prominent trend in the RFID tags market is the miniaturization of tags and improvements in their overall performance. Manufacturers are developing smaller, lightweight tags that can be easily integrated into various products without affecting their design or functionality. Additionally, advancements in materials and technology have led to enhanced read ranges and faster data transfer rates. This trend is particularly beneficial for industries requiring high-density tagging, such as retail and logistics, as it allows for more efficient tracking and management of assets.
- Adoption of Passive RFID Tags: There is a growing trend toward the adoption of passive RFID tags due to their cost-effectiveness and ease of use. Passive RFID tags do not have their own power source; instead, they rely on energy transmitted from RFID readers. This makes them less expensive and ideal for high-volume applications, such as inventory tracking and asset management. As organizations seek to reduce costs while maintaining efficient tracking systems, the demand for passive RFID tags is expected to rise steadily across various industries.
- Integration with Blockchain Technology: The integration of RFID technology with blockchain is an emerging opportunity that can revolutionize supply chain management. By combining RFID tags with blockchain, businesses can achieve greater transparency, traceability, and security in their operations. This integration allows for real-time tracking of products, ensuring authenticity and reducing the risk of fraud. As industries look for ways to enhance their supply chain integrity, the combination of RFID and blockchain technologies presents a promising opportunity for innovation and market expansion.
- Application in Healthcare for Asset Tracking: The healthcare sector represents a significant opportunity for the RFID tags market, particularly for asset tracking and patient management. RFID technology can be utilized to monitor the location of medical equipment, pharmaceuticals, and even patients within healthcare facilities. This capability enhances operational efficiency, reduces the risk of equipment loss, and improves patient safety. As healthcare providers increasingly adopt technology to streamline operations and reduce costs, the demand for RFID tags in this sector is likely to grow, creating new opportunities for manufacturers.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the RFID Tags 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 RFID Tags 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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- 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
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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 RFID Tags Market is estimated to witness a CAGR of 8.8% from 2023 to 2031
Supply chain visibility and retail digitization are the major factors driving the RFID tags market
Integration with IoT ecosystem to play a significant role in the global RFID tags market in the coming years
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 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
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 RFID Tags Market - By Working type
1.3.2 RFID Tags Market - By Frequency Band
1.3.3 RFID Tags Market - By Application
1.3.4 RFID Tags Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. RFID TAGS 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. RFID TAGS 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. RFID TAGS MARKET - GLOBAL MARKET ANALYSIS
6.1. RFID TAGS - GLOBAL MARKET OVERVIEW
6.2. RFID TAGS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. RFID TAGS MARKET - REVENUE AND FORECASTS TO 2028 - WORKING TYPE
7.1. OVERVIEW
7.2. WORKING TYPE MARKET FORECASTS AND ANALYSIS
7.3. ACTIVE RFID TAGS
7.3.1. Overview
7.3.2. Active RFID tags Market Forecast and Analysis
7.4. PASSIVE RFID TAGS
7.4.1. Overview
7.4.2. Passive RFID Tags Market Forecast and Analysis
8. RFID TAGS MARKET - REVENUE AND FORECASTS TO 2028 - FREQUENCY BAND
8.1. OVERVIEW
8.2. FREQUENCY BAND MARKET FORECASTS AND ANALYSIS
8.3. LOW FREQUENCY
8.3.1. Overview
8.3.2. Low Frequency Market Forecast and Analysis
8.4. HIGH FREQUENCY
8.4.1. Overview
8.4.2. High Frequency Market Forecast and Analysis
8.5. ULTRA HIGH FREQUENCY
8.5.1. Overview
8.5.2. Ultra High Frequency Market Forecast and Analysis
8.6. MICROWAVE FREQUENCY
8.6.1. Overview
8.6.2. Microwave Frequency Market Forecast and Analysis
9. RFID TAGS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. LOGISTICS AND TRANSPORTATION
9.3.1. Overview
9.3.2. Logistics and Transportation Market Forecast and Analysis
9.4. RETAIL AND CONSUMER GOODS
9.4.1. Overview
9.4.2. Retail and Consumer goods Market Forecast and Analysis
9.5. AUTOMOTIVE
9.5.1. Overview
9.5.2. Automotive Market Forecast and Analysis
9.6. GOVERNMENT
9.6.1. Overview
9.6.2. Government Market Forecast and Analysis
9.7. HEALTHCARE AND MEDICAL
9.7.1. Overview
9.7.2. Healthcare and Medical Market Forecast and Analysis
9.8. AGRICULTURE
9.8.1. Overview
9.8.2. Agriculture Market Forecast and Analysis
9.9. FARMING AND LIVESTOCK
9.9.1. Overview
9.9.2. Farming and Livestock Market Forecast and Analysis
9.10. AEROSPACE AND DEFENCE
9.10.1. Overview
9.10.2. Aerospace and Defence Market Forecast and Analysis
10. RFID TAGS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America RFID Tags Market Overview
10.1.2 North America RFID Tags Market Forecasts and Analysis
10.1.3 North America RFID Tags Market Forecasts and Analysis - By Working type
10.1.4 North America RFID Tags Market Forecasts and Analysis - By Frequency Band
10.1.5 North America RFID Tags Market Forecasts and Analysis - By Application
10.1.6 North America RFID Tags Market Forecasts and Analysis - By Countries
10.1.6.1 United States RFID Tags Market
10.1.6.1.1 United States RFID Tags Market by Working type
10.1.6.1.2 United States RFID Tags Market by Frequency Band
10.1.6.1.3 United States RFID Tags Market by Application
10.1.6.2 Canada RFID Tags Market
10.1.6.2.1 Canada RFID Tags Market by Working type
10.1.6.2.2 Canada RFID Tags Market by Frequency Band
10.1.6.2.3 Canada RFID Tags Market by Application
10.1.6.3 Mexico RFID Tags Market
10.1.6.3.1 Mexico RFID Tags Market by Working type
10.1.6.3.2 Mexico RFID Tags Market by Frequency Band
10.1.6.3.3 Mexico RFID Tags Market by Application
10.2. EUROPE
10.2.1 Europe RFID Tags Market Overview
10.2.2 Europe RFID Tags Market Forecasts and Analysis
10.2.3 Europe RFID Tags Market Forecasts and Analysis - By Working type
10.2.4 Europe RFID Tags Market Forecasts and Analysis - By Frequency Band
10.2.5 Europe RFID Tags Market Forecasts and Analysis - By Application
10.2.6 Europe RFID Tags Market Forecasts and Analysis - By Countries
10.2.6.1 Germany RFID Tags Market
10.2.6.1.1 Germany RFID Tags Market by Working type
10.2.6.1.2 Germany RFID Tags Market by Frequency Band
10.2.6.1.3 Germany RFID Tags Market by Application
10.2.6.2 France RFID Tags Market
10.2.6.2.1 France RFID Tags Market by Working type
10.2.6.2.2 France RFID Tags Market by Frequency Band
10.2.6.2.3 France RFID Tags Market by Application
10.2.6.3 Italy RFID Tags Market
10.2.6.3.1 Italy RFID Tags Market by Working type
10.2.6.3.2 Italy RFID Tags Market by Frequency Band
10.2.6.3.3 Italy RFID Tags Market by Application
10.2.6.4 United Kingdom RFID Tags Market
10.2.6.4.1 United Kingdom RFID Tags Market by Working type
10.2.6.4.2 United Kingdom RFID Tags Market by Frequency Band
10.2.6.4.3 United Kingdom RFID Tags Market by Application
10.2.6.5 Russia RFID Tags Market
10.2.6.5.1 Russia RFID Tags Market by Working type
10.2.6.5.2 Russia RFID Tags Market by Frequency Band
10.2.6.5.3 Russia RFID Tags Market by Application
10.2.6.6 Rest of Europe RFID Tags Market
10.2.6.6.1 Rest of Europe RFID Tags Market by Working type
10.2.6.6.2 Rest of Europe RFID Tags Market by Frequency Band
10.2.6.6.3 Rest of Europe RFID Tags Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific RFID Tags Market Overview
10.3.2 Asia-Pacific RFID Tags Market Forecasts and Analysis
10.3.3 Asia-Pacific RFID Tags Market Forecasts and Analysis - By Working type
10.3.4 Asia-Pacific RFID Tags Market Forecasts and Analysis - By Frequency Band
10.3.5 Asia-Pacific RFID Tags Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific RFID Tags Market Forecasts and Analysis - By Countries
10.3.6.1 Australia RFID Tags Market
10.3.6.1.1 Australia RFID Tags Market by Working type
10.3.6.1.2 Australia RFID Tags Market by Frequency Band
10.3.6.1.3 Australia RFID Tags Market by Application
10.3.6.2 China RFID Tags Market
10.3.6.2.1 China RFID Tags Market by Working type
10.3.6.2.2 China RFID Tags Market by Frequency Band
10.3.6.2.3 China RFID Tags Market by Application
10.3.6.3 India RFID Tags Market
10.3.6.3.1 India RFID Tags Market by Working type
10.3.6.3.2 India RFID Tags Market by Frequency Band
10.3.6.3.3 India RFID Tags Market by Application
10.3.6.4 Japan RFID Tags Market
10.3.6.4.1 Japan RFID Tags Market by Working type
10.3.6.4.2 Japan RFID Tags Market by Frequency Band
10.3.6.4.3 Japan RFID Tags Market by Application
10.3.6.5 South Korea RFID Tags Market
10.3.6.5.1 South Korea RFID Tags Market by Working type
10.3.6.5.2 South Korea RFID Tags Market by Frequency Band
10.3.6.5.3 South Korea RFID Tags Market by Application
10.3.6.6 Rest of Asia-Pacific RFID Tags Market
10.3.6.6.1 Rest of Asia-Pacific RFID Tags Market by Working type
10.3.6.6.2 Rest of Asia-Pacific RFID Tags Market by Frequency Band
10.3.6.6.3 Rest of Asia-Pacific RFID Tags Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa RFID Tags Market Overview
10.4.2 Middle East and Africa RFID Tags Market Forecasts and Analysis
10.4.3 Middle East and Africa RFID Tags Market Forecasts and Analysis - By Working type
10.4.4 Middle East and Africa RFID Tags Market Forecasts and Analysis - By Frequency Band
10.4.5 Middle East and Africa RFID Tags Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa RFID Tags Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa RFID Tags Market
10.4.6.1.1 South Africa RFID Tags Market by Working type
10.4.6.1.2 South Africa RFID Tags Market by Frequency Band
10.4.6.1.3 South Africa RFID Tags Market by Application
10.4.6.2 Saudi Arabia RFID Tags Market
10.4.6.2.1 Saudi Arabia RFID Tags Market by Working type
10.4.6.2.2 Saudi Arabia RFID Tags Market by Frequency Band
10.4.6.2.3 Saudi Arabia RFID Tags Market by Application
10.4.6.3 U.A.E RFID Tags Market
10.4.6.3.1 U.A.E RFID Tags Market by Working type
10.4.6.3.2 U.A.E RFID Tags Market by Frequency Band
10.4.6.3.3 U.A.E RFID Tags Market by Application
10.4.6.4 Rest of Middle East and Africa RFID Tags Market
10.4.6.4.1 Rest of Middle East and Africa RFID Tags Market by Working type
10.4.6.4.2 Rest of Middle East and Africa RFID Tags Market by Frequency Band
10.4.6.4.3 Rest of Middle East and Africa RFID Tags Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America RFID Tags Market Overview
10.5.2 South and Central America RFID Tags Market Forecasts and Analysis
10.5.3 South and Central America RFID Tags Market Forecasts and Analysis - By Working type
10.5.4 South and Central America RFID Tags Market Forecasts and Analysis - By Frequency Band
10.5.5 South and Central America RFID Tags Market Forecasts and Analysis - By Application
10.5.6 South and Central America RFID Tags Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil RFID Tags Market
10.5.6.1.1 Brazil RFID Tags Market by Working type
10.5.6.1.2 Brazil RFID Tags Market by Frequency Band
10.5.6.1.3 Brazil RFID Tags Market by Application
10.5.6.2 Argentina RFID Tags Market
10.5.6.2.1 Argentina RFID Tags Market by Working type
10.5.6.2.2 Argentina RFID Tags Market by Frequency Band
10.5.6.2.3 Argentina RFID Tags Market by Application
10.5.6.3 Rest of South and Central America RFID Tags Market
10.5.6.3.1 Rest of South and Central America RFID Tags Market by Working type
10.5.6.3.2 Rest of South and Central America RFID Tags Market by Frequency Band
10.5.6.3.3 Rest of South and Central America RFID Tags Market by Application
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. RFID TAGS MARKET, KEY COMPANY PROFILES
12.1. ALIEN TECHNOLOGY
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. CHECKPOINT SYSTEMS
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. GAO RFID INC.
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. HID GLOBAL 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. HONEYWELL INTERNATIONAL
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. IMPINJ, INC
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. INVENGO TECHNOLOGY PTE.LTD
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. NXP SEMICONDUCTORS
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. OMNI-ID
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. ZEBRA TECHNOLOGIES CORP.
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
1. Alien Technology
2. Checkpoint Systems
3. GAO RFID Inc.
4. HID Global Corporation
5. Honeywell International
6. Impinj, Inc
7. Invengo Technology Pte. Ltd
8. NXP Semiconductors
9. Omni-ID
10. Zebra Technologies Corp.
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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