Saudi Arabia Manpower Outsourcing Market Dynamics by 2031
The Saudi Arabia manpower outsourcing market size was valued at US$ 3.80 billion in 2023 and is expected to reach US$ 8.82 billion by 2031; it is estimated to record a CAGR of 11.1% during 2023–2031. The rise of government labor market reforms is likely to bring new trends to the Saudi Arabia manpower outsourcing market during the forecast period.
Saudi Arabia Manpower Outsourcing Market Analysis
Saudi Arabia has experienced significant progress in industrialization and commercialization in recent years. Despite the economic challenges caused by disruptions in the oil industry, the country has successfully diversified its economy by attracting a range of industries. The establishment of international companies in the country has played a pivotal role in its economic recovery. With the rising establishment of industries, there is a corresponding increase in demand for skilled labor to ensure smooth operations and enhanced production. However, a growing reluctance among Saudi youth to pursue private-sector employment at lower wage levels has created a gap in the domestic workforce. This shortage has been largely addressed by the influx of expatriates, who currently dominate many sectors in the country.
Saudi Arabia Manpower Outsourcing Market Overview
Manpower outsourcing allows organizations to focus on their core competencies while leveraging specialized expertise in staffing and workforce management. By outsourcing manpower, companies can significantly reduce operational costs related to recruitment, training, and employee benefits. This enables businesses to allocate resources more effectively. Outsourcing firms possess industry-specific knowledge and experience, providing access to a wider talent pool. This ensures that businesses can find qualified candidates who meet their specific skill requirements quickly. The Saudi government has implemented the Saudization initiative as part of its Vision 2030 strategy. This initiative aims to create new employment opportunities for Saudi citizens by encouraging the hiring of skilled local talent across various industries. The Saudization program is expected to generate significant job opportunities in the coming years, with a particular focus on sectors such as retail, where demand for labor remains high. Moreover, the increasing consumer demand across multiple industries is driving companies to invest considerable time and resources into recruiting professionals with specialized expertise. However, considering the complexity and time-intensive nature of recruitment, many organizations are outsourcing their hiring processes. This trend is fueling the growth of the manpower outsourcing industry in Saudi Arabia as companies seek external recruitment agencies to streamline the hiring of qualified personnel and meet the evolving demands of the market.
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Saudi Arabia Manpower Outsourcing Market: Strategic Insights
Market Size Value in US$ 2,694.2 million in 2021 Market Size Value by US$ 5,487.3 million by 2028 Growth rate CAGR of 10.7% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Saudi Arabia Manpower Outsourcing Market: Strategic Insights
| Market Size Value in | US$ 2,694.2 million in 2021 |
| Market Size Value by | US$ 5,487.3 million by 2028 |
| Growth rate | CAGR of 10.7% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Saudi Arabia Manpower Outsourcing Market Drivers and Opportunities
Rise in Infrastructure Development Projects to Favor Market
In recent years, Saudi Arabia has unveiled a series of ambitious large-scale projects designed to transform the country into a leading global economic powerhouse. These initiatives, supported by multi-billion-dollar investments, aim to diversify the national economy beyond oil, create significant employment opportunities, and elevate Saudi Arabia's status as a prime hub for trade and tourism. For instance, in 2017, NEOM, a transformative development initiative, was introduced to create approximately 460,000 jobs and contribute an estimated US$ 48 billion to Saudi Arabia's GDP; it is projected to be completed by 2025. Similarly, in November 2024, the Saudi Roads General Authority (RGA) announced that the road sector in the Riyadh region is undergoing a major transformation, with ongoing work on projects worth SAR 3 billion (US$ 798 million). The total length of roads in the region is approximately 15,000 km, and significant efforts are being made to implement new road projects and carry out maintenance across all of the region's governorates. According to the RGA, 23 road projects have been completed in the Riyadh region, including 20 preventive maintenance projects covering a total of 215 km. Therefore, the rise in infrastructure development projects drives the Saudi Arabia manpower outsourcing market
Growth of E-commerce and Entertainment Sectors
The Saudi government aims to attract foreign direct investments from various countries to help international companies establish their satellite offices to boost economic growth as well as create job opportunities. A few of the sectors being majorly focused on development are e-commerce, retail, and entertainment, among others. The interest in catalyzing the retail industry facilitates manpower outsourcing companies to generate substantial revenue.
In the recent past, the e-commerce industry has flourished significantly in Saudi Arabia. The increasing penetration of the Internet and smartphones has led Saudi youths to continue opting for online retail in the future. The e-commerce industry possesses substantial job opportunities in the Saudi market. In addition, Saudi Arabia's commitment to the entertainment sector is clearly demonstrated by its major giga-projects, alongside numerous initiatives such as the establishment of key public entities, including the General Entertainment Authority (GEA), the Saudi Commission for Tourism and National Heritage (SCTH), the General Culture Authority, and the General Commission for Audiovisual Media (GCAM). The country aims for the entertainment sector to contribute 4.2% to the national GDP and generate 450,000 job opportunities by 2030. Thus, the growth of e-commerce and entertainment sectors is likely to fuel the Saudi Arabia manpower outsourcing market growth during the forecast period.
Saudi Arabia Manpower Outsourcing Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Saudi Arabia manpower outsourcing market analysis are type and industry.
- Based on type, the Saudi Arabia manpower outsourcing market is segmented into technical staff, sales and marketing, office/admin support, and others. The technical staff segment dominated the market in 2023.
- On the basis of industry, the Saudi Arabia manpower outsourcing market is segmented into oil, gas, and petrochemical; construction; IT and telecom; retail; healthcare; real estate; education; tourism; agriculture; and others. The oil, gas, and petrochemical segment dominated the market in 2023.
Saudi Arabia Manpower Outsourcing Market Share Analysis
- The construction industry is one of the key industries of outsourced labor. Massive infrastructure projects such as NEOM, the Red Sea Project, and the expansion of the Riyadh Metro have had a significant impact on the country's manpower outsourcing market. These projects are expected to drive the demand for outsourced labor in various sectors, from construction to high-tech services. For instance, Saudi giga-project NEOM's workforce is expected to surpass 200,000 by 2025 from 140,000 workers in April 2024, according to the CEO of the project. Moreover, information technology and digital services have emerged as a rapidly growing industry for manpower outsourcing. With the country’s aggressive digital transformation initiatives, there is an increasing demand for skilled professionals in software development, cybersecurity, and cloud computing.
Thus, the Saudi Arabia manpower outsourcing market has experienced significant growth over the past few years, driven by the country's economic diversification, government reforms, ongoing development initiatives under the Vision 2030 plan, and the demand for specialized skills across various sectors.
Saudi Arabia Manpower Outsourcing Market Report Scope
Saudi Arabia Manpower Outsourcing Market News and Recent Developments
The Saudi Arabia manpower outsourcing 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 key developments in the Saudi Arabia manpower outsourcing market are listed below:
- SMASCO and Urban Company, Asia's largest technology marketplace for home services, announced the establishment of their joint venture and the launch of a new cutting-edge home service platform in Saudi Arabia. The new joint venture will leverage Urban Company's advanced technology capabilities and consumer centricity with SMASCO's vast manpower resource network to offer exceptional home service solutions to the Saudi market, redefining the way home services are delivered for over 36 million citizens and residents across the country. (Source: SMASCO, Press Release, October 2024)
- TASC Outsourcing, a leading HR consultancy in the GCC, introduced TASC360, a groundbreaking HR platform designed specifically for the region. The platform has been specifically designed with three powerful modules: Incorpify, Onboardify, and Governify, the company announced in a media release. By harnessing AI technology, TASC360 streamlines labor-intensive tasks, boosts efficiency, and cuts costs. This solution addresses key HR challenges, including expatriate employee onboarding, government relations (GRO), and company formation. (Source: TASC Outsourcing, Press Release, October 2024)
Saudi Arabia Manpower Outsourcing Market Report Coverage and Deliverables
The "Saudi Arabia Manpower Outsourcing Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Saudi Arabia manpower outsourcing market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Saudi Arabia manpower outsourcing market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Saudi Arabia manpower outsourcing 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 Saudi Arabia manpower outsourcing market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Industries
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Saudi Arabia
Frequently Asked Questions
The technical staff segment led the Saudi Arabia manpower outsourcing market with a significant share in 2023.
The Saudi Arabia manpower outsourcing market is expected to reach US$ 8.82 billion by 2031.
The key players, holding majority shares, in Saudi Arabia manpower outsourcing market includes SMASCO, Alliance Recruitment Agency, Proven SA, Knowledge Group Consulting, and TASC Outsourcing.
The government labor market reform are the major future trends for the Saudi Arabia manpower outsourcing market.
The growing emphasis on Saudization, rise in infrastructure development projects, and expanding healthcare and IT Industries are the factors driving the Saudi Arabia manpower outsourcing market growth.
The Saudi Arabia manpower outsourcing market was estimated to be USD 3.80 billion in 2023 and is expected to grow at a CAGR of 11.1%, during the forecast period 2024 - 2031.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Saudi Arabia Manpower Outsourcing Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Manpower Outsourcing Providers
4.3.2 Regulatory Bodies
4.3.3 Industry Vertical
4.3.4 List of Vendors in the Value Chain
5. Saudi Arabia Manpower Outsourcing Market – Key Market Dynamics
5.1 Saudi Arabia Manpower Outsourcing Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Emphasis on Saudization
5.2.2 Rise in Infrastructure Development Projects
5.2.3 Expanding Healthcare and IT Industries
5.3 Market Restraints
5.3.1 Stringent Governmental Rules to Restrict Foreign Manpower
5.4 Market Opportunities
5.4.1 Growth of E-commerce and Entertainment Sectors
5.4.2 Surge in Focus on Workforce Upskilling Programs
5.5 Future Trends
5.5.1 Government Labor Market Reform
5.6 Impact of Drivers and Restraints:
6. Saudi Arabia Manpower Outsourcing Market Analysis
6.1 Saudi Arabia Manpower Outsourcing Market Revenue (US$ Million), 2021–2031
6.2 Saudi Arabia Manpower Outsourcing Market Forecast and Analysis
7. Saudi Arabia Manpower Outsourcing Market Analysis – by Type
7.1 Technical Staff
7.1.1 Overview
7.1.2 Technical Staff: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Sales and Marketing
7.2.1 Overview
7.2.2 Sales and Marketing: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Office or Admin Support
7.3.1 Overview
7.3.2 Office or Admin Support: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8. Saudi Arabia Manpower Outsourcing Market Analysis – by Industry
8.1 Oil, Gas and Petrochemical
8.1.1 Overview
8.1.2 Oil, Gas and Petrochemical: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Construction
8.2.1 Overview
8.2.2 Construction: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.3 IT and Telecom
8.3.1 Overview
8.3.2 IT and Telecom: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Retail
8.4.1 Overview
8.4.2 Retail: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Healthcare
8.5.1 Overview
8.5.2 Healthcare: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.6 Real Estate
8.6.1 Overview
8.6.2 Real Estate: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.7 Education
8.7.1 Overview
8.7.2 Education: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.8 Tourism
8.8.1 Overview
8.8.2 Tourism: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.9 Agriculture
8.9.1 Overview
8.9.2 Agriculture: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
8.10 Others
8.10.1 Overview
8.10.2 Others: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
9. Competitive Landscape
9.1 Heat Map Analysis by Key Players
9.2 Company Positioning & Concentration
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
11. Company Profiles
11.1 Ajeet Management & Manpower Consultancy
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 Proven SA
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 Knowledge Group Consulting
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 Alliance Recruitment Agency
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 TASC Outsourcing
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 Esad Services 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 Tamkeen Talents
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 Jawahr Company
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 SMASCO
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 Manpower Saudi Arabia
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
11.11 NES Fircroft
11.11.1 Key Facts
11.11.2 Business Description
11.11.3 Financial Overview
11.11.4 Products and Services
11.11.5 SWOT Analysis
11.11.6 Key Developments
11.12 Adam Recruitment
11.12.1 Key Facts
11.12.2 Business Description
11.12.3 Products and Services
11.12.4 Financial Overview
11.12.5 SWOT Analysis
11.12.6 Key Developments
11.13 Serco Group Plc
11.13.1 Key Facts
11.13.2 Business Description
11.13.3 Products and Services
11.13.4 Financial Overview
11.13.5 SWOT Analysis
11.13.6 Key Developments
11.14 Yaqoot Manpower Services
11.14.1 Key Facts
11.14.2 Business Description
11.14.3 Products and Services
11.14.4 SWOT Analysis
11.14.5 Key Developments
11.15 First National Company (FNRCO)
11.15.1 Key Facts
11.15.2 Business Description
11.15.3 Products and Services
11.15.4 SWOT Analysis
11.15.5 Key Developments
12. Appendix
12.1 Word Index
12.2 About the Insight Partners
List of Tables
Table 1. Saudi Arabia Manpower Outsourcing Market Segmentation
Table 2. List of Vendors
Table 3. Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 5. Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million) – by Industry
Table 6. Company Positioning & Concentration
Table 7. List of Abbreviation
List of Figures
Figure 1. Saudi Arabia Manpower Outsourcing Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Saudi Arabia Manpower Outsourcing Market Revenue (US$ Million), 2021–2031
Figure 5. Saudi Arabia Manpower Outsourcing Market Share (%) – by Type, 2023 and 2031
Figure 6. Technical Staff: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Sales and Marketing: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Office or Admin Support: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Others: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Saudi Arabia Manpower Outsourcing Market Share (%) – by Industry, 2023 and 2031
Figure 11. Oil, Gas and Petrochemical: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Construction: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. IT and Telecom: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Retail: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Healthcare: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Real Estate: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Education: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Tourism: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Agriculture: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Others: Saudi Arabia Manpower Outsourcing Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Heat Map Analysis by Key Players
The List of Companies - Saudi Arabia Manpower Outsourcing Market
- Ajeets Management and HR Consultancy
- ADAM RECRUITMENT
- PROVEN SA
- TASC OUTSOURCING
- Knowledge Group
- Serco Group plc
- NES Fircroft
- Esad for Human Resources Solutions and Management
- Tamkeen Talents
- JawaHR
- Maharah
- SMASCO Manpower Saudi Arabia
- Yaqoot Manpower Services
- First National Company (FNRCO)
- Serco Group Plc
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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