Security Software Market Key Findings by 2031
The security software market is expected to register a CAGR of 13.6% during 2023–2031. Increasing focus on zero-trust architecture is likely to remain a key trend in the market.
Security Software Market Analysis
- The security software market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period.
- The security software market is growing owing to factors such as rising cyberattacks, increasing adoption of remote work models, and increasing use of mobile devices.
- Integration with advanced technologies such as AI and ML to provide lucrative opportunities for the security software market
Security Software Market Overview
- Security software refers to computer programs developed to guard against unauthorized access and different cyber threats to digital systems, networks, and data.
- Vulnerability scanners, intrusion detection systems, firewalls, antivirus software, and encryption tools are some of the tools and applications of security software.
- These solutions work to detect, prevent and mitigate security breaches, malware, and other malicious attacks.
- Security software often includes features like real-time monitoring, automatic updates, and threat intelligence to stay ahead of evolving cyber risks. It can protect large-scale enterprise networks and cloud infrastructures, as well as individual devices like smartphones and PCs.
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Security Software Market: Strategic Insights
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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.
Security Software Market: Strategic Insights
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Security Software Market Drivers and Opportunities
Increasing Number of Cyberattacks to Favor Market
- Businesses are facing continuous threat of cybercrimes, as they have grown more widespread in recent years.
- According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2021, and cases continue to rise with technological advancements.
- Computer malware, data breaches, and denial of service (DOS) are a few examples of cyber risks.
- According to OneLogjn, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2021. Between 2021 and 2021,
- cyberattacks in the US have increased by 139% as the country registered a staggering 145.2 million cases in Q3 2021. Malware attacks increased by 358% in 2021 when compared to 2021. Similarly, according to the Clusit Report, cyberattacks across the globe have increased by 10% in 2021 when compared to the previous year.
- Cyber threats are considered a major concern as various organizations continue to operate in a digital environment. They have serious consequences for individuals, corporations, and governments. The rise in the number of cyberattacks has increased the importance of security software to ensure the safety of individuals and organizations.
Integration With Advanced Technologies Such as AI and ML
- AI has emerged as a key component for improving cybersecurity in many industries. AI has facilitated the creation of automated security systems that are able to do tasks like facial recognition, threat identification, and natural language processing through machine learning algorithms.
- Additionally, AI speeds up the process of analyzing vast amounts of risk data. This is advantageous for small and mid-sized businesses with potentially under-resourced security teams, as well as giant corporations handling massive volumes of data.
- AI-driven threat detection solutions enable cybersecurity professionals by giving them the capacity to quickly respond to emerging threats.
Security Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the security software market analysis are type, organization size, and end user.
- By type, the market is segmented into mobile security software, consumer security software, and enterprise security software.
- By organization size, the market is bifurcated into large enterprises and SMEs.
- By end user, the market is segmented into BFSI, government, manufacturing, media & entertainment, healthcare & life sciences, and others.
Security Software Market Share Analysis by Geography
- The security software 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 security software 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 security software market in these regions.
Security Software Market Report Scope
Security Software Market News and Recent Developments
The security software 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 security software market are listed below:
- Cisco has announced the completion of the acquisition of Isovalent, a leader in open-source cloud-native networking and security. Isovalent’s innovative technologies will become a cornerstone of the Cisco Security Cloud vision, an AI-driven, cloud-delivered, integrated security platform designed to accommodate organizations of any size, offering cutting-edge protection against threats in a multicloud world. (Source: Cisco System Inc, Press Release, April 2024)
- Synopsys Inc. has announced that it has completed the acquisition of WhiteHat Security, a leading provider of application security Software-as-a-Service (SaaS). The addition of WhiteHat Security provides Synopsys with significant SaaS capabilities and market-segment-leading dynamic application security testing (DAST) technology to strengthen what is considered one of the industry's broadest application security testing portfolios. (Source: Synopsys, Press Release, June 2022)
Security Software Market Report Coverage and Deliverables
The “Security Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Security software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Security software market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Security software 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 security software 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
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.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the security software market are IBM; Symantec Corporation; F-Secure Corporation.; Panda Security; Cisco Systems; Dell Inc.; AVG Technologies; Intel Corporation; Imperva; and Trend Micro Incorporated
Increasing focus on zero-trust architecture is anticipated to play a significant role in the global security software market in the coming years.
The global security software market is expected to grow at a CAGR of 13.6% during the forecast period 2024 - 2031.
Rising cyberattacks, increasing adoption of remote work models, and increasing use of mobile devices are the major factors driving the security software 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 Security Software Market - By Type
1.3.2 Security Software Market - By Enterprise Size
1.3.3 Security Software Market - By End-user
1.3.4 Security Software Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SECURITY SOFTWARE 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. SECURITY SOFTWARE 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. SECURITY SOFTWARE MARKET - GLOBAL MARKET ANALYSIS
6.1. SECURITY SOFTWARE - GLOBAL MARKET OVERVIEW
6.2. SECURITY SOFTWARE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SECURITY SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CLOUD SECURITY
7.3.1. Overview
7.3.2. Cloud Security Market Forecast and Analysis
7.4. EMAIL SECURITY
7.4.1. Overview
7.4.2. Email Security Market Forecast and Analysis
7.5. NETWORK SECURITY
7.5.1. Overview
7.5.2. Network Security Market Forecast and Analysis
7.6. APPLICATION SECURITY
7.6.1. Overview
7.6.2. Application Security Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. SECURITY SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - ENTERPRISE SIZE
8.1. OVERVIEW
8.2. ENTERPRISE SIZE MARKET FORECASTS AND ANALYSIS
8.3. SMALL AND MEDIUM-SIZE ENTERPRISES
8.3.1. Overview
8.3.2. Small and Medium-Size Enterprises Market Forecast and Analysis
8.4. LARGE ENTERPRISES
8.4.1. Overview
8.4.2. Large Enterprises Market Forecast and Analysis
9. SECURITY SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1. OVERVIEW
9.2. END-USER MARKET FORECASTS AND ANALYSIS
9.3. BFSI
9.3.1. Overview
9.3.2. BFSI Market Forecast and Analysis
9.4. IT AND TELECOM
9.4.1. Overview
9.4.2. IT and Telecom Market Forecast and Analysis
9.5. GOVERNMENT AND DEFENSE
9.5.1. Overview
9.5.2. Government and Defense Market Forecast and Analysis
9.6. HEALTHCARE
9.6.1. Overview
9.6.2. Healthcare Market Forecast and Analysis
9.7. MANUFACTURING
9.7.1. Overview
9.7.2. Manufacturing Market Forecast and Analysis
9.8. RETAIL
9.8.1. Overview
9.8.2. Retail Market Forecast and Analysis
9.9. OTHERS
9.9.1. Overview
9.9.2. Others Market Forecast and Analysis
10. SECURITY SOFTWARE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Security Software Market Overview
10.1.2 North America Security Software Market Forecasts and Analysis
10.1.3 North America Security Software Market Forecasts and Analysis - By Type
10.1.4 North America Security Software Market Forecasts and Analysis - By Enterprise Size
10.1.5 North America Security Software Market Forecasts and Analysis - By End-user
10.1.6 North America Security Software Market Forecasts and Analysis - By Countries
10.1.6.1 United States Security Software Market
10.1.6.1.1 United States Security Software Market by Type
10.1.6.1.2 United States Security Software Market by Enterprise Size
10.1.6.1.3 United States Security Software Market by End-user
10.1.6.2 Canada Security Software Market
10.1.6.2.1 Canada Security Software Market by Type
10.1.6.2.2 Canada Security Software Market by Enterprise Size
10.1.6.2.3 Canada Security Software Market by End-user
10.1.6.3 Mexico Security Software Market
10.1.6.3.1 Mexico Security Software Market by Type
10.1.6.3.2 Mexico Security Software Market by Enterprise Size
10.1.6.3.3 Mexico Security Software Market by End-user
10.2. EUROPE
10.2.1 Europe Security Software Market Overview
10.2.2 Europe Security Software Market Forecasts and Analysis
10.2.3 Europe Security Software Market Forecasts and Analysis - By Type
10.2.4 Europe Security Software Market Forecasts and Analysis - By Enterprise Size
10.2.5 Europe Security Software Market Forecasts and Analysis - By End-user
10.2.6 Europe Security Software Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Security Software Market
10.2.6.1.1 Germany Security Software Market by Type
10.2.6.1.2 Germany Security Software Market by Enterprise Size
10.2.6.1.3 Germany Security Software Market by End-user
10.2.6.2 France Security Software Market
10.2.6.2.1 France Security Software Market by Type
10.2.6.2.2 France Security Software Market by Enterprise Size
10.2.6.2.3 France Security Software Market by End-user
10.2.6.3 Italy Security Software Market
10.2.6.3.1 Italy Security Software Market by Type
10.2.6.3.2 Italy Security Software Market by Enterprise Size
10.2.6.3.3 Italy Security Software Market by End-user
10.2.6.4 United Kingdom Security Software Market
10.2.6.4.1 United Kingdom Security Software Market by Type
10.2.6.4.2 United Kingdom Security Software Market by Enterprise Size
10.2.6.4.3 United Kingdom Security Software Market by End-user
10.2.6.5 Russia Security Software Market
10.2.6.5.1 Russia Security Software Market by Type
10.2.6.5.2 Russia Security Software Market by Enterprise Size
10.2.6.5.3 Russia Security Software Market by End-user
10.2.6.6 Rest of Europe Security Software Market
10.2.6.6.1 Rest of Europe Security Software Market by Type
10.2.6.6.2 Rest of Europe Security Software Market by Enterprise Size
10.2.6.6.3 Rest of Europe Security Software Market by End-user
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Security Software Market Overview
10.3.2 Asia-Pacific Security Software Market Forecasts and Analysis
10.3.3 Asia-Pacific Security Software Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Security Software Market Forecasts and Analysis - By Enterprise Size
10.3.5 Asia-Pacific Security Software Market Forecasts and Analysis - By End-user
10.3.6 Asia-Pacific Security Software Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Security Software Market
10.3.6.1.1 Australia Security Software Market by Type
10.3.6.1.2 Australia Security Software Market by Enterprise Size
10.3.6.1.3 Australia Security Software Market by End-user
10.3.6.2 China Security Software Market
10.3.6.2.1 China Security Software Market by Type
10.3.6.2.2 China Security Software Market by Enterprise Size
10.3.6.2.3 China Security Software Market by End-user
10.3.6.3 India Security Software Market
10.3.6.3.1 India Security Software Market by Type
10.3.6.3.2 India Security Software Market by Enterprise Size
10.3.6.3.3 India Security Software Market by End-user
10.3.6.4 Japan Security Software Market
10.3.6.4.1 Japan Security Software Market by Type
10.3.6.4.2 Japan Security Software Market by Enterprise Size
10.3.6.4.3 Japan Security Software Market by End-user
10.3.6.5 South Korea Security Software Market
10.3.6.5.1 South Korea Security Software Market by Type
10.3.6.5.2 South Korea Security Software Market by Enterprise Size
10.3.6.5.3 South Korea Security Software Market by End-user
10.3.6.6 Rest of Asia-Pacific Security Software Market
10.3.6.6.1 Rest of Asia-Pacific Security Software Market by Type
10.3.6.6.2 Rest of Asia-Pacific Security Software Market by Enterprise Size
10.3.6.6.3 Rest of Asia-Pacific Security Software Market by End-user
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Security Software Market Overview
10.4.2 Middle East and Africa Security Software Market Forecasts and Analysis
10.4.3 Middle East and Africa Security Software Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Security Software Market Forecasts and Analysis - By Enterprise Size
10.4.5 Middle East and Africa Security Software Market Forecasts and Analysis - By End-user
10.4.6 Middle East and Africa Security Software Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Security Software Market
10.4.6.1.1 South Africa Security Software Market by Type
10.4.6.1.2 South Africa Security Software Market by Enterprise Size
10.4.6.1.3 South Africa Security Software Market by End-user
10.4.6.2 Saudi Arabia Security Software Market
10.4.6.2.1 Saudi Arabia Security Software Market by Type
10.4.6.2.2 Saudi Arabia Security Software Market by Enterprise Size
10.4.6.2.3 Saudi Arabia Security Software Market by End-user
10.4.6.3 U.A.E Security Software Market
10.4.6.3.1 U.A.E Security Software Market by Type
10.4.6.3.2 U.A.E Security Software Market by Enterprise Size
10.4.6.3.3 U.A.E Security Software Market by End-user
10.4.6.4 Rest of Middle East and Africa Security Software Market
10.4.6.4.1 Rest of Middle East and Africa Security Software Market by Type
10.4.6.4.2 Rest of Middle East and Africa Security Software Market by Enterprise Size
10.4.6.4.3 Rest of Middle East and Africa Security Software Market by End-user
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Security Software Market Overview
10.5.2 South and Central America Security Software Market Forecasts and Analysis
10.5.3 South and Central America Security Software Market Forecasts and Analysis - By Type
10.5.4 South and Central America Security Software Market Forecasts and Analysis - By Enterprise Size
10.5.5 South and Central America Security Software Market Forecasts and Analysis - By End-user
10.5.6 South and Central America Security Software Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Security Software Market
10.5.6.1.1 Brazil Security Software Market by Type
10.5.6.1.2 Brazil Security Software Market by Enterprise Size
10.5.6.1.3 Brazil Security Software Market by End-user
10.5.6.2 Argentina Security Software Market
10.5.6.2.1 Argentina Security Software Market by Type
10.5.6.2.2 Argentina Security Software Market by Enterprise Size
10.5.6.2.3 Argentina Security Software Market by End-user
10.5.6.3 Rest of South and Central America Security Software Market
10.5.6.3.1 Rest of South and Central America Security Software Market by Type
10.5.6.3.2 Rest of South and Central America Security Software Market by Enterprise Size
10.5.6.3.3 Rest of South and Central America Security Software Market by End-user
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. SECURITY SOFTWARE MARKET, KEY COMPANY PROFILES
12.1. AVAST SOFTWARE S.R.O.
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. CISCO SYSTEMS, INC.
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. FIREEYE, 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. IBM 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. IMPERVA
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. MCAFEE, LLC
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. NORTONLIFELOCK INC.
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. SOPHOS LTD.
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. TREND MICRO INCORPORATED.
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. WHITEHAT SECURITY, INC.
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
The List of Companies
1. Avast Software s.r.o.
2. Cisco Systems, Inc.
3. FireEye, Inc.
4. IBM Corporation
5. Imperva
6. McAfee, LLC
7. NortonLifeLock Inc.
8. Sophos Ltd.
9. Trend Micro Incorporated.
10. WhiteHat Security, Inc.
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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