Service Procurement Market Forecast (2024-2031)
The Service Procurement Market is expected to register a CAGR of 11.6% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Service Procurement Market Report is segmented by Component into the following subsegments: Solutions and Services. It is also segmented by Industry, including BFSI, Government, IT and Telecom, Manufacturing, Retail, Transportation, and others. The Organization Size segmentation includes SMEs and Large Enterprises, as well as Deployment Type, covering On-Premise and Cloud solutions. The global analysis is broken down at the regional level and by major countries. The market evaluation is presented in US$ for the above segmental analysis, with projections through 2031.
Purpose of the ReportThe report Service Procurement 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.
Service Procurement Market Segmentation
Component- Solution
- Services
- BFSI
- Government
- IT and Telecom
- Manufacturing
- Retail
- Transportation
- Others
- SMEs
- Large Enterprises
- On-Premise
- Cloud
- On-Premise
- Cloud
Strategic Insights
Service Procurement Market Growth Drivers- Digital Transformation in Procurement: Digital Transformation in Procurement is the key driver of the procurement automation market as companies are likely to go digital for organizing and managing the processes of procurement and building up the relationship with the suppliers and also building up a compliance process.
- Cost Management and Efficiency Needs: It implies that, in order to maximize procuring costs alongside increasing efficiencies in operations, companies are likely to turn toward automation by exploiting their data better.
- Global Supply Chain Challenges: Due to these factors, global supply chain challenges have made businesses design better procurement strategies and guarantee the continuity of their supplies through the use of technology.
- Automating Procurement: AI and Robotic Process Automation Increasing adoption of artificial intelligence (AI) and RPA to standardize procurement activities—from the selection of suppliers to a purchase order.
- Cloud-Based Solutions for Procurement: Real-time activities are recorded in cloud-based procurement systems, even as regards collaborative activities for teams, suppliers, and vendors.
- Sustainability and Ethical Sourcing: With the need for more openness with regard to sources of products and the sustainability of suppliers, companies are beginning to understand the inclusion of sustainability metrics in procurement systems.
- Adoption of Procurement Tech in SMEs: Small and medium-sized enterprises are embracing procurement technology in a move to remain ahead of the game and, in turn, provide transparency about their supply chains.
- Integration into ERP System: An opportunity exists to integrate the service procurement system with an ERP solution for better information flow and decision-making.
- Supplier management with advanced analytics: Advanced Analytics for Supplier Management Advanced analytics can provide businesses with better-sophisticated capabilities to analyze the performance of suppliers, predict risks concerning suppliers, and improve supplier relationships.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Service Procurement 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 Service Procurement 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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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 request are 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 key vendors of Service Procurement Market comprise Beeline, Coupa Software, Enlighta, PeopleFluent, Pro Unlimited Inc., TargetRecruit, Smart ERP Solutions Inc., Upwork, VectorVMS, WorkMarket, Inc,
The future trends in the Service Procurement Market are stronger AI-driven procurement solutions to aid in better decision-making, growth of cloud-based procurement platforms, and employing blockchain technology for transparency and reduced fraud within the procurement processes.
The market is expected to register a CAGR of 11.6% during 2023-2031.
The dominating drivers include the increasing dependency of people on digital platforms for procurement and the move toward cloud-based procurement solutions.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Service Procurement Market - By Component
1.3.2Service Procurement Market - By Industry
1.3.3Service Procurement Market - By Organization Size
1.3.4Service Procurement Market - By Deployment Type
1.3.5Service Procurement Market - By Region
1.3.5.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.SERVICE PROCUREMENT MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTER'S FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.SERVICE PROCUREMENT 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.SERVICE PROCUREMENT MARKET - GLOBAL MARKET ANALYSIS
6.1.SERVICE PROCUREMENT - GLOBAL MARKET OVERVIEW
6.2.SERVICE PROCUREMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.SERVICE PROCUREMENT MARKET - REVENUE AND FORECASTS TO 2028 â" COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.SOLUTION
7.3.1.Overview
7.3.2.Solution Market Forecast and Analysis
7.4.SERVICES
7.4.1.Overview
7.4.2.Services Market Forecast and Analysis
8.SERVICE PROCUREMENT MARKET - REVENUE AND FORECASTS TO 2028 â" INDUSTRY
8.1.OVERVIEW
8.2.INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3.BFSI
8.3.1.Overview
8.3.2.BFSI Market Forecast and Analysis
8.4.GOVERNMENT
8.4.1.Overview
8.4.2.Government Market Forecast and Analysis
8.5.IT AND TELECOM
8.5.1.Overview
8.5.2.IT and Telecom Market Forecast and Analysis
8.6.MANUFACTURING
8.6.1.Overview
8.6.2.Manufacturing Market Forecast and Analysis
8.7.RETAIL
8.7.1.Overview
8.7.2.Retail Market Forecast and Analysis
8.8.TRANSPORTATION
8.8.1.Overview
8.8.2.Transportation Market Forecast and Analysis
8.9.OTHERS
8.9.1.Overview
8.9.2.Others Market Forecast and Analysis
9.SERVICE PROCUREMENT MARKET - REVENUE AND FORECASTS TO 2028 â" ORGANIZATION SIZE
9.1.OVERVIEW
9.2.ORGANIZATION SIZE MARKET FORECASTS AND ANALYSIS
9.3.SMES
9.3.1.Overview
9.3.2.SMEs Market Forecast and Analysis
9.4.LARGE ENTERPRISES
9.4.1.Overview
9.4.2.Large Enterprises Market Forecast and Analysis
10.SERVICE PROCUREMENT MARKET - REVENUE AND FORECASTS TO 2028 â" DEPLOYMENT TYPE
10.1.OVERVIEW
10.2.DEPLOYMENT TYPE MARKET FORECASTS AND ANALYSIS
10.3.ON-PREMISE
10.3.1.Overview
10.3.2.On-Premise Market Forecast and Analysis
10.4.CLOUD
10.4.1.Overview
10.4.2.Cloud Market Forecast and Analysis
11.SERVICE PROCUREMENT MARKET REVENUE AND FORECASTS TO 2028 â" GEOGRAPHICAL ANALYSIS
11.1.NORTH AMERICA
11.1.1North America Service Procurement Market Overview
11.1.2North America Service Procurement Market Forecasts and Analysis
11.1.3North America Service Procurement Market Forecasts and Analysis - By Component
11.1.4North America Service Procurement Market Forecasts and Analysis - By Industry
11.1.5North America Service Procurement Market Forecasts and Analysis - By Organization Size
11.1.6North America Service Procurement Market Forecasts and Analysis - By Deployment Type
11.1.7North America Service Procurement Market Forecasts and Analysis - By Countries
11.1.7.1United States Service Procurement Market
11.1.7.1.1United States Service Procurement Market by Component
11.1.7.1.2United States Service Procurement Market by Industry
11.1.7.1.3United States Service Procurement Market by Organization Size
11.1.7.1.4United States Service Procurement Market by Deployment Type
11.1.7.2Canada Service Procurement Market
11.1.7.2.1Canada Service Procurement Market by Component
11.1.7.2.2Canada Service Procurement Market by Industry
11.1.7.2.3Canada Service Procurement Market by Organization Size
11.1.7.2.4Canada Service Procurement Market by Deployment Type
11.1.7.3Mexico Service Procurement Market
11.1.7.3.1Mexico Service Procurement Market by Component
11.1.7.3.2Mexico Service Procurement Market by Industry
11.1.7.3.3Mexico Service Procurement Market by Organization Size
11.1.7.3.4Mexico Service Procurement Market by Deployment Type
11.2.EUROPE
11.2.1Europe Service Procurement Market Overview
11.2.2Europe Service Procurement Market Forecasts and Analysis
11.2.3Europe Service Procurement Market Forecasts and Analysis - By Component
11.2.4Europe Service Procurement Market Forecasts and Analysis - By Industry
11.2.5Europe Service Procurement Market Forecasts and Analysis - By Organization Size
11.2.6Europe Service Procurement Market Forecasts and Analysis - By Deployment Type
11.2.7Europe Service Procurement Market Forecasts and Analysis - By Countries
11.2.7.1Germany Service Procurement Market
11.2.7.1.1Germany Service Procurement Market by Component
11.2.7.1.2Germany Service Procurement Market by Industry
11.2.7.1.3Germany Service Procurement Market by Organization Size
11.2.7.1.4Germany Service Procurement Market by Deployment Type
11.2.7.2France Service Procurement Market
11.2.7.2.1France Service Procurement Market by Component
11.2.7.2.2France Service Procurement Market by Industry
11.2.7.2.3France Service Procurement Market by Organization Size
11.2.7.2.4France Service Procurement Market by Deployment Type
11.2.7.3Italy Service Procurement Market
11.2.7.3.1Italy Service Procurement Market by Component
11.2.7.3.2Italy Service Procurement Market by Industry
11.2.7.3.3Italy Service Procurement Market by Organization Size
11.2.7.3.4Italy Service Procurement Market by Deployment Type
11.2.7.4United Kingdom Service Procurement Market
11.2.7.4.1United Kingdom Service Procurement Market by Component
11.2.7.4.2United Kingdom Service Procurement Market by Industry
11.2.7.4.3United Kingdom Service Procurement Market by Organization Size
11.2.7.4.4United Kingdom Service Procurement Market by Deployment Type
11.2.7.5Russia Service Procurement Market
11.2.7.5.1Russia Service Procurement Market by Component
11.2.7.5.2Russia Service Procurement Market by Industry
11.2.7.5.3Russia Service Procurement Market by Organization Size
11.2.7.5.4Russia Service Procurement Market by Deployment Type
11.2.7.6Rest of Europe Service Procurement Market
11.2.7.6.1Rest of Europe Service Procurement Market by Component
11.2.7.6.2Rest of Europe Service Procurement Market by Industry
11.2.7.6.3Rest of Europe Service Procurement Market by Organization Size
11.2.7.6.4Rest of Europe Service Procurement Market by Deployment Type
11.3.ASIA-PACIFIC
11.3.1Asia-Pacific Service Procurement Market Overview
11.3.2Asia-Pacific Service Procurement Market Forecasts and Analysis
11.3.3Asia-Pacific Service Procurement Market Forecasts and Analysis - By Component
11.3.4Asia-Pacific Service Procurement Market Forecasts and Analysis - By Industry
11.3.5Asia-Pacific Service Procurement Market Forecasts and Analysis - By Organization Size
11.3.6Asia-Pacific Service Procurement Market Forecasts and Analysis - By Deployment Type
11.3.7Asia-Pacific Service Procurement Market Forecasts and Analysis - By Countries
11.3.7.1Australia Service Procurement Market
11.3.7.1.1Australia Service Procurement Market by Component
11.3.7.1.2Australia Service Procurement Market by Industry
11.3.7.1.3Australia Service Procurement Market by Organization Size
11.3.7.1.4Australia Service Procurement Market by Deployment Type
11.3.7.2China Service Procurement Market
11.3.7.2.1China Service Procurement Market by Component
11.3.7.2.2China Service Procurement Market by Industry
11.3.7.2.3China Service Procurement Market by Organization Size
11.3.7.2.4China Service Procurement Market by Deployment Type
11.3.7.3India Service Procurement Market
11.3.7.3.1India Service Procurement Market by Component
11.3.7.3.2India Service Procurement Market by Industry
11.3.7.3.3India Service Procurement Market by Organization Size
11.3.7.3.4India Service Procurement Market by Deployment Type
11.3.7.4Japan Service Procurement Market
11.3.7.4.1Japan Service Procurement Market by Component
11.3.7.4.2Japan Service Procurement Market by Industry
11.3.7.4.3Japan Service Procurement Market by Organization Size
11.3.7.4.4Japan Service Procurement Market by Deployment Type
11.3.7.5South Korea Service Procurement Market
11.3.7.5.1South Korea Service Procurement Market by Component
11.3.7.5.2South Korea Service Procurement Market by Industry
11.3.7.5.3South Korea Service Procurement Market by Organization Size
11.3.7.5.4South Korea Service Procurement Market by Deployment Type
11.3.7.6Rest of Asia-Pacific Service Procurement Market
11.3.7.6.1Rest of Asia-Pacific Service Procurement Market by Component
11.3.7.6.2Rest of Asia-Pacific Service Procurement Market by Industry
11.3.7.6.3Rest of Asia-Pacific Service Procurement Market by Organization Size
11.3.7.6.4Rest of Asia-Pacific Service Procurement Market by Deployment Type
11.4.MIDDLE EAST AND AFRICA
11.4.1Middle East and Africa Service Procurement Market Overview
11.4.2Middle East and Africa Service Procurement Market Forecasts and Analysis
11.4.3Middle East and Africa Service Procurement Market Forecasts and Analysis - By Component
11.4.4Middle East and Africa Service Procurement Market Forecasts and Analysis - By Industry
11.4.5Middle East and Africa Service Procurement Market Forecasts and Analysis - By Organization Size
11.4.6Middle East and Africa Service Procurement Market Forecasts and Analysis - By Deployment Type
11.4.7Middle East and Africa Service Procurement Market Forecasts and Analysis - By Countries
11.4.7.1South Africa Service Procurement Market
11.4.7.1.1South Africa Service Procurement Market by Component
11.4.7.1.2South Africa Service Procurement Market by Industry
11.4.7.1.3South Africa Service Procurement Market by Organization Size
11.4.7.1.4South Africa Service Procurement Market by Deployment Type
11.4.7.2Saudi Arabia Service Procurement Market
11.4.7.2.1Saudi Arabia Service Procurement Market by Component
11.4.7.2.2Saudi Arabia Service Procurement Market by Industry
11.4.7.2.3Saudi Arabia Service Procurement Market by Organization Size
11.4.7.2.4Saudi Arabia Service Procurement Market by Deployment Type
11.4.7.3U.A.E Service Procurement Market
11.4.7.3.1U.A.E Service Procurement Market by Component
11.4.7.3.2U.A.E Service Procurement Market by Industry
11.4.7.3.3U.A.E Service Procurement Market by Organization Size
11.4.7.3.4U.A.E Service Procurement Market by Deployment Type
11.5.SOUTH AND CENTRAL AMERICA
11.5.1South and Central America Service Procurement Market Overview
11.5.2South and Central America Service Procurement Market Forecasts and Analysis
11.5.3South and Central America Service Procurement Market Forecasts and Analysis - By Component
11.5.4South and Central America Service Procurement Market Forecasts and Analysis - By Industry
11.5.5South and Central America Service Procurement Market Forecasts and Analysis - By Organization Size
11.5.6South and Central America Service Procurement Market Forecasts and Analysis - By Deployment Type
11.5.7South and Central America Service Procurement Market Forecasts and Analysis - By Countries
11.5.7.1Brazil Service Procurement Market
11.5.7.1.1Brazil Service Procurement Market by Component
11.5.7.1.2Brazil Service Procurement Market by Industry
11.5.7.1.3Brazil Service Procurement Market by Organization Size
11.5.7.1.4Brazil Service Procurement Market by Deployment Type
11.5.7.2Argentina Service Procurement Market
11.5.7.2.1Argentina Service Procurement Market by Component
11.5.7.2.2Argentina Service Procurement Market by Industry
11.5.7.2.3Argentina Service Procurement Market by Organization Size
11.5.7.2.4Argentina Service Procurement Market by Deployment Type
11.5.7.3Rest of South and Central America Service Procurement Market
11.5.7.3.1Rest of South and Central America Service Procurement Market by Component
11.5.7.3.2Rest of South and Central America Service Procurement Market by Industry
11.5.7.3.3Rest of South and Central America Service Procurement Market by Organization Size
11.5.7.3.4Rest of South and Central America Service Procurement Market by Deployment Type
12.INDUSTRY LANDSCAPE
12.1.MERGERS AND ACQUISITIONS
12.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3.NEW PRODUCT LAUNCHES
12.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13.SERVICE PROCUREMENT MARKET, KEY COMPANY PROFILES
13.1.BEELINE
13.1.1.Key Facts
13.1.2.Business Description
13.1.3.Products and Services
13.1.4.Financial Overview
13.1.5.SWOT Analysis
13.1.6.Key Developments
13.2.COUPA SOFTWARE
13.2.1.Key Facts
13.2.2.Business Description
13.2.3.Products and Services
13.2.4.Financial Overview
13.2.5.SWOT Analysis
13.2.6.Key Developments
13.3.ENLIGHTA
13.3.1.Key Facts
13.3.2.Business Description
13.3.3.Products and Services
13.3.4.Financial Overview
13.3.5.SWOT Analysis
13.3.6.Key Developments
13.4.PEOPLEFLUENT
13.4.1.Key Facts
13.4.2.Business Description
13.4.3.Products and Services
13.4.4.Financial Overview
13.4.5.SWOT Analysis
13.4.6.Key Developments
13.5.PRO UNLIMITED INC.
13.5.1.Key Facts
13.5.2.Business Description
13.5.3.Products and Services
13.5.4.Financial Overview
13.5.5.SWOT Analysis
13.5.6.Key Developments
13.6.TARGETRECRUIT
13.6.1.Key Facts
13.6.2.Business Description
13.6.3.Products and Services
13.6.4.Financial Overview
13.6.5.SWOT Analysis
13.6.6.Key Developments
13.7.SMART ERP SOLUTIONS INC.
13.7.1.Key Facts
13.7.2.Business Description
13.7.3.Products and Services
13.7.4.Financial Overview
13.7.5.SWOT Analysis
13.7.6.Key Developments
13.8.UPWORK
13.8.1.Key Facts
13.8.2.Business Description
13.8.3.Products and Services
13.8.4.Financial Overview
13.8.5.SWOT Analysis
13.8.6.Key Developments
13.9.VECTORVMS
13.9.1.Key Facts
13.9.2.Business Description
13.9.3.Products and Services
13.9.4.Financial Overview
13.9.5.SWOT Analysis
13.9.6.Key Developments
13.10.WORKMARKET, INC.
13.10.1.Key Facts
13.10.2.Business Description
13.10.3.Products and Services
13.10.4.Financial Overview
13.10.5.SWOT Analysis
13.10.6.Key Developments
14.APPENDIX
14.1.ABOUT THE INSIGHT PARTNERS
14.2.GLOSSARY OF TERMS
1. Beeline
2. Coupa Software
3. Enlighta
4. PeopleFluent
5. Pro Unlimited Inc.
6. TargetRecruit
7. Smart ERP Solutions Inc.
8. Upwork
9. VectorVMS
10. WorkMarket, 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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