Smart Speaker Market Key Players Analysis 2031
[Research Report] The smart speaker market is expected to grow from US$ 10.07 billion in 2022 to US$ 37.51 billion by 2031; it is estimated to grow at a CAGR of 17.9% from 2022 to 2031.
Analyst Perspective:
The rise in the adoption of smart home technology and many cost-effective smart home devices are major factors driving people to prefer smart speakers. The ability of this device to activate and operate using voice commands is propelling their adoption. These devices help control the entire home from any corner of the house by using voice commands, which gain consumers' attention toward these products, successively driving the smart speaker market. Voice assistants such as Amazon Alexa and Google Home are gaining immense popularity among consumers. Amazon Alexa held the largest market share in 2022, followed by Google Assistant.
Smart speakers are a home automation gadget that provides various services to its users. One of the major factors is that parents buy smart speakers for their kids as it allows them to reduce kids' screen time and help them focus on improving their learning. Smart speakers have special, fun educational features to help children develop critical thinking, problem-solving, and communication skills. Therefore, the market players incorporate special features in their product offerings, especially for kids, which drives the demand for smart speakers among parents and fosters the market.
According to the United Nations, the world’s population reached 8 billion in mid-November 2022. The world’s population is over three times larger than the figure recorded in the mid-20th century. It is anticipated to rise by approximately 2 billion persons in the next 30 years, reaching 9.7 billion by 2050. The rise in population contributes to the growing number of working parents, which further encourages them to adopt technologically advanced products for their kids to monitor them and increase their learning. More parents seek solutions to provide essential and enhanced care to their children, leading to the adoption of technologically advanced solutions. Adopting smart speakers allows parents to set parental controls on the broadband to limit children's access to inappropriate content.
Smart speaker manufacturers are focused on providing interactive features for users. For example, Google Home's Family Link app allows the creation of different profiles for each family member by identifying their voice. This allows the parents to limit the kid's reach to appropriate content. Amazon Echo has ‘Kids Mode’ where the device tells jokes, plays games, and teaches good manners. This technology is making working parents' lives simpler. As per the World Economic Forum in November 2021, the millennial population held 23% of the global population, i.e., ~1.8 billion. Asia homes approximately a quarter of global millennials, while US millennial per capita spending is expected to increase by over 10% by 2031. The growing digitalization and millennial expectations for enhanced convenience create opportunities for advanced solutions to simplify their lives. Thus, the increasing millennial population is likely to create a massive opportunity for the adoption of smart speakers worldwide during the forecast period.
Market Overview:
A smart speaker is a voice command device or loudspeaker with an integrated virtual assistant that provides interactive actions and hands-free activation of commands ordered by the user. A smart speaker typically has numerous other features, including playing music, controlling other smart home devices, and making notes of appointments. In smart homes, the smart speaker lets the user turn on lights or change the thermostat with a simple voice command. Thus, various smart speaker uses contribute to the smart speaker market growth.
These devices have easy integration with smartphones, computers, and smart home devices, further driving their demand among users. Consumers' preference for cost-efficient smart products with several advanced features contributes to the smart speaker market.
The rise in automation and mounting demand for human-to-machine interaction will boost the smart speaker market growth over the coming years.
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Smart Speaker Market: Strategic Insights
Market Size Value in US$ 10.07 billion in 2022 Market Size Value by US$ 37.51 billion by 2030 Growth rate CAGR of 17.9% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Smart Speaker Market: Strategic Insights
| Market Size Value in | US$ 10.07 billion in 2022 |
| Market Size Value by | US$ 37.51 billion by 2030 |
| Growth rate | CAGR of 17.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Rise in Smart Homes to Drive Growth of the Smart Speaker Market
The smart homes concept is rising continuously across the globe due to a rise in awareness regarding the convenience and enhancements offered by technology to improve day-to-day life. Smart home features such as remote control of home systems, security automation, energy efficiency, and entertainment integration are gaining traction. In addition, the government supports building smart homes as it helps reduce the carbon footprint and optimize energy usage. For example, Germany’s Federal Ministry of Economic Affairs and Climate Action (BMWK) and the Federal Ministry of Transport, Building and Urban Development (BMVBS) actively support smart home initiatives. Initiatives include the Next Generation Media Programme, Connected Living/SerCHo ("Service-Centric Home"), HOMEPLANE, Energy Plus House, Plus Energy House, and "Das Haus" Vision, among others. In addition, the Government of India is focused on enhancing the energy-efficiency levels in residential buildings with future-driven initiatives such as smart home ecosystems, according to the Ministry of Power in July 2021. Thus, the growing awareness of smart homes and rising government support boost the energy-efficient residential sector and foster the integration of advanced technologies in the home. The rising demand for interconnected homes will generate the demand for tech solutions such as internet-enabled appliances and devices, including smart speakers, to control home setup remotely using a networked device automatically. Therefore, the rise in building smart homes fosters the smart speaker market.
Segmental Analysis:
Based on virtual personal assistants, the smart speaker market is segmented into Amazon Alexa, Google Assistant, Apple Siri, and others. The Amazon Alexa segment held the largest share of the smart speaker market in 2022, and the Apple Siri segment is anticipated to register the highest CAGR in the market during the forecast period. The smart speaker market is segmented into hardware and software based on components. The hardware segment held the largest share of the smart speaker market in 2022, and the software segment is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the smart speaker market is segmented into residential and non-residential. The residential segment held the largest share of the smart speaker market in 2022, and the non-residential segment is anticipated to register the highest CAGR in the market during the forecast period.
Regional Analysis:
The smart speaker market is broadly segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South America. The North American region dominated the smart speaker market in 2022. The US and Canada are among the region's most advanced countries as they are at the forefront of adopting technologies in almost all sectors. Moreover, the presence of significant smart speaker providers and the widespread adoption of these devices further propel North America's market growth.
Amazon's early entry into the market has helped Alexa gain a significant first-mover advantage in the competitive environment. This factor has helped Amazon gain a larger market share by innovating and refining its natural language processing and voice recognition capabilities. Additionally, Amazon's integration of Alexa with various Amazon services, such as Amazon Prime and Amazon Music, has created an enhanced and improved user experience, driving its adoption in the smart speaker market. In addition, Amazon's continuous investment in research and development has led to consistent improvements in Alexa's capabilities, performance, and accuracy, further strengthening its position as a leader in the smart speaker market.
The rise in smart city initiatives is a prime factor fueling Europe's market share. For example, according to the International Trade Administration (ITA), the number of smart and sustainable cities in Italy rose by 23% in 2022 compared to the previous year. Approximately 89% of the local governments in Italy have launched initiatives to bring smart transformation to the cities. Such initiatives by the governments contribute to adopting smart solutions in the newly developed smart buildings.
Key Player Analysis:
The smart speaker market analysis includes players like Amazon, Apple, Inc., Google, Sonos, Harman International, Bose Corporation, Sony, Samsung, Baidu, and Panasonic. Among the players in the market is a diversified product portfolio offered.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the smart speaker market. A few recent key market developments are listed below:
- In June 2023, Amazon India expanded its range of Echo smart speakers nationwide. The company has launched the Amazon Echo Pop smart speaker with features like a semi-hemisphere design offered in charcoal, glacier white, lavender bloom, and midnight teal color variants.
- In August 2021, Bose announced the launch of a new line of multi-room wireless audio portable home speakers. This battery-powered smart speaker has Wi-Fi and Bluetooth connectivity and supports Google Assistant and Amazon Alexa voice assistants.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Virtual Personal Assistant, Component, Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Smart Speaker Market - By Component
1.3.2Smart Speaker Market - By Intelligent Virtual Assistant Type
1.3.3Smart Speaker Market - By Application
1.3.4Smart Speaker Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.SMART SPEAKER 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.SMART SPEAKER 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.SMART SPEAKER MARKET - GLOBAL MARKET ANALYSIS
6.1.SMART SPEAKER - GLOBAL MARKET OVERVIEW
6.2.SMART SPEAKER - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.SMART SPEAKER MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.HARDWARE
7.3.1.Overview
7.3.2.Hardware Market Forecast and Analysis
7.4.SOFTWARE
7.4.1.Overview
7.4.2.Software Market Forecast and Analysis
8.SMART SPEAKER MARKET - REVENUE AND FORECASTS TO 2028 - INTELLIGENT VIRTUAL ASSISTANT TYPE
8.1.OVERVIEW
8.2.INTELLIGENT VIRTUAL ASSISTANT TYPE MARKET FORECASTS AND ANALYSIS
8.3.GOOGLE ASSISTANT
8.3.1.Overview
8.3.2.Google Assistant Market Forecast and Analysis
8.4.CORTANA
8.4.1.Overview
8.4.2.Cortana Market Forecast and Analysis
8.5.SIRI
8.5.1.Overview
8.5.2.Siri Market Forecast and Analysis
8.6.ALEXA
8.6.1.Overview
8.6.2.Alexa Market Forecast and Analysis
8.7.OTHERS
8.7.1.Overview
8.7.2.Others Market Forecast and Analysis
9.SMART SPEAKER MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1.OVERVIEW
9.2.APPLICATION MARKET FORECASTS AND ANALYSIS
9.3.CONSUMER
9.3.1.Overview
9.3.2.Consumer Market Forecast and Analysis
9.4.SMART HOME
9.4.1.Overview
9.4.2.Smart Home Market Forecast and Analysis
9.5.SMART OFFICE
9.5.1.Overview
9.5.2.Smart Office Market Forecast and Analysis
9.6.OTHERS
9.6.1.Overview
9.6.2.Others Market Forecast and Analysis
10.SMART SPEAKER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Smart Speaker Market Overview
10.1.2North America Smart Speaker Market Forecasts and Analysis
10.1.3North America Smart Speaker Market Forecasts and Analysis - By Component
10.1.4North America Smart Speaker Market Forecasts and Analysis - By Intelligent Virtual Assistant Type
10.1.5North America Smart Speaker Market Forecasts and Analysis - By Application
10.1.6North America Smart Speaker Market Forecasts and Analysis - By Countries
10.1.6.1United States Smart Speaker Market
10.1.6.1.1United States Smart Speaker Market by Component
10.1.6.1.2United States Smart Speaker Market by Intelligent Virtual Assistant Type
10.1.6.1.3United States Smart Speaker Market by Application
10.1.6.2Canada Smart Speaker Market
10.1.6.2.1Canada Smart Speaker Market by Component
10.1.6.2.2Canada Smart Speaker Market by Intelligent Virtual Assistant Type
10.1.6.2.3Canada Smart Speaker Market by Application
10.1.6.3Mexico Smart Speaker Market
10.1.6.3.1Mexico Smart Speaker Market by Component
10.1.6.3.2Mexico Smart Speaker Market by Intelligent Virtual Assistant Type
10.1.6.3.3Mexico Smart Speaker Market by Application
10.2.EUROPE
10.2.1Europe Smart Speaker Market Overview
10.2.2Europe Smart Speaker Market Forecasts and Analysis
10.2.3Europe Smart Speaker Market Forecasts and Analysis - By Component
10.2.4Europe Smart Speaker Market Forecasts and Analysis - By Intelligent Virtual Assistant Type
10.2.5Europe Smart Speaker Market Forecasts and Analysis - By Application
10.2.6Europe Smart Speaker Market Forecasts and Analysis - By Countries
10.2.6.1Germany Smart Speaker Market
10.2.6.1.1Germany Smart Speaker Market by Component
10.2.6.1.2Germany Smart Speaker Market by Intelligent Virtual Assistant Type
10.2.6.1.3Germany Smart Speaker Market by Application
10.2.6.2France Smart Speaker Market
10.2.6.2.1France Smart Speaker Market by Component
10.2.6.2.2France Smart Speaker Market by Intelligent Virtual Assistant Type
10.2.6.2.3France Smart Speaker Market by Application
10.2.6.3Italy Smart Speaker Market
10.2.6.3.1Italy Smart Speaker Market by Component
10.2.6.3.2Italy Smart Speaker Market by Intelligent Virtual Assistant Type
10.2.6.3.3Italy Smart Speaker Market by Application
10.2.6.4United Kingdom Smart Speaker Market
10.2.6.4.1United Kingdom Smart Speaker Market by Component
10.2.6.4.2United Kingdom Smart Speaker Market by Intelligent Virtual Assistant Type
10.2.6.4.3United Kingdom Smart Speaker Market by Application
10.2.6.5Russia Smart Speaker Market
10.2.6.5.1Russia Smart Speaker Market by Component
10.2.6.5.2Russia Smart Speaker Market by Intelligent Virtual Assistant Type
10.2.6.5.3Russia Smart Speaker Market by Application
10.2.6.6Rest of Europe Smart Speaker Market
10.2.6.6.1Rest of Europe Smart Speaker Market by Component
10.2.6.6.2Rest of Europe Smart Speaker Market by Intelligent Virtual Assistant Type
10.2.6.6.3Rest of Europe Smart Speaker Market by Application
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Smart Speaker Market Overview
10.3.2Asia-Pacific Smart Speaker Market Forecasts and Analysis
10.3.3Asia-Pacific Smart Speaker Market Forecasts and Analysis - By Component
10.3.4Asia-Pacific Smart Speaker Market Forecasts and Analysis - By Intelligent Virtual Assistant Type
10.3.5Asia-Pacific Smart Speaker Market Forecasts and Analysis - By Application
10.3.6Asia-Pacific Smart Speaker Market Forecasts and Analysis - By Countries
10.3.6.1Australia Smart Speaker Market
10.3.6.1.1Australia Smart Speaker Market by Component
10.3.6.1.2Australia Smart Speaker Market by Intelligent Virtual Assistant Type
10.3.6.1.3Australia Smart Speaker Market by Application
10.3.6.2China Smart Speaker Market
10.3.6.2.1China Smart Speaker Market by Component
10.3.6.2.2China Smart Speaker Market by Intelligent Virtual Assistant Type
10.3.6.2.3China Smart Speaker Market by Application
10.3.6.3India Smart Speaker Market
10.3.6.3.1India Smart Speaker Market by Component
10.3.6.3.2India Smart Speaker Market by Intelligent Virtual Assistant Type
10.3.6.3.3India Smart Speaker Market by Application
10.3.6.4Japan Smart Speaker Market
10.3.6.4.1Japan Smart Speaker Market by Component
10.3.6.4.2Japan Smart Speaker Market by Intelligent Virtual Assistant Type
10.3.6.4.3Japan Smart Speaker Market by Application
10.3.6.5South Korea Smart Speaker Market
10.3.6.5.1South Korea Smart Speaker Market by Component
10.3.6.5.2South Korea Smart Speaker Market by Intelligent Virtual Assistant Type
10.3.6.5.3South Korea Smart Speaker Market by Application
10.3.6.6Rest of Asia-Pacific Smart Speaker Market
10.3.6.6.1Rest of Asia-Pacific Smart Speaker Market by Component
10.3.6.6.2Rest of Asia-Pacific Smart Speaker Market by Intelligent Virtual Assistant Type
10.3.6.6.3Rest of Asia-Pacific Smart Speaker Market by Application
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Smart Speaker Market Overview
10.4.2Middle East and Africa Smart Speaker Market Forecasts and Analysis
10.4.3Middle East and Africa Smart Speaker Market Forecasts and Analysis - By Component
10.4.4Middle East and Africa Smart Speaker Market Forecasts and Analysis - By Intelligent Virtual Assistant Type
10.4.5Middle East and Africa Smart Speaker Market Forecasts and Analysis - By Application
10.4.6Middle East and Africa Smart Speaker Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Smart Speaker Market
10.4.6.1.1South Africa Smart Speaker Market by Component
10.4.6.1.2South Africa Smart Speaker Market by Intelligent Virtual Assistant Type
10.4.6.1.3South Africa Smart Speaker Market by Application
10.4.6.2Saudi Arabia Smart Speaker Market
10.4.6.2.1Saudi Arabia Smart Speaker Market by Component
10.4.6.2.2Saudi Arabia Smart Speaker Market by Intelligent Virtual Assistant Type
10.4.6.2.3Saudi Arabia Smart Speaker Market by Application
10.4.6.3U.A.E Smart Speaker Market
10.4.6.3.1U.A.E Smart Speaker Market by Component
10.4.6.3.2U.A.E Smart Speaker Market by Intelligent Virtual Assistant Type
10.4.6.3.3U.A.E Smart Speaker Market by Application
10.4.6.4Rest of Middle East and Africa Smart Speaker Market
10.4.6.4.1Rest of Middle East and Africa Smart Speaker Market by Component
10.4.6.4.2Rest of Middle East and Africa Smart Speaker Market by Intelligent Virtual Assistant Type
10.4.6.4.3Rest of Middle East and Africa Smart Speaker Market by Application
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Smart Speaker Market Overview
10.5.2South and Central America Smart Speaker Market Forecasts and Analysis
10.5.3South and Central America Smart Speaker Market Forecasts and Analysis - By Component
10.5.4South and Central America Smart Speaker Market Forecasts and Analysis - By Intelligent Virtual Assistant Type
10.5.5South and Central America Smart Speaker Market Forecasts and Analysis - By Application
10.5.6South and Central America Smart Speaker Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Smart Speaker Market
10.5.6.1.1Brazil Smart Speaker Market by Component
10.5.6.1.2Brazil Smart Speaker Market by Intelligent Virtual Assistant Type
10.5.6.1.3Brazil Smart Speaker Market by Application
10.5.6.2Argentina Smart Speaker Market
10.5.6.2.1Argentina Smart Speaker Market by Component
10.5.6.2.2Argentina Smart Speaker Market by Intelligent Virtual Assistant Type
10.5.6.2.3Argentina Smart Speaker Market by Application
10.5.6.3Rest of South and Central America Smart Speaker Market
10.5.6.3.1Rest of South and Central America Smart Speaker Market by Component
10.5.6.3.2Rest of South and Central America Smart Speaker Market by Intelligent Virtual Assistant Type
10.5.6.3.3Rest of South and Central America Smart Speaker 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.SMART SPEAKER MARKET, KEY COMPANY PROFILES
12.1.ALPHABET INC
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.AMAZON.COM, 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.APPLE 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.HARMAN INTERNATIONAL.
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.BOSE CORPORATION
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.PANASONIC CORPORATION
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.PIONEER CORPORATION
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.SONOS, INC.
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.SONY
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.XIAOMI
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.Alphabet Inc
2.Amazon.com, Inc
3.Apple Inc
4.HARMAN International.
5.Bose Corporation
6.Panasonic Corporation
7.Pioneer Corporation
8.Sonos, Inc.
9.Sony
10.Xiaomi
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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