Smart TV Market Opportunities 2031
The smart TV market size is projected to reach US$ 873.24 billion by 2031 from US$ 247.36 billion in 2023. The market is expected to register a CAGR of 17.1% during 2023–2031. The rise in internet penetration and the improving lifestyle of the population are likely to remain key trends in the market.
Smart TV Market Analysis
The smart TV market has promising growth potential due to several factors, such as increasing demand for smart TVs with rising disposable incomes of consumers and improving the standard of living. Rising demand for home entertainment in the pandemic, a wide variety of affordable launches, an increase in broadband and internet penetration, and multiple discounts and offers from retailers are some of the factors expected to boost the market growth over the forecast period.
Smart TV Market Overview
Smart TVs are connected TVs with integrated internet and interactive web 2.0 features that permit access to online digital entertainment and related content to stream music and videos, browse the internet, and view photos. Smart TVs consist of both high-definition or HDTVs, as well as 4K TVs and 8K TVs. Smart TV provides many features such as internet availability, global positioning system, storage capacity, interconnection with smart devices, and other entertainment features such as games, music, and others. Smart TV, incorporated with an internet connection, offers access to several popular applications such as Netflix, YouTube, Amazon Prime, Hulu, and others. These are much like smartphones and smart home devices, which offer internet connectivity and support for a range of apps. Smart TVs are gaining more integrated smart home features and are among the best smart home devices. Furthermore, this market is undergoing many technological transformations and innovations, such as motion control, gesture control, and others.
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Smart TV Market: Strategic Insights
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Smart TV Market Drivers and Opportunities
Rising Consumer Disposable Income to Favor the Market
The transformation and evolution of TV sets are some of the most prominent aspects of the technological revolution in past years. The introduction of several affordable smart HD TVs by major Chinese providers in recent years has unlocked an entirely new era for middle-class TV users. The rise in the population's disposable income and ongoing digital transformation encourage consumers to shift from traditional TVs to Smart TVs. For example, according to the US Bureau of Economic Analysis, the disposable personal income of the population in March 2024 rose by 0.2% compared to the previous month.
Rise in demand from the commercial and residential sectors.
The rise in urbanization across the world has fostered the growth of the commercial and residential sectors. The demand for new office spaces, hotels, and restaurants has also gained traction which propels the smart TV market. For example, according to a report by Jones Lang LaSalle IP, Inc., there is a significant growth of 26% in housing sales across the top seven residential markets in India, indicating a robust market in 2023. Thus, with such a rise in the commercial and residential sectors, the demand for commercial smart TVs and residential smart TVs showcases substantial growth.
Smart TV Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart TV market analysis are technology, dimension, operating system, and application.
- Based on technology, the smart TV market is divided into 4K and UHD Smart TV, high dynamic range (HDR) smart TV, and three dimensional (3D) smart TV. The three dimensional (3D) smart TV segment is expected to grow with the highest CAGR.
- By dimension, the market is segmented into below 32 inches, 32 to 45 inches, 46 to 55 inches, and 56 to 65 inches. The 32 to 45 inches held a significant share of the market in 2023.
- By operating system, the market is segmented into Android smart TV, Firefox smart TV, Tizen smart TV, LG WebOS, and others. The Android smart TV segment held a significant share of the market in 2023.
- In terms of application, the market is segmented into residential Smart TV, corporate smart TV, and industrial smart TV. The industrial smart TV segment is expected to grow with the highest CAGR.
Smart TV Market Share Analysis by Geography
The geographic scope of the smart TV market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds significant market shares. High technology adoption trends amongst consumers in the North American region have fuelled the growth of the smart TV market. Factors such as increased internet spending and consumption and high technological spending by consumers are some of the primary factors influencing the market positively in the North American region. Moreover, the rise in the traction of various over-the-top (OTT) platforms and the huge availability of various affordable subscription-based plans are expected to drive the North American smart TV market growth.
Asia Pacific region held the highest market share in 2023. With the growth in population and rising disposable income of the people in the region, the region is becoming a huge market for consumer electronics, which is driving the market growth. In addition, the region homes key market players such as LG Electronics Inc., Samsung Electronics Co. Ltd, Sony Corporation, Panasonic Corporation, and others, which drive the smart TV market in the Asia Pacific region.
Smart TV Market Report Scope
Smart TV Market News and Recent Developments
The smart TV 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 smart TV market are listed below:
- Panasonic Entertainment & Communication had agreed to a collaboration with Amazon.com Services LLC, which consists of a license agreement for Fire TV aimed at developing a television that provides an unprecedented visual experience. This collaboration focuses on delivering optimal high-quality images and sound tailored to each family member's viewing environment, ensuring a stress-free and seamless experience that aligns with the diversifying lifestyles and rich variety of content. Consequently, these TVs will enhance how you discover and enjoy the content, offering a personalized home screen that brings together streaming services, apps, live channels, and tailored recommendations. (Source: Panasonic, Press Release, January 2024)
Smart TV Market Report Coverage and Deliverables
The “Smart TV Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Smart TV market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Smart TV market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- smart TV 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 smart TV 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
Demand from the industrial sector is considered a key trend in the smart TV market.
The global smart TV market is estimated to register a CAGR of 17.1% during the forecast period 2023–2031.
The rise in internet penetration and the improving lifestyle of the population are the key driving factors impacting the smart TV market.
The estimated value of the smart TV market will be US$ 873.24 billion by 2031.
Apple Inc., Hitachi Ltd, Haier Inc., Koninklijke Philips N.V., LG Electronics, TCL, Panasonic Corporation, SAMSUNG, Sony Corporation, Toshiba Visual Solutions Corporation, Metz, Acer Inc., ASUS, Bang & Olufsen, BPL Group, Changhong, Element Electronics, Google, Kogan, and Micromax are the leading players operating in the smart TV 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 Smart TV Market - By Technology
1.3.2 Smart TV Market - By Dimensions
1.3.3 Smart TV Market - By Operating System
1.3.4 Smart TV Market - By Application
1.3.5 Smart TV Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SMART TV 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. SMART TV 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 TV MARKET - GLOBAL MARKET ANALYSIS
6.1. SMART TV - GLOBAL MARKET OVERVIEW
6.2. SMART TV - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SMART TV MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. 4K AND UHD SMART TV
7.3.1. Overview
7.3.2. 4K and UHD Smart TV Market Forecast and Analysis
7.4. HIGH DYNAMIC RANGE (HDR) SMART TV
7.4.1. Overview
7.4.2. High Dynamic Range (HDR) Smart TV Market Forecast and Analysis
7.5. THREE DIMENSIONAL (3D) SMART TV
7.5.1. Overview
7.5.2. Three Dimensional (3D) Smart TV Market Forecast and Analysis
8. SMART TV MARKET - REVENUE AND FORECASTS TO 2028 - DIMENSIONS
8.1. OVERVIEW
8.2. DIMENSIONS MARKET FORECASTS AND ANALYSIS
8.3. BELOW 32 INCHES
8.3.1. Overview
8.3.2. Below 32 inches Market Forecast and Analysis
8.4. 32 TO 45 INCHES
8.4.1. Overview
8.4.2. 32 to 45 inches Market Forecast and Analysis
8.5. 46 TO 55 INCHES
8.5.1. Overview
8.5.2. 46 to 55 inches Market Forecast and Analysis
8.6. 56 TO 65 INCHES
8.6.1. Overview
8.6.2. 56 to 65 inches Market Forecast and Analysis
9. SMART TV MARKET - REVENUE AND FORECASTS TO 2028 - OPERATING SYSTEM
9.1. OVERVIEW
9.2. OPERATING SYSTEM MARKET FORECASTS AND ANALYSIS
9.3. ANDROID SMART TV
9.3.1. Overview
9.3.2. Android Smart TV Market Forecast and Analysis
9.4. FIREFOX SMART TV
9.4.1. Overview
9.4.2. Firefox Smart TV Market Forecast and Analysis
9.5. TIZEN SMART TV
9.5.1. Overview
9.5.2. Tizen Smart TV Market Forecast and Analysis
9.6. LG WEBOS
9.6.1. Overview
9.6.2. LG WebOS Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. SMART TV MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
10.1. OVERVIEW
10.2. APPLICATION MARKET FORECASTS AND ANALYSIS
10.3. RESIDENTIAL SMART TV
10.3.1. Overview
10.3.2. Residential Smart TV Market Forecast and Analysis
10.4. CORPORATE SMART TV
10.4.1. Overview
10.4.2. Corporate Smart TV Market Forecast and Analysis
10.5. INDUSTRIAL SMART TV
10.5.1. Overview
10.5.2. Industrial Smart TV Market Forecast and Analysis
11. SMART TV MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Smart TV Market Overview
11.1.2 North America Smart TV Market Forecasts and Analysis
11.1.3 North America Smart TV Market Forecasts and Analysis - By Technology
11.1.4 North America Smart TV Market Forecasts and Analysis - By Dimensions
11.1.5 North America Smart TV Market Forecasts and Analysis - By Operating System
11.1.6 North America Smart TV Market Forecasts and Analysis - By Application
11.1.7 North America Smart TV Market Forecasts and Analysis - By Countries
11.1.7.1 United States Smart TV Market
11.1.7.1.1 United States Smart TV Market by Technology
11.1.7.1.2 United States Smart TV Market by Dimensions
11.1.7.1.3 United States Smart TV Market by Operating System
11.1.7.1.4 United States Smart TV Market by Application
11.1.7.2 Canada Smart TV Market
11.1.7.2.1 Canada Smart TV Market by Technology
11.1.7.2.2 Canada Smart TV Market by Dimensions
11.1.7.2.3 Canada Smart TV Market by Operating System
11.1.7.2.4 Canada Smart TV Market by Application
11.1.7.3 Mexico Smart TV Market
11.1.7.3.1 Mexico Smart TV Market by Technology
11.1.7.3.2 Mexico Smart TV Market by Dimensions
11.1.7.3.3 Mexico Smart TV Market by Operating System
11.1.7.3.4 Mexico Smart TV Market by Application
11.2. EUROPE
11.2.1 Europe Smart TV Market Overview
11.2.2 Europe Smart TV Market Forecasts and Analysis
11.2.3 Europe Smart TV Market Forecasts and Analysis - By Technology
11.2.4 Europe Smart TV Market Forecasts and Analysis - By Dimensions
11.2.5 Europe Smart TV Market Forecasts and Analysis - By Operating System
11.2.6 Europe Smart TV Market Forecasts and Analysis - By Application
11.2.7 Europe Smart TV Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Smart TV Market
11.2.7.1.1 Germany Smart TV Market by Technology
11.2.7.1.2 Germany Smart TV Market by Dimensions
11.2.7.1.3 Germany Smart TV Market by Operating System
11.2.7.1.4 Germany Smart TV Market by Application
11.2.7.2 France Smart TV Market
11.2.7.2.1 France Smart TV Market by Technology
11.2.7.2.2 France Smart TV Market by Dimensions
11.2.7.2.3 France Smart TV Market by Operating System
11.2.7.2.4 France Smart TV Market by Application
11.2.7.3 Italy Smart TV Market
11.2.7.3.1 Italy Smart TV Market by Technology
11.2.7.3.2 Italy Smart TV Market by Dimensions
11.2.7.3.3 Italy Smart TV Market by Operating System
11.2.7.3.4 Italy Smart TV Market by Application
11.2.7.4 United Kingdom Smart TV Market
11.2.7.4.1 United Kingdom Smart TV Market by Technology
11.2.7.4.2 United Kingdom Smart TV Market by Dimensions
11.2.7.4.3 United Kingdom Smart TV Market by Operating System
11.2.7.4.4 United Kingdom Smart TV Market by Application
11.2.7.5 Russia Smart TV Market
11.2.7.5.1 Russia Smart TV Market by Technology
11.2.7.5.2 Russia Smart TV Market by Dimensions
11.2.7.5.3 Russia Smart TV Market by Operating System
11.2.7.5.4 Russia Smart TV Market by Application
11.2.7.6 Rest of Europe Smart TV Market
11.2.7.6.1 Rest of Europe Smart TV Market by Technology
11.2.7.6.2 Rest of Europe Smart TV Market by Dimensions
11.2.7.6.3 Rest of Europe Smart TV Market by Operating System
11.2.7.6.4 Rest of Europe Smart TV Market by Application
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Smart TV Market Overview
11.3.2 Asia-Pacific Smart TV Market Forecasts and Analysis
11.3.3 Asia-Pacific Smart TV Market Forecasts and Analysis - By Technology
11.3.4 Asia-Pacific Smart TV Market Forecasts and Analysis - By Dimensions
11.3.5 Asia-Pacific Smart TV Market Forecasts and Analysis - By Operating System
11.3.6 Asia-Pacific Smart TV Market Forecasts and Analysis - By Application
11.3.7 Asia-Pacific Smart TV Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Smart TV Market
11.3.7.1.1 Australia Smart TV Market by Technology
11.3.7.1.2 Australia Smart TV Market by Dimensions
11.3.7.1.3 Australia Smart TV Market by Operating System
11.3.7.1.4 Australia Smart TV Market by Application
11.3.7.2 China Smart TV Market
11.3.7.2.1 China Smart TV Market by Technology
11.3.7.2.2 China Smart TV Market by Dimensions
11.3.7.2.3 China Smart TV Market by Operating System
11.3.7.2.4 China Smart TV Market by Application
11.3.7.3 India Smart TV Market
11.3.7.3.1 India Smart TV Market by Technology
11.3.7.3.2 India Smart TV Market by Dimensions
11.3.7.3.3 India Smart TV Market by Operating System
11.3.7.3.4 India Smart TV Market by Application
11.3.7.4 Japan Smart TV Market
11.3.7.4.1 Japan Smart TV Market by Technology
11.3.7.4.2 Japan Smart TV Market by Dimensions
11.3.7.4.3 Japan Smart TV Market by Operating System
11.3.7.4.4 Japan Smart TV Market by Application
11.3.7.5 South Korea Smart TV Market
11.3.7.5.1 South Korea Smart TV Market by Technology
11.3.7.5.2 South Korea Smart TV Market by Dimensions
11.3.7.5.3 South Korea Smart TV Market by Operating System
11.3.7.5.4 South Korea Smart TV Market by Application
11.3.7.6 Rest of Asia-Pacific Smart TV Market
11.3.7.6.1 Rest of Asia-Pacific Smart TV Market by Technology
11.3.7.6.2 Rest of Asia-Pacific Smart TV Market by Dimensions
11.3.7.6.3 Rest of Asia-Pacific Smart TV Market by Operating System
11.3.7.6.4 Rest of Asia-Pacific Smart TV Market by Application
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Smart TV Market Overview
11.4.2 Middle East and Africa Smart TV Market Forecasts and Analysis
11.4.3 Middle East and Africa Smart TV Market Forecasts and Analysis - By Technology
11.4.4 Middle East and Africa Smart TV Market Forecasts and Analysis - By Dimensions
11.4.5 Middle East and Africa Smart TV Market Forecasts and Analysis - By Operating System
11.4.6 Middle East and Africa Smart TV Market Forecasts and Analysis - By Application
11.4.7 Middle East and Africa Smart TV Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Smart TV Market
11.4.7.1.1 South Africa Smart TV Market by Technology
11.4.7.1.2 South Africa Smart TV Market by Dimensions
11.4.7.1.3 South Africa Smart TV Market by Operating System
11.4.7.1.4 South Africa Smart TV Market by Application
11.4.7.2 Saudi Arabia Smart TV Market
11.4.7.2.1 Saudi Arabia Smart TV Market by Technology
11.4.7.2.2 Saudi Arabia Smart TV Market by Dimensions
11.4.7.2.3 Saudi Arabia Smart TV Market by Operating System
11.4.7.2.4 Saudi Arabia Smart TV Market by Application
11.4.7.3 U.A.E Smart TV Market
11.4.7.3.1 U.A.E Smart TV Market by Technology
11.4.7.3.2 U.A.E Smart TV Market by Dimensions
11.4.7.3.3 U.A.E Smart TV Market by Operating System
11.4.7.3.4 U.A.E Smart TV Market by Application
11.4.7.4 Rest of Middle East and Africa Smart TV Market
11.4.7.4.1 Rest of Middle East and Africa Smart TV Market by Technology
11.4.7.4.2 Rest of Middle East and Africa Smart TV Market by Dimensions
11.4.7.4.3 Rest of Middle East and Africa Smart TV Market by Operating System
11.4.7.4.4 Rest of Middle East and Africa Smart TV Market by Application
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Smart TV Market Overview
11.5.2 South and Central America Smart TV Market Forecasts and Analysis
11.5.3 South and Central America Smart TV Market Forecasts and Analysis - By Technology
11.5.4 South and Central America Smart TV Market Forecasts and Analysis - By Dimensions
11.5.5 South and Central America Smart TV Market Forecasts and Analysis - By Operating System
11.5.6 South and Central America Smart TV Market Forecasts and Analysis - By Application
11.5.7 South and Central America Smart TV Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Smart TV Market
11.5.7.1.1 Brazil Smart TV Market by Technology
11.5.7.1.2 Brazil Smart TV Market by Dimensions
11.5.7.1.3 Brazil Smart TV Market by Operating System
11.5.7.1.4 Brazil Smart TV Market by Application
11.5.7.2 Argentina Smart TV Market
11.5.7.2.1 Argentina Smart TV Market by Technology
11.5.7.2.2 Argentina Smart TV Market by Dimensions
11.5.7.2.3 Argentina Smart TV Market by Operating System
11.5.7.2.4 Argentina Smart TV Market by Application
11.5.7.3 Rest of South and Central America Smart TV Market
11.5.7.3.1 Rest of South and Central America Smart TV Market by Technology
11.5.7.3.2 Rest of South and Central America Smart TV Market by Dimensions
11.5.7.3.3 Rest of South and Central America Smart TV Market by Operating System
11.5.7.3.4 Rest of South and Central America Smart TV Market by Application
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. SMART TV MARKET, KEY COMPANY PROFILES
13.1. APPLE INC.
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. HITACHI LTD
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. HAIER INC
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. KONINKLIJKE PHILIPS N.V.
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. LG ELECTRONICS
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. TCL
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. PANASONIC CORPORATION
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. SAMSUNG
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. SONY CORPORATION
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. TOSHIBA VISUAL SOLUTIONS CORPORATION
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
The List of Companies
1. Apple Inc.
2. Hitachi Ltd
3. Haier Inc
4. Koninklijke Philips N.V.
5. LG Electronics
6. TCL
7. Panasonic Corporation
8. SAMSUNG
9. Sony Corporation
10. Toshiba Visual Solutions Corporation
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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