Smart Wearable Market SWOT Analysis by 2031
A smart wearable is an electronic instrument used by the integration of advanced technologies into wearable products such as eyewear, footwear, neckwear, wrist wear, others. The boosting concern and demand for continuous monitoring of heartbeat, growing requirement for daily activity monitoring, as well as increasing awareness related to health awareness, are driving the smart wearable market in the forecast period.
MARKET SCOPE
The "Global Smart Wearable Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the smart wearable market with detailed market segmentation by product, technology, application, and geography. The report provides key statistics on the market status of the leading smart wearable market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product, the global smart wearable market is segmented into smartwatch head-mounted display, ear worn, smart clothing, fitness tracker, and others.
- On the basis of technology, the market is segmented into computing technology, display technology, and sensing technology.
- Based on application, the market is segmented into fitness, gaming and recreational, industrial, military, and others.
MARKET DYNAMICS
Drivers:
- The significant drivers of the smart wearable market are mounting popularity of internet of things and connected devices.
- The rising adoption of wearables in multiple application areas is creating opportunities which will increase the demand for the smart wearable market in the forecast period. The market is likely to showcase opportunities for the untapped markets and growing awareness among the users.
Restraints:
- High cost may hinder the growth of the smart wearable market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart wearable market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart wearable market in these regions.
IMPACT OF COVID-19 ON SMART WEARABLE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart wearable market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart wearable market in these regions.
IMPACT OF COVID-19 ON SMART WEARABLE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the smart wearable market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart wearable market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart wearable market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Apple Inc.
- Fitbit LLC.
- Garmin Ltd.
- Google
- Huawei Technologies Co. Ltd.
- NIKE, INC.
- Sony Corporation
- Samsung
- Vuzix Corporation
- Xiaomi.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- 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.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Smart Wearable Market - By Product
1.3.2 Smart Wearable Market - By Technology
1.3.3 Smart Wearable Market - By Application
1.3.4 Smart Wearable Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SMART WEARABLE 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 WEARABLE 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 WEARABLE MARKET - GLOBAL MARKET ANALYSIS
6.1. SMART WEARABLE - GLOBAL MARKET OVERVIEW
6.2. SMART WEARABLE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SMART WEARABLE MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1. OVERVIEW
7.2. PRODUCT MARKET FORECASTS AND ANALYSIS
7.3. SMARTWATCH
7.3.1. Overview
7.3.2. Smartwatch Market Forecast and Analysis
7.4. HEAD-MOUNTED DISPLAY
7.4.1. Overview
7.4.2. Head-mounted Display Market Forecast and Analysis
7.5. EAR WORN
7.5.1. Overview
7.5.2. Ear Worn Market Forecast and Analysis
7.6. SMART CLOTHING
7.6.1. Overview
7.6.2. Smart Clothing Market Forecast and Analysis
7.7. FITNESS TRACKER
7.7.1. Overview
7.7.2. Fitness Tracker Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. SMART WEARABLE MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
8.1. OVERVIEW
8.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3. COMPUTING TECHNOLOGY
8.3.1. Overview
8.3.2. Computing Technology Market Forecast and Analysis
8.4. DISPLAY TECHNOLOGY
8.4.1. Overview
8.4.2. Display Technology Market Forecast and Analysis
8.5. SENSING TECHNOLOGY
8.5.1. Overview
8.5.2. Sensing Technology Market Forecast and Analysis
9. SMART WEARABLE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. FITNESS
9.3.1. Overview
9.3.2. Fitness Market Forecast and Analysis
9.4. GAMING AND RECREATIONAL
9.4.1. Overview
9.4.2. Gaming and Recreational Market Forecast and Analysis
9.5. INDUSTRIAL
9.5.1. Overview
9.5.2. Industrial Market Forecast and Analysis
9.6. MILITARY
9.6.1. Overview
9.6.2. Military Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. SMART WEARABLE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Smart Wearable Market Overview
10.1.2 North America Smart Wearable Market Forecasts and Analysis
10.1.3 North America Smart Wearable Market Forecasts and Analysis - By Product
10.1.4 North America Smart Wearable Market Forecasts and Analysis - By Technology
10.1.5 North America Smart Wearable Market Forecasts and Analysis - By Application
10.1.6 North America Smart Wearable Market Forecasts and Analysis - By Countries
10.1.6.1 United States Smart Wearable Market
10.1.6.1.1 United States Smart Wearable Market by Product
10.1.6.1.2 United States Smart Wearable Market by Technology
10.1.6.1.3 United States Smart Wearable Market by Application
10.1.6.2 Canada Smart Wearable Market
10.1.6.2.1 Canada Smart Wearable Market by Product
10.1.6.2.2 Canada Smart Wearable Market by Technology
10.1.6.2.3 Canada Smart Wearable Market by Application
10.1.6.3 Mexico Smart Wearable Market
10.1.6.3.1 Mexico Smart Wearable Market by Product
10.1.6.3.2 Mexico Smart Wearable Market by Technology
10.1.6.3.3 Mexico Smart Wearable Market by Application
10.2. EUROPE
10.2.1 Europe Smart Wearable Market Overview
10.2.2 Europe Smart Wearable Market Forecasts and Analysis
10.2.3 Europe Smart Wearable Market Forecasts and Analysis - By Product
10.2.4 Europe Smart Wearable Market Forecasts and Analysis - By Technology
10.2.5 Europe Smart Wearable Market Forecasts and Analysis - By Application
10.2.6 Europe Smart Wearable Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Smart Wearable Market
10.2.6.1.1 Germany Smart Wearable Market by Product
10.2.6.1.2 Germany Smart Wearable Market by Technology
10.2.6.1.3 Germany Smart Wearable Market by Application
10.2.6.2 France Smart Wearable Market
10.2.6.2.1 France Smart Wearable Market by Product
10.2.6.2.2 France Smart Wearable Market by Technology
10.2.6.2.3 France Smart Wearable Market by Application
10.2.6.3 Italy Smart Wearable Market
10.2.6.3.1 Italy Smart Wearable Market by Product
10.2.6.3.2 Italy Smart Wearable Market by Technology
10.2.6.3.3 Italy Smart Wearable Market by Application
10.2.6.4 United Kingdom Smart Wearable Market
10.2.6.4.1 United Kingdom Smart Wearable Market by Product
10.2.6.4.2 United Kingdom Smart Wearable Market by Technology
10.2.6.4.3 United Kingdom Smart Wearable Market by Application
10.2.6.5 Russia Smart Wearable Market
10.2.6.5.1 Russia Smart Wearable Market by Product
10.2.6.5.2 Russia Smart Wearable Market by Technology
10.2.6.5.3 Russia Smart Wearable Market by Application
10.2.6.6 Rest of Europe Smart Wearable Market
10.2.6.6.1 Rest of Europe Smart Wearable Market by Product
10.2.6.6.2 Rest of Europe Smart Wearable Market by Technology
10.2.6.6.3 Rest of Europe Smart Wearable Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Smart Wearable Market Overview
10.3.2 Asia-Pacific Smart Wearable Market Forecasts and Analysis
10.3.3 Asia-Pacific Smart Wearable Market Forecasts and Analysis - By Product
10.3.4 Asia-Pacific Smart Wearable Market Forecasts and Analysis - By Technology
10.3.5 Asia-Pacific Smart Wearable Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Smart Wearable Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Smart Wearable Market
10.3.6.1.1 Australia Smart Wearable Market by Product
10.3.6.1.2 Australia Smart Wearable Market by Technology
10.3.6.1.3 Australia Smart Wearable Market by Application
10.3.6.2 China Smart Wearable Market
10.3.6.2.1 China Smart Wearable Market by Product
10.3.6.2.2 China Smart Wearable Market by Technology
10.3.6.2.3 China Smart Wearable Market by Application
10.3.6.3 India Smart Wearable Market
10.3.6.3.1 India Smart Wearable Market by Product
10.3.6.3.2 India Smart Wearable Market by Technology
10.3.6.3.3 India Smart Wearable Market by Application
10.3.6.4 Japan Smart Wearable Market
10.3.6.4.1 Japan Smart Wearable Market by Product
10.3.6.4.2 Japan Smart Wearable Market by Technology
10.3.6.4.3 Japan Smart Wearable Market by Application
10.3.6.5 South Korea Smart Wearable Market
10.3.6.5.1 South Korea Smart Wearable Market by Product
10.3.6.5.2 South Korea Smart Wearable Market by Technology
10.3.6.5.3 South Korea Smart Wearable Market by Application
10.3.6.6 Rest of Asia-Pacific Smart Wearable Market
10.3.6.6.1 Rest of Asia-Pacific Smart Wearable Market by Product
10.3.6.6.2 Rest of Asia-Pacific Smart Wearable Market by Technology
10.3.6.6.3 Rest of Asia-Pacific Smart Wearable Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Smart Wearable Market Overview
10.4.2 Middle East and Africa Smart Wearable Market Forecasts and Analysis
10.4.3 Middle East and Africa Smart Wearable Market Forecasts and Analysis - By Product
10.4.4 Middle East and Africa Smart Wearable Market Forecasts and Analysis - By Technology
10.4.5 Middle East and Africa Smart Wearable Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Smart Wearable Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Smart Wearable Market
10.4.6.1.1 South Africa Smart Wearable Market by Product
10.4.6.1.2 South Africa Smart Wearable Market by Technology
10.4.6.1.3 South Africa Smart Wearable Market by Application
10.4.6.2 Saudi Arabia Smart Wearable Market
10.4.6.2.1 Saudi Arabia Smart Wearable Market by Product
10.4.6.2.2 Saudi Arabia Smart Wearable Market by Technology
10.4.6.2.3 Saudi Arabia Smart Wearable Market by Application
10.4.6.3 U.A.E Smart Wearable Market
10.4.6.3.1 U.A.E Smart Wearable Market by Product
10.4.6.3.2 U.A.E Smart Wearable Market by Technology
10.4.6.3.3 U.A.E Smart Wearable Market by Application
10.4.6.4 Rest of Middle East and Africa Smart Wearable Market
10.4.6.4.1 Rest of Middle East and Africa Smart Wearable Market by Product
10.4.6.4.2 Rest of Middle East and Africa Smart Wearable Market by Technology
10.4.6.4.3 Rest of Middle East and Africa Smart Wearable Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Smart Wearable Market Overview
10.5.2 South and Central America Smart Wearable Market Forecasts and Analysis
10.5.3 South and Central America Smart Wearable Market Forecasts and Analysis - By Product
10.5.4 South and Central America Smart Wearable Market Forecasts and Analysis - By Technology
10.5.5 South and Central America Smart Wearable Market Forecasts and Analysis - By Application
10.5.6 South and Central America Smart Wearable Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Smart Wearable Market
10.5.6.1.1 Brazil Smart Wearable Market by Product
10.5.6.1.2 Brazil Smart Wearable Market by Technology
10.5.6.1.3 Brazil Smart Wearable Market by Application
10.5.6.2 Argentina Smart Wearable Market
10.5.6.2.1 Argentina Smart Wearable Market by Product
10.5.6.2.2 Argentina Smart Wearable Market by Technology
10.5.6.2.3 Argentina Smart Wearable Market by Application
10.5.6.3 Rest of South and Central America Smart Wearable Market
10.5.6.3.1 Rest of South and Central America Smart Wearable Market by Product
10.5.6.3.2 Rest of South and Central America Smart Wearable Market by Technology
10.5.6.3.3 Rest of South and Central America Smart Wearable 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 WEARABLE MARKET, KEY COMPANY PROFILES
12.1. APPLE 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. FITBIT LLC.
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. GARMIN LTD.
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. GOOGLE
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. HUAWEI TECHNOLOGIES CO. LTD.
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. NIKE, INC.
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. SONY 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. SAMSUNG
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. VUZIX CORPORATION
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
1. Apple Inc.
2. Fitbit LLC.
3. Garmin Ltd.
4. Google
5. Huawei Technologies Co. Ltd.
6. NIKE, INC.
7. Sony Corporation
8. Samsung
9. Vuzix Corporation
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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