Threat Detection Market - Size and Forecast [2024-2031]
The Threat Detection Market is expected to register a CAGR of 7.9% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Detection Type (Explosive, Radiological and Nuclear, Chemical and Biological, Narcotics, Others); Product (Dosimeter, Laser, Radar, Video Surveillance, Biometric, Others); Application (Defense, Public Infrastructure, Commercial Places, Industrial, Residential); Geography (North America, Europe, Asia-Pacific, Middle East & Africa, South and Central America).
The global analysis is further broken-down at regional level and major countries. The report offers the value in USD for the above analysis and segments
The report Threat Detection 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.
Threat Detection Market Segmentation
Detection Type- Explosive
- Radiological and Nuclear
- Chemical and Biological
- Narcotics
- Others
- Dosimeter
- Laser
- Radar
- Video Surveillance
- Biometric
- Others
- Defense
- Public Infrastructure
- Commercial Places
- Industrial
- Residential
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Threat Detection Market Growth Drivers- Growing Cyber Threats: Increased cyberattacks and data breaches drive the threat detection market. Organizations are battling increasingly sophisticated threats, such as ransomware and phishing, in addition to APTs. The increasing threat landscape compels businesses to invest in robust threat-detection solutions as a measure for managing sensitive data and maintaining operational integrity. For example, the global threat intelligence market is likely to grow widely, which is urgently calling for enhanced security measures.
- Rules and Regulations on Data Protection: The governments along with the regulatory bodies are highly implementing strict data protection laws and compliance such as GDPR in Europe and CCPA in California. These create strict rules for those organizations to implement comprehensive security measures including threat detection systems for protecting personal and sensitive information. Failure to comply would bring huge fines and damaged reputations that would force those organizations to invest in threat detection technologies.
- Increasing Focus in Threat Intelligence: There is a growing emphasis on threat intelligence, as understanding its importance helps an organization detect proactively and respond to threats. It is, therefore, gaining great importance because it gives insight into rising threats and vulnerabilities, enabling organizations to make informed decisions regarding their security strategies. The perceived growth in the threat intelligence market reflects the general trend towards more data-driven approaches towards security.
- Adoption of Artificial Intelligence (AI) and Machine Learning (ML): The application of AI and ML in threat detection is opening up new opportunities for market growth. AI and ML can improve the speed and accuracy of threat detection by automatically identifying patterns, anomalies, and suspicious activities within large volumes of data. These technologies can enhance traditional threat detection tools, such as intrusion detection systems (IDS) and SIEM solutions, by enabling them to continuously learn from new threats and adapt to emerging attack techniques. The adoption of AI-powered security solutions provides a significant opportunity for vendors to develop smarter, more effective detection systems that require less manual intervention and improve response times.
- Expansion in Cloud-Based Solutions: This shift toward cloud computing presents a great opportunity for the threat detection market. A higher transition to cloud operations is exponentially demanding cloud-based threat detection solutions that monitor and protect in real time. As such, this trend offers vendors an enormous market expansion, as it makes it possible to develop scalable and flexible security solutions tailored to the needs of cloud environments.
- Rising Demand for Integrated Security Solutions: Especially, the ability to collect threat intelligence will be of value to an organization as part of its all-rounded security solution. In this regard, vendors are most likely to offer comprehensive security platforms for integrated capabilities with a holistic approach to cybersecurity. Organizations achieve better control and thus a positively streamlined operation through the integration of various security functions.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Threat Detection 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 Threat Detection 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.
REGIONAL FRAMEWORK
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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
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
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to country scope.
Frequently Asked Questions
The Threat Detection Market is estimated to witness a CAGR of 7.9% from 2023 to 2031
Growing Cyber Threats and Rules and Regulations on Data Protection are the major factors driving the Threat Detection Market
Increasing Focus in Threat Intelligence is anticipated to play a significant role in the global Threat Detection Market in the coming years
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation# as our team would review the same and check the feasibility
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Threat Detection Market - By Detection Type
1.3.2 Threat Detection Market - By Product
1.3.3 Threat Detection Market - By Application
1.3.4 Threat Detection Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. THREAT DETECTION MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. THREAT DETECTION 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. THREAT DETECTION MARKET - GLOBAL MARKET ANALYSIS
6.1. THREAT DETECTION - GLOBAL MARKET OVERVIEW
6.2. THREAT DETECTION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. THREAT DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - DETECTION TYPE
7.1. OVERVIEW
7.2. DETECTION TYPE MARKET FORECASTS AND ANALYSIS
7.3. EXPLOSIVE
7.3.1. Overview
7.3.2. Explosive Market Forecast and Analysis
7.4. RADIOLOGICAL AND NUCLEAR
7.4.1. Overview
7.4.2. Radiological and Nuclear Market Forecast and Analysis
7.5. CHEMICAL AND BIOLOGICAL
7.5.1. Overview
7.5.2. Chemical and Biological Market Forecast and Analysis
7.6. NARCOTICS
7.6.1. Overview
7.6.2. Narcotics Market Forecast and Analysis
7.7. INTRUSION
7.7.1. Overview
7.7.2. Intrusion Market Forecast and Analysis
8. THREAT DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
8.1. OVERVIEW
8.2. PRODUCT MARKET FORECASTS AND ANALYSIS
8.3. DOSIMETER
8.3.1. Overview
8.3.2. Dosimeter Market Forecast and Analysis
8.4. LASER
8.4.1. Overview
8.4.2. Laser Market Forecast and Analysis
8.5. RADAR
8.5.1. Overview
8.5.2. Radar Market Forecast and Analysis
8.6. VIDEO SURVEILLANCE
8.6.1. Overview
8.6.2. Video Surveillance Market Forecast and Analysis
8.7. BIOMETRIC
8.7.1. Overview
8.7.2. Biometric Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. THREAT DETECTION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. DEFENSE
9.3.1. Overview
9.3.2. Defense Market Forecast and Analysis
9.4. PUBLIC INFRASTRUCTURE
9.4.1. Overview
9.4.2. Public Infrastructure Market Forecast and Analysis
9.5. COMMERCIAL PLACES
9.5.1. Overview
9.5.2. Commercial Places Market Forecast and Analysis
9.6. INDUSTRIAL
9.6.1. Overview
9.6.2. Industrial Market Forecast and Analysis
9.7. RESIDENTIAL
9.7.1. Overview
9.7.2. Residential Market Forecast and Analysis
10. THREAT DETECTION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Threat Detection Market Overview
10.1.2 North America Threat Detection Market Forecasts and Analysis
10.1.3 North America Threat Detection Market Forecasts and Analysis - By Detection Type
10.1.4 North America Threat Detection Market Forecasts and Analysis - By Product
10.1.5 North America Threat Detection Market Forecasts and Analysis - By Application
10.1.6 North America Threat Detection Market Forecasts and Analysis - By Countries
10.1.6.1 United States Threat Detection Market
10.1.6.1.1 United States Threat Detection Market by Detection Type
10.1.6.1.2 United States Threat Detection Market by Product
10.1.6.1.3 United States Threat Detection Market by Application
10.1.6.2 Canada Threat Detection Market
10.1.6.2.1 Canada Threat Detection Market by Detection Type
10.1.6.2.2 Canada Threat Detection Market by Product
10.1.6.2.3 Canada Threat Detection Market by Application
10.1.6.3 Mexico Threat Detection Market
10.1.6.3.1 Mexico Threat Detection Market by Detection Type
10.1.6.3.2 Mexico Threat Detection Market by Product
10.1.6.3.3 Mexico Threat Detection Market by Application
10.2. EUROPE
10.2.1 Europe Threat Detection Market Overview
10.2.2 Europe Threat Detection Market Forecasts and Analysis
10.2.3 Europe Threat Detection Market Forecasts and Analysis - By Detection Type
10.2.4 Europe Threat Detection Market Forecasts and Analysis - By Product
10.2.5 Europe Threat Detection Market Forecasts and Analysis - By Application
10.2.6 Europe Threat Detection Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Threat Detection Market
10.2.6.1.1 Germany Threat Detection Market by Detection Type
10.2.6.1.2 Germany Threat Detection Market by Product
10.2.6.1.3 Germany Threat Detection Market by Application
10.2.6.2 France Threat Detection Market
10.2.6.2.1 France Threat Detection Market by Detection Type
10.2.6.2.2 France Threat Detection Market by Product
10.2.6.2.3 France Threat Detection Market by Application
10.2.6.3 Italy Threat Detection Market
10.2.6.3.1 Italy Threat Detection Market by Detection Type
10.2.6.3.2 Italy Threat Detection Market by Product
10.2.6.3.3 Italy Threat Detection Market by Application
10.2.6.4 United Kingdom Threat Detection Market
10.2.6.4.1 United Kingdom Threat Detection Market by Detection Type
10.2.6.4.2 United Kingdom Threat Detection Market by Product
10.2.6.4.3 United Kingdom Threat Detection Market by Application
10.2.6.5 Russia Threat Detection Market
10.2.6.5.1 Russia Threat Detection Market by Detection Type
10.2.6.5.2 Russia Threat Detection Market by Product
10.2.6.5.3 Russia Threat Detection Market by Application
10.2.6.6 Rest of Europe Threat Detection Market
10.2.6.6.1 Rest of Europe Threat Detection Market by Detection Type
10.2.6.6.2 Rest of Europe Threat Detection Market by Product
10.2.6.6.3 Rest of Europe Threat Detection Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Threat Detection Market Overview
10.3.2 Asia-Pacific Threat Detection Market Forecasts and Analysis
10.3.3 Asia-Pacific Threat Detection Market Forecasts and Analysis - By Detection Type
10.3.4 Asia-Pacific Threat Detection Market Forecasts and Analysis - By Product
10.3.5 Asia-Pacific Threat Detection Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Threat Detection Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Threat Detection Market
10.3.6.1.1 Australia Threat Detection Market by Detection Type
10.3.6.1.2 Australia Threat Detection Market by Product
10.3.6.1.3 Australia Threat Detection Market by Application
10.3.6.2 China Threat Detection Market
10.3.6.2.1 China Threat Detection Market by Detection Type
10.3.6.2.2 China Threat Detection Market by Product
10.3.6.2.3 China Threat Detection Market by Application
10.3.6.3 India Threat Detection Market
10.3.6.3.1 India Threat Detection Market by Detection Type
10.3.6.3.2 India Threat Detection Market by Product
10.3.6.3.3 India Threat Detection Market by Application
10.3.6.4 Japan Threat Detection Market
10.3.6.4.1 Japan Threat Detection Market by Detection Type
10.3.6.4.2 Japan Threat Detection Market by Product
10.3.6.4.3 Japan Threat Detection Market by Application
10.3.6.5 South Korea Threat Detection Market
10.3.6.5.1 South Korea Threat Detection Market by Detection Type
10.3.6.5.2 South Korea Threat Detection Market by Product
10.3.6.5.3 South Korea Threat Detection Market by Application
10.3.6.6 Rest of Asia-Pacific Threat Detection Market
10.3.6.6.1 Rest of Asia-Pacific Threat Detection Market by Detection Type
10.3.6.6.2 Rest of Asia-Pacific Threat Detection Market by Product
10.3.6.6.3 Rest of Asia-Pacific Threat Detection Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Threat Detection Market Overview
10.4.2 Middle East and Africa Threat Detection Market Forecasts and Analysis
10.4.3 Middle East and Africa Threat Detection Market Forecasts and Analysis - By Detection Type
10.4.4 Middle East and Africa Threat Detection Market Forecasts and Analysis - By Product
10.4.5 Middle East and Africa Threat Detection Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Threat Detection Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Threat Detection Market
10.4.6.1.1 South Africa Threat Detection Market by Detection Type
10.4.6.1.2 South Africa Threat Detection Market by Product
10.4.6.1.3 South Africa Threat Detection Market by Application
10.4.6.2 Saudi Arabia Threat Detection Market
10.4.6.2.1 Saudi Arabia Threat Detection Market by Detection Type
10.4.6.2.2 Saudi Arabia Threat Detection Market by Product
10.4.6.2.3 Saudi Arabia Threat Detection Market by Application
10.4.6.3 U.A.E Threat Detection Market
10.4.6.3.1 U.A.E Threat Detection Market by Detection Type
10.4.6.3.2 U.A.E Threat Detection Market by Product
10.4.6.3.3 U.A.E Threat Detection Market by Application
10.4.6.4 Rest of Middle East and Africa Threat Detection Market
10.4.6.4.1 Rest of Middle East and Africa Threat Detection Market by Detection Type
10.4.6.4.2 Rest of Middle East and Africa Threat Detection Market by Product
10.4.6.4.3 Rest of Middle East and Africa Threat Detection Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Threat Detection Market Overview
10.5.2 South and Central America Threat Detection Market Forecasts and Analysis
10.5.3 South and Central America Threat Detection Market Forecasts and Analysis - By Detection Type
10.5.4 South and Central America Threat Detection Market Forecasts and Analysis - By Product
10.5.5 South and Central America Threat Detection Market Forecasts and Analysis - By Application
10.5.6 South and Central America Threat Detection Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Threat Detection Market
10.5.6.1.1 Brazil Threat Detection Market by Detection Type
10.5.6.1.2 Brazil Threat Detection Market by Product
10.5.6.1.3 Brazil Threat Detection Market by Application
10.5.6.2 Argentina Threat Detection Market
10.5.6.2.1 Argentina Threat Detection Market by Detection Type
10.5.6.2.2 Argentina Threat Detection Market by Product
10.5.6.2.3 Argentina Threat Detection Market by Application
10.5.6.3 Rest of South and Central America Threat Detection Market
10.5.6.3.1 Rest of South and Central America Threat Detection Market by Detection Type
10.5.6.3.2 Rest of South and Central America Threat Detection Market by Product
10.5.6.3.3 Rest of South and Central America Threat Detection 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. THREAT DETECTION MARKET, KEY COMPANY PROFILES
12.1. BLIGHTER SURVEILLANCE SYSTEMS LTD
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. CHEMIMAGE CORPORATION
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. CHEMRING GROUP PLC
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. FLIR SYSTEMS, INC
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. LOCKHEED MARTIN 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. MIRION TECHNOLOGIES, 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. RAE SYSTEMS
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. RAPISCAN SYSTEMS
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. SMITHS GROUP PLC
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. THALES S.A.
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. Blighter Surveillance Systems Ltd
2. ChemImage Corporation
3. Chemring Group PLC
4. FLIR Systems, Inc
5. Lockheed Martin Corporation
6. Mirion Technologies, Inc.
7. RAE Systems
8. Rapiscan Systems
9. Smiths Group plc
10. Thales S.A.
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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