Travel Insurance Market Updates by 2031
The travel insurance market is anticipated to expand at a CAGR of 20.0 % from 2023 to 2031. The rapid growth in tourism and the expansion of products and services in travel insurance policy is driving the travel insurance market growth.
Travel Insurance Market Analysis
The travel insurance market has experienced significant growth in recent years, driven by several key factors. One of the primary drivers is the increasing awareness among travelers about the importance of having comprehensive protection while traveling. With the rise in global travel, people are becoming more conscious of potential risks such as trip cancellations, medical emergencies, natural disasters, and even geopolitical events. Additionally, technological advancements have also played a crucial role in shaping the travel insurance market. The emergence of online booking platforms and mobile applications has made it easier for travelers to research, compare, and purchase travel insurance policies. Additionally, innovations in data analytics and risk assessment have enabled insurers to tailor their offerings to meet the specific needs of different types of travelers, whether they are backpackers, business travelers, or families on vacation.
Travel Insurance Industry Overview
- The travel insurance market refers to the sector within the insurance industry that offers coverage and assistance to travelers. It incorporates a broad range of products and services designed to mitigate risks and provide support for individuals or groups undertaking journeys, whether for leisure, business, or other purposes.
- Travel Insurance is perhaps the most common product within the travel insurance market. Travel insurance typically covers unforeseen events such as trip cancellations, medical emergencies, lost baggage, and travel delays. Policies can vary extensively in terms of coverage limits, exclusions, and premiums, allowing travelers to choose plans that best suit their budgets and needs.
- Many travel insurance providers offer round-the-clock assistance services to travellers in need. This can include access to medical professionals, emergency medical evacuation, assistance with travel arrangements in the event of cancellations or delays, and help with lost or stolen documents.
- Government regulations and international travel restrictions have also influenced the growth of the travel insurance market. As countries implement stricter entry requirements and health protocols, travellers are seeking insurance policies that offer coverage for potential disruptions to their plans.
Strategic Insights
Travel Insurance Market Driver and Opportunities
The increasing demand for tourism and technological development is fueling the demand for the travel insurance market.
- The increasing demand for tourism and technological development is significantly impacting the travel insurance market in several ways. Firstly, as more people travel for leisure and business, the risk of unforeseen events such as flight cancellations, medical emergencies, or lost luggage increases, driving up the demand for travel insurance. Additionally, technological developments have made it easier for travelers to book trips online, leading to a higher volume of travelers seeking insurance coverage through digital platforms.
- Technological developments have also facilitated the introduction of innovative insurance products tailored to the specific needs of modern travelers. For instance, some insurance companies now offer policies that cover risks associated with adventure sports, remote work, or digital nomadism, catering to niche segments of the travel market.
- Innovations in artificial intelligence and data analytics have enabled insurers to assess risks better and customize policies based on individual travel patterns and preferences. This personalized approach not only improves customer experience but also increases the relevance and value proposition of travel insurance, driving further demand.
Travel Insurance Market Report Segmentation Analysis
- Based on insurance coverage, the travel insurance market is segmented into single-trip travel insurance, annual multi-trip travel insurance. The single-trip travel insurance segment is anticipated to hold a substantial travel insurance market share in 2023.
- The single-trip travel insurance market has grown as a result of several services like baggage loss, emergency dental care, fire protection, personal liability coverage, trip interruption or cancellation, and many more.
Travel Insurance Market Share Analysis by Geography
The scope of the travel insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is experiencing rapid growth and is anticipated to hold a significant travel insurance market share. It is anticipated to stay the biggest market as we advance, mostly due to the rising demand for travel and tourism in Europe. The industry is expected to develop as a result of the region's economic expansion as well as the growing benefits that travel insurance providers provide to regular customers. The European government has set mandatory rules and regulations that compel consumers to buy travel insurance services as a prerequisite to acquiring a VISA. In addition, the growth of the travel business and tourism has brought about a number of consumer-affecting events, including medical emergencies, lost luggage, and misplaced important documents. The region's growing need for travel insurance is further fueling the travel insurance market growth.
Travel Insurance Market Report Scope
The report includes growth prospects in light of current travel insurance market trends and driving factors influencing the market growth. The " Travel Insurance Market Analysis" was carried out based on insurance coverage, end-user, and geography. In terms of insurance coverage, the market is segmented into single-trip travel insurance and annual multi-trip travel insurance. Based on end-users, the travel insurance market is segmented into family travelers, education travelers, business travelers, senior citizens, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Travel Insurance Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the travel insurance market. A few recent key market developments are listed below:
- In February 2024, Travel insurer Battle Face has teamed up with insurance.com.au. This new alliance enables clients of insurance.com.au to personalize their travel insurance to match their specific journey requirements, ensuring coverage that aligns with their intended destinations and activities. The partnership aims to simplify the insurance selection process, offering consumers a more tailored and flexible choice for securing their travel needs.
(Source: Company Website)
- In October 2023, Blink Parametric, a pioneer in real-time travel insurance solutions, entered a global agreement with MAWDY, an international insurance, reinsurance, and services firm and a part of the MAPFRE Group. The collaboration's purpose is to meet the growing demand for real-time travel insurance solutions, especially in instances of flight delays and cancellations, ensuring travelers are supported when they need it most.
(Source: Company Website)
Travel Insurance Market Report Coverage & Deliverables
The market report on “Travel Insurance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The increasing demand for tourism and technological development are the major factors that propel the global travel insurance market.
The growing adoption of multigenerational travel is anticipated to play a significant role in the global travel insurance market in the coming years.
The key players holding majority shares in the global travel insurance market are Travelex Insurance Services Inc.; Bajaj Allianz; IMT SERVICES, LLC; Aviva; AXA Assistance.
The global alternative data market is expected to grow at a CAGR of 20% during the forecast period 2024 - 2031.
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 Travel Insurance Market - By Distribution Channel
1.3.2 Travel Insurance Market - By Cover Type
1.3.3 Travel Insurance Market - By End-Users
1.3.4 Travel Insurance Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. TRAVEL INSURANCE 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. TRAVEL INSURANCE 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. TRAVEL INSURANCE MARKET - GLOBAL MARKET ANALYSIS
6.1. TRAVEL INSURANCE - GLOBAL MARKET OVERVIEW
6.2. TRAVEL INSURANCE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. TRAVEL INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
7.1. OVERVIEW
7.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
7.3. INSURANCE INTERMEDIARIES
7.3.1. Overview
7.3.2. Insurance Intermediaries Market Forecast and Analysis
7.4. INSURANCE COMPANIES
7.4.1. Overview
7.4.2. Insurance Companies Market Forecast and Analysis
7.5. BANKS
7.5.1. Overview
7.5.2. Banks Market Forecast and Analysis
7.6. INSURANCE BROKERS
7.6.1. Overview
7.6.2. Insurance Brokers Market Forecast and Analysis
7.7. INSURANCE AGGREGATORS
7.7.1. Overview
7.7.2. Insurance Aggregators Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. TRAVEL INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - COVER TYPE
8.1. OVERVIEW
8.2. COVER TYPE MARKET FORECASTS AND ANALYSIS
8.3. SINGLE TRIP
8.3.1. Overview
8.3.2. Single Trip Market Forecast and Analysis
8.4. ANNUAL MULTI-TRIP
8.4.1. Overview
8.4.2. Annual Multi-Trip Market Forecast and Analysis
8.5. LONG STAY
8.5.1. Overview
8.5.2. Long stay Market Forecast and Analysis
9. TRAVEL INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - END-USERS
9.1. OVERVIEW
9.2. END-USERS MARKET FORECASTS AND ANALYSIS
9.3. SENIOR CITIZENS
9.3.1. Overview
9.3.2. Senior Citizens Market Forecast and Analysis
9.4. EDUCATIONAL TRAVELERS
9.4.1. Overview
9.4.2. Educational Travelers Market Forecast and Analysis
9.5. LEISURE TRAVELERS
9.5.1. Overview
9.5.2. Leisure Travelers Market Forecast and Analysis
9.6. BUSINESS TRAVELERS
9.6.1. Overview
9.6.2. Business Travelers Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. TRAVEL INSURANCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Travel Insurance Market Overview
10.1.2 North America Travel Insurance Market Forecasts and Analysis
10.1.3 North America Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.1.4 North America Travel Insurance Market Forecasts and Analysis - By Cover Type
10.1.5 North America Travel Insurance Market Forecasts and Analysis - By End-Users
10.1.6 North America Travel Insurance Market Forecasts and Analysis - By Countries
10.1.6.1 United States Travel Insurance Market
10.1.6.1.1 United States Travel Insurance Market by Distribution Channel
10.1.6.1.2 United States Travel Insurance Market by Cover Type
10.1.6.1.3 United States Travel Insurance Market by End-Users
10.1.6.2 Canada Travel Insurance Market
10.1.6.2.1 Canada Travel Insurance Market by Distribution Channel
10.1.6.2.2 Canada Travel Insurance Market by Cover Type
10.1.6.2.3 Canada Travel Insurance Market by End-Users
10.1.6.3 Mexico Travel Insurance Market
10.1.6.3.1 Mexico Travel Insurance Market by Distribution Channel
10.1.6.3.2 Mexico Travel Insurance Market by Cover Type
10.1.6.3.3 Mexico Travel Insurance Market by End-Users
10.2. EUROPE
10.2.1 Europe Travel Insurance Market Overview
10.2.2 Europe Travel Insurance Market Forecasts and Analysis
10.2.3 Europe Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.2.4 Europe Travel Insurance Market Forecasts and Analysis - By Cover Type
10.2.5 Europe Travel Insurance Market Forecasts and Analysis - By End-Users
10.2.6 Europe Travel Insurance Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Travel Insurance Market
10.2.6.1.1 Germany Travel Insurance Market by Distribution Channel
10.2.6.1.2 Germany Travel Insurance Market by Cover Type
10.2.6.1.3 Germany Travel Insurance Market by End-Users
10.2.6.2 France Travel Insurance Market
10.2.6.2.1 France Travel Insurance Market by Distribution Channel
10.2.6.2.2 France Travel Insurance Market by Cover Type
10.2.6.2.3 France Travel Insurance Market by End-Users
10.2.6.3 Italy Travel Insurance Market
10.2.6.3.1 Italy Travel Insurance Market by Distribution Channel
10.2.6.3.2 Italy Travel Insurance Market by Cover Type
10.2.6.3.3 Italy Travel Insurance Market by End-Users
10.2.6.4 United Kingdom Travel Insurance Market
10.2.6.4.1 United Kingdom Travel Insurance Market by Distribution Channel
10.2.6.4.2 United Kingdom Travel Insurance Market by Cover Type
10.2.6.4.3 United Kingdom Travel Insurance Market by End-Users
10.2.6.5 Russia Travel Insurance Market
10.2.6.5.1 Russia Travel Insurance Market by Distribution Channel
10.2.6.5.2 Russia Travel Insurance Market by Cover Type
10.2.6.5.3 Russia Travel Insurance Market by End-Users
10.2.6.6 Rest of Europe Travel Insurance Market
10.2.6.6.1 Rest of Europe Travel Insurance Market by Distribution Channel
10.2.6.6.2 Rest of Europe Travel Insurance Market by Cover Type
10.2.6.6.3 Rest of Europe Travel Insurance Market by End-Users
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Travel Insurance Market Overview
10.3.2 Asia-Pacific Travel Insurance Market Forecasts and Analysis
10.3.3 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.3.4 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By Cover Type
10.3.5 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By End-Users
10.3.6 Asia-Pacific Travel Insurance Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Travel Insurance Market
10.3.6.1.1 Australia Travel Insurance Market by Distribution Channel
10.3.6.1.2 Australia Travel Insurance Market by Cover Type
10.3.6.1.3 Australia Travel Insurance Market by End-Users
10.3.6.2 China Travel Insurance Market
10.3.6.2.1 China Travel Insurance Market by Distribution Channel
10.3.6.2.2 China Travel Insurance Market by Cover Type
10.3.6.2.3 China Travel Insurance Market by End-Users
10.3.6.3 India Travel Insurance Market
10.3.6.3.1 India Travel Insurance Market by Distribution Channel
10.3.6.3.2 India Travel Insurance Market by Cover Type
10.3.6.3.3 India Travel Insurance Market by End-Users
10.3.6.4 Japan Travel Insurance Market
10.3.6.4.1 Japan Travel Insurance Market by Distribution Channel
10.3.6.4.2 Japan Travel Insurance Market by Cover Type
10.3.6.4.3 Japan Travel Insurance Market by End-Users
10.3.6.5 South Korea Travel Insurance Market
10.3.6.5.1 South Korea Travel Insurance Market by Distribution Channel
10.3.6.5.2 South Korea Travel Insurance Market by Cover Type
10.3.6.5.3 South Korea Travel Insurance Market by End-Users
10.3.6.6 Rest of Asia-Pacific Travel Insurance Market
10.3.6.6.1 Rest of Asia-Pacific Travel Insurance Market by Distribution Channel
10.3.6.6.2 Rest of Asia-Pacific Travel Insurance Market by Cover Type
10.3.6.6.3 Rest of Asia-Pacific Travel Insurance Market by End-Users
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Travel Insurance Market Overview
10.4.2 Middle East and Africa Travel Insurance Market Forecasts and Analysis
10.4.3 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.4.4 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By Cover Type
10.4.5 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By End-Users
10.4.6 Middle East and Africa Travel Insurance Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Travel Insurance Market
10.4.6.1.1 South Africa Travel Insurance Market by Distribution Channel
10.4.6.1.2 South Africa Travel Insurance Market by Cover Type
10.4.6.1.3 South Africa Travel Insurance Market by End-Users
10.4.6.2 Saudi Arabia Travel Insurance Market
10.4.6.2.1 Saudi Arabia Travel Insurance Market by Distribution Channel
10.4.6.2.2 Saudi Arabia Travel Insurance Market by Cover Type
10.4.6.2.3 Saudi Arabia Travel Insurance Market by End-Users
10.4.6.3 U.A.E Travel Insurance Market
10.4.6.3.1 U.A.E Travel Insurance Market by Distribution Channel
10.4.6.3.2 U.A.E Travel Insurance Market by Cover Type
10.4.6.3.3 U.A.E Travel Insurance Market by End-Users
10.4.6.4 Rest of Middle East and Africa Travel Insurance Market
10.4.6.4.1 Rest of Middle East and Africa Travel Insurance Market by Distribution Channel
10.4.6.4.2 Rest of Middle East and Africa Travel Insurance Market by Cover Type
10.4.6.4.3 Rest of Middle East and Africa Travel Insurance Market by End-Users
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Travel Insurance Market Overview
10.5.2 South and Central America Travel Insurance Market Forecasts and Analysis
10.5.3 South and Central America Travel Insurance Market Forecasts and Analysis - By Distribution Channel
10.5.4 South and Central America Travel Insurance Market Forecasts and Analysis - By Cover Type
10.5.5 South and Central America Travel Insurance Market Forecasts and Analysis - By End-Users
10.5.6 South and Central America Travel Insurance Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Travel Insurance Market
10.5.6.1.1 Brazil Travel Insurance Market by Distribution Channel
10.5.6.1.2 Brazil Travel Insurance Market by Cover Type
10.5.6.1.3 Brazil Travel Insurance Market by End-Users
10.5.6.2 Argentina Travel Insurance Market
10.5.6.2.1 Argentina Travel Insurance Market by Distribution Channel
10.5.6.2.2 Argentina Travel Insurance Market by Cover Type
10.5.6.2.3 Argentina Travel Insurance Market by End-Users
10.5.6.3 Rest of South and Central America Travel Insurance Market
10.5.6.3.1 Rest of South and Central America Travel Insurance Market by Distribution Channel
10.5.6.3.2 Rest of South and Central America Travel Insurance Market by Cover Type
10.5.6.3.3 Rest of South and Central America Travel Insurance Market by End-Users
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. TRAVEL INSURANCE MARKET, KEY COMPANY PROFILES
12.1. ALLIANZ GLOBAL ASSISTANCE(AGA SERVICE COMPANY)
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. AXA SA
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. AMERICAN INTERNATIONAL GROUP, 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. CSA TRAVEL PROTECTION DBA GENERALI GLOBAL ASSISTANCE AND INSURANCE SERVICES
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. INSURE AND GO INSURANCE SERVICES LIMITED
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. SEVEN CORNERS 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. TRAVELEX INSURANCE SERVICES INC.
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. TRAVELSAFE INSURANCE
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. TRIP MATE, INC.
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. USI AFFINITY TRAVEL INSURANCE SERVICES
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. Allianz Global Assistance(AGA Service Company)
2. AXA SA
3. American International Group, Inc.
4. CSA Travel Protection DBA Generali Global Assistance and Insurance Services
5. Insure and Go Insurance Services Limited
6. Seven Corners Inc.
7. Travelex Insurance Services Inc.
8. TravelSafe Insurance
9. Trip Mate, Inc.
10. USI Affinity Travel Insurance Services
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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