US and Europe Online Recruitment Market to Grow at a CAGR of 7.7% to reach US$ 30.46 billion from 2022 to 2030
The US and Europe online recruitment market is expected to grow from US$ 16.80 billion in 2022 to US$ 30.46 billion by 2030. The US and Europe online recruitment market is estimated to register a CAGR of 7.7% during 2022–2030.
US and Europe Online Recruitment Market Analyst Perspective:
The growing digitization is transforming businesses in Germany. The rising internet penetration with the growing adoption of 5G is increasing the demand for new technologies in different business verticals, including recruitment. Increasing popularity and awareness of applicant tracking systems (ATS) and job boards are rising in the country, which is expected to further drive market growth during the forecast period. ATS are considered to be Germany's most relevant technologies that are frequently used by online job recruitment agencies to hire best candidates. This is expected to contribute to the growth of the market in the country.
US and Europe Online Recruitment Market Overview:
The growing popularity of various virtual recruiting platforms is expected to provide growth opportunities for the online recruitment market. For example, CareerEco is a virtual recruiting platform and talent community for job seekers, academic institutions, prospective graduate students, and employers. One of its iconic events is the Bender Virtual Career Fair, which offers employers and job seekers with disabilities the opportunity to connect online. More than 1,000 registrants from all over the US participated in virtual career fairs. Similarly, Gettinghired is an online service organization focused on creating job opportunities for disabled job seekers. It also hosts virtual career fairs that connect employers with job seekers. Thus, the above-mentioned factors are contributing to the US and Europe online recruitment market growth.
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US and Europe Online Recruitment Market Driver:
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Advantages of Online Recruitment to Drive Growth of US and Europe Online Recruitment Market
Traditional recruitment methods require excessive paperwork and time, as well as huge capital, beginning from job posting to the employment. In contrast, online job recruitment platforms help in streamlining the entire recruitment process. Most online staffing platforms use automation tools to filter resumes for qualified applicants within minutes. It helps evaluate initial selections according to the criteria specified in the advertisement and alerts the employer when an applicant’s resume meets the criteria, thereby saving significant time when compared with the traditional recruitment methods.
Traditional recruitment process may require job seeking individuals pay significant amount to a third-party recruiter in order to get placed in organizations they intend to work. On the flip side, a recruiter can post job openings on multiple social platforms free of cost through recruiting websites, minimizing the overall requirement cost. In addition, online recruitment posts are easily accessible to individuals, making them more effective for noticing the posts. With recruitment software, recruiters can reach a wider range of candidates both locally and abroad. The different features of the online recruitment software help in sorting candidates according to their experience, education, competencies, and other criteria. Thus, the aforementioned advantages of online recruitment fuel the US and Europe online recruitment market growth.
Report Segmentation and Scope:
The “US and Europe Online Recruitment Market” is segmented based on job type, application, and geography. Based on job type, the online recruitment market is bifurcated into permanent and part-time. The online recruitment market, by application, is segmented into Finance, Sales & Marketing, Engineering, IT, and Others. The online recruitment market, based on geography, is segmented US and Europe (Germany, France, Italy, UK, Russia, and Rest of Europe).
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US and Europe Online Recruitment Market Segmental Analysis:
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Based on application, the US and Europe online recruitment market is segmented into:
- Finance
- Sales and Marketing
- Engineering
- IT
- Others
The IT segment held the largest online recruitment market share in 2022 and is anticipated to register the highest CAGR in the market during the forecast period. IT profiles include hiring for networking and backend operation roles. The main job profiles of IT professionals include cloud infrastructure architect, enterprise architect, IT systems architect, solutions architect, and technical architect. Some businesses employ several IT professionals from across the world to manage the diverse network of computer systems. Thus, the rising demand for IT professionals across organizations is encouraging the adoption of online recruitment.
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US and Europe Online Recruitment Market Regional Analysis:
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The Europe online recruitment market is segmented into Germany, France, the UK, Russia, the Netherland, and rest of Europe. In 2022, Germany held the largest online recruitment market share in Europe.
As the youth population grows in the region, the demand for jobs also increases. According to the European Centre for the Development of Vocational Training, an agency of the European Union, the employment growth average is estimated to be 5.5% over the period from 2022 to 2035. Out of this, the ICT sector will register a maximum growth of 14.6%. In addition, nearly 114,289,600 old job replacement vacancies are expected, and approximately 6,404,100 new jobs will be generated between 2022 and 2035. Thus, such a growing number of jobs in the region is expected to raise the demand for online job recruitment platforms, as it helps companies save time and money in recruiting the right candidate for the position.
The need for advanced online recruitment solutions is increasing as understanding job requirements is necessary to recruit suitable candidates. Online recruitment platforms are useful in developing or modifying educational and training programs. They also help individuals make educational, training, and career decisions that will help them develop and match their talents as per the labor market demands and quickly changing workplaces. According to the European Union (EU), examining online job portals in real-time is essential for developing the labor market in the region.
The online recruitment websites have evolved as essential recruitment and job-search platforms in recent decades, facilitating skill matching. A thorough examination of this data can reveal job-specific and other abilities required in various occupations in several countries or areas. It also helps develop required skill gaps by methodically examining other qualities of employment, which is far more difficult to achieve with traditional sources. Thus, online recruitment technology helps in evolving both candidates and employers based on market requirements, thereby significantly influencing the adoption of online recruitment across the region.
US and Europe Online Recruitment Market Key Player Analysis:
The US and Europe online recruitment market analysis consists of the players such as SH Inc, LinkedIn Corp, iPlaceUSA Inc, Recruit Holdings Co Ltd, StepStone GmbH, AdoptoTech Ltd, CareerBuilder LLC, ZipRecruiter Inc, Monster Worldwide Inc, and Ceipal Corp. Among the various players in the international wholesale voice carrier Recruit Holdings Co Ltd and Monster Worldwide Inc are one of the top online recruitment market players owing to the diversified product portfolio offered.
US and Europe Online Recruitment Market Recent Developments:
Inorganic and organic strategies are highly adopted by the US and Europe online recruitment market players. A few recent key market developments are listed below:
- In 2023, Recruitics announced that they had acquired Jamyr, an innovative video recruitment platform. Through this acquisition, Recruitics has added a scalable video recruitment product to its platform, which will further help improve the candidate experience and applicant engagement.
- In 2023, Recruit Holdings Co Ltd announced that they have signed a collaboration agreement with Gifu City to promote regional retention and employment. Under this agreement, Recruit will be offering its AirWORK Applicant Tracking System (ATS) platform, a recruitment management service that enables businesses to easily recruit free of charge.
- In 2023, Ceipal Corp announced the launch of the most advanced and comprehensive package of features to automate the entire talent acquisition lifecycle. The new package consists of advanced automation capabilities, including key ATS features, AI for recruiting, text recruiting, business intelligence and reporting, advanced CRM tools, and more.
- In 2023, Indeed, a hiring platform by Recruit Holdings Co Ltd, announced the launch of Skill Connect, a new product that will help job seekers without college degrees better promote their skills and completed training programs to potential employers.
- In 2023, SmartRecruiters announced the launch of a new product update for enhanced recruiting experience. A few key features are multi-country posting and remote work support, expanded search options through phone number or partial email, field recruiting app changes to capture candidate information, and native resume viewer toggles between resume view and parsed view, and many more.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Job Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
France, Germany, Netherlands, Russian Federation, United Kingdom, United States
Frequently Asked Questions
The driving factors impacting the online recruitment market are:
1. Integration of Technologies in Online Recruitment
2. Digitalization of All Business Processes Including Recruitment
The US and Europe online recruitment market is expected to be valued at US$ 16.79 billion in 2022
The future trend expected to positively impact the online recruitment market owing to the rise in the demand for AR and VR in Recruitment.
The key players holding the major market share of the online recruitment market are Recruit Holdings Co Inc, Monster Worldwide Inc, LinkedIn Corp, Adecco Group AG, and Hays plc.
The permanent segment led the online recruitment market in 2022.
The US holds a major market share in US and Europe online recruitment market in 2022.
The US and Europe online recruitment market is expected to be valued at US$ 58.39 billion in 2030.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Online Recruitment Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Market Ranking
4.4.1 UK Top 5 Players
4.4.2 US Top 5 Players
4.4.3 Netherlands Top 5 Players
4.4.4 Germany Top 5 Players
4.4.5 France Top 5 Players
5. Online Recruitment Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Integration of Technologies in Online Recruitment
5.1.2 Digitalization of All Business Processes Including Recruitment
5.1.3 Advantages of Online Recruitment
5.2 Market Restraints
5.2.1 Common Difficulties Faced in Online Recruitment
5.2.2 Increasing Online Recruitment Scams
5.3 Market Opportunities
5.3.1 Integration of Artificial Intelligence (AI) in Recruitment
5.3.2 Rising Need for Predictive Analytics in Recruitment
5.4 Future Trends
5.4.1 Emergence of Fully Remote Companies and Social Media Recruiting
5.4.2 AR and VR in Recruitment
5.5 Impact of Drivers and Restraints:
6. Online Recruitment Market - Market Analysis
6.1 US and Europe online recruitment market Overview
6.2 Online Recruitment Market Revenue (US$ Million), 2022 – 2030
6.3 Online Recruitment Market Forecast and Analysis
7. Online Recruitment Market Analysis - Job Type
7.1 Permanent
7.1.1 Overview
7.1.2 Permanent Market Revenue and Forecast to 2030 (US$ Million)
7.2 Part-Time
7.2.1 Overview
7.2.2 Part-Time Market Revenue and Forecast to 2030 (US$ Million)
8. Online Recruitment Market Analysis - Application
8.1 Finance
8.1.1 Overview
8.1.2 Finance Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Sales and Marketing
8.2.1 Overview
8.2.2 Sales and Marketing Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Engineering
8.3.1 Overview
8.3.2 Engineering Market Revenue and Forecast to 2030 (US$ Million)
8.4 IT
8.4.1 Overview
8.4.2 IT Market Revenue and Forecast to 2030 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others Market Revenue and Forecast to 2030 (US$ Million)
9. Online Recruitment Market - Geographical Analysis
9.1 North America
9.1.1 North America Online Recruitment Market Overview
9.1.1.1 US Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.1.1 US Online Recruitment Market Breakdown by Job Type
9.1.1.1.2 US Online Recruitment Market Breakdown by Application
9.2 Europe
9.2.1 Europe Online Recruitment Market Overview
9.2.2 Europe Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.2.3 Europe Online Recruitment Market Breakdown by Job Type
9.2.3.1 Europe Online Recruitment Market Revenue and Forecasts and Analysis - By Job Type
9.2.4 Europe Online Recruitment Market Breakdown by Application
9.2.4.1 Europe Online Recruitment Market Revenue and Forecasts and Analysis - By Application
9.2.5 Europe Online Recruitment Market Revenue and Forecasts and Analysis - By Countries
9.2.5.1 Online Recruitment Market Breakdown by Country
9.2.5.2 Germany Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.2.5.2.1 Germany Online Recruitment Market Breakdown by Job Type
9.2.5.2.2 Germany Online Recruitment Market Breakdown by Application
9.2.5.3 France Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.2.5.3.1 France Online Recruitment Market Breakdown by Job Type
9.2.5.3.2 France Online Recruitment Market Breakdown by Application
9.2.5.4 UK Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.2.5.4.1 UK Online Recruitment Market Breakdown by Job Type
9.2.5.4.2 UK Online Recruitment Market Breakdown by Application
9.2.5.5 Russia Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.2.5.5.1 Russia Online Recruitment Market Breakdown by Job Type
9.2.5.5.2 Russia Online Recruitment Market Breakdown by Application
9.2.5.6 Netherlands Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.2.5.6.1 Netherlands Online Recruitment Market Breakdown by Job Type
9.2.5.6.2 Netherlands Online Recruitment Market Breakdown by Application
9.2.5.7 Rest of Europe Online Recruitment Market Revenue and Forecasts to 2030 (US$ Mn)
9.2.5.7.1 Rest of Europe Online Recruitment Market Breakdown by Job Type
9.2.5.7.2 Rest of Europe Online Recruitment Market Breakdown by Application
10. Online Recruitment Market – Impact of COVID-19 Pandemic
10.1 Pre & Post Covid-19 Impact
11. Competitive Landscape
11.1 Heat Map Analysis By Key Players
11.2 Company Positioning & Concentration
12. Online Recruitment Market Industry Landscape
12.1 Overview
12.2 Merger and Acquisitions
12.3 Expansion
12.4 Product Launch
13. Company Profiles
13.1 SH 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 LinkedIn Corp
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 iPlaceUSA 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 Recruit Holdings Co Ltd
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 StepStone GmbH
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 AdoptoTech Ltd
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 CareerBuilder LLC
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 ZipRecruiterInc
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 Monster Worldwide Inc
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 Ceipal Corp
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 Word Index
List of Tables
Table 1. Online Recruitment Market Segmentation
Table 2. Online Recruitment Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Online Recruitment Market Revenue and Forecasts To 2030 (US$ Million) – Job Type
Table 4. Online Recruitment Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 5. US Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 6. US Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 7. Europe Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 8. Europe Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 9. Germany Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 10. Germany Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 11. France Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 12. France Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 13. UK Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 14. UK Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 15. Russia Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 16. Russia Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 17. Netherlands Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 18. Netherlands Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 19. Rest of Europe Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Job Type
Table 20. Rest of Europe Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 21. Company Positioning & Concentration
Table 22. List of Abbreviation
List of Figures
Figure 1. Online Recruitment Market Segmentation, By Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem: Online Recruitment Market
Figure 4. UK Top 5 Players
Figure 5. US Top 5 Players
Figure 6. Netherlands Top 5 Players
Figure 7. Germany Top 5 Players
Figure 8. France Top 5 Players
Figure 9. Online Recruitment Market - Key Industry Dynamics
Figure 10. Impact Analysis of Drivers and Restraints
Figure 11. Online Recruitment Market Breakdown by Geography, 2022 and 2030 (%)
Figure 12. Online Recruitment Market Revenue (US$ Million), 2022 – 2030
Figure 13. Online Recruitment Market Share (%) – Job Type, 2022 and 2030
Figure 14. Permanent Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Part-Time Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Online Recruitment Market Share (%) – Application, 2022 and 2030
Figure 17. Finance Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Sales and Marketing Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Engineering Market Revenue and Forecasts To 2030 (US$ Million)
Figure 20. IT Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. US Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 23. Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 24. Online Recruitment Market Breakdown by Job Type (2022 and 2030)
Figure 25. Online Recruitment Market Breakdown by Application (2022 and 2030)
Figure 26. Online Recruitment Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 27. Germany Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 28. France Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 29. UK Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 30. Russia Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 31. Netherlands Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 32. Rest of Europe Online Recruitment Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 33. Heat Map Analysis By Key Players
The List of Companies - US and Europe Online Recruitment Market
- SH Inc
- LinkedIn Corp
- iPlaceUSA Inc
- Recruit Holdings Co Ltd
- StepStone GmbH
- AdoptoTech Ltd
- CareerBuilder LLC
- ZipRecruiter Inc
- Monster Worldwide Inc
- Ceipal Corp
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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