Virtual Fitting Room Market 2021-2031: Share and Forecast
The Virtual Fitting Room Market is expected to register a CAGR of 23.9% 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 Component (Hardware, Software, Services), Application (Apparel, Beauty and Cosmetics, Footwear, Eyewear,Others), End Use (Physical Stores, Virtual Stores). 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
Purpose of the ReportThe report Virtual Fitting Room 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.
Virtual Fitting Room Market Segmentation
Component- Hardware
- Software
- Services
- Apparel
- Beauty and Cosmetics
- Footwear
- Eyewear
- Others
- Physical Stores
- Virtual Stores
- 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
Virtual Fitting Room Market Growth Drivers- Increased Adoption of E-commerce in the Fashion Industry: The growing trend of online shopping, particularly in the fashion sector, is a key driver of the virtual fitting room market. As consumers increasingly prefer to shop online for clothing and accessories, virtual fitting rooms offer a solution to the problem of not being able to try on items physically. This technology enhances the shopping experience by allowing consumers to visualize how clothes will fit their body type, leading to more confidence in online purchasing decisions.
- Demand for Personalized Shopping Experience: Consumers today seek more personalized shopping experiences, and virtual fitting rooms cater to this demand by offering customized size recommendations, virtual try-ons, and real-time feedback. By integrating artificial intelligence (AI) and augmented reality (AR), virtual fitting rooms enable a tailored and interactive shopping experience, allowing users to visualize clothing choices based on their body shape, preferences, and style, which drives market growth.
- Integration with Mobile and Social Media Platforms: A growing trend in the virtual fitting room market is its integration with mobile apps and social media platforms. Many fashion retailers are incorporating virtual fitting room technology into their mobile apps, allowing customers to try on clothes virtually before making a purchase decision. Additionally, integration with social media platforms enables customers to share their virtual try-ons with friends and followers, further boosting the popularity of the technology and providing social proof for purchasing decisions.
- Expansion Beyond Fashion to Other Sectors: While the virtual fitting room market initially focused on fashion, there is a growing trend of expanding its application to other sectors such as eyewear, cosmetics, and even furniture. For example, virtual try-on solutions for glasses and makeup are becoming more popular, enabling consumers to see how products will look on them before making a purchase. This trend expands the reach of virtual fitting room technology, attracting a wider customer base across multiple industries.
- Integration with Mobile and Social Media Platforms: A growing trend in the virtual fitting room market is its integration with mobile apps and social media platforms. Many fashion retailers are incorporating virtual fitting room technology into their mobile apps, allowing customers to try on clothes virtually before making a purchase decision. Additionally, integration with social media platforms enables customers to share their virtual try-ons with friends and followers, further boosting the popularity of the technology and providing social proof for purchasing decisions.
- Expansion Beyond Fashion to Other Sectors: While the virtual fitting room market initially focused on fashion, there is a growing trend of expanding its application to other sectors such as eyewear, cosmetics, and even furniture. For example, virtual try-on solutions for glasses and makeup are becoming more popular, enabling consumers to see how products will look on them before making a purchase. This trend expands the reach of virtual fitting room technology, attracting a wider customer base across multiple industries.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Virtual Fitting Room 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 Virtual Fitting Room 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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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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 Virtual Fitting Room Market is estimated to witness a CAGR of 23.9% from 2023 to 2031
E-commerce digital transformation and technological advancements in AR/VR are the major factors driving the virtual fitting room market
AI-powered personalization to play a significant role in the global virtual fitting room 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
1.3.1Virtual Fitting Room Market - By Component
1.3.2Virtual Fitting Room Market - By End User
1.3.3Virtual Fitting Room Market - By Use Case
1.3.4Virtual Fitting Room Market - By Region
1.3.4.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.VIRTUAL FITTING ROOM MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.VIRTUAL FITTING ROOM 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.VIRTUAL FITTING ROOM MARKET - GLOBAL MARKET ANALYSIS
6.1.VIRTUAL FITTING ROOM - GLOBAL MARKET OVERVIEW
6.2.VIRTUAL FITTING ROOM - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.VIRTUAL FITTING ROOM MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.HARDWARE
7.3.1.Overview
7.3.2.Hardware Market Forecast and Analysis
7.4.SOFTWARE
7.4.1.Overview
7.4.2.Software Market Forecast and Analysis
7.5.SERVICES
7.5.1.Overview
7.5.2.Services Market Forecast and Analysis
8.VIRTUAL FITTING ROOM MARKET - REVENUE AND FORECASTS TO 2028 - END USER
8.1.OVERVIEW
8.2.END USER MARKET FORECASTS AND ANALYSIS
8.3.E COMMERCE
8.3.1.Overview
8.3.2.E Commerce Market Forecast and Analysis
8.4.PHYSICAL STORE
8.4.1.Overview
8.4.2.Physical Store Market Forecast and Analysis
9.VIRTUAL FITTING ROOM MARKET - REVENUE AND FORECASTS TO 2028 - USE CASE
9.1.OVERVIEW
9.2.USE CASE MARKET FORECASTS AND ANALYSIS
9.3.APPAREL
9.3.1.Overview
9.3.2.Apparel Market Forecast and Analysis
9.4.ACCESSORIES
9.4.1.Overview
9.4.2.Accessories Market Forecast and Analysis
9.5.EYEWEAR
9.5.1.Overview
9.5.2.Eyewear Market Forecast and Analysis
9.6.JEWELRY AND WATCHES
9.6.1.Overview
9.6.2.Jewelry and Watches Market Forecast and Analysis
9.7.BEAUTY AND COSMETICS
9.7.1.Overview
9.7.2.Beauty and Cosmetics Market Forecast and Analysis
10.VIRTUAL FITTING ROOM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Virtual Fitting Room Market Overview
10.1.2North America Virtual Fitting Room Market Forecasts and Analysis
10.1.3North America Virtual Fitting Room Market Forecasts and Analysis - By Component
10.1.4North America Virtual Fitting Room Market Forecasts and Analysis - By End User
10.1.5North America Virtual Fitting Room Market Forecasts and Analysis - By Use Case
10.1.6North America Virtual Fitting Room Market Forecasts and Analysis - By Countries
10.1.6.1United States Virtual Fitting Room Market
10.1.6.1.1United States Virtual Fitting Room Market by Component
10.1.6.1.2United States Virtual Fitting Room Market by End User
10.1.6.1.3United States Virtual Fitting Room Market by Use Case
10.1.6.2Canada Virtual Fitting Room Market
10.1.6.2.1Canada Virtual Fitting Room Market by Component
10.1.6.2.2Canada Virtual Fitting Room Market by End User
10.1.6.2.3Canada Virtual Fitting Room Market by Use Case
10.1.6.3Mexico Virtual Fitting Room Market
10.1.6.3.1Mexico Virtual Fitting Room Market by Component
10.1.6.3.2Mexico Virtual Fitting Room Market by End User
10.1.6.3.3Mexico Virtual Fitting Room Market by Use Case
10.2.EUROPE
10.2.1Europe Virtual Fitting Room Market Overview
10.2.2Europe Virtual Fitting Room Market Forecasts and Analysis
10.2.3Europe Virtual Fitting Room Market Forecasts and Analysis - By Component
10.2.4Europe Virtual Fitting Room Market Forecasts and Analysis - By End User
10.2.5Europe Virtual Fitting Room Market Forecasts and Analysis - By Use Case
10.2.6Europe Virtual Fitting Room Market Forecasts and Analysis - By Countries
10.2.6.1Germany Virtual Fitting Room Market
10.2.6.1.1Germany Virtual Fitting Room Market by Component
10.2.6.1.2Germany Virtual Fitting Room Market by End User
10.2.6.1.3Germany Virtual Fitting Room Market by Use Case
10.2.6.2France Virtual Fitting Room Market
10.2.6.2.1France Virtual Fitting Room Market by Component
10.2.6.2.2France Virtual Fitting Room Market by End User
10.2.6.2.3France Virtual Fitting Room Market by Use Case
10.2.6.3Italy Virtual Fitting Room Market
10.2.6.3.1Italy Virtual Fitting Room Market by Component
10.2.6.3.2Italy Virtual Fitting Room Market by End User
10.2.6.3.3Italy Virtual Fitting Room Market by Use Case
10.2.6.4United Kingdom Virtual Fitting Room Market
10.2.6.4.1United Kingdom Virtual Fitting Room Market by Component
10.2.6.4.2United Kingdom Virtual Fitting Room Market by End User
10.2.6.4.3United Kingdom Virtual Fitting Room Market by Use Case
10.2.6.5Russia Virtual Fitting Room Market
10.2.6.5.1Russia Virtual Fitting Room Market by Component
10.2.6.5.2Russia Virtual Fitting Room Market by End User
10.2.6.5.3Russia Virtual Fitting Room Market by Use Case
10.2.6.6Rest of Europe Virtual Fitting Room Market
10.2.6.6.1Rest of Europe Virtual Fitting Room Market by Component
10.2.6.6.2Rest of Europe Virtual Fitting Room Market by End User
10.2.6.6.3Rest of Europe Virtual Fitting Room Market by Use Case
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Virtual Fitting Room Market Overview
10.3.2Asia-Pacific Virtual Fitting Room Market Forecasts and Analysis
10.3.3Asia-Pacific Virtual Fitting Room Market Forecasts and Analysis - By Component
10.3.4Asia-Pacific Virtual Fitting Room Market Forecasts and Analysis - By End User
10.3.5Asia-Pacific Virtual Fitting Room Market Forecasts and Analysis - By Use Case
10.3.6Asia-Pacific Virtual Fitting Room Market Forecasts and Analysis - By Countries
10.3.6.1Australia Virtual Fitting Room Market
10.3.6.1.1Australia Virtual Fitting Room Market by Component
10.3.6.1.2Australia Virtual Fitting Room Market by End User
10.3.6.1.3Australia Virtual Fitting Room Market by Use Case
10.3.6.2China Virtual Fitting Room Market
10.3.6.2.1China Virtual Fitting Room Market by Component
10.3.6.2.2China Virtual Fitting Room Market by End User
10.3.6.2.3China Virtual Fitting Room Market by Use Case
10.3.6.3India Virtual Fitting Room Market
10.3.6.3.1India Virtual Fitting Room Market by Component
10.3.6.3.2India Virtual Fitting Room Market by End User
10.3.6.3.3India Virtual Fitting Room Market by Use Case
10.3.6.4Japan Virtual Fitting Room Market
10.3.6.4.1Japan Virtual Fitting Room Market by Component
10.3.6.4.2Japan Virtual Fitting Room Market by End User
10.3.6.4.3Japan Virtual Fitting Room Market by Use Case
10.3.6.5Rest of Asia-Pacific Virtual Fitting Room Market
10.3.6.5.1Rest of Asia-Pacific Virtual Fitting Room Market by Component
10.3.6.5.2Rest of Asia-Pacific Virtual Fitting Room Market by End User
10.3.6.5.3Rest of Asia-Pacific Virtual Fitting Room Market by Use Case
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Virtual Fitting Room Market Overview
10.4.2Middle East and Africa Virtual Fitting Room Market Forecasts and Analysis
10.4.3Middle East and Africa Virtual Fitting Room Market Forecasts and Analysis - By Component
10.4.4Middle East and Africa Virtual Fitting Room Market Forecasts and Analysis - By End User
10.4.5Middle East and Africa Virtual Fitting Room Market Forecasts and Analysis - By Use Case
10.4.6Middle East and Africa Virtual Fitting Room Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Virtual Fitting Room Market
10.4.6.1.1South Africa Virtual Fitting Room Market by Component
10.4.6.1.2South Africa Virtual Fitting Room Market by End User
10.4.6.1.3South Africa Virtual Fitting Room Market by Use Case
10.4.6.2Saudi Arabia Virtual Fitting Room Market
10.4.6.2.1Saudi Arabia Virtual Fitting Room Market by Component
10.4.6.2.2Saudi Arabia Virtual Fitting Room Market by End User
10.4.6.2.3Saudi Arabia Virtual Fitting Room Market by Use Case
10.4.6.3U.A.E Virtual Fitting Room Market
10.4.6.3.1U.A.E Virtual Fitting Room Market by Component
10.4.6.3.2U.A.E Virtual Fitting Room Market by End User
10.4.6.3.3U.A.E Virtual Fitting Room Market by Use Case
10.4.6.4Rest of Middle East and Africa Virtual Fitting Room Market
10.4.6.4.1Rest of Middle East and Africa Virtual Fitting Room Market by Component
10.4.6.4.2Rest of Middle East and Africa Virtual Fitting Room Market by End User
10.4.6.4.3Rest of Middle East and Africa Virtual Fitting Room Market by Use Case
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Virtual Fitting Room Market Overview
10.5.2South and Central America Virtual Fitting Room Market Forecasts and Analysis
10.5.3South and Central America Virtual Fitting Room Market Forecasts and Analysis - By Component
10.5.4South and Central America Virtual Fitting Room Market Forecasts and Analysis - By End User
10.5.5South and Central America Virtual Fitting Room Market Forecasts and Analysis - By Use Case
10.5.6South and Central America Virtual Fitting Room Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Virtual Fitting Room Market
10.5.6.1.1Brazil Virtual Fitting Room Market by Component
10.5.6.1.2Brazil Virtual Fitting Room Market by End User
10.5.6.1.3Brazil Virtual Fitting Room Market by Use Case
10.5.6.2Argentina Virtual Fitting Room Market
10.5.6.2.1Argentina Virtual Fitting Room Market by Component
10.5.6.2.2Argentina Virtual Fitting Room Market by End User
10.5.6.2.3Argentina Virtual Fitting Room Market by Use Case
10.5.6.3Rest of South and Central America Virtual Fitting Room Market
10.5.6.3.1Rest of South and Central America Virtual Fitting Room Market by Component
10.5.6.3.2Rest of South and Central America Virtual Fitting Room Market by End User
10.5.6.3.3Rest of South and Central America Virtual Fitting Room Market by Use Case
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.VIRTUAL FITTING ROOM MARKET, KEY COMPANY PROFILES
12.1.1. 3D-A-PORTER
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.ASTRAFIT
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.COITOR IT TECH
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.ELSE CORP SRL
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.FITNECT INTERACTIVE
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.MAGIC MIRROR
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.METAIL LIMITED
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.SIZEBAY
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.VISUALOOK
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.ZUGARA INC
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. 3D-A-PORTER
2.AstraFit
3.Coitor IT Tech
4.ELSE Corp srl
5.Fitnect Interactive
6.Magic Mirror
7.Metail Limited
8.Sizebay
9.Visualook
10.Zugara Inc
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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