Voice Picking Solution Market 2021-2031: Market Share and Forecast
The Voice Picking Solution Market is expected to register a CAGR of 15.4% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Voice Picking Solution Market report covers analysis By Component (Software, Service); Deployment (Cloud, On-Premise); End-user (Retail and E-commerce, Logistics and Transportation, Healthcare, Food and Beverage, Automotive, Others) , and Geography (North America, Europe, Asia Pacific, and 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.
Purpose of the ReportThe report Voice Picking Solution 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.
Voice Picking Solution Market Segmentation
Component- Software
- Service
- Cloud
- On-Premise
- Retail and E-commerce
- Logistics and Transportation
- Healthcare
- Food and Beverage
- Automotive
- Others
- 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
Voice Picking Solution Market Growth Drivers- Increasing Demand for Automation in Warehouses:
As warehouses and distribution centers strive to meet growing consumer demands and e-commerce needs, automation becomes crucial. Voice picking solutions streamline operations by reducing manual labor, speeding up the picking process, and minimizing human errors, making them an attractive option for businesses seeking efficiency.
- Rising E-Commerce and Retail Industry Growth:
The explosive growth of e-commerce and retail industries is driving the need for faster and more accurate order fulfillment processes. Voice picking solutions improve operational efficiency, enabling companies to handle larger order volumes with greater accuracy and speed.
- Cost Reduction and Efficiency Gains:
Voice picking systems offer substantial cost savings by reducing labor costs, improving workforce efficiency, and reducing order picking errors. These solutions are becoming more cost-effective as technology advances, making them appealing to companies of various sizes looking to optimize their supply chain.
- Adoption of Wearables and Hands-Free Devices:
The trend toward hands-free operations in warehouses is driving the adoption of wearable voice devices. These devices, such as headsets, smart glasses, and wrist-mounted computers, allow workers to receive voice prompts and execute tasks without needing to use their hands, further increasing productivity.
- Integration with AI and Machine Learning:
Voice picking systems are increasingly being enhanced by artificial intelligence (AI) and machine learning (ML). These technologies help optimize picking routes, forecast demand, and improve system performance by learning from past activities and adapting to changes in real-time.
- Cloud-Based Solutions:
Cloud-based voice picking solutions are gaining traction due to their ability to provide greater flexibility, scalability, and ease of integration with existing warehouse management systems (WMS). Cloud adoption allows for real-time monitoring and updates of picking operations, improving efficiency and reducing downtime.
- Expansion in Emerging Markets:
As businesses in emerging markets, particularly in Asia-Pacific, Latin America, and the Middle East, increasingly invest in automation to enhance supply chain efficiency, there is a significant opportunity for voice picking solution providers to expand their footprint in these regions.
- Adoption in Healthcare and Pharmaceuticals:
Industries such as healthcare, pharmaceuticals, and food distribution have critical requirements for accuracy and traceability in their supply chains. Voice picking solutions offer a reliable method for order picking, reducing errors and ensuring product quality, creating a growing opportunity in these sectors.
- Integration with Robotics and Automated Systems:
The integration of voice picking systems with robotics and automated material handling systems is a promising opportunity. Automated robots, guided by voice instructions, can assist in complex warehouse tasks, such as moving goods and replenishing stock, further enhancing efficiency and reducing operational costs.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Voice Picking Solution 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 Voice Picking Solution 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
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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 Voice Picking Solution Market is estimated to witness a CAGR of 15.4% from 2023 to 2031.
The major factors driving the market are: E-commerce expansion, Focus on worker productivity, Rising automation in warehousing
Key future trends in this market are -
Key companies of this market are: Bastian Solutions, Inc., Dematic, Ehrhardt + Partner Solutions Limited, Honeywell International Inc., Ivanti, LUCAS SYSTEMS, Voiteq, Voxware, Zebra Technologies, ZETES,
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 request are 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
1.3.1Voice Picking Solution Market - By Component
1.3.2Voice Picking Solution Market - By Deployment
1.3.3Voice Picking Solution Market - By End-user
1.3.4Voice Picking Solution Market - By Region
1.3.4.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.VOICE PICKING SOLUTION 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.VOICE PICKING SOLUTION 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.VOICE PICKING SOLUTION MARKET - GLOBAL MARKET ANALYSIS
6.1.VOICE PICKING SOLUTION - GLOBAL MARKET OVERVIEW
6.2.VOICE PICKING SOLUTION - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.VOICE PICKING SOLUTION MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1.OVERVIEW
7.2.COMPONENT MARKET FORECASTS AND ANALYSIS
7.3.SOFTWARE
7.3.1.Overview
7.3.2.Software Market Forecast and Analysis
7.4.SERVICE
7.4.1.Overview
7.4.2.Service Market Forecast and Analysis
8.VOICE PICKING SOLUTION MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT
8.1.OVERVIEW
8.2.DEPLOYMENT MARKET FORECASTS AND ANALYSIS
8.3.CLOUD
8.3.1.Overview
8.3.2.Cloud Market Forecast and Analysis
8.4.ON-PREMISE
8.4.1.Overview
8.4.2.On-Premise Market Forecast and Analysis
9.VOICE PICKING SOLUTION MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1.OVERVIEW
9.2.END-USER MARKET FORECASTS AND ANALYSIS
9.3.RETAIL AND E-COMMERCE
9.3.1.Overview
9.3.2.Retail and E-commerce Market Forecast and Analysis
9.4.LOGISTICS AND TRANSPORTATION
9.4.1.Overview
9.4.2.Logistics and Transportation Market Forecast and Analysis
9.5.HEALTHCARE
9.5.1.Overview
9.5.2.Healthcare Market Forecast and Analysis
9.6.FOOD AND BEVERAGE
9.6.1.Overview
9.6.2.Food and Beverage Market Forecast and Analysis
9.7.AUTOMOTIVE
9.7.1.Overview
9.7.2.Automotive Market Forecast and Analysis
9.8.OTHERS
9.8.1.Overview
9.8.2.Others Market Forecast and Analysis
10.VOICE PICKING SOLUTION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Voice Picking Solution Market Overview
10.1.2North America Voice Picking Solution Market Forecasts and Analysis
10.1.3North America Voice Picking Solution Market Forecasts and Analysis - By Component
10.1.4North America Voice Picking Solution Market Forecasts and Analysis - By Deployment
10.1.5North America Voice Picking Solution Market Forecasts and Analysis - By End-user
10.1.6North America Voice Picking Solution Market Forecasts and Analysis - By Countries
10.1.6.1United States Voice Picking Solution Market
10.1.6.1.1United States Voice Picking Solution Market by Component
10.1.6.1.2United States Voice Picking Solution Market by Deployment
10.1.6.1.3United States Voice Picking Solution Market by End-user
10.1.6.2Canada Voice Picking Solution Market
10.1.6.2.1Canada Voice Picking Solution Market by Component
10.1.6.2.2Canada Voice Picking Solution Market by Deployment
10.1.6.2.3Canada Voice Picking Solution Market by End-user
10.1.6.3Mexico Voice Picking Solution Market
10.1.6.3.1Mexico Voice Picking Solution Market by Component
10.1.6.3.2Mexico Voice Picking Solution Market by Deployment
10.1.6.3.3Mexico Voice Picking Solution Market by End-user
10.2.EUROPE
10.2.1Europe Voice Picking Solution Market Overview
10.2.2Europe Voice Picking Solution Market Forecasts and Analysis
10.2.3Europe Voice Picking Solution Market Forecasts and Analysis - By Component
10.2.4Europe Voice Picking Solution Market Forecasts and Analysis - By Deployment
10.2.5Europe Voice Picking Solution Market Forecasts and Analysis - By End-user
10.2.6Europe Voice Picking Solution Market Forecasts and Analysis - By Countries
10.2.6.1Germany Voice Picking Solution Market
10.2.6.1.1Germany Voice Picking Solution Market by Component
10.2.6.1.2Germany Voice Picking Solution Market by Deployment
10.2.6.1.3Germany Voice Picking Solution Market by End-user
10.2.6.2France Voice Picking Solution Market
10.2.6.2.1France Voice Picking Solution Market by Component
10.2.6.2.2France Voice Picking Solution Market by Deployment
10.2.6.2.3France Voice Picking Solution Market by End-user
10.2.6.3Italy Voice Picking Solution Market
10.2.6.3.1Italy Voice Picking Solution Market by Component
10.2.6.3.2Italy Voice Picking Solution Market by Deployment
10.2.6.3.3Italy Voice Picking Solution Market by End-user
10.2.6.4United Kingdom Voice Picking Solution Market
10.2.6.4.1United Kingdom Voice Picking Solution Market by Component
10.2.6.4.2United Kingdom Voice Picking Solution Market by Deployment
10.2.6.4.3United Kingdom Voice Picking Solution Market by End-user
10.2.6.5Russia Voice Picking Solution Market
10.2.6.5.1Russia Voice Picking Solution Market by Component
10.2.6.5.2Russia Voice Picking Solution Market by Deployment
10.2.6.5.3Russia Voice Picking Solution Market by End-user
10.2.6.6Rest of Europe Voice Picking Solution Market
10.2.6.6.1Rest of Europe Voice Picking Solution Market by Component
10.2.6.6.2Rest of Europe Voice Picking Solution Market by Deployment
10.2.6.6.3Rest of Europe Voice Picking Solution Market by End-user
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Voice Picking Solution Market Overview
10.3.2Asia-Pacific Voice Picking Solution Market Forecasts and Analysis
10.3.3Asia-Pacific Voice Picking Solution Market Forecasts and Analysis - By Component
10.3.4Asia-Pacific Voice Picking Solution Market Forecasts and Analysis - By Deployment
10.3.5Asia-Pacific Voice Picking Solution Market Forecasts and Analysis - By End-user
10.3.6Asia-Pacific Voice Picking Solution Market Forecasts and Analysis - By Countries
10.3.6.1Australia Voice Picking Solution Market
10.3.6.1.1Australia Voice Picking Solution Market by Component
10.3.6.1.2Australia Voice Picking Solution Market by Deployment
10.3.6.1.3Australia Voice Picking Solution Market by End-user
10.3.6.2China Voice Picking Solution Market
10.3.6.2.1China Voice Picking Solution Market by Component
10.3.6.2.2China Voice Picking Solution Market by Deployment
10.3.6.2.3China Voice Picking Solution Market by End-user
10.3.6.3India Voice Picking Solution Market
10.3.6.3.1India Voice Picking Solution Market by Component
10.3.6.3.2India Voice Picking Solution Market by Deployment
10.3.6.3.3India Voice Picking Solution Market by End-user
10.3.6.4Japan Voice Picking Solution Market
10.3.6.4.1Japan Voice Picking Solution Market by Component
10.3.6.4.2Japan Voice Picking Solution Market by Deployment
10.3.6.4.3Japan Voice Picking Solution Market by End-user
10.3.6.5South Korea Voice Picking Solution Market
10.3.6.5.1South Korea Voice Picking Solution Market by Component
10.3.6.5.2South Korea Voice Picking Solution Market by Deployment
10.3.6.5.3South Korea Voice Picking Solution Market by End-user
10.3.6.6Rest of Asia-Pacific Voice Picking Solution Market
10.3.6.6.1Rest of Asia-Pacific Voice Picking Solution Market by Component
10.3.6.6.2Rest of Asia-Pacific Voice Picking Solution Market by Deployment
10.3.6.6.3Rest of Asia-Pacific Voice Picking Solution Market by End-user
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Voice Picking Solution Market Overview
10.4.2Middle East and Africa Voice Picking Solution Market Forecasts and Analysis
10.4.3Middle East and Africa Voice Picking Solution Market Forecasts and Analysis - By Component
10.4.4Middle East and Africa Voice Picking Solution Market Forecasts and Analysis - By Deployment
10.4.5Middle East and Africa Voice Picking Solution Market Forecasts and Analysis - By End-user
10.4.6Middle East and Africa Voice Picking Solution Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Voice Picking Solution Market
10.4.6.1.1South Africa Voice Picking Solution Market by Component
10.4.6.1.2South Africa Voice Picking Solution Market by Deployment
10.4.6.1.3South Africa Voice Picking Solution Market by End-user
10.4.6.2Saudi Arabia Voice Picking Solution Market
10.4.6.2.1Saudi Arabia Voice Picking Solution Market by Component
10.4.6.2.2Saudi Arabia Voice Picking Solution Market by Deployment
10.4.6.2.3Saudi Arabia Voice Picking Solution Market by End-user
10.4.6.3U.A.E Voice Picking Solution Market
10.4.6.3.1U.A.E Voice Picking Solution Market by Component
10.4.6.3.2U.A.E Voice Picking Solution Market by Deployment
10.4.6.3.3U.A.E Voice Picking Solution Market by End-user
10.4.6.4Rest of Middle East and Africa Voice Picking Solution Market
10.4.6.4.1Rest of Middle East and Africa Voice Picking Solution Market by Component
10.4.6.4.2Rest of Middle East and Africa Voice Picking Solution Market by Deployment
10.4.6.4.3Rest of Middle East and Africa Voice Picking Solution Market by End-user
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Voice Picking Solution Market Overview
10.5.2South and Central America Voice Picking Solution Market Forecasts and Analysis
10.5.3South and Central America Voice Picking Solution Market Forecasts and Analysis - By Component
10.5.4South and Central America Voice Picking Solution Market Forecasts and Analysis - By Deployment
10.5.5South and Central America Voice Picking Solution Market Forecasts and Analysis - By End-user
10.5.6South and Central America Voice Picking Solution Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Voice Picking Solution Market
10.5.6.1.1Brazil Voice Picking Solution Market by Component
10.5.6.1.2Brazil Voice Picking Solution Market by Deployment
10.5.6.1.3Brazil Voice Picking Solution Market by End-user
10.5.6.2Argentina Voice Picking Solution Market
10.5.6.2.1Argentina Voice Picking Solution Market by Component
10.5.6.2.2Argentina Voice Picking Solution Market by Deployment
10.5.6.2.3Argentina Voice Picking Solution Market by End-user
10.5.6.3Rest of South and Central America Voice Picking Solution Market
10.5.6.3.1Rest of South and Central America Voice Picking Solution Market by Component
10.5.6.3.2Rest of South and Central America Voice Picking Solution Market by Deployment
10.5.6.3.3Rest of South and Central America Voice Picking Solution Market by End-user
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.VOICE PICKING SOLUTION MARKET, KEY COMPANY PROFILES
12.1.BASTIAN SOLUTIONS, INC.
12.1.1.Key Facts
12.1.2.Business Description
12.1.3.Products and Services
12.1.4.Financial Overview
12.1.5.SWOT Analysis
12.1.6.Key Developments
12.2.DEMATIC
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.EHRHARDT + PARTNER
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.HONEYWELL INTERNATIONAL 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.IVANTI
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.LUCAS SYSTEMS
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.VOITEQ
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.VOXWARE
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.ZEBRA TECHNOLOGIES
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.ZETES
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. Bastian Solutions, Inc.
2. Dematic
3. EHRHARDT + PARTNER
4. Honeywell International Inc.
5. Ivanti
6. LUCAS SYSTEMS
7. Voiteq
8. Voxware
9. Zebra Technologies
10. ZETES
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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