Wearable Payments Devices Market Scope and Size by 2031
The wearable payments devices market size is expected to grow at a CAGR of 15.8% from 2023 to 2031. The wearable payments devices market includes growth prospects owing to the current wearable payments devices market trends and their foreseeable impact during the forecast period. The wearable payments devices market is growing due to factors such as growing adoption of cashless transactions, increasing adoption of wearable devices, and rising internet penetration
Wearable Payments Devices Market Analysis
Wearable payment devices are gadgets, like smartwatches or wristbands, equipped with technology that lets users make payments without cash or cards. Many wearable payment devices offer enhanced security features like biometric authentication or tokenization, making transactions safer than carrying physical cards. Some wearable payment devices also offer features to track spending habits, helping users manage their finances more effectively.
Wearable Payments Devices Market Industry Overview
- The wearable payment devices market industry is evolving rapidly, with a growing demand for convenient and secure payment solutions.
- Companies are innovating to offer sleek, stylish devices that appeal to consumers' tastes while providing seamless transaction experiences.
- As more people embrace digital payment methods, the market for wearable payment devices continues to expand, offering opportunities for businesses and meet evolving consumer needs.
Wearable Payments Devices Market Driver
Growing Adoption Of Wearable Devices To Drive The Wearable Payments Devices Market
- The wearable technology market has grown substantially, with major players such as Apple and Samsung. According to Gitnux, 640 million wearable technology devices are expected to be shipped worldwide by 2031.
- With an increasing number of people embracing wearable technology for fitness tracking, notifications, and other functionalities, the integration of payment capabilities adds another layer of convenience to these devices.
Wearable Payments Devices Market Report Segmentation Analysis
- Based on the device type, the wearable payments devices market is segmented into smart watches, fitness trackers, payment wristbands, smart rings, and others. The smart watches segment is expected to hold a substantial wearable payments devices market share in 2023.
Wearable Payments Devices Market Share Analysis By Geography
The scope of the wearable payments devices market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant wearable payments devices market share owing to factors such as the widespread adoption of wearable technology and the increasing preference for cashless transactions. Consumers in the region are embracing wearable devices like smartwatches and fitness trackers, which are often equipped with payment functionalities for added convenience. Moreover, North America has the presence of major players such as Apple, Google, and Fitbit, which are driving innovation in wearable payment technology.
Wearable Payments Devices Market Report Scope
The "Wearable Payments Devices Market Analysis" was carried out based on device type, technology, and geography. On the basis of device type, the market is segmented into smart watches, fitness trackers, payment wristbands, smart rings, and others. On the basis of technology, the market is segmented into NFC, RFID, QR, and Barcode. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Wearable Payments Devices Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the wearable payments devices market. A few recent key market developments are listed below:
- In March 2024, IndusInd Bank announced a partnership with Tappy Technologies and Thales to launch a tokenization solution for wearable payments. The Indus PayWear app will enable the bank’s customers to tokenize their credit and debit cards, which can then be applied to Indus PayWear wearables such as rings, watch clasps, and stickers to facilitate contactless payments.
[Source: IndusInd Bank, Press Release]
- In October 2022, Curve announced a partnership with the Swedish technology company Fidesmo to enable its customers to make contactless payments with wearable devices. Offering a wearable collection of rings, bracelets, and keychains, Fidesmo’s partnership with Curve allowed its UK and European Economic Area (EEA) customers to add multiple payment cards to Fidesmo devices, using them to pay at contactless terminals.
[Source: Curve, Press Release]
Wearable Payments Devices Market Report Coverage & Deliverables
The wearable payments devices market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Wearable Payments Devices Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels 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, and recent developments.
- Detailed company profiles.
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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.
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 Wearable Payments Devices Market - By Device Type
1.3.2 Wearable Payments Devices Market - By Technology
1.3.3 Wearable Payments Devices Market - By Application
1.3.4 Wearable Payments Devices Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. WEARABLE PAYMENTS DEVICES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. WEARABLE PAYMENTS DEVICES 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. WEARABLE PAYMENTS DEVICES MARKET - GLOBAL MARKET ANALYSIS
6.1. WEARABLE PAYMENTS DEVICES - GLOBAL MARKET OVERVIEW
6.2. WEARABLE PAYMENTS DEVICES - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. WEARABLE PAYMENTS DEVICES MARKET - REVENUE AND FORECASTS TO 2027 - DEVICE TYPE
7.1. OVERVIEW
7.2. DEVICE TYPE MARKET FORECASTS AND ANALYSIS
7.3. FITNESS TRACKER
7.3.1. Overview
7.3.2. Fitness Tracker Market Forecast and Analysis
7.4. PAYMENT WRISTBANDS
7.4.1. Overview
7.4.2. Payment Wristbands Market Forecast and Analysis
7.5. SMART WATCHES
7.5.1. Overview
7.5.2. Smart Watches Market Forecast and Analysis
8. WEARABLE PAYMENTS DEVICES MARKET - REVENUE AND FORECASTS TO 2027 - TECHNOLOGY
8.1. OVERVIEW
8.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
8.3. BARCODES
8.3.1. Overview
8.3.2. Barcodes Market Forecast and Analysis
8.4. CONTACTLESS POINT OF SALE (POS) TERMINALS
8.4.1. Overview
8.4.2. Contactless Point of Sale (POS) Terminals Market Forecast and Analysis
8.5. NEAR FIELD COMMUNICATION (NFC)
8.5.1. Overview
8.5.2. Near Field Communication (NFC) Market Forecast and Analysis
8.6. QUICK RESPONSE (QR) CODES
8.6.1. Overview
8.6.2. Quick Response (QR) Codes Market Forecast and Analysis
8.7. RADIO FREQUENCY IDENTIFICATION (RFID)
8.7.1. Overview
8.7.2. Radio Frequency Identification (RFID) Market Forecast and Analysis
9. WEARABLE PAYMENTS DEVICES MARKET - REVENUE AND FORECASTS TO 2027 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. FESTIVAL AND LIFE EVENTS
9.3.1. Overview
9.3.2. Festival and Life Events Market Forecast and Analysis
9.4. FITNESS
9.4.1. Overview
9.4.2. Fitness Market Forecast and Analysis
9.5. HEALTHCARE
9.5.1. Overview
9.5.2. Healthcare Market Forecast and Analysis
9.6. RETAIL
9.6.1. Overview
9.6.2. Retail Market Forecast and Analysis
9.7. TRANSPORTATION
9.7.1. Overview
9.7.2. Transportation Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. WEARABLE PAYMENTS DEVICES MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Wearable Payments Devices Market Overview
10.1.2 North America Wearable Payments Devices Market Forecasts and Analysis
10.1.3 North America Wearable Payments Devices Market Forecasts and Analysis - By Device Type
10.1.4 North America Wearable Payments Devices Market Forecasts and Analysis - By Technology
10.1.5 North America Wearable Payments Devices Market Forecasts and Analysis - By Application
10.1.6 North America Wearable Payments Devices Market Forecasts and Analysis - By Countries
10.1.6.1 United States Wearable Payments Devices Market
10.1.6.1.1 United States Wearable Payments Devices Market by Device Type
10.1.6.1.2 United States Wearable Payments Devices Market by Technology
10.1.6.1.3 United States Wearable Payments Devices Market by Application
10.1.6.2 Canada Wearable Payments Devices Market
10.1.6.2.1 Canada Wearable Payments Devices Market by Device Type
10.1.6.2.2 Canada Wearable Payments Devices Market by Technology
10.1.6.2.3 Canada Wearable Payments Devices Market by Application
10.1.6.3 Mexico Wearable Payments Devices Market
10.1.6.3.1 Mexico Wearable Payments Devices Market by Device Type
10.1.6.3.2 Mexico Wearable Payments Devices Market by Technology
10.1.6.3.3 Mexico Wearable Payments Devices Market by Application
10.2. EUROPE
10.2.1 Europe Wearable Payments Devices Market Overview
10.2.2 Europe Wearable Payments Devices Market Forecasts and Analysis
10.2.3 Europe Wearable Payments Devices Market Forecasts and Analysis - By Device Type
10.2.4 Europe Wearable Payments Devices Market Forecasts and Analysis - By Technology
10.2.5 Europe Wearable Payments Devices Market Forecasts and Analysis - By Application
10.2.6 Europe Wearable Payments Devices Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Wearable Payments Devices Market
10.2.6.1.1 Germany Wearable Payments Devices Market by Device Type
10.2.6.1.2 Germany Wearable Payments Devices Market by Technology
10.2.6.1.3 Germany Wearable Payments Devices Market by Application
10.2.6.2 France Wearable Payments Devices Market
10.2.6.2.1 France Wearable Payments Devices Market by Device Type
10.2.6.2.2 France Wearable Payments Devices Market by Technology
10.2.6.2.3 France Wearable Payments Devices Market by Application
10.2.6.3 Italy Wearable Payments Devices Market
10.2.6.3.1 Italy Wearable Payments Devices Market by Device Type
10.2.6.3.2 Italy Wearable Payments Devices Market by Technology
10.2.6.3.3 Italy Wearable Payments Devices Market by Application
10.2.6.4 United Kingdom Wearable Payments Devices Market
10.2.6.4.1 United Kingdom Wearable Payments Devices Market by Device Type
10.2.6.4.2 United Kingdom Wearable Payments Devices Market by Technology
10.2.6.4.3 United Kingdom Wearable Payments Devices Market by Application
10.2.6.5 Russia Wearable Payments Devices Market
10.2.6.5.1 Russia Wearable Payments Devices Market by Device Type
10.2.6.5.2 Russia Wearable Payments Devices Market by Technology
10.2.6.5.3 Russia Wearable Payments Devices Market by Application
10.2.6.6 Rest of Europe Wearable Payments Devices Market
10.2.6.6.1 Rest of Europe Wearable Payments Devices Market by Device Type
10.2.6.6.2 Rest of Europe Wearable Payments Devices Market by Technology
10.2.6.6.3 Rest of Europe Wearable Payments Devices Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Wearable Payments Devices Market Overview
10.3.2 Asia-Pacific Wearable Payments Devices Market Forecasts and Analysis
10.3.3 Asia-Pacific Wearable Payments Devices Market Forecasts and Analysis - By Device Type
10.3.4 Asia-Pacific Wearable Payments Devices Market Forecasts and Analysis - By Technology
10.3.5 Asia-Pacific Wearable Payments Devices Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Wearable Payments Devices Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Wearable Payments Devices Market
10.3.6.1.1 Australia Wearable Payments Devices Market by Device Type
10.3.6.1.2 Australia Wearable Payments Devices Market by Technology
10.3.6.1.3 Australia Wearable Payments Devices Market by Application
10.3.6.2 China Wearable Payments Devices Market
10.3.6.2.1 China Wearable Payments Devices Market by Device Type
10.3.6.2.2 China Wearable Payments Devices Market by Technology
10.3.6.2.3 China Wearable Payments Devices Market by Application
10.3.6.3 India Wearable Payments Devices Market
10.3.6.3.1 India Wearable Payments Devices Market by Device Type
10.3.6.3.2 India Wearable Payments Devices Market by Technology
10.3.6.3.3 India Wearable Payments Devices Market by Application
10.3.6.4 Japan Wearable Payments Devices Market
10.3.6.4.1 Japan Wearable Payments Devices Market by Device Type
10.3.6.4.2 Japan Wearable Payments Devices Market by Technology
10.3.6.4.3 Japan Wearable Payments Devices Market by Application
10.3.6.5 South Korea Wearable Payments Devices Market
10.3.6.5.1 South Korea Wearable Payments Devices Market by Device Type
10.3.6.5.2 South Korea Wearable Payments Devices Market by Technology
10.3.6.5.3 South Korea Wearable Payments Devices Market by Application
10.3.6.6 Rest of Asia-Pacific Wearable Payments Devices Market
10.3.6.6.1 Rest of Asia-Pacific Wearable Payments Devices Market by Device Type
10.3.6.6.2 Rest of Asia-Pacific Wearable Payments Devices Market by Technology
10.3.6.6.3 Rest of Asia-Pacific Wearable Payments Devices Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Wearable Payments Devices Market Overview
10.4.2 Middle East and Africa Wearable Payments Devices Market Forecasts and Analysis
10.4.3 Middle East and Africa Wearable Payments Devices Market Forecasts and Analysis - By Device Type
10.4.4 Middle East and Africa Wearable Payments Devices Market Forecasts and Analysis - By Technology
10.4.5 Middle East and Africa Wearable Payments Devices Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Wearable Payments Devices Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Wearable Payments Devices Market
10.4.6.1.1 South Africa Wearable Payments Devices Market by Device Type
10.4.6.1.2 South Africa Wearable Payments Devices Market by Technology
10.4.6.1.3 South Africa Wearable Payments Devices Market by Application
10.4.6.2 Saudi Arabia Wearable Payments Devices Market
10.4.6.2.1 Saudi Arabia Wearable Payments Devices Market by Device Type
10.4.6.2.2 Saudi Arabia Wearable Payments Devices Market by Technology
10.4.6.2.3 Saudi Arabia Wearable Payments Devices Market by Application
10.4.6.3 U.A.E Wearable Payments Devices Market
10.4.6.3.1 U.A.E Wearable Payments Devices Market by Device Type
10.4.6.3.2 U.A.E Wearable Payments Devices Market by Technology
10.4.6.3.3 U.A.E Wearable Payments Devices Market by Application
10.4.6.4 Rest of Middle East and Africa Wearable Payments Devices Market
10.4.6.4.1 Rest of Middle East and Africa Wearable Payments Devices Market by Device Type
10.4.6.4.2 Rest of Middle East and Africa Wearable Payments Devices Market by Technology
10.4.6.4.3 Rest of Middle East and Africa Wearable Payments Devices Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Wearable Payments Devices Market Overview
10.5.2 South and Central America Wearable Payments Devices Market Forecasts and Analysis
10.5.3 South and Central America Wearable Payments Devices Market Forecasts and Analysis - By Device Type
10.5.4 South and Central America Wearable Payments Devices Market Forecasts and Analysis - By Technology
10.5.5 South and Central America Wearable Payments Devices Market Forecasts and Analysis - By Application
10.5.6 South and Central America Wearable Payments Devices Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Wearable Payments Devices Market
10.5.6.1.1 Brazil Wearable Payments Devices Market by Device Type
10.5.6.1.2 Brazil Wearable Payments Devices Market by Technology
10.5.6.1.3 Brazil Wearable Payments Devices Market by Application
10.5.6.2 Argentina Wearable Payments Devices Market
10.5.6.2.1 Argentina Wearable Payments Devices Market by Device Type
10.5.6.2.2 Argentina Wearable Payments Devices Market by Technology
10.5.6.2.3 Argentina Wearable Payments Devices Market by Application
10.5.6.3 Rest of South and Central America Wearable Payments Devices Market
10.5.6.3.1 Rest of South and Central America Wearable Payments Devices Market by Device Type
10.5.6.3.2 Rest of South and Central America Wearable Payments Devices Market by Technology
10.5.6.3.3 Rest of South and Central America Wearable Payments Devices Market by Application
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. WEARABLE PAYMENTS DEVICES MARKET, KEY COMPANY PROFILES
12.1. APPLE, 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. BARCLAYS PLC
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. GEMALTO NV
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. GOOGLE LLC
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. MASTERCARD
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. NYMI
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. PAYPAL HOLDINGS 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. SAMSUNG ELECTRONICS;
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. VISA 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. WIRECARD
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. Apple, Inc.
2. Barclays PLC
3. Gemalto NV
4. Google LLC
5. Mastercard
6. Nymi
7. PayPal Holdings Inc.
8. Samsung Electronics;
9. Visa Inc.
10. Wirecard
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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