Wellsite Monitoring Software Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Wellsite monitoring software (WMS) solution is a direct replacement or substitute for hydraulic load cells and existing cable sensors at industrial plants and industrial sites. WMS includes wireless sensors instead of wired network and improves safety. A WMS is more efficient at a wellsite, makes it easy to collect data and transfer to the server side, and is a cost effective solution for industries. WMS is a combination of wireless technology, load cells used in oil and gas equipment, and internet of things (IoT) solution to improve safety at worksites. WMS also enables wireless functionality to cabled sensors which reduces industry expenses to replace existing sensors during the upgrade process. WMS is primarily used in wire line logging, pressure monitoring, or measurement during the drilling process and blowout preventer lifting process.
MARKET DYNAMICS
Increasing adoption of wireless devices to monitor equipment pressure and improve safety and operational efficiency at well sites are driving the growth of the wellsite monitoring software market. However, the growing open-source wellsite monitoring software may restrain the growth of the wellsite monitoring software market. Furthermore, the rising demand for cable free load cells and oil field digitalization is anticipated to create a market opportunity for the wellsite monitoring software market during the forecast period.
MARKET SCOPE
The "Global Wellsite Monitoring Software Market Analysis To 2028" is a specialized and in-depth study of the technology, media and telecommunications industry with a special focus on the global market trend analysis. The wellsite monitoring software market report aims to provide an overview of the wellsite monitoring software market with detailed market segmentation by deployment type, application, and geography. The global wellsite monitoring software market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading wellsite monitoring software market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global wellsite monitoring software market is segmented on the basis of deployment type, application. Based on deployment type, the wellsite monitoring software market is segmented into: onshore and offshore. On the basis of application, the wellsite monitoring software market is segmented into: remote well site monitoring, alerting and reporting, predictive analysis, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global wellsite monitoring software market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The wellsite monitoring software market by each region is later sub-segmented by respective countries and segments. The wellsite monitoring software market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the wellsite monitoring software market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i. e. , drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the wellsite monitoring software market in these regions.
IMPACT OF COVID-19 ON WELLSITE MONITORING SOFTWARE MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the wellsite monitoring software market. The government of several countries decided to impose a lockdown for restricting the flow of COVID-19. The lockdown hindered the operations of various industries, including manufacturing and construction. The majority of the manufacturing plants were either temporarily shut down or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the global manufacturers. The outbreak has severely affected the production and revenue generation with the lower number of manufacturing staff. Thus, the factors mentioned above have had a negative impact on the growth of the wellsite monitoring software market globally.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global wellsite monitoring software market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The wellsite monitoring software market by each region is later sub-segmented by respective countries and segments. The wellsite monitoring software market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the wellsite monitoring software market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i. e. , drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the wellsite monitoring software market in these regions.
IMPACT OF COVID-19 ON WELLSITE MONITORING SOFTWARE MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the wellsite monitoring software market. The government of several countries decided to impose a lockdown for restricting the flow of COVID-19. The lockdown hindered the operations of various industries, including manufacturing and construction. The majority of the manufacturing plants were either temporarily shut down or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the global manufacturers. The outbreak has severely affected the production and revenue generation with the lower number of manufacturing staff. Thus, the factors mentioned above have had a negative impact on the growth of the wellsite monitoring software market globally.
MARKET PLAYERS
The reports cover key developments in the wellsite monitoring software market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from wellsite monitoring software market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the wellsite monitoring software market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the wellsite monitoring software market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Baker Hughes Company
- Bluetick, Inc.
- EION Inc.
- Exone Mobile Corporation
- IHS Markit
- James Fisher and Sons plc.
- National Oilwell varco
- Osprey Informatics
- Schlumberger Limited
- Wellsite
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Country Scope
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1. INTRODUCTION
1. 1. SCOPE OF THE STUDY
1. 2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1. 3. MARKET SEGMENTATION
1. 3. 1 Wellsite Monitoring Software Market - By Deployment Type
1. 3. 2 Wellsite Monitoring Software Market - By Application
1. 3. 3 Wellsite Monitoring Software Market - By Region
1. 3. 3. 1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. WELLSITE MONITORING SOFTWARE 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. WELLSITE MONITORING SOFTWARE 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. WELLSITE MONITORING SOFTWARE MARKET - GLOBAL MARKET ANALYSIS
6. 1. WELLSITE MONITORING SOFTWARE - GLOBAL MARKET OVERVIEW
6. 2. WELLSITE MONITORING SOFTWARE - GLOBAL MARKET AND FORECAST TO 2028
6. 3. MARKET POSITIONING
7. WELLSITE MONITORING SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT TYPE
7. 1. OVERVIEW
7. 2. DEPLOYMENT TYPE MARKET FORECASTS AND ANALYSIS
7. 3. ONSHORE
7. 3. 1. Overview
7. 3. 2. Onshore Market Forecast and Analysis
7. 4. OFFSHORE
7. 4. 1. Overview
7. 4. 2. Offshore Market Forecast and Analysis
8. WELLSITE MONITORING SOFTWARE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8. 1. OVERVIEW
8. 2. APPLICATION MARKET FORECASTS AND ANALYSIS
8. 3. REMOTE WELL SITE MONITORING
8. 3. 1. Overview
8. 3. 2. Remote Well Site Monitoring Market Forecast and Analysis
8. 4. ALERTING AND REPORTING
8. 4. 1. Overview
8. 4. 2. Alerting and Reporting Market Forecast and Analysis
8. 5. PREDICTIVE ANALYSIS
8. 5. 1. Overview
8. 5. 2. Predictive Analysis Market Forecast and Analysis
8. 6. OTHERS
8. 6. 1. Overview
8. 6. 2. Others Market Forecast and Analysis
9. WELLSITE MONITORING SOFTWARE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9. 1. NORTH AMERICA
9. 1. 1 North America Wellsite Monitoring Software Market Overview
9. 1. 2 North America Wellsite Monitoring Software Market Forecasts and Analysis
9. 1. 3 North America Wellsite Monitoring Software Market Forecasts and Analysis - By Deployment Type
9. 1. 4 North America Wellsite Monitoring Software Market Forecasts and Analysis - By Application
9. 1. 5 North America Wellsite Monitoring Software Market Forecasts and Analysis - By Countries
9. 1. 5. 1 United States Wellsite Monitoring Software Market
9. 1. 5. 1. 1 United States Wellsite Monitoring Software Market by Deployment Type
9. 1. 5. 1. 2 United States Wellsite Monitoring Software Market by Application
9. 1. 5. 2 Canada Wellsite Monitoring Software Market
9. 1. 5. 2. 1 Canada Wellsite Monitoring Software Market by Deployment Type
9. 1. 5. 2. 2 Canada Wellsite Monitoring Software Market by Application
9. 1. 5. 3 Mexico Wellsite Monitoring Software Market
9. 1. 5. 3. 1 Mexico Wellsite Monitoring Software Market by Deployment Type
9. 1. 5. 3. 2 Mexico Wellsite Monitoring Software Market by Application
9. 2. EUROPE
9. 2. 1 Europe Wellsite Monitoring Software Market Overview
9. 2. 2 Europe Wellsite Monitoring Software Market Forecasts and Analysis
9. 2. 3 Europe Wellsite Monitoring Software Market Forecasts and Analysis - By Deployment Type
9. 2. 4 Europe Wellsite Monitoring Software Market Forecasts and Analysis - By Application
9. 2. 5 Europe Wellsite Monitoring Software Market Forecasts and Analysis - By Countries
9. 2. 5. 1 Germany Wellsite Monitoring Software Market
9. 2. 5. 1. 1 Germany Wellsite Monitoring Software Market by Deployment Type
9. 2. 5. 1. 2 Germany Wellsite Monitoring Software Market by Application
9. 2. 5. 2 France Wellsite Monitoring Software Market
9. 2. 5. 2. 1 France Wellsite Monitoring Software Market by Deployment Type
9. 2. 5. 2. 2 France Wellsite Monitoring Software Market by Application
9. 2. 5. 3 Italy Wellsite Monitoring Software Market
9. 2. 5. 3. 1 Italy Wellsite Monitoring Software Market by Deployment Type
9. 2. 5. 3. 2 Italy Wellsite Monitoring Software Market by Application
9. 2. 5. 4 United Kingdom Wellsite Monitoring Software Market
9. 2. 5. 4. 1 United Kingdom Wellsite Monitoring Software Market by Deployment Type
9. 2. 5. 4. 2 United Kingdom Wellsite Monitoring Software Market by Application
9. 2. 5. 5 Russia Wellsite Monitoring Software Market
9. 2. 5. 5. 1 Russia Wellsite Monitoring Software Market by Deployment Type
9. 2. 5. 5. 2 Russia Wellsite Monitoring Software Market by Application
9. 2. 5. 6 Rest of Europe Wellsite Monitoring Software Market
9. 2. 5. 6. 1 Rest of Europe Wellsite Monitoring Software Market by Deployment Type
9. 2. 5. 6. 2 Rest of Europe Wellsite Monitoring Software Market by Application
9. 3. ASIA-PACIFIC
9. 3. 1 Asia-Pacific Wellsite Monitoring Software Market Overview
9. 3. 2 Asia-Pacific Wellsite Monitoring Software Market Forecasts and Analysis
9. 3. 3 Asia-Pacific Wellsite Monitoring Software Market Forecasts and Analysis - By Deployment Type
9. 3. 4 Asia-Pacific Wellsite Monitoring Software Market Forecasts and Analysis - By Application
9. 3. 5 Asia-Pacific Wellsite Monitoring Software Market Forecasts and Analysis - By Countries
9. 3. 5. 1 Australia Wellsite Monitoring Software Market
9. 3. 5. 1. 1 Australia Wellsite Monitoring Software Market by Deployment Type
9. 3. 5. 1. 2 Australia Wellsite Monitoring Software Market by Application
9. 3. 5. 2 China Wellsite Monitoring Software Market
9. 3. 5. 2. 1 China Wellsite Monitoring Software Market by Deployment Type
9. 3. 5. 2. 2 China Wellsite Monitoring Software Market by Application
9. 3. 5. 3 India Wellsite Monitoring Software Market
9. 3. 5. 3. 1 India Wellsite Monitoring Software Market by Deployment Type
9. 3. 5. 3. 2 India Wellsite Monitoring Software Market by Application
9. 3. 5. 4 Japan Wellsite Monitoring Software Market
9. 3. 5. 4. 1 Japan Wellsite Monitoring Software Market by Deployment Type
9. 3. 5. 4. 2 Japan Wellsite Monitoring Software Market by Application
9. 3. 5. 5 South Korea Wellsite Monitoring Software Market
9. 3. 5. 5. 1 South Korea Wellsite Monitoring Software Market by Deployment Type
9. 3. 5. 5. 2 South Korea Wellsite Monitoring Software Market by Application
9. 3. 5. 6 Rest of Asia-Pacific Wellsite Monitoring Software Market
9. 3. 5. 6. 1 Rest of Asia-Pacific Wellsite Monitoring Software Market by Deployment Type
9. 3. 5. 6. 2 Rest of Asia-Pacific Wellsite Monitoring Software Market by Application
9. 4. MIDDLE EAST AND AFRICA
9. 4. 1 Middle East and Africa Wellsite Monitoring Software Market Overview
9. 4. 2 Middle East and Africa Wellsite Monitoring Software Market Forecasts and Analysis
9. 4. 3 Middle East and Africa Wellsite Monitoring Software Market Forecasts and Analysis - By Deployment Type
9. 4. 4 Middle East and Africa Wellsite Monitoring Software Market Forecasts and Analysis - By Application
9. 4. 5 Middle East and Africa Wellsite Monitoring Software Market Forecasts and Analysis - By Countries
9. 4. 5. 1 South Africa Wellsite Monitoring Software Market
9. 4. 5. 1. 1 South Africa Wellsite Monitoring Software Market by Deployment Type
9. 4. 5. 1. 2 South Africa Wellsite Monitoring Software Market by Application
9. 4. 5. 2 Saudi Arabia Wellsite Monitoring Software Market
9. 4. 5. 2. 1 Saudi Arabia Wellsite Monitoring Software Market by Deployment Type
9. 4. 5. 2. 2 Saudi Arabia Wellsite Monitoring Software Market by Application
9. 4. 5. 3 U. A. E Wellsite Monitoring Software Market
9. 4. 5. 3. 1 U. A. E Wellsite Monitoring Software Market by Deployment Type
9. 4. 5. 3. 2 U. A. E Wellsite Monitoring Software Market by Application
9. 4. 5. 4 Rest of Middle East and Africa Wellsite Monitoring Software Market
9. 4. 5. 4. 1 Rest of Middle East and Africa Wellsite Monitoring Software Market by Deployment Type
9. 4. 5. 4. 2 Rest of Middle East and Africa Wellsite Monitoring Software Market by Application
9. 5. SOUTH AND CENTRAL AMERICA
9. 5. 1 South and Central America Wellsite Monitoring Software Market Overview
9. 5. 2 South and Central America Wellsite Monitoring Software Market Forecasts and Analysis
9. 5. 3 South and Central America Wellsite Monitoring Software Market Forecasts and Analysis - By Deployment Type
9. 5. 4 South and Central America Wellsite Monitoring Software Market Forecasts and Analysis - By Application
9. 5. 5 South and Central America Wellsite Monitoring Software Market Forecasts and Analysis - By Countries
9. 5. 5. 1 Brazil Wellsite Monitoring Software Market
9. 5. 5. 1. 1 Brazil Wellsite Monitoring Software Market by Deployment Type
9. 5. 5. 1. 2 Brazil Wellsite Monitoring Software Market by Application
9. 5. 5. 2 Argentina Wellsite Monitoring Software Market
9. 5. 5. 2. 1 Argentina Wellsite Monitoring Software Market by Deployment Type
9. 5. 5. 2. 2 Argentina Wellsite Monitoring Software Market by Application
9. 5. 5. 3 Rest of South and Central America Wellsite Monitoring Software Market
9. 5. 5. 3. 1 Rest of South and Central America Wellsite Monitoring Software Market by Deployment Type
9. 5. 5. 3. 2 Rest of South and Central America Wellsite Monitoring Software Market by Application
10. INDUSTRY LANDSCAPE
10. 1. MERGERS AND ACQUISITIONS
10. 2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10. 3. NEW PRODUCT LAUNCHES
10. 4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. WELLSITE MONITORING SOFTWARE MARKET, KEY COMPANY PROFILES
11. 1. BAKER HUGHES COMPANY
11. 1. 1. Key Facts
11. 1. 2. Business Description
11. 1. 3. Products and Services
11. 1. 4. Financial Overview
11. 1. 5. SWOT Analysis
11. 1. 6. Key Developments
11. 2. BLUETICK, INC.
11. 2. 1. Key Facts
11. 2. 2. Business Description
11. 2. 3. Products and Services
11. 2. 4. Financial Overview
11. 2. 5. SWOT Analysis
11. 2. 6. Key Developments
11. 3. EION INC.
11. 3. 1. Key Facts
11. 3. 2. Business Description
11. 3. 3. Products and Services
11. 3. 4. Financial Overview
11. 3. 5. SWOT Analysis
11. 3. 6. Key Developments
11. 4. EXONE MOBILE CORPORATION
11. 4. 1. Key Facts
11. 4. 2. Business Description
11. 4. 3. Products and Services
11. 4. 4. Financial Overview
11. 4. 5. SWOT Analysis
11. 4. 6. Key Developments
11. 5. IHS MARKIT
11. 5. 1. Key Facts
11. 5. 2. Business Description
11. 5. 3. Products and Services
11. 5. 4. Financial Overview
11. 5. 5. SWOT Analysis
11. 5. 6. Key Developments
11. 6. JAMES FISHER AND SONS PLC.
11. 6. 1. Key Facts
11. 6. 2. Business Description
11. 6. 3. Products and Services
11. 6. 4. Financial Overview
11. 6. 5. SWOT Analysis
11. 6. 6. Key Developments
11. 7. NATIONAL OILWELL VARCO
11. 7. 1. Key Facts
11. 7. 2. Business Description
11. 7. 3. Products and Services
11. 7. 4. Financial Overview
11. 7. 5. SWOT Analysis
11. 7. 6. Key Developments
11. 8. OSPREY INFORMATICS
11. 8. 1. Key Facts
11. 8. 2. Business Description
11. 8. 3. Products and Services
11. 8. 4. Financial Overview
11. 8. 5. SWOT Analysis
11. 8. 6. Key Developments
11. 9. SCHLUMBERGER LIMITED
11. 9. 1. Key Facts
11. 9. 2. Business Description
11. 9. 3. Products and Services
11. 9. 4. Financial Overview
11. 9. 5. SWOT Analysis
11. 9. 6. Key Developments
11. 10. WELLSITE
11. 10. 1. Key Facts
11. 10. 2. Business Description
11. 10. 3. Products and Services
11. 10. 4. Financial Overview
11. 10. 5. SWOT Analysis
11. 10. 6. Key Developments
12. APPENDIX
12. 1. ABOUT THE INSIGHT PARTNERS
12. 2. GLOSSARY OF TERMS
The List Of Companies
- Baker Hughes Company
- Bluetick, Inc.
- EION Inc.
- Exone Mobile Corporation
- IHS Markit
- James Fisher and Sons plc.
- National Oilwell varco
- Osprey Informatics
- Schlumberger Limited
- Wellsite
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.