Africa contactless payments market size was valued at US$ 781.72 million in 2023 and is expected to reach US$ 1536.57 million by 2031, registering a CAGR of 8.8% during 2023–2031. Voice-based payments with voice match confirmation are likely to remain a key market trend.
Africa Contactless Payments Market Analysis
The Africa contactless payment market is driven by the increasing adoption of digital payment platforms and contactless payment technologies, the continuous innovation and advancement in payment security technologies and solutions; a surge in demand for faster, safer, and easier payment methods; and a rise in government initiatives and support for developing smart payment infrastructure and solutions. The integration of IoT and AI in contactless payment technology and the untapped potential of emerging markets and regions are expected to offer lucrative opportunities in the market in the coming years. The contactless payment market is fragmented and highly competitive, with the wide presence of several regional and global players.
Africa Contactless Payments Market Overview
Contactless payment is a secure and convenient payment method using a smartphone, debit card, or credit card that uses radio frequency identification (RFID) technology and near-field communication (NFC). This payment method works by tapping or waving the payment device over a point-of-sale (PoS) terminal that has contactless payment technology. The method provides several benefits, such as reduced transaction time and friction, as customers do not have to enter their PIN or handle cash at the checkout. Moreover, it improves customer experience and trust, owing to it being safe and encrypted to prevent fraudulent purchases. It offers flexibility for payment devices, as customers can use their NFC-enabled smartphone, wearable device, or contactless card to make payments. It also provides loyalty benefits, as a few contactless payment systems are integrated with loyalty programs that offer discounts and rewards to customers.
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Africa Contactless Payments Market: Strategic Insights
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Africa Contactless Payments Market Drivers and Opportunities
Increase in Government Initiatives to Promote Digital Payments
Several government bodies across Africa are promoting digital payments and financial technologies. They have implemented policies and initiatives to encourage the adoption of contactless payments. Africa has witnessed rapid technological advancements, such as the widespread availability of smartphones and mobile internet connectivity. These factors have facilitated the adoption of contactless payment solutions, particularly mobile wallets. Payment providers, financial institutions, and technology companies in the region have formed strategic partnerships and collaborations to enhance the adoption and acceptance of contactless payments.
South Africa Reserve Bank announced the launch of a faster payment service, PayShap, in March 2023. PayShap is a low-value, real-time retail payment platform/scheme aimed at deepening the financial inclusion of consumers and small businesses by making digital payments more convenient, thus reducing the reliance on cash. Key features launched include instant payments by enabling fund transfers from one bank account to another and using a proxy, such as a mobile number, to transfer funds to a recipient. The request-to-pay feature is in development and will be launched in 2024. PayShap supports the Vision 2025 goals of financial inclusion, innovation and competition, and cost-effectiveness. Thus, rising government initiatives to promote digital payments drive the Africa contactless payment market growth.
Technological Advancements in Contactless Payments
The process of holding a chipped card or smartphone directly against the reader provides extra security to contactless payments. NFC is used by smartphones that have enabled mobile wallets, such as ApplePay. Contactless payment enables faster transactions and increased customer satisfaction and loyalty, as well as the adoption of new payment technologies, such as NFC and others, facilitating machine-to-machine communication and IoT integration. Several cards are equipped with NFC technology that allows tapping or waving near a receptive card reader for contactless payment.
Mobile devices are weaved or tapped near an NFC-equipped card reader, similar to an NFC-enabled credit card. Also, the EMV (short for Europay, Mastercard, and Visa) chip is the physical antennae necessary for RFID/NFC contactless payments using credit cards. While all EMV chips are capable of NFC contactless payments, the ability to do such a transaction relies on the payee. If the PoS or farebox collecting the payment is not able to process NFC payments, the chip is then used by inserting the card into the reader. Thus, technological advancements in contactless payment are expected to provide lucrative opportunities for the contactless payment market.
Africa Contactless Payments Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Africa contactless payments market analysis are component, payment mode, and industry vertical.
- Based on component, the market is divided into hardware, software, and services. The hardware segment held the largest market share in 2023.
- In terms of payment mode, the market is categorized into smartphones, smart cards, PoS terminals, and others. The smartphones segment dominated the market in 2023.
- By industry vertical, the market is categorized into retail, hospitality, healthcare, transportation & logistics, media & entertainment, and others. The retail segment accounted for the largest market share in 2023.
Africa Contactless Payments Market Share Analysis by Country
- Africa contactless payments market is segmented into South Africa, Ethiopia, Egypt, Nigeria, and the Rest of Africa. Contactless payment is experiencing rapid adoption across Africa, particularly in Sub-Saharan Africa, where 144 mobile money providers are driving changes in consumer transaction behaviors. Leading players such as M-Pesa (offered by Safaricom), MoMo (by MTN), and Orange Money hold dominant market positions, according to Statista data. Telecommunication companies are at the forefront of this transformation, delivering mobile money solutions through a network of licensed agents. These services enable registered users to deposit funds into a virtual wallet, facilitating a wide range of financial transactions, including peer-to-peer (P2P) transfers, payments, and purchases.
Africa Contactless Payments Market Report Scope
Africa Contactless Payments Market News and Recent Developments
The Africa contactless payments market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Africa contactless payments market are listed below:
- IBA Group a.s. announced TapXphone is among the first 10 solutions globally to comply with the PCI MPoC Solution requirements. This means tapXphone meets the latest security standards for processing mobile payments on commercial off-the-shelf (COTS) devices. PCI MPoC Solution is a key certification within the MPoC security standard. Created by the PCI Council, it sets the compliance criteria and best practices that ensure tapXphone meets all necessary requirements, including secure development, proper maintenance, strict security standards, and ongoing system checks.
(Source: IBA Group a.s., Press Release, September 2024)
- Mastercard and AF Payments, Inc. (AFPI), the company behind Beep cards, announced a strategic partnership to enable contactless acceptance of Mastercard cards in the Metro Rail Transit Line 3 (MRT-3 Line) and buses for the first time in the Philippines. In support of the government's goal to accelerate the digitization of payments, and in line with the Bangko Sentral ng Pilipinas' Digital Payments Transformation Roadmap, the 'Mastercard-Beep EMV Contactless Acceptance in Transport Partnership' aims to broaden contactless acceptance in the Philippines. This initiative is expected to bring greater convenience to the consumer commuting experience, simplifying access and enabling travelers to tap in and tap out with their Mastercard card.
(Source: Mastercard, Press Release, February 2024)
Africa Contactless Payments Market Report Coverage and Deliverables
The "Africa Contactless Payments Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Africa contactless payments market size and forecast at regional, and country levels for all the key market segments covered under the scope
- Africa contactless payments market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Africa contactless payments market analysis covering key market trends, regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Africa contactless payments market
- Detailed company profiles
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.
Frequently Asked Questions
The Increase in government initiatives to promote digital payments and efficiency and cost effectiveness of contactless payments are the factors driving the Africa contactless payments market growth.
The Africa contactless payments market was estimated to be USD 781.72 million in 2023 and is expected to grow at a CAGR of 8.8%, during the forecast period 2024 - 2031.
The efficiency and cost effectiveness of contactless payments are the major future trends for the Africa contactless payments market.
The key players, holding majority shares, in Africa contactless payments market includes Mastercard, Ingenico, Idemia SA, VISA, and Giesecke+Devrient.
The hardware segment led the Africa contactless payments market with a significant share in 2023.
The Africa contactless payments market is expected to reach US$ 1,536.57 million by 2031.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. Africa Contactless Payments Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Hardware Providers
4.3.2 Solution and Service Providers
4.3.3 Logistics and Supply Chain Management Providers
4.3.4 End Users
4.3.5 List of Vendors in the Value Chain
5. Africa Contactless Payments Market – Key Market Dynamics
5.1 Africa Contactless Payments Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Increase in Government Initiatives to Promote Digital Payments
5.2.2 Efficiency and Cost-Effectiveness of Contactless Payments
5.3 Market Restraints
5.3.1 Potential Security Concerns and Limitations
5.4 Market Opportunities
5.4.1 Technological Advancements in Contactless Payments
5.4.2 IoT-Embedded Contactless Payment
5.5 Future Trends
5.5.1 Voice-Based Payments with Voice Match Confirmation
5.6 Impact of Drivers and Restraints:
6. Africa Contactless Payments Market Analysis
6.1 Africa Contactless Payments Market Revenue (US$ Million), 2021–2031
6.2 Africa Contactless Payments Market Forecast and Analysis
7. Africa Contactless Payments Market Analysis – by Component
7.1 Hardware
7.1.1 Overview
7.1.2 Hardware: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Software
7.2.1 Overview
7.2.2 Software: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Services
7.3.1 Overview
7.3.2 Services: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8. Africa Contactless Payments Market Analysis – by Payment Mode
8.1 Smartphones
8.1.1 Overview
8.1.2 Smartphones: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Smart Cards
8.2.1 Overview
8.2.2 Smart Cards: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8.3 POS Terminals
8.3.1 Overview
8.3.2 POS Terminals: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Others
8.4.1 Overview
8.4.2 Others: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9. Africa Contactless Payments Market Analysis – by Industry Verticals
9.1 Retail
9.1.1 Overview
9.1.2 Retail: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Transportation and Logistics
9.2.1 Overview
9.2.2 Transportation and Logistics: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Hospitality
9.3.1 Overview
9.3.2 Hospitality: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.4 Healthcare
9.4.1 Overview
9.4.2 Healthcare: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.5 Media and Entertainment
9.5.1 Overview
9.5.2 Media and Entertainment: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10. Africa Contactless Payments Market – Country Analysis
10.1 Africa
10.1.1 Africa Contactless Payments Market Breakdown by Countries
10.1.2 Africa Contactless Payments Market Revenue and Forecast and Analysis – by Country
10.1.2.1 Africa Contactless Payments Market Revenue and Forecast and Analysis – by Country
10.1.2.2 Nigeria: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.2.1 Nigeria: Africa Contactless Payments Market Breakdown by Component
10.1.2.2.2 Nigeria: Africa Contactless Payments Market Breakdown by Payment Mode
10.1.2.2.3 Nigeria: Africa Contactless Payments Market Breakdown by Industry Verticals
10.1.2.3 South Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.3.1 South Africa: Africa Contactless Payments Market Breakdown by Component
10.1.2.3.2 South Africa: Africa Contactless Payments Market Breakdown by Payment Mode
10.1.2.3.3 South Africa: Africa Contactless Payments Market Breakdown by Industry Verticals
10.1.2.4 Egypt: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.4.1 Egypt: Africa Contactless Payments Market Breakdown by Component
10.1.2.4.2 Egypt: Africa Contactless Payments Market Breakdown by Payment Mode
10.1.2.4.3 Egypt: Africa Contactless Payments Market Breakdown by Industry Verticals
10.1.2.5 Ethiopia: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.5.1 Ethiopia: Africa Contactless Payments Market Breakdown by Component
10.1.2.5.2 Ethiopia: Africa Contactless Payments Market Breakdown by Payment Mode
10.1.2.5.3 Ethiopia: Africa Contactless Payments Market Breakdown by Industry Verticals
10.1.2.6 Rest of Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
10.1.2.6.1 Rest of Africa: Africa Contactless Payments Market Breakdown by Component
10.1.2.6.2 Rest of Africa: Africa Contactless Payments Market Breakdown by Payment Mode
10.1.2.6.3 Rest of Africa: Africa Contactless Payments Market Breakdown by Industry Verticals
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Nedbank Group Ltd
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Econet Wireless (Private) Limited
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 IBA Group a.s.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Sudo Africa, Inc.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Thales SA
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Ingenico Group SA
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Giesecke+Devrient GmbH
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 IDEMIA France SAS
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Visa Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Mastercard Inc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 Word Index
14.2 About the Insight Partners
List of Tables
Table 1. Africa Contactless Payments Market Segmentation
Table 2. List of Vendors
Table 3. Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Table 4. Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 5. Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Payment Mode
Table 6. Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Verticals
Table 7. Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 8. Nigeria: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 9. Nigeria: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Payment Mode
Table 10. Nigeria: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Verticals
Table 11. South Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 12. South Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Payment Mode
Table 13. South Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Verticals
Table 14. Egypt: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 15. Egypt: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Payment Mode
Table 16. Egypt: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Verticals
Table 17. Ethiopia: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 18. Ethiopia: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Payment Mode
Table 19. Ethiopia: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Verticals
Table 20. Rest of Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 21. Rest of Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Payment Mode
Table 22. Rest of Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Verticals
Table 23. Company Positioning & Concentration
Table 24. List of Abbreviation
List of Figures
Figure 1. Africa Contactless Payments Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Africa Contactless Payments Market Revenue (US$ Million), 2021–2031
Figure 5. Africa Contactless Payments Market Share (%) – by Component, 2023 and 2031
Figure 6. Hardware: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Software: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Services: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Africa Contactless Payments Market Share (%) – by Payment Mode, 2023 and 2031
Figure 10. Smartphones: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Smart Cards: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. POS Terminals: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Others: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Africa Contactless Payments Market Share (%) – by Industry Verticals, 2023 and 2031
Figure 15. Retail: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Transportation and Logistics: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Hospitality: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Healthcare: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Media and Entertainment: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Others: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Africa Contactless Payments Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 22. Nigeria: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. South Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Egypt: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Ethiopia: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Rest of Africa: Africa Contactless Payments Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Heat Map Analysis by Key Players
The List of Companies - Africa Contactless Payments Market
- Visa
- Mastercard
- IBA Group
- Giesecke + Devrient GmbH
- IDEMIA
- CityCard Technology Ltd
- EcoCash
- Ingenico
- Nedbank Ltd
- Sudo Africa, 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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Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solutions and Services), Deployment Type (Cloud-Based and On-Premise), Platform (Desktop and Mobile), Organization Size (Large Enterprises and SMEs), End User (BFSI, Government and Defense, Healthcare, IT and Telecom, Automotive and Transportation, Retail, Manufacturing, and Others), and Geography
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AI in Computer Vision Market
Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Software and Hardware) and End Use Industry (Security and Surveillance, Manufacturing, Automotive, Retail, Sports and Entertainment, and Others), and Geography
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