Cyber Insurance Market Trends and Forecast to 2031
The Cyber Insurance market size is expected to grow from US$ 13.83 billion in 2023 to US$ 55.48 billion by 2031; it is anticipated to expand at a CAGR of 18.9% from 2023 to 2031. Cyber insurance, also known as cyber liability insurance or cybersecurity insurance, is a contract that an organization can purchase to assist in decreasing the financial risks involved with conducting business online. In exchange for a monthly or quarterly charge, the insurance policy transfers some of the risk to the insurer.
Cyber Insurance Market Analysis
The Cyber Insurance market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Cyber insurance is becoming increasingly important for all businesses as the threat of cyberattacks on applications, devices, networks, and users escalates. That is because data compromise, loss, or theft can have a substantial impact on a business, ranging from customer loss to reputational and economic damage. Enterprises may also be held accountable for damages caused by the loss or theft of third-party data. A cyber insurance policy can protect the organization from cyber events, such as cyber terrorism, and assist with the resolution of security incidents. For instance, according to a 2024 report by ASTRA IT, Inc., Cybersecurity statistics show that there are 2,200 cyber attacks every day, with one occurring every 39 seconds on average. In the United States, a data breach costs an average of US$ 9.44 million, with cybercrime costs reaching up to US$ 8 trillion in 2023.
Cyber Insurance
Industry Overview
- Cyberattacks and the number of compromised digital assets increased concurrently. Ransomware and supply chain assaults have dominated the cyber risk landscape over the last few years. Future cyberattacks will be hastened by important technology trends such as artificial intelligence (AI) like ChatGPT, the so-called "metaverse," and the expanding worlds of IT, IoT, and operational technology (OT).
- Malware incidences increased in 2022, hitting 5.5 billion attacks, a 2% increase year on year, according to the SonicWall Cyber Threat Report for 2023. Malware is malicious software that infects a computer and is intended to disrupt, damage, or gain unauthorized access to the computer system.
- In addition to the increasing sophistication of cyber-criminal operations, companies globally are more vulnerable than ever to geopolitical crises, which are already having an unprecedented influence on cybersecurity. In today's digital age, cyber risk management is essential. Demand for cyber insurance is high because it is such an important aspect of this. Creating a robust cyber insurance market is a critical task for the insurance industry.
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Cyber Insurance Market: Strategic Insights
Market Size Value in US$ 13.83 billion in 2023 Market Size Value by US$ 55.48 billion by 2031 Growth rate CAGR of 18.9% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Cyber Insurance Market: Strategic Insights
| Market Size Value in | US$ 13.83 billion in 2023 |
| Market Size Value by | US$ 55.48 billion by 2031 |
| Growth rate | CAGR of 18.9% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Cyber Insurance Market Driver
Increased Awareness of Cyber Risks to Drive the Cyber Insurance Market
- A surge in cyberattacks, combined with growing knowledge of such crimes, has led to an increase in demand for cyber insurance plans. The increase in such instances has also resulted in a surge in claims for insurance firms, forcing them to tighten their underwriting criteria.
- In the US since 2004, October has been celebrated as Cyber Security Awareness Month. Every year in this month public and private sectors work together in dedication to raise awareness about the importance of cybersecurity. Over time, it has evolved into a collaborative effort between government and industry to raise cybersecurity awareness, inspire public action to reduce online risk and generate national and worldwide discussion about cyber dangers. October 2023 was the twentieth Cybersecurity Awareness Month.
- In 2023, the Cybersecurity and Infrastructure Security Agency (CISA) in the US launched a cybersecurity awareness program name Secure Our World. This will be the enduring theme for all the upcoming cybersecurity awareness months.
- Similarly, many countries across the world have been initiating programs to create cyber security awareness among the netizens. For instance, Poland's Cybersecurity Strategy for 2019-2024 aims to improve resistance to cyber threats and strengthen data protection. This includes raising awareness about cybersecurity. Portugal's Cybersecurity Strategy 2019-2023 focuses on "prevention, education, and awareness". It includes specific action points such as promoting cross-cutting cybersecurity training programs for organizations and citizens, strengthening cyberspace security skills in education, and promoting digital literacy.
Cyber Insurance
Market Report Segmentation Analysis
- Based on the end user, the cyber insurance market report is segmented into healthcare, retail, BFSI, it & telecom, manufacturing, and others.
- The BFSI segment is expected to hold a significant cyber insurance market share in 2023. With increased cyber risk, banks and financial institutions are putting more emphasis on strengthening their cyber resilience. Financial institutions have broad operational scopes across numerous business lines and require a comprehensive cyber insurance plan to manage cyberattacks and business disruption.
Cyber Insurance
Market Analysis by Geography
The scope of the cyber insurance market report 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 cyber insurance market share. This supremacy is due to the region's superior technological infrastructure, the presence of big multinational firms, and increased awareness of cyber risks.
Cyber Insurance
Market Report Scope
The "Cyber Insurance Market Analysis" was carried out based on core investment strategies and geography. In terms of type, the market is segmented into standalone and packaged. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Cyber Insurance
Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Cyber Insurance market. A few recent key market developments are listed below:
- In February 2023, Munich Re Specialty Insurance (MRSI) announced the launch of Reflex, a tailored cyber risk management program. Reflex is a white-glove program run by a team of Munich Re program specialists. Insured individuals will have guided access to services customized to their changing requirements. A team of industry professionals in privacy, network security, and cyber training and awareness delivers program services.
[Source: Munich Re, Company Website]
Cyber Insurance
Market Report Coverage & Deliverables
The market report "Cyber Insurance 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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Type, Coverage, End User, and Geography
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 use of AI and data analytics is impacting Cyber Insurance, which is anticipated to bring new Cyber Insurance market trends in the coming years.
The key players holding majority shares in the global Cyber Insurance market are AXA XL, Hiscox, Munich Re, Chubb, and AIG.
The rising prevalence of cyber-attacks, increased awareness of cyber risks, and the growing need for companies to protect sensitive data are the major factors that propel the global cyber insurance market growth.
The global Cyber Insurance market is expected to reach US$ 55.48 billion by 2031.
The global Cyber Insurance market was estimated to be US$ 13.83 billion in 2023 and is expected to grow at a CAGR of 18.9% during the forecast period 2023 - 2031.
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 Cyber Insurance Market - By Organization Size
1.3.2 Cyber Insurance Market - By Industry
1.3.3 Cyber Insurance Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. CYBER INSURANCE 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. CYBER INSURANCE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. CYBER INSURANCE MARKET - GLOBAL MARKET ANALYSIS
6.1. CYBER INSURANCE - GLOBAL MARKET OVERVIEW
6.2. CYBER INSURANCE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. CYBER INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - ORGANIZATION SIZE
7.1. OVERVIEW
7.2. ORGANIZATION SIZE MARKET FORECASTS AND ANALYSIS
7.3. LARGE ENTERPRISES
7.3.1. Overview
7.3.2. Large Enterprises Market Forecast and Analysis
7.4. SMES
7.4.1. Overview
7.4.2. SMEs Market Forecast and Analysis
8. CYBER INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY
8.1. OVERVIEW
8.2. INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. HEALTHCARE
8.3.1. Overview
8.3.2. Healthcare Market Forecast and Analysis
8.4. RETAIL
8.4.1. Overview
8.4.2. Retail Market Forecast and Analysis
8.5. BFSI
8.5.1. Overview
8.5.2. BFSI Market Forecast and Analysis
8.6. IT AND TELECOM
8.6.1. Overview
8.6.2. IT and Telecom Market Forecast and Analysis
8.7. MEDIA AND ENTERTAINMENT
8.7.1. Overview
8.7.2. Media and Entertainment Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. CYBER INSURANCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Cyber Insurance Market Overview
9.1.2 North America Cyber Insurance Market Forecasts and Analysis
9.1.3 North America Cyber Insurance Market Forecasts and Analysis - By Organization Size
9.1.4 North America Cyber Insurance Market Forecasts and Analysis - By Industry
9.1.5 North America Cyber Insurance Market Forecasts and Analysis - By Countries
9.1.5.1 United States Cyber Insurance Market
9.1.5.1.1 United States Cyber Insurance Market by Organization Size
9.1.5.1.2 United States Cyber Insurance Market by Industry
9.1.5.2 Canada Cyber Insurance Market
9.1.5.2.1 Canada Cyber Insurance Market by Organization Size
9.1.5.2.2 Canada Cyber Insurance Market by Industry
9.1.5.3 Mexico Cyber Insurance Market
9.1.5.3.1 Mexico Cyber Insurance Market by Organization Size
9.1.5.3.2 Mexico Cyber Insurance Market by Industry
9.2. EUROPE
9.2.1 Europe Cyber Insurance Market Overview
9.2.2 Europe Cyber Insurance Market Forecasts and Analysis
9.2.3 Europe Cyber Insurance Market Forecasts and Analysis - By Organization Size
9.2.4 Europe Cyber Insurance Market Forecasts and Analysis - By Industry
9.2.5 Europe Cyber Insurance Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Cyber Insurance Market
9.2.5.1.1 Germany Cyber Insurance Market by Organization Size
9.2.5.1.2 Germany Cyber Insurance Market by Industry
9.2.5.2 France Cyber Insurance Market
9.2.5.2.1 France Cyber Insurance Market by Organization Size
9.2.5.2.2 France Cyber Insurance Market by Industry
9.2.5.3 Italy Cyber Insurance Market
9.2.5.3.1 Italy Cyber Insurance Market by Organization Size
9.2.5.3.2 Italy Cyber Insurance Market by Industry
9.2.5.4 United Kingdom Cyber Insurance Market
9.2.5.4.1 United Kingdom Cyber Insurance Market by Organization Size
9.2.5.4.2 United Kingdom Cyber Insurance Market by Industry
9.2.5.5 Russia Cyber Insurance Market
9.2.5.5.1 Russia Cyber Insurance Market by Organization Size
9.2.5.5.2 Russia Cyber Insurance Market by Industry
9.2.5.6 Rest of Europe Cyber Insurance Market
9.2.5.6.1 Rest of Europe Cyber Insurance Market by Organization Size
9.2.5.6.2 Rest of Europe Cyber Insurance Market by Industry
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Cyber Insurance Market Overview
9.3.2 Asia-Pacific Cyber Insurance Market Forecasts and Analysis
9.3.3 Asia-Pacific Cyber Insurance Market Forecasts and Analysis - By Organization Size
9.3.4 Asia-Pacific Cyber Insurance Market Forecasts and Analysis - By Industry
9.3.5 Asia-Pacific Cyber Insurance Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Cyber Insurance Market
9.3.5.1.1 Australia Cyber Insurance Market by Organization Size
9.3.5.1.2 Australia Cyber Insurance Market by Industry
9.3.5.2 China Cyber Insurance Market
9.3.5.2.1 China Cyber Insurance Market by Organization Size
9.3.5.2.2 China Cyber Insurance Market by Industry
9.3.5.3 India Cyber Insurance Market
9.3.5.3.1 India Cyber Insurance Market by Organization Size
9.3.5.3.2 India Cyber Insurance Market by Industry
9.3.5.4 Japan Cyber Insurance Market
9.3.5.4.1 Japan Cyber Insurance Market by Organization Size
9.3.5.4.2 Japan Cyber Insurance Market by Industry
9.3.5.5 South Korea Cyber Insurance Market
9.3.5.5.1 South Korea Cyber Insurance Market by Organization Size
9.3.5.5.2 South Korea Cyber Insurance Market by Industry
9.3.5.6 Rest of Asia-Pacific Cyber Insurance Market
9.3.5.6.1 Rest of Asia-Pacific Cyber Insurance Market by Organization Size
9.3.5.6.2 Rest of Asia-Pacific Cyber Insurance Market by Industry
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Cyber Insurance Market Overview
9.4.2 Middle East and Africa Cyber Insurance Market Forecasts and Analysis
9.4.3 Middle East and Africa Cyber Insurance Market Forecasts and Analysis - By Organization Size
9.4.4 Middle East and Africa Cyber Insurance Market Forecasts and Analysis - By Industry
9.4.5 Middle East and Africa Cyber Insurance Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Cyber Insurance Market
9.4.5.1.1 South Africa Cyber Insurance Market by Organization Size
9.4.5.1.2 South Africa Cyber Insurance Market by Industry
9.4.5.2 Saudi Arabia Cyber Insurance Market
9.4.5.2.1 Saudi Arabia Cyber Insurance Market by Organization Size
9.4.5.2.2 Saudi Arabia Cyber Insurance Market by Industry
9.4.5.3 U.A.E Cyber Insurance Market
9.4.5.3.1 U.A.E Cyber Insurance Market by Organization Size
9.4.5.3.2 U.A.E Cyber Insurance Market by Industry
9.4.5.4 Rest of Middle East and Africa Cyber Insurance Market
9.4.5.4.1 Rest of Middle East and Africa Cyber Insurance Market by Organization Size
9.4.5.4.2 Rest of Middle East and Africa Cyber Insurance Market by Industry
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Cyber Insurance Market Overview
9.5.2 South and Central America Cyber Insurance Market Forecasts and Analysis
9.5.3 South and Central America Cyber Insurance Market Forecasts and Analysis - By Organization Size
9.5.4 South and Central America Cyber Insurance Market Forecasts and Analysis - By Industry
9.5.5 South and Central America Cyber Insurance Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Cyber Insurance Market
9.5.5.1.1 Brazil Cyber Insurance Market by Organization Size
9.5.5.1.2 Brazil Cyber Insurance Market by Industry
9.5.5.2 Argentina Cyber Insurance Market
9.5.5.2.1 Argentina Cyber Insurance Market by Organization Size
9.5.5.2.2 Argentina Cyber Insurance Market by Industry
9.5.5.3 Rest of South and Central America Cyber Insurance Market
9.5.5.3.1 Rest of South and Central America Cyber Insurance Market by Organization Size
9.5.5.3.2 Rest of South and Central America Cyber Insurance Market by Industry
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. CYBER INSURANCE MARKET, KEY COMPANY PROFILES
11.1. ALLIANZ GLOBAL CORPORATE AND SPECIALTY
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. AMERICAN INTERNATIONAL GROUP 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. AON PLC
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. CHUBB LIMITED
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. GSK INSURANCE
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. LOCKTON COMPANIES INC.
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. MUNICH RE GROUP
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. TRAVELERS COMPANIES
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. XL GROUP LTD
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. ZURICH INSURANCE CO. LTD
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
- The Hartford
- Beazley
- Zurich
- AXIS Capital Holdings
- Travelers
- AXA XL
- Hiscox
- Munich Re
- Chubb
- AIG
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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