The digital remittance market size is expected to grow from US$ 22.2 billion in 2023 to US$ 76.9 billion by 2031; it is anticipated to expand at a CAGR of 16.8% from 2023 to 2031. The growth in cross-border transactions and mobile-based payment channels, along with reduced transfer time and remittance costs, are expected to boost the digital remittance market growth.
Digital Remittance Market Analysis
The digital remittance market is also witnessing significant growth due to the rising number of migrants across the world and the acceleration of digital channels for remittance transfers, especially in the wake of the COVID-19 pandemic. The market is subject to various regulations and compliance requirements, including anti-money laundering (AML) and know-your-customer (KYC) regulations, which can pose barriers for smaller players entering the market.
Digital Remittance Market
Overview
- Digital remittance refers to the electronic transfer of funds from one party to another, typically across international borders. This method of payment is commonly used for international money transfers, enabling individuals or businesses to send funds to recipients in foreign countries through electronic transfer or wire submission.
- Digital remittance transactions are often executed almost immediately and are frequently utilized to provide financial support to individuals in their home countries. The global rise in cross-border business activities has triggered a significant demand for digital remittance payments worldwide, with the market representing a substantial and growing sector of the global economy.
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Digital Remittance Market: Strategic Insights
Market Size Value in US$ 22.2 billion in 2023 Market Size Value by US$ 76.9 billion by 2031 Growth rate CAGR of 16.8% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Digital Remittance Market: Strategic Insights
| Market Size Value in | US$ 22.2 billion in 2023 |
| Market Size Value by | US$ 76.9 billion by 2031 |
| Growth rate | CAGR of 16.8% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Digital Remittance Market Drivers and Opportunities
Increasing Adoption of Smartphones and Internet Connectivity to Drive the Digital Remittance Market Growth
- The increasing adoption of smartphones and internet connectivity has significantly propelled the digital remittance market's expansion. As more individuals worldwide embrace smartphones and gain access to internet connectivity, the accessibility of digital remittance services has substantially improved. This trend has simplified cross-border money transfers, contributing to the market's growth by making remittance transactions more convenient and efficient.
- Moreover, the widespread adoption of smartphones and internet connectivity has facilitated the development and utilization of user-friendly online platforms and mobile wallets, empowering users to initiate cross-border fund transfers effortlessly.
- The growing availability of digital payment solutions, coupled with the rising number of migrants globally, has further amplified the demand for fast, secure, and cost-effective cross-border payment solutions, driving the digital remittance market's positive trajectory.
Digital Remittance Market Report Segmentation Analysis
- Based on type, the market is segmented into inward digital remittance and outward digital remittance. The inward digital remittance segment is expected to hold a substantial digital remittance market share in 2023.
- Inward digital remittance refers to the electronic transfer of funds from overseas to the recipient's home country. This segment of the market is witnessing significant growth, driven by the increasing adoption of mobile payment technology for money transfers among migrants.
Digital Remittance Market Share Analysis by Geography
The scope of the digital remittance 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 digital remittance market share. The North American market is driven by migration for job opportunities, education, and business purposes. Key drivers of market growth in North America include the increasing adoption of digital payment solutions, growth in cross-border transactions, and reduced transfer time and remittance costs.
Digital Remittance Market Report Scope
The "Digital Remittance Market Analysis" was carried out based on type, end user, channel, and geography. In terms of type, the market is segmented into inward digital remittance and outward digital remittance. Based on end user, the market is segmented into business and personal. Based on channel, the market is segmented into banks, money transfer operators, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Digital Remittance Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The digital remittance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. A few recent key market developments are listed below:
- In February 2024, TerraPay, a global leader in cross-border payments, announced a strategic partnership with Banco G&T Continental, a distinguished financial institution in Guatemala. This collaboration marks TerraPay’s first direct partnership in Central America. It is a significant advancement in the cross-border remittance sector, aimed at providing seamless and innovative solutions for Guatemalans abroad to send money to their families back home securely.
[Source: TerraPay Holdings Limited, Company Website]
Digital Remittance Market Report Coverage & Deliverables
The market report “Digital Remittance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level 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
Type, End User, Channel, 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 market is expected to reach US$ 76.9 billion by 2031.
The increasing adoption of smartphones & internet connectivity and growth in cross-border transactions are the major factors that propel the market.
The market was estimated to be US$ 22.2 billion in 2023 and is expected to grow at a CAGR of 16.8% during the forecast period 2023 - 2031.
The key players holding majority shares in the market are Azimo Limited; Digital Wallet Corporation; InstaReM Pvt. Ltd.; MoneyGram; PayPal Holdings, Inc.
Technological advancements in digital remittance are anticipated to play a significant role in the market in the coming years.
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Digital Remittance Market - By Remittance Channel
1.3.2Digital Remittance Market - By Remittance Type
1.3.3Digital Remittance Market - By Application
1.3.4Digital Remittance Market - By Region
1.3.4.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.DIGITAL REMITTANCE MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PORTEr's FIVE FORCES ANALYSIS
4.2.1Bargaining Power of Buyers
4.2.1Bargaining Power of Suppliers
4.2.1Threat of Substitute
4.2.1Threat of New Entrants
4.2.1Competitive Rivalry
4.3.ECOSYSTEM ANALYSIS
4.4.EXPERT OPINIONS
5.DIGITAL REMITTANCE 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.DIGITAL REMITTANCE MARKET - GLOBAL MARKET ANALYSIS
6.1.DIGITAL REMITTANCE - GLOBAL MARKET OVERVIEW
6.2.DIGITAL REMITTANCE - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.DIGITAL REMITTANCE MARKET - REVENUE AND FORECASTS TO 2028 - REMITTANCE CHANNEL
7.1.OVERVIEW
7.2.REMITTANCE CHANNEL MARKET FORECASTS AND ANALYSIS
7.3.BANKS
7.3.1.Overview
7.3.2.Banks Market Forecast and Analysis
7.4.MONEY TRANSFER OPERATORS
7.4.1.Overview
7.4.2.Money Transfer Operators Market Forecast and Analysis
7.5.OTHERS
7.5.1.Overview
7.5.2.Others Market Forecast and Analysis
8.DIGITAL REMITTANCE MARKET - REVENUE AND FORECASTS TO 2028 - REMITTANCE TYPE
8.1.OVERVIEW
8.2.REMITTANCE TYPE MARKET FORECASTS AND ANALYSIS
8.3.INWARD DIGITAL REMITTANCE
8.3.1.Overview
8.3.2.Inward Digital Remittance Market Forecast and Analysis
8.4.OUTWARD DIGITAL REMITTANCE
8.4.1.Overview
8.4.2.Outward Digital Remittance Market Forecast and Analysis
9.DIGITAL REMITTANCE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
9.1.OVERVIEW
9.2.APPLICATION MARKET FORECASTS AND ANALYSIS
9.3.PERSONAL REMITTANCE
9.3.1.Overview
9.3.2.Personal Remittance Market Forecast and Analysis
9.4.BUSINESS REMITTANCE
9.4.1.Overview
9.4.2.Business Remittance Market Forecast and Analysis
10.DIGITAL REMITTANCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1.NORTH AMERICA
10.1.1North America Digital Remittance Market Overview
10.1.2North America Digital Remittance Market Forecasts and Analysis
10.1.3North America Digital Remittance Market Forecasts and Analysis - By Remittance Channel
10.1.4North America Digital Remittance Market Forecasts and Analysis - By Remittance Type
10.1.5North America Digital Remittance Market Forecasts and Analysis - By Application
10.1.6North America Digital Remittance Market Forecasts and Analysis - By Countries
10.1.6.1United States Digital Remittance Market
10.1.6.1.1United States Digital Remittance Market by Remittance Channel
10.1.6.1.2United States Digital Remittance Market by Remittance Type
10.1.6.1.3United States Digital Remittance Market by Application
10.1.6.2Canada Digital Remittance Market
10.1.6.2.1Canada Digital Remittance Market by Remittance Channel
10.1.6.2.2Canada Digital Remittance Market by Remittance Type
10.1.6.2.3Canada Digital Remittance Market by Application
10.1.6.3Mexico Digital Remittance Market
10.1.6.3.1Mexico Digital Remittance Market by Remittance Channel
10.1.6.3.2Mexico Digital Remittance Market by Remittance Type
10.1.6.3.3Mexico Digital Remittance Market by Application
10.2.EUROPE
10.2.1Europe Digital Remittance Market Overview
10.2.2Europe Digital Remittance Market Forecasts and Analysis
10.2.3Europe Digital Remittance Market Forecasts and Analysis - By Remittance Channel
10.2.4Europe Digital Remittance Market Forecasts and Analysis - By Remittance Type
10.2.5Europe Digital Remittance Market Forecasts and Analysis - By Application
10.2.6Europe Digital Remittance Market Forecasts and Analysis - By Countries
10.2.6.1Germany Digital Remittance Market
10.2.6.1.1Germany Digital Remittance Market by Remittance Channel
10.2.6.1.2Germany Digital Remittance Market by Remittance Type
10.2.6.1.3Germany Digital Remittance Market by Application
10.2.6.2France Digital Remittance Market
10.2.6.2.1France Digital Remittance Market by Remittance Channel
10.2.6.2.2France Digital Remittance Market by Remittance Type
10.2.6.2.3France Digital Remittance Market by Application
10.2.6.3Italy Digital Remittance Market
10.2.6.3.1Italy Digital Remittance Market by Remittance Channel
10.2.6.3.2Italy Digital Remittance Market by Remittance Type
10.2.6.3.3Italy Digital Remittance Market by Application
10.2.6.4United Kingdom Digital Remittance Market
10.2.6.4.1United Kingdom Digital Remittance Market by Remittance Channel
10.2.6.4.2United Kingdom Digital Remittance Market by Remittance Type
10.2.6.4.3United Kingdom Digital Remittance Market by Application
10.2.6.5Russia Digital Remittance Market
10.2.6.5.1Russia Digital Remittance Market by Remittance Channel
10.2.6.5.2Russia Digital Remittance Market by Remittance Type
10.2.6.5.3Russia Digital Remittance Market by Application
10.2.6.6Rest of Europe Digital Remittance Market
10.2.6.6.1Rest of Europe Digital Remittance Market by Remittance Channel
10.2.6.6.2Rest of Europe Digital Remittance Market by Remittance Type
10.2.6.6.3Rest of Europe Digital Remittance Market by Application
10.3.ASIA-PACIFIC
10.3.1Asia-Pacific Digital Remittance Market Overview
10.3.2Asia-Pacific Digital Remittance Market Forecasts and Analysis
10.3.3Asia-Pacific Digital Remittance Market Forecasts and Analysis - By Remittance Channel
10.3.4Asia-Pacific Digital Remittance Market Forecasts and Analysis - By Remittance Type
10.3.5Asia-Pacific Digital Remittance Market Forecasts and Analysis - By Application
10.3.6Asia-Pacific Digital Remittance Market Forecasts and Analysis - By Countries
10.3.6.1Australia Digital Remittance Market
10.3.6.1.1Australia Digital Remittance Market by Remittance Channel
10.3.6.1.2Australia Digital Remittance Market by Remittance Type
10.3.6.1.3Australia Digital Remittance Market by Application
10.3.6.2China Digital Remittance Market
10.3.6.2.1China Digital Remittance Market by Remittance Channel
10.3.6.2.2China Digital Remittance Market by Remittance Type
10.3.6.2.3China Digital Remittance Market by Application
10.3.6.3India Digital Remittance Market
10.3.6.3.1India Digital Remittance Market by Remittance Channel
10.3.6.3.2India Digital Remittance Market by Remittance Type
10.3.6.3.3India Digital Remittance Market by Application
10.3.6.4Japan Digital Remittance Market
10.3.6.4.1Japan Digital Remittance Market by Remittance Channel
10.3.6.4.2Japan Digital Remittance Market by Remittance Type
10.3.6.4.3Japan Digital Remittance Market by Application
10.3.6.5South Korea Digital Remittance Market
10.3.6.5.1South Korea Digital Remittance Market by Remittance Channel
10.3.6.5.2South Korea Digital Remittance Market by Remittance Type
10.3.6.5.3South Korea Digital Remittance Market by Application
10.3.6.6Rest of Asia-Pacific Digital Remittance Market
10.3.6.6.1Rest of Asia-Pacific Digital Remittance Market by Remittance Channel
10.3.6.6.2Rest of Asia-Pacific Digital Remittance Market by Remittance Type
10.3.6.6.3Rest of Asia-Pacific Digital Remittance Market by Application
10.4.MIDDLE EAST AND AFRICA
10.4.1Middle East and Africa Digital Remittance Market Overview
10.4.2Middle East and Africa Digital Remittance Market Forecasts and Analysis
10.4.3Middle East and Africa Digital Remittance Market Forecasts and Analysis - By Remittance Channel
10.4.4Middle East and Africa Digital Remittance Market Forecasts and Analysis - By Remittance Type
10.4.5Middle East and Africa Digital Remittance Market Forecasts and Analysis - By Application
10.4.6Middle East and Africa Digital Remittance Market Forecasts and Analysis - By Countries
10.4.6.1South Africa Digital Remittance Market
10.4.6.1.1South Africa Digital Remittance Market by Remittance Channel
10.4.6.1.2South Africa Digital Remittance Market by Remittance Type
10.4.6.1.3South Africa Digital Remittance Market by Application
10.4.6.2Saudi Arabia Digital Remittance Market
10.4.6.2.1Saudi Arabia Digital Remittance Market by Remittance Channel
10.4.6.2.2Saudi Arabia Digital Remittance Market by Remittance Type
10.4.6.2.3Saudi Arabia Digital Remittance Market by Application
10.4.6.3U.A.E Digital Remittance Market
10.4.6.3.1U.A.E Digital Remittance Market by Remittance Channel
10.4.6.3.2U.A.E Digital Remittance Market by Remittance Type
10.4.6.3.3U.A.E Digital Remittance Market by Application
10.4.6.4Rest of Middle East and Africa Digital Remittance Market
10.4.6.4.1Rest of Middle East and Africa Digital Remittance Market by Remittance Channel
10.4.6.4.2Rest of Middle East and Africa Digital Remittance Market by Remittance Type
10.4.6.4.3Rest of Middle East and Africa Digital Remittance Market by Application
10.5.SOUTH AND CENTRAL AMERICA
10.5.1South and Central America Digital Remittance Market Overview
10.5.2South and Central America Digital Remittance Market Forecasts and Analysis
10.5.3South and Central America Digital Remittance Market Forecasts and Analysis - By Remittance Channel
10.5.4South and Central America Digital Remittance Market Forecasts and Analysis - By Remittance Type
10.5.5South and Central America Digital Remittance Market Forecasts and Analysis - By Application
10.5.6South and Central America Digital Remittance Market Forecasts and Analysis - By Countries
10.5.6.1Brazil Digital Remittance Market
10.5.6.1.1Brazil Digital Remittance Market by Remittance Channel
10.5.6.1.2Brazil Digital Remittance Market by Remittance Type
10.5.6.1.3Brazil Digital Remittance Market by Application
10.5.6.2Argentina Digital Remittance Market
10.5.6.2.1Argentina Digital Remittance Market by Remittance Channel
10.5.6.2.2Argentina Digital Remittance Market by Remittance Type
10.5.6.2.3Argentina Digital Remittance Market by Application
10.5.6.3Rest of South and Central America Digital Remittance Market
10.5.6.3.1Rest of South and Central America Digital Remittance Market by Remittance Channel
10.5.6.3.2Rest of South and Central America Digital Remittance Market by Remittance Type
10.5.6.3.3Rest of South and Central America Digital Remittance 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.DIGITAL REMITTANCE MARKET, KEY COMPANY PROFILES
12.1.AZIMO
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.INSTAREM
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.MOBETIZE CORP.
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.MONEYGRAM
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.ORBITREMIT
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.REMITLY
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.RIA FINANCIAL SERVICES
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.TRANSFERWISE
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.WESTERN UNION
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.WORLDREMIT LTD
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
- Azimo Limited
- Digital Wallet Corporation
- InstaReM Pvt. Ltd.
- MoneyGram
- PayPal Holdings, Inc.
- Ria Financial Services Ltd.
- TransferGo Ltd.
- Western Union Holdings, Inc.
- Wise Payments Limited
- WorldRemit Ltd.
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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