The Europe payment terminal market is expected to grow from US$ 18,326.7 million in 2021 to US$ 34,437.1 million by 2028; it is estimated to grow at a CAGR of 9.4% from 2021 to 2028.
A payment terminal, a point of sale (POS) terminal, credit card terminal, or EFTPOS terminal (previously Process Data Quickly or PDQ terminal) is a device that interfaces with payment cards to transfer electronic funds. The terminal consists of a secure keypad (called a PINpad) for entering a PIN, a screen, a means of capturing information from payments cards, and a network connection to access the payment network for authorization. A payment terminal allows a merchant to capture required credit and debit card details and transmit this data to the merchant services provider or bank for authorization before transferring funds to the merchant. The terminal allows the merchant or its client to swipe, insert, or hold a card near the device to capture the information. They are often connected to a point-of-sale (POS) system to automatically transfer payment amounts and payment confirmation to the merchant’s retail management system. Terminals can be used in stand-alone mode, where the merchant keys the amount into the terminal before the customer presents their card and personal identification number (PIN).
The growing demand for online payment methods propels the payment terminal market growth. Many merchant offerings on online payment, such as point-of-sale and rebate, encourage users to make digital payments, driving the demand for payment terminals. The digital payment market is growing due to rapid advancements in e-commerce, mobile payment technologies, and the rising use of mobile wallets. The growing desire for cashless and contactless payments has fueled the market growth. The rise in digitalization, the use of e-payment platforms, and the rising regulatory intervention on secure payments due to multiple financial fraud cases have led to the growth of the payment terminal market. Germany and the UK are the leading revenue-generating markets in Europe, owing to the surge in the adoption of online platforms for financial transactions and cashless transactions in these countries. The demand for mobile payment terminals is rising exponentially, as its application helps in financial transactions and improves the customers’ experience.
Impact of COVID-19 Pandemic on Europe Payment Terminal Market
In Europe, the COVID-19 pandemic has created a temporary distortion in the European market. The government body of Europe realized that all businesses, irrespective of their size scale, need assistance during the COVID-19 outbreak. The crisis negatively impacted the business operations of public and private companies in Europe. The UK, France, Italy, Spain, Poland, and Germany are among the worst-affected member states in Europe due to the COVID-19 outbreak. Businesses in the region faced severe economic difficulties as they either suspended their operations or substantially reduced their activities. Due to the business shutdown, Europe witnessed an economic slowdown in the first half of 2021. The pandemic had a negative impact on the tourism sector across the region. With tourist activities coming to a halt in 2020, sectors such as retail, entertainment, and restaurants, which were gold mines for POS vendors, suffered losses. The pandemic had a negative impact on most of industries. However, the crisis has bolstered the adoption of cashless payment systems, which fueled the payment terminal market. The demand for mobile payment terminal systems was boosted as it does not require using a common terminal.
Lucrative Countries for Europe Payment Terminal Market
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Market Insight
Increasing Demand for Better Secured Payment Options
The payment terminal system's software and hardware continue to improve to ensure safe transactions and mobility. Payment terminal providers have increased their investments in end-to-end encryption technology to protect payment gateways, which helps in building consumer confidence and promoting product demand. Furthermore, multipurpose software linked to a payment terminal system allows safe payment, storing employee information, and analyzing customer data to the end user. The ability of the product to function as an effective employee management tool for tracking employee performance and generating a pleased staff has further augmented the demand for payment terminal products. The concept of cashless payment has produced new products in the hospitality and retail industries. Furthermore, as credit and debit card technology advanced, contactless payment became famous for completing a transaction quickly without entering a PIN. Near Field Communication (NFC) or Radio-Frequency Identification (RFID) technology is used in this payment mode to conduct secure transactions in seconds. This technology speeds up transactions and makes purchasing little products more convenient, thus increasing demand for payment terminal products. Furthermore, low-cost cloud-based POS systems enable automated regular software updates without the presence of a specialist to save money on future upgrades. Such developments are driving the global payment terminal market substantially.
Type Segment Insights
Based on type, the Europe payment terminal market is segmented into fixed terminal and mobile terminal. The fixed terminal segment is expected to hold a potential share in the market during the forecast period. Fixed terminals or card machines are devices that accept credit and debit card payments through a cable plugged into the phone socket. Many businesses, such as petrol stations, travel or estate agents, and post offices, use fixed terminals. It is best suited for face-to-face transactions by shops with a payment counter for the customers. The fixed terminal provides an instant connection and is robust in operation, which augments the market growth for the segment.
Europe Payment Terminal Market, by Type (% Share)
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Enterprise Size Segment Insights
Based on enterprise size, the Europe payment terminal market is segmented into small enterprises, medium enterprises, and large enterprises. The large enterprises segment is expected to hold potential share in the market during the forecast period. Large enterprises need to process a much larger volume of transactions and require complex technology. They may also need to process specific payment methods and a variety of them. Large businesses often need a fully integrated system that allows for multiple payment methods used across various platforms. Thus, it tends to hold large portion of market share. Small and medium-sized enterprises are the backbone of Europe's economy, which represents around 99% of all businesses in the Europe. The payment terminal offers the flexibility of mobility, secure payments, and the choice of terminals that best fit the business model. Thus, medium and small enterprises demand payment terminal due to its various advantages, which fuels the market growth for the segment.
End User Segment Insights
Based on end user, the Europe payment terminal market is segmented into retail & consumer goods, restaurants, hospitality, media & entertainment, transportation & logistics, healthcare, and others. The retail and consumer goods segment is expected to hold a potential share in the market during the forecast period. The society is moving toward virtual shopping, which augments the demand for payment terminal. Also, growing digitalization is propelling the usage of payment terminals in small enterprises and large enterprises, which is driving the market growth for the segment. Contactless order and delivery is a primary trend in post pandemic scenario. From fine dining to fast food, contactless tech and food delivery may continue to be key investments. Thus, the market for the restaurants segment is expected to grow at the fastest pace in the coming years. The pandemic had hampered the hospitality industry significantly. The vaccination program and death mortality ratio is way improving every day. Thus, growing awareness for safety and ease in travelling restriction are surging the market outlook for the hospitality industry. Thus, growing trend for maintaining social distancing is escalating the demand for payment terminals in European countries.
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Europe Payment Terminal Market: Strategic Insights
Market Size Value in US$ 18,326.7 million in 2021 Market Size Value by US$ 34,437.1 million by 2028 Growth rate CAGR of 9.4% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Europe Payment Terminal Market: Strategic Insights
| Market Size Value in | US$ 18,326.7 million in 2021 |
| Market Size Value by | US$ 34,437.1 million by 2028 |
| Growth rate | CAGR of 9.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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The Europe payment terminal market players focus on partnerships and developments by integrating advanced technologies and features to compete. In 2021, NEC Corporation established partnerships and collaborations with SCSK Corporation in the data center business. This partnership would help the companies to build a low latency connection to cloud services. In 2021, NEC and BostonGene announced global partnership. Partnership with NEC will allow BostonGene to expedite international expansion. This agreement expands upon existing collaborations between BostonGene and NEC Corporation.
Based on type, the Europe payment terminal market is segmented into fixed terminal and mobile terminal. Based on enterprise size, the market is segmented into small enterprises, medium enterprises, and large enterprises. Based on end user, the Europe payment terminal market is segmented into retail and consumer goods, restaurants, hospitality, media and entertainment, transportation and logistics, healthcare, and others. Based on country, the market is segmented into six countries—Germany, UK, France, Italy, Spain, Poland, and the Rest of Europe.
PAX Technology; SumUp Inc.; VeriFone, Inc.; GK Software SE; Ingenico Group S.A.; NEC Corporation; ASEE Group; NCR Corporation; MYPOS WORLD LTD; and Zettle by PayPal are a few major players operating in the Europe payment terminal market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Enterprise Size, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
France, Germany, Italy, Poland, Spain, United Kingdom
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Macro-Economic Factor Analysis:
3.2.4 Data Triangulation:
3.2.5 Country-level data:
4. Europe Payment Terminal Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Payment Terminal Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand for Better Secured Payment Options
5.1.2 Rising Adoption of Contactless Payments
5.2 Market Restraints
5.2.1 Data Security Breaches
5.3 Market Opportunities
5.3.1 Growing Interest in Payment Terminal Solutions Among Small Businesses
5.4 Future Trends
5.4.1 Surging Demand for Mobile Point of Sales (mPOS)
5.5 Impact Analysis of Drivers and Restraints
6. Europe Payment Terminal Market Overview
6.1 Market Overview
6.2 Europe Payment Terminal Market Forecast and Analysis
6.3 Market Positioning – Global Key Players
7. Europe Payment Terminal Market Analysis – By Type
7.1 Overview
7.2 Europe Payment Terminal Market Breakdown, By Type, 2020 & 2028
7.3 Fixed Terminal
7.3.1 Overview
7.3.2 Europe Payment Terminal Market Revenue and Forecasts to 2028 (US$ Mn)
7.4 Mobile Terminal
7.4.1 Overview
7.4.2 Europe Mobile Terminal Market Revenue and Forecasts to 2027 (US$ Mn)
8. Europe Payment Terminal Market Analysis – By Enterprise Size
8.1 Overview
8.2 Europe Payment Terminal Market Breakdown, By Enterprise Size, 2020 & 2028
8.3 Small Enterprises
8.3.1 Overview
8.3.2 Europe Small Enterprises Market –Revenue and Forecast to 2028 (US$ Mn)
8.4 Medium Enterprises
8.4.1 Overview
8.4.2 Europe Medium Enterprises Market –Revenue and Forecast to 2028 (US$ Mn)
8.5 Large Enterprises
8.5.1 Overview
8.5.2 Europe Large Enterprises Market –Revenue and Forecast to 2028 (US$ Mn)
9. Europe Payment Terminal Market Analysis – By End User
9.1 Overview
9.2 Europe Payment Terminal Market Breakdown, By End User, 2020 & 2028
9.3 Retail and Consumer Goods
9.3.1 Overview
9.3.2 Europe Retail and Consumer Goods Market –Revenue and Forecast to 2028 (US$ Mn)
9.4 Restaurants
9.4.1 Overview
9.4.2 Europe Restaurants Market –Revenue and Forecast to 2028 (US$ Mn)
9.5 Hospitality
9.5.1 Overview
9.5.2 Europe Hospitality Market –Revenue and Forecast to 2028 (US$ Mn)
9.6 Media and Entertainment
9.6.1 Overview
9.6.2 Europe Media and Entertainment Market –Revenue and Forecast to 2028 (US$ Mn)
9.7 Transportation and Logistics
9.7.1 Overview
9.7.2 Europe Transportation and Logistics Market –Revenue and Forecast to 2028 (US$ Mn)
9.8 Healthcare
9.8.1 Overview
9.8.2 Europe Healthcare Market –Revenue and Forecast to 2028 (US$ Mn)
9.9 Others
9.9.1 Overview
9.9.2 Europe Others Market –Revenue and Forecast to 2028 (US$ Mn)
10. Europe Payment Terminal Market – Country Analysis
10.1 Europe Payment Terminal Market Breakdown, By Country
10.1.1 Germany Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
10.1.1.1 Germany Payment Terminal Market Breakdown, By Type
10.1.1.2 Germany Payment Terminal Market Breakdown, By Enterprise Size
10.1.1.3 Germany Payment Terminal Market Breakdown, By End User
10.1.2 France Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
10.1.2.1 France Payment Terminal Market Breakdown, By Type
10.1.2.2 France Payment Terminal Market Breakdown, By Enterprise Size
10.1.2.3 France Payment Terminal Market Breakdown, By End User
10.1.3 Italy Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
10.1.3.1 Italy Payment Terminal Market Breakdown, By Type
10.1.3.2 Italy Payment Terminal Market Breakdown, By Enterprise Size
10.1.3.3 Italy Payment Terminal Market Breakdown, By End User
10.1.4 UK Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
10.1.4.1 UK Payment Terminal Market Breakdown, By Type
10.1.4.2 UK Payment Terminal Market Breakdown, By Enterprise Size
10.1.4.3 UK Payment Terminal Market Breakdown, By End User
10.1.5 Spain Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
10.1.5.1 Spain Payment Terminal Market Breakdown, By Type
10.1.5.2 Spain Payment Terminal Market Breakdown, By Enterprise Size
10.1.5.3 Spain Payment Terminal Market Breakdown, By End User
10.1.6 Poland Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
10.1.6.1 Poland Payment Terminal Market Breakdown, By Type
10.1.6.2 Poland Payment Terminal Market Breakdown, By Enterprise Size
10.1.6.3 Poland Payment Terminal Market Breakdown, By End User
10.1.7 Rest of Europe Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
10.1.7.1 Rest of Europe Payment Terminal Market Breakdown, By Type
10.1.7.2 Rest of Europe Payment Terminal Market Breakdown, By Enterprise Size
10.1.7.3 Rest of Europe Payment Terminal Market Breakdown, By End User
11. Impact of COVID-19 Pandemic on Payment Terminal Market
11.1 Europe
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
13.1 PAX Technology
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 SumUp Inc.
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 VeriFone, Inc.
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 GK Software SE
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 Ingenico Group S.A.
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 NEC Corporation
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 ASEE Group
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 NCR Corporation
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 MYPOS WORLD LTD
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 Zettle by PayPal
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 About The Insight Partners
14.2 Glossary of Terms
LIST OF TABLES
Table 1. Europe Payment Terminal Market Revenue and Forecasts to 2028 (US$ Mn)
Table 2. Germany Payment Terminal Market Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 3. Germany Payment Terminal Market Revenue and Forecast to 2028 – By Enterprise Size (US$ Mn)
Table 4. Germany Payment Terminal Market Revenue and Forecast to 2028 – By End User (US$ Mn)
Table 5. France Payment Terminal Market Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 6. France Payment Terminal Market Revenue and Forecast to 2028 – By Enterprise Size (US$ Mn)
Table 7. France Payment Terminal Market Revenue and Forecast to 2028 – By End User (US$ Mn)
Table 8. Italy Payment Terminal Market Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 9. Italy Payment Terminal Market Revenue and Forecast to 2028 – By Enterprise Size (US$ Mn)
Table 10. Italy Payment Terminal Market Revenue and Forecast to 2028 – By End User (US$ Mn)
Table 11. UK Payment Terminal Market Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 12. UK Payment Terminal Market Revenue and Forecast to 2028 – By Enterprise Size (US$ Mn)
Table 13. UK Payment Terminal Market Revenue and Forecast to 2028 – By End User (US$ Mn)
Table 14. Spain Payment Terminal Market Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 15. Spain Payment Terminal Market Revenue and Forecast to 2028 – By Enterprise Size (US$ Mn)
Table 16. Spain Payment Terminal Market Revenue and Forecast to 2028 – By End User (US$ Mn)
Table 17. Poland Payment Terminal Market Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 18. Poland Payment Terminal Market Revenue and Forecast to 2028 – By Enterprise Size (US$ Mn)
Table 19. Poland Payment Terminal Market Revenue and Forecast to 2028 – By End User (US$ Mn)
Table 20. Rest of Europe Payment Terminal Market Revenue and Forecast to 2028 – By Type (US$ Mn)
Table 21. Rest of Europe Payment Terminal Market Revenue and Forecast to 2028 – By Enterprise Size (US$ Mn)
Table 22. Rest of Europe Payment Terminal Market Revenue and Forecast to 2028 – By End User (US$ Mn)
Table 23. Glossary of Term: Payment Terminal Market
LIST OF FIGURES
Figure 1. Payment Terminal Market Segmentation
Figure 2. Europe Payment Terminal Market Overview
Figure 3. Europe Payment Terminal Market, by Type
Figure 4. Europe Payment Terminal Market, by Enterprise Size
Figure 5. Europe Payment Terminal Market, by End User
Figure 6. Europe Payment Terminal Market, by Country
Figure 7. Europe: PEST Analysis
Figure 8. Payment Terminal Market Ecosystem Analysis
Figure 9. Europe Payment Terminal Market: Impact Analysis of Drivers and Restraints
Figure 10. Europe Payment Terminal Market Forecast and Analysis, (US$ Mn)
Figure 11. Europe Payment Terminal Market Breakdown, By Type, 2020 & 2028 (%)
Figure 12. Europe Fixed Terminal Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 13. Europe Mobile Terminal Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. Europe Payment Terminal Market Breakdown, By Enterprise Size, 2020 & 2028 (%)
Figure 15. Europe Small Enterprises Market –Revenue and Forecast to 2028 (US$ Million)
Figure 16. Medium Enterprises Market Revenue and Forecast to 2028 (US$ Mn)
Figure 17. Large Enterprises Market Revenue and Forecast to 2028 (US$ Mn)
Figure 18. Europe Payment Terminal Market Breakdown, By End User, 2020 & 2028 (%)
Figure 19. Europe Retail and Consumer Goods Market –Revenue and Forecast to 2028 (US$ Million)
Figure 20. Restaurants Market Revenue and Forecast to 2028 (US$ Mn)
Figure 21. Hospitality Market Revenue and Forecast to 2028 (US$ Mn)
Figure 22. Media and Entertainment Market Revenue and Forecast to 2028 (US$ Mn)
Figure 23. Transportation and Logistics Market Revenue and Forecast to 2028 (US$ Mn)
Figure 24. Healthcare Market Revenue and Forecast to 2028 (US$ Mn)
Figure 25. Others Market Revenue and Forecast to 2028 (US$ Mn)
Figure 26. Europe Payment Terminal Market Breakdown, By Country, 2020 & 2028(%)
Figure 27. Germany Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
Figure 28. France Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
Figure 29. Italy Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
Figure 30. UK Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
Figure 31. Spain Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
Figure 32. Poland Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
Figure 33. Rest of Europe Payment Terminal Market Revenue and Forecast to 2028 (US$ Mn)
Figure 34. Impact of COVID-19 Pandemic in Europe Country Markets
- PAX Technology
- SumUp Inc
- VeriFone, Inc.
- GK Software SE
- Ingenico Group S.A.
- NEC Corporation.
- ASEE Group.
- NCR Corporation.
- MYPOS WORLD LTD.
- Zettle by PayPal.
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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