The Middle East staffing & recruitment market size is projected to grow from US$ 50,529.43 million in 2022 to US$ 86,072.00 million by 2028; it is expected to register a CAGR of 9.4% from 2023 to 2028.
Staffing and recruitment refer to identifying and attracting potential candidates with the skill, knowledge, and experience required to fill a job vacancy. Effective staffing and recruitment can help an organization build a strong and talented workforce, improve productivity, and achieve competitive advantages. The increasing job vacancies in Middle Eastern countries are boosting the adoption of staffing and recruitment solutions across various organizations, thereby contributing to the Middle East staffing & recruitment market growth. According to United Nations Agencies, more than 33 million new jobs will be created by 2030 in the Middle East and North African region to improve the employment rate.
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Middle East Staffing & Recruitment Market: Strategic Insights
Market Size Value in US$ 50,529.43 million in 2022 Market Size Value by US$ 86,072.00 million by 2028 Growth rate CAGR of 9.4% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Middle East Staffing & Recruitment Market: Strategic Insights
| Market Size Value in | US$ 50,529.43 million in 2022 |
| Market Size Value by | US$ 86,072.00 million by 2028 |
| Growth rate | CAGR of 9.4% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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The Middle East staffing & recruitment market is segmented into Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain, and the Rest of Middle East. The UAE is the second-largest economy in the region. The country attracts many skilled workers with new visas and provides incentives for establishing and expanding various businesses. The UAE has a huge job market with growing companies, new projects, and international investments. According to a recent job study in the UAE, 7 out of 10 companies intend to hire new employees based on their credentials and skill sets. According to the same report, almost 50% of businesses hire immigrants from outside their country who make themselves accessible within three months. Businesses in the UAE started raising employees' salaries to attract higher-level trained immigrants. All these factors are boosting the job market in the UAE, thereby fuelling the adoption of various recruitment and staffing solutions which in turn enhances the Middle East staffing & recruitment market size.
Middle East Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Source: The Insight Partners Analysis
Market Insights – Middle East Staffing & Recruitment Market
Automation and AI-Driven Recruitment to Drive Middle East Staffing & Recruitment Market Growth in Coming Years
Recruitment technology is taking over the hiring process. Artificial intelligence (AI) and automation in the recruitment process provide benefits such as efficiency, personalization, and data-informed decision-making. Integrating AI and automation into the recruitment process helps companies shortlist ideal candidates, automate manual tasks, streamline the recruitment workflow, and others. There are many ways to leverage AI and automation technology for talent attraction and candidate experience throughout the recruiting process. AI technology allows personalizing outreach while tracking candidates’ behavior on the website and sends them customized content and messages based on their interests. Moreover, AI helps find the best-fit candidate by matching an applicant’s experience and skills with the job description. The recruitment chatbox is another AI technology that offers job seekers real-time updates and interaction 24/7 by allowing them to ask questions about job requirements or recruitment timelines while providing helpful feedback and suggestions. Further, AI-based video interview software helps assess a candidate’s word choices, speech patterns, and also facial expressions to check if the candidate is the right fit for the position. AI and automation have brought about significant changes in the recruitment process and have revolutionized the entire process. Thus, automation and AI-driven recruitment will further contribute to the Middle East staffing & recruitment market growth in the coming years.
End User-Based Middle East Staffing & Recruitment Market Insights
Based on end user, the staffing & recruitment market is categorized into oil & gas, BFSI, IT & telecom, healthcare, retail & e-commerce, and others. In 2022, the oil & gas segment dominated the Middle East staffing & recruitment market. The Middle East ranks 5th in the top 10 oil-producing countries and is responsible for producing about 27% of the world’s oil. Saudi Arabia, Iraq, the UAE, Iran, and Kuwait are the major oil producers in the region. The Middle East witnessed a 4.3% hiring in the oil & gas industry. Qatar commanded a leading position with a 27.03% share in the region's IT hiring activity for the oil & gas industry in March 2022, an increase of 100% compared to February 2022. Thus, growth in the employment of the oil & gas industry boosts the adoption of recruitment and staffing solutions, which is propelling the Middle East staffing & recruitment market growth.
Market players operating in the Middle East staffing & recruitment market mainly adopt inorganic growth strategies to stay competitive in the Middle East staffing & recruitment market ecosystem.
- In January 2020, Adecco Group sold its healthcare staffing business, Soliant Health, to a Zurich-based staffing firm for a cash amount of US$612 million. The decision is part of Adecco Group's plan to focus on globally scalable brands and digital solutions. The sale of Soliant Health aligns with the company's strategy to streamline its portfolio and prioritize investments in areas with higher growth potential. The move allowed Adecco Group to direct its resources toward its core businesses and expand its market position in strategic regions.
- In November 2022, International Commissioning & Engineering Pte Ltd (ICE) was acquired by Brunel. ICE is a project risk assurance and commissioning & startup firm that focuses on coordinating and delivering large-scale oil & gas, infrastructure, and energy projects. Brunel aims to offer a distinctive combination of its global recruitment, workforce, and mobilization services with ICE's specialist project assurance, execution, and delivery expertise, following the merger.
Market players profiled in the Middle East staffing & recruitment market report are:
- Adecco Group AG
- ALLIANCE RECRUITMENT AGENCY
- BAC Middle East
- Brunel
- Hays plc
- Korn Ferry
- Medacs Healthcare Limited
- Morgan Philips Group SA
- NES Fircrof
- Randstad N.V.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Staffing Type, Recruitment Channel, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Bahrain, Kuwait, Qatar, Saudi Arabia, UAE
Frequently Asked Questions
The Middle East staffing & recruitment market was estimated to be US$ 50,529.43 million in 2022 and is expected to grow at a CAGR of 9.4 % during the forecast period 2023 - 2028.
Huge job opportunities in BFSI and technology sector, and workforce localization in the Middle East are driving factors impacting the Middle East staffing and recruitment market.
Automation and AI-driven recruitment will contribute to the market's growth in the coming years.
The key players, holding majority shares, in Middle East staffing & recruitment market includes Adecco Group.; Randstad N.V.; ManpowerGroup; Recruit Holdings Co., Ltd; and NES Fircroft.
The incremental growth, expected to be recorded for the Middle East staffing & recruitment market during the forecast period, is US$ 31,096.77 million.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Middle East Staffing & Recruitment Market – By Staffing Type
1.3.2 Middle East Staffing & Recruitment Market – By Recruitment Channel
1.3.3 Middle East Staffing & Recruitment Market – By End User
1.3.4 Middle East Staffing & Recruitment Market- By Region
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Staffing & Recruitment Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Middle East
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Staffing & Recruitment Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Huge Job Opportunities in BFSI and Technology Sectors
5.1.2 Workforce Localization in the Middle East
5.2 Market Restraints
5.2.1 Lack of Qualified Job Seekers
5.3 Market Opportunities
5.3.1 Growing Prevalence of Jobs with Increasing Youth Population
5.4 Future Trends
5.4.1 Automation and AI-Driven Recruitment
5.5 Impact Analysis of Drivers and Restraints
6. Staffing & Recruitment Market – Global Analysis
6.1 Middle East Staffing & Recruitment Market Overview
6.2 Middle East Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Staffing & Recruitment Market Analysis – By Staffing Type
7.1 Overview
7.2 Staffing & Recruitment Market, By Staffing Type (2022 and 2028)
7.3 Temporary
7.3.1 Overview
7.3.2 Temporary: Staffing & Recruitment Market – Revenue, and Forecast to 2028 (US$ Million)
7.4 Permanent
7.4.1 Overview
7.4.2 Permanent: Staffing & Recruitment Market – Revenue, and Forecast to 2028 (US$ Million)
8. Staffing & Recruitment Market Analysis – By Recruitment Channel
8.1 Overview
8.2 Staffing & Recruitment Market, By Recruitment Channel (2022 and 2028)
8.3 Online
8.3.1 Overview
8.3.2 Online: Staffing & Recruitment Market- Revenue and Forecast to 2028 (US$ Million)
8.4 Hybrid
8.4.1 Overview
8.4.2 Hybrid: Staffing & Recruitment Market- Revenue and Forecast to 2028 (US$ Million)
8.5 Offline
8.5.1 Overview
8.5.2 Offline: Staffing & Recruitment Market- Revenue and Forecast to 2028 (US$ Million)
9. Staffing & Recruitment Market Analysis – By End User
9.1 Overview
9.2 Staffing & Recruitment Market, By End User (2022 and 2028)
9.3 Oil & Gas
9.3.1 Overview
9.3.2 Oil & Gas: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
9.4 BFSI
9.4.1 BFSI: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
9.5 IT & Telecom
9.5.1 Overview
9.5.2 IT & Telecom: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
9.6.1 Healthcare: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Retail & E-Commerce
9.7.1 Overview
9.7.2 Retail & E-Commerce: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
9.8 Others
9.8.1 Others: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
10. Middle East Staffing & Recruitment Market – Regional Analysis
10.1 Overview
10.1.1 Middle East Staffing & Recruitment Market, Revenue and Forecast To 2028
10.1.1.1 Saudi Arabia Staffing & Recruitment Market, Revenue and Forecast to 2028
10.1.1.1.1 Saudi Arabia Staffing & Recruitment Market Breakdown, By Staffing Type
10.1.1.1.2 Saudi Arabia Staffing & Recruitment Market Breakdown, By Recruitment Channel
10.1.1.1.3 Saudi Arabia Staffing & Recruitment Market Breakdown, By End User
10.1.1.2 UAE Staffing & Recruitment Market, Revenue and Forecast to 2028
10.1.1.2.1 UAE Staffing & Recruitment Market Breakdown, By Staffing Type
10.1.1.2.2 UAE Staffing & Recruitment Market Breakdown, By Recruitment Channel
10.1.1.2.3 UAE Staffing & Recruitment Market Breakdown, By End User
10.1.1.3 Qatar Staffing & Recruitment Market, Revenue and Forecast to 2028
10.1.1.3.1 Qatar Staffing & Recruitment Market Breakdown, By Staffing Type
10.1.1.3.2 Qatar Staffing & Recruitment Market Breakdown, By Recruitment Channel
10.1.1.3.3 Qatar Staffing & Recruitment Market Breakdown, By End User
10.1.1.4 Kuwait Staffing & Recruitment Market, Revenue and Forecast to 2028
10.1.1.4.1 Kuwait Staffing & Recruitment Market Breakdown, By Staffing Type
10.1.1.4.2 Kuwait Staffing & Recruitment Market Breakdown, By Recruitment Channel
10.1.1.4.3 Kuwait Staffing & Recruitment Market Breakdown, By End User
10.1.1.5 Bahrain Staffing & Recruitment Market, Revenue and Forecast to 2028
10.1.1.5.1 Bahrain Staffing & Recruitment Market Breakdown, By Staffing Type
10.1.1.5.2 Bahrain Staffing & Recruitment Market Breakdown, By Recruitment Channel
10.1.1.5.3 Bahrain Staffing & Recruitment Market Breakdown, By End User
10.1.1.6 Rest of Middle East Staffing & Recruitment Market, Revenue and Forecast to 2028
10.1.1.6.1 Rest of Middle East Staffing & Recruitment Market Breakdown, By Staffing Type
10.1.1.6.2 Rest of Middle East Staffing & Recruitment Market Breakdown, By Recruitment Channel
10.1.1.6.3 Rest of Middle East Staffing & Recruitment Market Breakdown, By End User
11. Impact of COVID-19 Pandemic on Middle East Staffing & Recruitment Market
11.1 Overview
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 Adecco Group AG
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 Alliance Recruitment Agency
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 BAC Middle East
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 Brunel International NV
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 Hays Plc
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 Korn Ferry
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 Medacs Global Group Ltd
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 Morgan Philips Group SA
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 NES Fircroft
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 Randstad NV
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 Word Index
LIST OF TABLES
Table 1. Middle East Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. Middle East Staffing & Recruitment Market, Revenue and Forecast To 2028 – By Country (US$ Million)
Table 3. Saudi Arabia Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Staffing Type (US$ Million)
Table 4. Saudi Arabia Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Recruitment Channel (US$ Million)
Table 5. Saudi Arabia Staffing & Recruitment Market, Revenue and Forecast to 2028 – By End User (US$ Million)
Table 6. UAE Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Staffing Type (US$ Million)
Table 7. UAE Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Recruitment Channel (US$ Million)
Table 8. UAE Staffing & Recruitment Market, Revenue and Forecast to 2028 – By End User (US$ Million)
Table 9. Qatar Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Staffing Type (US$ Million)
Table 10. Qatar Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Recruitment Channel (US$ Million)
Table 11. Qatar Staffing & Recruitment Market, Revenue and Forecast to 2028 – By End User (US$ Million)
Table 12. Kuwait Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Staffing Type (US$ Million)
Table 13. Kuwait Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Recruitment Channel (US$ Million)
Table 14. Kuwait Staffing & Recruitment Market, Revenue and Forecast to 2028 – By End User (US$ Million)
Table 15. Bahrain Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Staffing Type (US$ Million)
Table 16. Bahrain Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Recruitment Channel (US$ Million)
Table 17. Bahrain Staffing & Recruitment Market, Revenue and Forecast to 2028 – By End User (US$ Million)
Table 18. Rest of Middle East Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Staffing Type (US$ Million)
Table 19. Rest of Middle East Staffing & Recruitment Market, Revenue and Forecast to 2028 – By Recruitment Channel (US$ Million)
Table 20. Rest of Middle East Staffing & Recruitment Market, Revenue and Forecast to 2028 – By End User (US$ Million)
Table 21. List of Abbreviation
LIST OF FIGURES
Figure 1. Staffing & Recruitment Market Segmentation
Figure 2. Staffing & Recruitment Market Segmentation – By Geography
Figure 3. Middle East Staffing & Recruitment Market Overview
Figure 4. Temporary Segment held the Largest Share of Staffing & Recruitment Market
Figure 5. Online Segment held the Largest Share of Staffing & Recruitment Market
Figure 6. Oil & Gas Segment held the Largest Share of Staffing & Recruitment Market
Figure 7. Middle East: PEST Analysis
Figure 8. Expert Opinion
Figure 9. Staffing & Recruitment Market Impact Analysis of Drivers and Restraints
Figure 10. Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. Staffing & Recruitment Market Revenue Share, By Staffing Type (2022 and 2028)
Figure 12. Temporary: Staffing & Recruitment Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 13. Permanent: Staffing & Recruitment Market – Revenue, and Forecast to 2028 (US$ Million)
Figure 14. Staffing & Recruitment Market Revenue Share, By Recruitment Channel (2022 and 2028)
Figure 15. Online: Staffing & Recruitment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 16. Hybrid: Staffing & Recruitment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 17. Offline: Staffing & Recruitment Market- Revenue and Forecast to 2028 (US$ Million)
Figure 18. Staffing & Recruitment Market Revenue Share, by End User (2022 and 2028)
Figure 19. Oil & Gas: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. BFSI: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. IT & Telecom: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Healthcare: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Retail & E-Commerce: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Others: Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Middle East Staffing & Recruitment Market Breakdown, by Country, 2022 & 2028 (%)
Figure 26. Saudi Arabia Staffing & Recruitment Market, Revenue and Forecast to 2028 (US$ Million)
Figure 27. UAE Staffing & Recruitment Market, Revenue and Forecast to 2028 (US$ Million)
Figure 28. Qatar Staffing & Recruitment Market, Revenue and Forecast to 2028 (US$ Million)
Figure 29. Kuwait Staffing & Recruitment Market, Revenue and Forecast to 2028 (US$ Million)
Figure 30. Bahrain Staffing & Recruitment Market, Revenue and Forecast to 2028 (US$ Million)
Figure 31. Rest of Middle East Staffing & Recruitment Market, Revenue and Forecast to 2028 (US$ Million)
Figure 32. Impact of Covid-19 Pandemic on Middle East & Africa Country Markets
The List of Companies - Middle East Staffing and Recruitment Market
- Adecco Group AG
- Alliance Recruitment Agency
- BAC Middle East
- Brunel International NV
- Hays Plc
- Korn Ferry
- Medacs Global Group Ltd
- Morgan Philips Group SA
- NES Fircroft
- Randstad NV
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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