North America Testing, Inspection, and Certification Market to Grow at a CAGR of 6.2% to reach US$ 132.81 billion from 2022 to 2030
The North America testing, inspection, and certification market was valued at US$ 81.81 billion in 2022 and is projected to reach US$ 132.81 billion by 2030; it is expected to grow at a CAGR of 6.2% from 2022 to 2030.
Analyst Perspective:
The testing, inspection, and certification industry is focusing on the adoption of various advanced technologies to promote safer and faster testing and inspection. Smart laboratories of the digital age is relying on technologies, namely artificial intelligence (AI), big data, cloud computing, and machine learning (ML), among several others. AI and ML, in conjunction with digital images, are being leveraged for semi-automated processes to reduce errors and lower uncertainties of conformity assessments in industrial testing. Big data allows for the management and analysis of the increasing qualities and types of data available for testing and inspecting products. Cloud computing is promoting instant data sharing, report issuing, and certification automation, among others. Drones and unmanned aerial vehicles (UAVs) are offering novel methods of conducting remote inspections and aerial mapping. They can be fitted with multispectral sensors for precise measurements in agriculture or thermal cameras for measuring heat distribution. Drone-based inspection of remote equipment is expected to grow rapidly in the conventional and renewable energy sectors.
Drones, fitted with thermal imaging equipment, are expected to assist in remotely monitoring the health of power lines and other equipment. Sensors are also expected to play an increasingly important role in process control and automated production lines. This can also provide growth potential for connectivity, data sharing, and integration with logistics while providing valuable data and feedback from markets. Integration of blockchain technology can improve traceability, transparency, and trade potential. It can offer a transparent, secure, and decentralized method of verifying certificates with increased efficiency and reduced costs. Thus, the adoption of advanced technologies by the North America testing, inspection, and certification market players is expected to transform the North America testing, inspection, and certification market in the coming years.
Market Overview of North America Testing, Inspection, and Certification Market:
The increased demand for safety and infrastructure improvements is fostering the North America testing, inspection, and certification market expansion. The North America testing, inspection, and certification market is also expanding owing to the adoption of sophisticated technologies, shorter product lifecycles, and intricate supply chains in numerous end use industries. Also, food safety audits are becoming more common in countries such as the US, which drives the North America testing, inspection, and certification market. The Food and Drug Administration of the US introduced the Food Safety Modernization Act in order to improve the country's food safety system, with a primary focus on reducing foodborne illnesses. The government established different requirements for various food goods under this act. As a result, the country's testing, inspection, and certification activities expanded rapidly.
Further, DEKRA was chosen by the California Energy Commission to create a Vehicle-Grid Innovation Laboratory (ViGIL) to enhance the interoperability of electric vehicles and charging infrastructure. The facility, which is located in Concord, California, started its operations in 2022. The lab was supposed to assist electric car manufacturers, suppliers, device manufacturers, electric vehicle charging station manufacturers, charging point operators, and service providers with a variety of cutting-edge testing and certification services. Moreover, in Canada, as the need for medical-grade personal protective equipment (PPE) grows, it is crucial to guarantee that this equipment is available and safe to use in Canada. As of October 2020, the CSA Group has announced the establishment of a certified, special-purpose laboratory dedicated to testing and certifying the safety of medical-grade personal protective equipment (PPE). The laboratories will test and certify medical-grade PPE such as masks, filtering facepiece respirators, medical gloves, protective drapes, and gear such as surgical and isolation gowns for usage across Canada.
Moreover, the Government of Mexico is supporting product safety standards in the country. For instance, Intertek provides Electrical Testing Laboratories (ETL) certification, which is accepted in Mexico as a product’s proof of compliance with applicable safety standards. As a result, the government awarded equal recognition to certain North American certification bodies such as Intertek and Mexico's NOM certification for a limited range of electrical and electronic devices brought into Mexico.
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North America Testing, Inspection, and Certification Market: Strategic Insights
Market Size Value in US$ 81.81 billion in 2022 Market Size Value by US$ 132.81 billion by 2030 Growth rate CAGR of 6.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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North America Testing, Inspection, and Certification Market: Strategic Insights
| Market Size Value in | US$ 81.81 billion in 2022 |
| Market Size Value by | US$ 132.81 billion by 2030 |
| Growth rate | CAGR of 6.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver of Testing, Inspection, and Certification Market:
Increased Implementation of Industry 4.0 To Fuel North America Testing, Inspection, and Certification Market Growth
Industry 4.0 has transformed the industrial scenario in North America. Using data analytics and the Industrial Internet of Things (IIoT), Industry 4.0 digitizes manufacturing processes. Smarter endpoints, scalable computing, data analytics, visualization, and mobility are reshaping the future of industrial automation in the region. The industrial processes are witnessing a heightened alliance of information technology (IT) and operational technology (OT) for overall performance and business improvement. Several North America testing, inspection, and certification market players are also expanding their business, owing to the higher acceptance of advanced technology in countries such as the US and Canada, fuelling demand for such services. In February 2023, L&T Technology Services Limited, a leading engineering services company, unveiled a new suite of Industry 4.0 technology offerings by integrating cutting-edge technologies, including Artificial Intelligence (AI), 3D-vision systems, robotics, and connected machines, for prominent verticals such as medical devices and transportation.
Industry 4.0 technologies are complex and interconnected; hence, it is critical to guarantee that they are tested and certified to fulfill safety and performance criteria. With the proliferation of digital transformation, industries are strongly relying on various components, including both hardware and software, to accomplish various tasks. Such component vendors require reliable North America testing, inspection, and certification market players to ensure the quality of these systems.
The quality and sustainability of automation systems have to be carefully tested before it reaches the market. The components must be dependable and defect-free to avoid any repercussions to the company arising from the fault of the product during active operations. Hence, it requires interoperability testing, field device testing, pre-certification or pre-compliance testing, and security testing apart from the standard functional and nonfunctional testing. Additionally, digital products introduced to the market are frequently updated with new features and added components. Such updates often require revalidation to ensure that they conform to the required standards post the updates. Thus, market players are playing a vital role in assisting businesses to ensure the quality and dependability of the products and services used for Industry 4.0.
Industry 4.0 creates additional opportunities for North America testing, inspection, and certification market players to innovate and offer new services. The advent of the Internet of Things (IoT), for example, is increasing the demand for testing and certification services for linked devices. Furthermore, the growing use of big data and analytics in manufacturing creates a need for testing, inspection, and certification providers to assist organizations in managing and analyzing their data in order to improve quality and efficiency. Thus, the implementation of Industry 4.0 drives the North America testing, inspection, and certification market.
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Segmental Analysis of North America Testing, Inspection, and Certification Market:
The North America testing, inspection, and certification market is segmented on the basis of sourcing type, service type, and end-user. Based on sourcing type, the North America testing, inspection, and certification market is bifurcated into in-house service and outsourced service. In terms of service type, the North America testing, inspection, and certification market is segmented into testing, inspection, and certification. In terms of end-user, the North America testing, inspection, and certification market is segmented into consumer goods & retail, food & beverage, healthcare & pharmaceutical, energy & power, manufacturing & construction, and others. By country, the North America testing, inspection, and certification market is segmented into the US, Canada, and Mexico.
Regional Analysis of North America Testing, Inspection, and Certification Market:
The US has established itself as the dominant region in the North America testing, inspection, and certification market, with a leading market share. The high internet penetration across the US is the main factor catalyzing the adoption of digital solutions across industries such as healthcare, manufacturing, defense, oil & gas, and transportation. There is a rise in demand for constant power supply from these industries for efficient production output. As testing, inspection, and certification have several applications in manufacturing, defense, and other industries, the demand for testing, inspection, and certification is growing. For instance, in October 2021, National Technical Systems, Inc. (NTS)—the leading provider of qualification testing, inspection, and certification solutions in North America—was granted a US$ 9,962,646 contract from the US Navy. The award is an indefinite-delivery/indefinite-quantity (IDIQ) contract for testing across different NTS laboratories, including the company’s defense facility in Camden, Arkansas.
The objective of testing, inspection, and certification is to boost manufacturing productivity and assist producers in achieving precise conformity to global standards in the medical sector. Thus, several healthcare facilities are deploying testing, inspection, and certification services. For instance, in May 2021, Atlas Technical Consultants, Inc., a prominent infrastructure and environmental services provider, received a US$ 3 million contract to provide on-call special inspection and materials testing in various healthcare facilities for the Los Angeles County Department of Public Works.
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Key North America Testing, Inspection, and Certification Market Player Analysis:
ALS Limited, Applus Services SA, Bureau Veritas SA, DEKRA SE, DNV Group AS, Eurofins Scientific SE, Intertek Group Plc, SGS SA, TUV Rheinland AG, and TUV SUD AG are among the key testing, inspection, and certification market players profiled during this market study. In addition to these players, several other important market players were studied and analyzed during this market research study to get a holistic view of the market in North America and their ecosystem. The leading testing, inspection, and certification market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.
Key Recent Developments in North America Testing, Inspection, and Certification Market:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by North America testing, inspection, and certification market players for increasing their North America testing, inspection, and certification market share. A few recent key North America testing, inspection, and certification market developments are listed below:
- In September 2023, Hexagon Digital Wave, a subsidiary of Hexagon Composites, received an equivalency certificate from Transport Canada (TC) authorizing the usage of its Modal Acoustic Emission (MAE) technology for the requalification of composite overwrapped pressure vessels (COPV) used in virtual pipeline trailers manufactured by Quantum Fuel Systems, which are subject to inspection & testing once every five years.
- In April 2023, DEKRA, a leading testing, inspection, and certification company, and LatticeFlow, a leading artificial intelligence (AI) development and deployment platform provider, formed a strategic partnership to provide AI safety assessments for enterprise clients. The collective offering will deliver the industry’s first AI model assessment service, following the latest ISO standards for data quality and model robustness.
- In May 2022, Intertek, a leading TIC provider, launched Intertek Hydrogen, a revolutionary global platform delivering end-to-end solutions for the hydrogen ecosystem.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Sourcing Type, Service Type, and End-User
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 US held the largest market share in 2022, followed by Canada.
The testing segment led the North American testing, inspection, & certification market with a significant share in 2022 and it is also expected to grow with the highest CAGR.
The North American testing, inspection, & certification market is expected to reach US$ 132.81 billion by 2030.
The key players holding majority shares in the North American testing, inspection, & certification market include Eurofins Scientific SE, Intertek Group Plc, Bureau Veritas SA, SGS SA, and DNV Group AS.
Adoption of advanced technologies in TIC Industry and cybersecurity requirements of industrial control systems is expected to drive the growth of the North American testing, inspection, & certification market in the coming years.
Implementation of Industry 4.0 and environmental concerns promoting adoption of circular economy are the driving factor for the North American testing, inspection, & certification market.
The North American testing, inspection, & certification market was estimated to be valued at US$ 81.81 billion in 2022 and is projected to reach US$ 132.81 billion by 2030; it is expected to grow at a CAGR of 6.2% during 2022–2030.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. TIC Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Testing, Inspection, and Certification Market Players:
4.3.2 Governments and Regulatory Agencies:
4.3.3 End-User:
4.3.4 List of Vendors in the Value Chain:
5. TIC Market - Key Industry Dynamics
5.1 TIC Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Implementation of Industry 4.0
5.2.2 Environmental Concerns Promoting Adoption of Circular Economy
5.3 Market Restraints
5.3.1 Presence of Counterfeit Products and Certificates
5.4 Market Opportunities
5.4.1 Rising EV Adoption
5.4.2 Proliferation of Green Hydrogen
5.5 Future Trends
5.5.1 Adoption of Advanced Technologies in TIC Industry
5.5.2 Cybersecurity Requirements of Industrial Control Systems
5.6 Impact of Drivers and Restraints:
6. TIC Market – North America Market Analysis
6.1 TIC Market Revenue (US$ Billion), 2022 – 2030
6.2 TIC Market Forecast and Analysis
7. TIC Market Analysis – Sourcing Type
7.1 In-House Service
7.1.1 Overview
7.1.2 In-House Service Market Revenue and Forecast to 2030 (US$ Billion)
7.2 Outsourced Service
7.2.1 Overview
7.2.2 Outsourced Service Market Revenue and Forecast to 2030 (US$ Billion)
8. TIC Market Analysis – Service Type
8.1 Testing
8.1.1 Overview
8.1.2 Testing Market Revenue and Forecast to 2030 (US$ Billion)
8.2 Inspection
8.2.1 Overview
8.2.2 Inspection Market Revenue and Forecast to 2030 (US$ Billion)
8.3 Certification
8.3.1 Overview
8.3.2 Certification Market Revenue and Forecast to 2030 (US$ Billion)
9. TIC Market Analysis – End-User
9.1 Consumer Goods & Retail
9.1.1 Overview
9.1.2 Consumer Goods & Retail Market Revenue and Forecast to 2030 (US$ Billion)
9.2 Food & Beverage
9.2.1 Overview
9.2.2 Food & Beverage Market Revenue and Forecast to 2030 (US$ Billion)
9.3 Healthcare & Pharmaceutical
9.3.1 Overview
9.3.2 Healthcare & Pharmaceutical Market Revenue and Forecast to 2030 (US$ Billion)
9.4 Energy & Power
9.4.1 Overview
9.4.2 Energy & Power Market Revenue and Forecast to 2030 (US$ Billion)
9.5 Manufacturing & Construction
9.5.1 Overview
9.5.2 Manufacturing & Construction Market Revenue and Forecast to 2030 (US$ Billion)
9.6 Others
9.6.1 Overview
9.6.2 Others Market Revenue and Forecast to 2030 (US$ Billion)
10. TIC Market - Geographical Analysis
10.1 Overview
10.1.1 North America: TIC Market, by Key Country
10.1.1.1 US: TIC Market – Revenue, and Forecast to 2030 (US$ Billion)
10.1.1.1.1 US: TIC Market, by Sourcing Type
10.1.1.1.2 US: TIC Market, by Service Type
10.1.1.1.3 US: TIC Market, by End-User
10.1.1.2 Canada: TIC Market – Revenue, and Forecast to 2030 (US$ Billion)
10.1.1.2.1 Canada: TIC Market, by Sourcing Type
10.1.1.2.2 Canada: TIC Market, by Service Type
10.1.1.2.3 Canada: TIC Market, by End-User
10.1.1.3 Mexico: TIC Market – Revenue, and Forecast to 2030 (US$ Billion)
10.1.1.3.1 Mexico: TIC Market, by Sourcing Type
10.1.1.3.2 Mexico: TIC Market, by Service Type
10.1.1.3.3 Mexico: TIC Market, by End-User
11. TIC Market – Impact of COVID-19 Pandemic
11.1 Pre & Post Covid-19 Impact
12. Competitive Landscape
12.1 Heat Map Analysis By Key Players
12.2 Company Positioning & Concentration
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development
13.4 Merger and Acquisition
14. Company Profiles
14.1 ALS Limited
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Applus Services SA
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Bureau Veritas SA
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 DEKRA SE
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 DNV Group AS
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Eurofins Scientific SE
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Intertek Group Plc
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 SGS SA
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 TUV Rheinland AG
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 TUV SUD AG
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index
List of Tables
Table 1. TIC Market Segmentation
Table 2. TIC Market Revenue and Forecast to 2030 (US$ Billion)
Table 3. TIC Market Revenue and Forecast to 2030 (US$ Billion) – Sourcing Type
Table 4. TIC Market Revenue and Forecast to 2030 (US$ Billion) – Service Type
Table 5. TIC Market Revenue and Forecast to 2030 (US$ Billion) – End-User
Table 6. US: TIC Market, by Sourcing Type –Revenue and Forecast to 2030 (US$ Billion)
Table 7. US: TIC Market, by Service Type –Revenue and Forecast to 2030 (US$ Billion)
Table 8. US: TIC Market, by End-User –Revenue and Forecast to 2030 (US$ Billion)
Table 9. Canada: TIC Market, by Sourcing Type –Revenue and Forecast to 2030 (US$ Billion)
Table 10. Canada: TIC Market, by Service Type –Revenue and Forecast to 2030 (US$ Billion)
Table 11. Canada: TIC Market, by End-User –Revenue and Forecast to 2030 (US$ Billion)
Table 12. Mexico: TIC Market, by Sourcing Type –Revenue and Forecast to 2030 (US$ Billion)
Table 13. Mexico: TIC Market, by Service Type –Revenue and Forecast to 2030 (US$ Billion)
Table 14. Mexico: TIC Market, by End-User –Revenue and Forecast to 2030 (US$ Billion)
Table 15. Heat Map Analysis By Key Players
Table 16. List of Abbreviation
List of Figures
Figure 1. PEST Analysis
Figure 2. Ecosystem: TIC Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. TIC Market Revenue (US$ Billion), 2022 – 2030
Figure 5. TIC Market Share (%) –Sourcing Type, 2022 and 2030
Figure 6. In-House Service Market Revenue and Forecast To 2030 (US$ Billion)
Figure 7. Outsourced Service Market Revenue and Forecast To 2030 (US$ Billion)
Figure 8. TIC Market Share (%) – Service Type, 2022 and 2030
Figure 9. Testing Market Revenue and Forecast to 2030 (US$ Billion)
Figure 10. Inspection Market Revenue and Forecast to 2030 (US$ Billion)
Figure 11. Certification Market Revenue and Forecast to 2030 (US$ Billion)
Figure 12. TIC Market Share (%) – End-User, 2022 and 2030
Figure 13. Consumer Goods & Retail Market Revenue and Forecast to 2030 (US$ Billion)
Figure 14. Food & Beverage Market Revenue and Forecast to 2030 (US$ Billion)
Figure 15. Healthcare & Pharmaceutical Market Revenue and Forecast to 2030 (US$ Billion)
Figure 16. Energy & Power Market Revenue and Forecast to 2030 (US$ Billion)
Figure 17. Manufacturing & Construction Market Revenue and Forecast to 2030 (US$ Billion)
Figure 18. Others Market Revenue and Forecast to 2030 (US$ Billion)
Figure 19. North America: TIC Market Revenue Share, by Key Country (2022 and 2030)
Figure 20. US: TIC Market – Revenue, and Forecast to 2030 (US$ Billion)
Figure 21. Canada: TIC Market – Revenue, and Forecast to 2030 (US$ Billion)
Figure 22. Mexico: TIC Market – Revenue, and Forecast to 2030 (US$ Billion)
Figure 23. Company Positioning & Concentration
The List of Companies - North America Testing, Inspection, and Certification (TIC) Market
- ALS Limited
- Applus Services SA
- Bureau Veritas SA
- DEKRA SE
- DNV Group AS
- Eurofins Scientific SE
- Intertek Group Plc
- SGS SA
- TUV Rheinland AG
- TUV SUD AG
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Services), Type (Direct Electronic Data Interchange, Electronic Data Interchange via AS2, Electronic Data Interchange via VAN, Mobile Electronic Data Interchange, Web Electronic Data Interchange, Electronic Data Interchange Outsourcing, and Others), Industry (BFSI, Retail & Consumer Goods, Healthcare, IT & Telecommunication, Transportation & Logistics, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
Oct 2023
Artificial Intelligence (AI) in Agriculture Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software, and Services), Application (Precision Farming, Drone Analytics, Agriculture Robots, Livestock Monitoring, and Others), and Geography
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