Smart Parking Market Forecast, Trend, Analysis 2025
The smart parking market is expected to grow from US$ 398.6 million in 2016 to US$ 1,462.3 million by 2025 at a CAGR of 15.7% between 2017 and 2025.
Smart parking systems address critical parking issues, by making it easier for drivers to park their vehicles without wasting time and fuel. Smart parking systems avail their users with real-time information regarding available parking spaces across the city, thereby reducing the traffic congestion caused due to mismanaged parking spaces. Amano Mcgann, Smart Parking Ltd., Xerox, Cisco and Urbiotica are among the major players operating in this market. North America, being a technologically advanced region along with high number vehicle population and congestion in cities, has witnessed highest adoptions of smart parking systems by government & municipalities of various cities. Europe is the second largest adopter of smart parking systems, while APAC region with growing urbanization and increasing technological trends is anticipated to be the fastest growing region globally in the smart parking market
Market Insights
Smart parking market Boosted Owing to Continued Demand Growth in Asia Pacific
Currently, smart parking systems have seen a significant adoption in the North American and European countries. Furthermore, with advancements in technology and infrastructure, in various developing economies of APAC and MEA that include the grand project in city of Wellington, pilot projects in Canberra, Singapore, Thailand, Dubai and Saudi Arabia are expected to witness significant adoption of smart parking solutions. Although, North America and Europe dominate the global smart parking market, they are anticipated to lose their revenue share to Asia Pacific during the forecast period. Whereas, APAC is expected to register a growth rate of 18.9% during 2016 to 2025 in the global smart parking market.
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Smart Parking Market: Strategic Insights
Market Size Value in US$ 398.6 Million in 2016 Market Size Value by US$ 1,462.3 Million by 2025 Growth rate CAGR of 15.7% from 2017-2025 Forecast Period 2017-2025 Base Year 2017
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Smart Parking Market: Strategic Insights
| Market Size Value in | US$ 398.6 Million in 2016 |
| Market Size Value by | US$ 1,462.3 Million by 2025 |
| Growth rate | CAGR of 15.7% from 2017-2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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Global Smart parking market is propelled by the Off-street Parking Segment
Technological advancements such as use of mobile applications for parking guidance systems, enhanced ticketing and payment solutions and significant growth in adoption of smart parking systems by commercial and corporate institutions are the factors expected to boost the demand for off-street parking management system market. This type of parking is beneficial to both short as well as long term parking users. However, high initial deployment cost of off-street parking systems is expected to restrict the growth of the market. The off-street parking segment leads the global smart parking market currently and is expected to continue its dominance during the forecast period.
Market initiative was observed as the most adopted strategy in global smart parking market. Few of the recent strategies by some of the players in smart parking market landscape are listed below
- 2017: Amano Mcgann extended its partnership with one of its oldest dealers PSX to Colorado.
- 2017: Valeo and Cisco announced a cooperation agreement to develop strategic innovations in smart mobility services.
- 2017: Smart Parking announced that it won a new contract in New Zealand, chosen by Wilson Parking New Zealand as the preferred supplier of sensor and bay-finding technology at nine new sites.
- 2017: Smart Parking launched its newly designed SmartSpot IoT Gateway, with new and improved features adapted to meet the needs of smart city
Smart Parking Market Report Scope
Global Smart Parking Systems - Market Segmentation
By Parking Site
- Off-Street Parking
- On-Street Parking
By Components
- Hardware
- Software
- Service
By End-user Industry
- Transport Facilities
- Governments & Municipalities
- Commercial Institutions
- Corporate Institutions
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- U.K
- Rest of Europe
- Asia Pacific (APAC)
- Japan
- China
- India
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Rest of SAM
Company Profiles
- Cisco Systems, Inc.
- Amano McGann, Inc.
- Smart Parking Ltd.
- Urbiotica
- Skidata AG
- Swarco AG
- Parkmobile, LLC
- Nedap N.V
- Kapsch
- Xerox Corp.
- Parkmobile, LLC
- SWARCO AG
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Parking Sites , Components, End-user Industries
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Table of Contents
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Smart Parking Systems Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Global Smart Parking Systems Market - By Parking Site
3.2.2 Global Smart Parking Systems Market - By Components
3.2.3 Global Smart Parking Systems Market - By End-user Industry
3.2.4 Global Smart Parking Systems Market - By Geography
3.2.4.1 By Countries
3.3 Value Chain Analysis
4 Smart Parking Systems Market - Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
5 Smart Parking Systems Market Analysis- Five Forces Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of Substitutes
5.1.4 Threat of New Entrants
5.1.5 Degree of Competition
6 Smart Parking Systems Market Analysis- Competitive Landscape
6.1 Global Smart Parking Systems Market Overview
6.2 Global Smart Parking Systems Market forecast and analysis
6.3 Global Smart Parking Systems Market - Key Players by Product Portfolio and Region, 2015
6.4 Global Smart Parking Systems Market, Key Players by Region
7 Smart Parking systems Market Revenue and Forecasts to 2025 - Parking sites
7.1 Overview
7.2 Parking Sites market forecast and analysis
7.3 On - Street Parking Market
7.3.1 Overview
7.3.2 On - Street Parking market forecast and analysis
7.4 Off - Street Parking Market
7.4.1 Overview
7.4.2 Off - Street Parking market forecast and analysis
8 Smart Parking systems Market Revenue and Forecasts to 2025 - Components
8.1 Overview
8.2 Components market forecast and analysis
8.3 Hardware Market
8.3.1 Overview
8.3.2 Hardware market forecast and analysis
8.4 Software Market
8.4.1 Overview
8.4.2 Software market forecast and analysis
8.5 Services Market
8.5.1 Overview
8.5.2 Services market forecast and analysis
9 Smart Parking systems Market Revenue and Forecasts to 2025 - End - User Industry
9.1 Overview
9.2 End - User Industry market forecast and analysis
9.3 Transport Facilities Market
9.3.1 Overview
9.3.2 Transport Facilities market forecast and analysis
9.4 Government & Municipalities Market
9.4.1 Overview
9.4.2 Government & Municipalities market forecast and analysis
9.5 Commercial Institutions Market
9.5.1 Overview
9.5.2 Commercial Institutions market forecast and analysis
9.6 Corporate Institutions Market
9.6.1 Overview
9.6.2 Corporate Institutions market forecast and analysis
10 Smart Parking Systems Market Revenue and Forecasts to 2025 - Geographical Analysis
10.1 North America
10.1.1 North America Smart Parking Systems market overview
10.1.2 North America Smart Parking Systems market forecast and analysis
10.1.2.1 North America market forecast and analysis - By Countries
10.1.2.1.1 US market
10.1.2.1.2 Canada market
10.1.2.1.3 Mexico market
10.1.2.2 North America market forecast and analysis - By Parking Sites
10.1.2.3 North America market forecast and analysis - By Components
10.1.2.4 North America market forecast and analysis - By End - User Industry
10.2 Europe
10.2.1 Europe Smart Parking Systems market overview
10.2.2 Europe Smart Parking Systems market forecast and analysis
10.2.2.1 Europe market forecast and analysis - By Countries
10.2.2.1.1 France market
10.2.2.1.2 Spain market
10.2.2.1.3 Italy market
10.2.2.1.4 Germany market
10.2.2.1.5 UK market
10.2.2.2 Europe market forecast and analysis - By Parking Sites
10.2.2.3 Europe market forecast and analysis - By Components
10.2.2.4 Europe market forecast and analysis - By End - User Industry
10.3 Asia pacific (APAC)
10.3.1 Asia Pacific Smart Parking Systems market overview
10.3.2 Asia Pacific Smart Parking Systems market forecast and analysis
10.3.2.1 Asia Pacific market forecast and analysis - By Countries
10.3.2.1.1 Australia market
10.3.2.1.2 China market
10.3.2.1.3 South Korea market
10.3.2.1.4 Japan market
10.3.2.1.5 India Market
10.3.2.2 Asia Pacific market forecast and analysis - By Parking Sites
10.3.2.3 Asia Pacific market forecast and analysis - By Components
10.3.2.4 Asia Pacific market forecast and analysis - By End - users Industry
10.4 Middle East and Africa (MEA)
10.4.1 Middle East and Africa Smart Parking Systems market overview
10.4.2 Middle East and Africa Smart Parking Systems market forecast and analysis
10.4.2.1 Middle East and Africa market forecast and analysis - By Countries
10.4.2.1.1 South Africa market
10.4.2.1.2 Saudi Arabia market
10.4.2.2 Middle East and Africa market forecast and analysis - By Parking sites
10.4.2.3 Middle East and Africa market forecast and analysis - By Components
10.4.2.4 Middle East and Africa market forecast and analysis - By End - User Industry
10.5 South America (SAM)
10.5.1 South America Smart Parking Systems market overview
10.5.2 South America Smart Parking Systems market forecast and analysis
10.5.2.1 South America market forecast and analysis - By Countries
10.5.2.1.1 Brazil market
10.5.2.2 South America market forecast and analysis - By Parking Sites
10.5.2.3 South America market forecast and analysis - By Components
10.5.2.4 South America market forecast and analysis - By End - User Industry
11 Smart Parking Systems Market, Key Company Profiles
11.1 Amano McGann, Inc.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Financial Overview
11.1.4 SWOT Analysis
11.1.5 Key Developments
11.2 Cisco
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Financial Overview
11.2.4 SWOT Analysis
11.2.5 Key Developments
11.3 Smart Parking Ltd
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Financial Overview
11.3.4 SWOT Analysis
11.3.5 Key Developments
11.4 Urbiotica
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Financial Overview
11.4.4 SWOT Analysis
11.4.5 Key Developments
11.5 SKIDATA AG
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Financial Overview
11.5.4 SWOT Analysis
11.5.5 Key Developments
11.6 Nedap NV
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Financial Overview
11.6.4 SWOT Analysis
11.6.5 Key Developments
11.7 Kapsch
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Financial Overview
11.7.4 SWOT Analysis
11.7.5 Key Developments
11.8 Xerox Corp
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Financial Overview
11.8.4 SWOT Analysis
11.8.5 Key Developments
11.9 Parkmobile, LLC
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Financial Overview
11.9.4 SWOT Analysis
11.9.5 Key Developments
11.10 SWARCO AG
11.10.1Key Facts
11.10.2Business Description
11.10.3Financial Overview
11.10.4SWOT Analysis
11.10.5Key Developments
12 Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
12.3 Research Methodology
List of Tables
Table 1: Smart Parking Systems Market - Porters Five Forces Analysis 32
Table 2: Global Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn) 36
Table 3: Smart Parking Systems Market - List of Key Players by Product Portfolio, 2015 37
Table 4: North America Smart Parking System Market Revenue and Forecasts to 2025 - By Parking Sites (US$ Mn) 66
Table 5: North America Smart Parking System Market Revenue and Forecasts to 2025 - By Components (US$ Mn) 67
Table 6: North America Smart Parking Systems Revenue and Forecasts to 2025 - End-user Industry (US$ Mn) 68
Table 7: Europe Smart Parking Systems Revenue and Forecasts to 2025 - Parking Site (US$ Mn) 77
Table 8: Europe Smart Parking Systems Revenue and Forecasts to 2025 - Components (US$ Mn) 78
Table 9: Europe Smart Parking Systems Revenue and Forecasts to 2025 - End-user Industry (US$ Mn) 79
Table 10: Asia Pacific Smart Parking Systems Revenue and Forecasts to 2025 - Parking Site (US$ Mn) 87
Table 11: Asia Pacific Smart Parking Systems Market Revenue and Forecasts to 2025 - By Components 88
Table 12: APAC Smart Parking Systems Revenue and Forecasts to 2025 - End-user Industry (US$ Mn) 89
Table 13: Middle East & Africa Smart Parking Systems Revenue and Forecasts to 2025 - Parking Site (US$ Mn) 95
Table 14: Middle East & Africa Smart Parking Systems Revenue and Forecasts to 2025 - Components (US$ Mn) 96
Table 15: Middle East & Africa Smart Parking Systems Revenue and Forecasts to 2025 - End-user Industry (US$ Mn) 98
Table 16: South America Smart Parking Systems Revenue and Forecasts to 2025 - Parking Site (US$ Mn) 103
Table 17: South America Smart Parking Systems Revenue and Forecasts to 2025 - Components (US$ Mn) 104
Table 18: South America Smart Parking Systems Revenue and Forecasts to 2025 - End-user Industry (US$ Mn) 105
Table 19: Glossary of Terms, Smart Parking Systems Market 154
List of Figures
Figure 1: Smart Parking Systems Market, Global Sales Revenue (US$ Mn) 2016 & 2025 16
Figure 2: Global Smart Parking Systems Market Segmentation 18
Figure 3: Global Smart Parking Systems Market Segmentation 19
Figure 4: Global Smart Parking Systems Market - Value Chain Analysis 23
Figure 5: Smart City Smart Infrastructure Investment by Industry, World Market: 2010-2020 25
Figure 6: Growing Urbanization Ratio 26
Figure 7: Smart Parking Systems Market - Porters Five Forces Analysis 32
Figure 8 : Global Smart Parking Systems Market Sales Revenue (US$ Mn), 2016 - 2025 36
Figure 9: Smart Parking Systems Market, Key Players by Region 38
Figure 10: Global Smart Parking Systems Market Breakdown by Parking Site, 2016 2025 (%) 39
Figure 11: Global Off-Street Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn) 41
Figure 12: Global Off-Street Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn) 42
Figure 13: Global Smart Parking Systems Market Breakdown by Component, 2016 - 2025 (%) 44
Figure 14: Global Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn), By Hardware Components 46
Figure 15: Global Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn), By Software Components 48
Figure 16: Global Smart Parking Systems Market Revenue and Forecasts to 2025 (US$ Mn), By Services 49
Figure 17: Global Smart Parking Systems Market Breakdown by End-User Industry, 2015 (%) 51
Figure 18: Global Smart Parking Systems Market Revenue and Forecasts across Transport Facilities to 2025 (US$ Mn) 52
Figure 19: Global Smart Parking Systems Market Revenue and Forecasts across Governments & Municipalities to 2025 (US$ Mn) 54
Figure 20: Global Smart Parking Systems Market Revenue and Forecasts across Commercial Institutions to 2025 (US$ Mn) 56
Figure 21: Global Smart Parking Systems Market Revenue and Forecasts across Corporate Institutions to 2025 (US$ Mn) 57
Figure 22: Global Smart Parking Systems Market Breakdown by Region, 2016 - 2025 (%) 59
Figure 23: North America Smart Parking Systems Market Sales Revenue and Forecasts to 2025 (US$ Mn) 61
Figure 24: North America Smart Parking Systems Market Breakdown by Key Country, 2015 (%) 62
Figure 25: U.S. Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 63
Figure 26: Canada Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 64
Figure 27: Mexico Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 65
Figure 28: North America Smart Parking Systems Market Breakdown by Parking Site, 2016 - 2025 (%) 66
Figure 29: North America Smart Parking Systems Market Breakdown by Component, 2016 - 2025 (%) 67
Figure 30: North America Smart Parking Systems Market Breakdown by End-user Industry, 2016 - 2025 (%) 68
Figure 31: Europe Smart Parking Systems Market Sales Revenue and Forecasts to 2025 (US$ Mn) 70
Figure 32: Europe Smart Parking Systems Market Breakdown by Key Country, 2015 (%) 71
Figure 33: France Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 72
Figure 34: Germany Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 73
Figure 35: Italy Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 74
Figure 36: Spain Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 75
Figure 37: U.K. Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 76
Figure 38: Europe Smart Parking Systems Market Breakdown by Parking Site, 2016 - 2025 (%) 77
Figure 39: Europe Smart Parking Systems Market Breakdown by Component, 2016 - 2025 (%) 78
Figure 40: Europe Smart Parking Systems Market Breakdown by Method, 2015 (%) 79
Figure 41: Asia Pacific Smart Parking Systems Market Sales Revenue (US$ Mn) and Forecasts to 2025 (US$ Mn) 81
Figure 42: Asia Pacific Smart Parking Systems Market Breakdown by Key Country, 2016 - 2025 (%) 82
Figure 43: Australia Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 83
Figure 44: China Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 84
Figure 45: India Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 85
Figure 46: Japan Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 86
Figure 47: Asia Pacific Smart Parking Systems Market Breakdown by Parking Site, 2015 (%) 87
Figure 48: Asia Pacific Smart Parking Systems Market Breakdown by Component, 2016 - 2025 (%) 88
Figure 49: Asia Pacific Smart Parking Systems Market Breakdown by End-User Industry, 2015 (%) 89
Figure 50: MEA Smart Parking Systems Market Sales Revenue and Forecasts to 2025 (US$ Mn) 91
Figure 51: Middle East & Africa Smart Parking Systems Market Breakdown by Key Country, 2016 - 2025 (%) 92
Figure 52: South Africa Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 92
Figure 53: Saudi Arabia Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 93
Figure 54: UAE Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 94
Figure 55: Middle East & Africa Smart Parking Systems Market Breakdown by Parking Site, 2016 - 2025 (%) 95
Figure 56: Middle East & Africa Smart Parking Systems Market Breakdown by Component, 2015 (%) 96
Figure 57: Middle East & Africa Smart Parking Systems Market Breakdown by End-User Industry, 2015 (%) 97
Figure 58: South American Smart Parking Systems Market Sales Revenue and Forecasts to 2025 (US$ Mn) 100
Figure 59: South America Smart Parking Systems Market Breakdown by Key Country, 2016 - 2025 (%) 101
Figure 60: Brazil Smart Parking Systems Revenue and Forecasts to 2025 (US$ Mn) 102
Figure 61: South America Smart Parking Systems Market Breakdown by Parking Site, 2015 (%) 103
Figure 62: South America Smart Parking Systems Market Breakdown by Component, 2016 - 2025 (%) 104
Figure 63: South America Smart Parking Systems Market Breakdown by End-User Industry, 2015 (%) 105
The List of companies - Smart Parking Market
- Amano McGann, Inc.
- Cisco
- Smart Parking Ltd.
- Urbiotica
- SKIDATA AG
- Nedap NV
- Kapsch
- Xerox Corp.
- Parkmobile, LLC
- SWARCO 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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