UK Tax Software Market Forecast and Growth 2031

UK Tax Software Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Software and Services), Tax Type (Sales Tax, Income Tax, Corporate Tax, and Others), Deployment Type (Cloud and On Premise), End User (Individual, Commercial), and Geography

  • Report Code : TIPRE00017335
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 188
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UK Tax Software Market Strategies, Trends, and Forecast by 2031

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The UK tax software market size is projected to reach US$ 2.79 billion by 2031 from US$ 1.28 billion in 2023. The market is expected to register a CAGR of 10.2% during 2023–2031. The increasing adoption of blockchain technology is likely to remain a key trend in the UK tax software market

UK Tax Software Market Analysis

Since the advent of digitalization in the UK, end users have adopted advanced technologies to reduce manual processes and implement automation to increase productivity and achieve efficient business outcomes. Owing to the increasing penetration of the Internet and the growing use of computers and smartphones, individuals do not need to visit a tax office. They can file a tax return and pay the taxes remotely. End users such as commercial enterprises and individuals increasingly adopt tax software as it automates tax processes and reduces the manual efforts of calculating tax. The software allows the registration of taxpayer information, which is then automatically entered into tax returns; it also enables automatic calculation. Various industries use tax software for filing and returns, generating a huge volume of data. In such cases, industries have to be cautious while transferring tax-related files online. Tax software vendors provide software with security measures, which is increasing their demand.

UK Tax Software Market Overview

Tax software is designed to make the tax preparation process more efficient and help the average taxpayer understand the various nuances of tax law. The primary purpose of tax software is to automate the tax return filing process. Tax software has various features, such as e-filing and, eSignature, and others. Many tax software programs store tax returns in the cloud for several years so businesses can access them easily during tax filing. The tax software can be incorporated with many other software, such as customer relationship management (CRM), enterprise resource planning (ERP), and reporting applications.

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UK Tax Software Market: Strategic Insights

uk-tax-software-market
Market Size Value inUS$ 1,180.13 million in 2022
Market Size Value byUS$ 2,038.45 million by 2028
Growth rateCAGR of 9.5% from 2022 to 2028
Forecast Period2022-2028
Base Year2028
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UK Tax Software Market Drivers and Opportunities

Government Initiatives to Modernize UK Tax System to Favor Market

The tax software market has been positively impacted by the significant initiatives taken by the UK government to modernize the tax system. For instance, on April 1, 2019, the government implemented Phase 1 of Making Tax Digital (MTD). On April 1, 2021, Phase 2 of the MTD initiative was initiated, and its completion date is set for April 2027. The government has set certain deadlines for digitalizing taxes for non-VAT-registered businesses, such as sole traders and landlords:

  • From April 2026, landlords and sole proprietors earning more than US$ 68,830 (GBP 50,000) are subject to the MTD income tax regulations.
  • From April 2027, MTD rules around income tax will come into effect for sole traders and landlords earning over US$ 41,300 (GBP 30,000). The sole traders and landlords must maintain digital tax records and submit their tax returns online.

Under the MTD initiatives, the government plans to remove all the paperwork linked to taxes and embrace automation in accounting processes. The government encourages businesses to utilize compatible accounting and tax software that automates a variety of their financial operations, including data entry, computations, and report production. This software encourages automation, increases efficiency, and helps save time by decreasing errors, which is increasing its demand among businesses.

Rising Adoption of Advanced Technologies

In the UK, cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) are changing traditional accounting and taxation methods. These technologies support taxation and accounting firms to operate more efficiently and reduce the number of errors. These advanced technologies automate numerous tasks, including invoice processing, data input, and reconciliations, which support tax professionals in increasing their focus on and investing more time in strategic tasks such as data analysis and customer consulting services. Significant benefits offered by AI, ML, and RPA to tax software increase their adoption among tax companies, further creating market growth opportunities. For instance, in February 2022, KPMG LLP, a UK limited, partnered with Blue J to jointly develop and launch a first-of-its-kind suite of artificial intelligence (AI) tax analysis tools for their customers in the UK. The tool allows KPMG's tax team to employ use AI to forecast tax scenario outcomes with 90%+ accuracy by significantly reducing time spent looking for and analyzing tax legislation and case law. This tool will also support KPMG's tax team in technical analysis and decision-making processes on complex tax issues. Moreover, benefits offered by advanced technologies encourage companies to develop new innovative software for their customers. For instance, in February 2024, PwC UK developed and launched a UK tax AI assistant tool with Harvey and OpenAI. This UK tax AI assistant tool is available for all 2,300 PwC UK Tax professionals and assists them in generating tax content to provide tax-related services to their clients.

UK Tax Software Market Report Segmentation Analysis

Key segments that contributed to the derivation of the UK tax software market analysis are component, tax type, and end user.

  • Based on component, the UK tax software market is segmented into software and services. The software segment held a larger market share in 2023.
  • By tax type, the market is categorized into sales tax, income tax, corporate tax, and others. The sales tax segment held the largest share of the market in 2023.
  • In terms of end user, the market is bifurcated into individual and commercial. The commercial segment held a significant share of the market in 2023.

UK Tax Software Market Share Analysis

The accounting and taxation landscape in the UK is undergoing a profound transformation driven by the advent of new technologies. Within the UK's tax landscape, new technologies streamline compliance by automating tax calculations and reporting processes. This reduces errors and optimizes deductions and credits, contributing to more accurate tax submissions. Startups and international enterprises are expanding their presence across the UK owing to a well-established economic structure. SMEs and other established enterprises in the country adopt tax software to address tax compliance.

UK Tax Software Market Report Scope

UK Tax Software Market News and Recent Developments

The UK tax software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the UK tax software market are listed below:

  • Intuit Inc announced latest updates to products and services, including Intuit Tax Advisor, Intuit ProConnect Tax, Intuit Lacerte Tax, and Intuit ProSeries Tax, for the upcoming tax year. Intuit Accountants offers a range of products and services to help tax and accounting professionals stay ahead of the curve. The Tax Year 2023 product updates offer enhanced reporting capabilities, strategies, and streamlined workflows while also providing accountants with access to new tax-related insights, advisory strategies, and reports to help firms achieve their goals. (Source: Intuit Inc, Press Release, September 2023)
  • Wolters Kluwer NV received an Artificial Intelligence (AI) Excellence Award from The Business Intelligence Group (BIG) for Xpitax Scan Optimizer. The AI-powered system, which increases the speed and efficiency of preparing tax returns, was selected in the award program’s ‘Computer Vision’ category, recognizing “organizations, products, and people that bring AI to life and apply it to solve real problems. (Source: Wolters Kluwer NV, Press Releases, April 2024)

UK Tax Software Market Report Coverage and Deliverables

The “UK Tax Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • UK tax software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • UK tax software market trends as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • UK tax software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the UK tax software market
  • Detailed company profiles
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Tax Type, Deployment Type, End User, Enterprise Size, Industry Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are market opportunities for UK tax software market?

Accountancy firms are adopting the software for handling invoicing & billing, payroll, reporting, and bookkeeping. The accountancy profession contributes significantly to the UK economy via specialist accounting practices and in-house accountants existing in all industries. Moreover, the accounting and legal firms are pivotal to the country's financial and professional services ecosystem, thereby anticipated to boost the market growth in the upcoming years.

What are reasons behind UK tax software market growth?

The retail sector in the UK has experienced a tremendous transformation with the growing trend of online shopping, which has emerged as a major disrupter. The continuous introduction of various advanced technological solutions helps retailers increase their efficiency. Companies in the tax software market players catering to this sector maintain an enormous quantity of sensitive data that varies from financial statements, invoices, legal contracts, and e-mails to receipts.

Who are the major vendors in the UK tax software market?

Acorah Software Products Limited (TAXCALC), BTCSoftware Limited, Capium, FreeAgent, GoSimpleTax Ltd., IRIS Software Group Ltd, Nomisma, Sage Group Plc, Thomson Reuters, and Xero Limited are the leading companies in the UK tax software market.

Which enterprise size to dominate the UK tax software market in the forecast period?

The large enterprises segment dominated the market in 2021 and is expected to hold significant share during the forecast period. Large enterprise continues to demand for real-time global data that informs them of tax payment-related obligations, risks, and opportunities. Moreover, companies providing tax software mare responding to these demands by providing platforms that aims at collecting of data from both unstructured and structured sources, thereby becoming major factors driving the market growth.

What are the future trend for UK tax software market?

The accountancy sector in the UK is growing at a fast pace, thereby increasing the need for advanced technologies to streamline tax processes. The entire accountancy industry is witnessing the emergence of cloud computing and automation amid the digital revolution. Cloud accountancy has widely transformed how accountants work regularly and communicate with their customers. Cloud-based solutions enable accountants to run accounting tasks from any location, thereby becoming major trend in the UK tax software market during the forecast period.

1. Introduction

1.1 The Insight Partners Research Report Guidance

1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights

3. Research Methodology

3.1 Secondary Research

3.2 Primary Research

3.2.1 Hypothesis formulation:

3.2.2 Macro-economic factor analysis:

3.2.3 Developing base number:

3.2.4 Data Triangulation:

3.2.5 Country level data:

4. UK Tax Software Market Landscape

4.1 Overview

4.2 PEST Analysis

4.3 Ecosystem Analysis

4.3.1 List of Vendors in Value Chain

4.4 Premium Insights

4.4.1 Company Benchmarking

5. UK Tax Software Market – Key Market Dynamics

5.1 UK Tax Software Market – Key Market Dynamics

5.2 Market Drivers

5.2.1 Government Initiatives to Modernize UK Tax System

5.2.2 Increasing Adoption Among Tax Advisory and Consulting Companies

5.2.3 Increase in Digitization of Tax Systems

5.2.4 Continued Demand from Retail Sector

5.3 Market Restraints

5.3.1 Growing Number of Cyber-attacks

5.3.2 Reluctance to Adoption of Tax Software due to Cost and Operational Complexities

5.4 Market Opportunities

5.4.1 Rising Adoption of Advanced Technologies

5.4.2 Expanding Tax Industry

5.5 Future Trends

5.5.1 Increasing Adoption of Blockchain Technology

5.6 Impact of Drivers and Restraints:

6. UK Tax Software Market Analysis

6.1 Overview

6.2 UK Tax Software Market Revenue (US$ Million), 2021–2031

6.3 UK Tax Software Market Forecast and Analysis

7. UK Tax Software Market Analysis – by Component

7.1 Software

7.1.1 Overview

7.1.2 Software: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

7.2 Services

7.2.1 Overview

7.2.2 Services: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

8. UK Tax Software Market Analysis – by Tax Type

8.1 Sales Tax

8.1.1 Overview

8.1.2 Sales Tax: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

8.2 Income Tax

8.2.1 Overview

8.2.2 Income Tax: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

8.3 Corporate Tax

8.3.1 Overview

8.3.2 Corporate Tax: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

8.4 Others

8.4.1 Overview

8.4.2 Others: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

9. UK Tax Software Market Analysis – by Deployment Type

9.1 Cloud

9.1.1 Overview

9.1.2 Cloud: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

9.2 On Premises

9.2.1 Overview

9.2.2 On Premises: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10. UK Tax Software Market Analysis – by End User

10.1 Individual

10.1.1 Overview

10.1.2 Individual: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.2 Commercial

10.2.1 Overview

10.2.2 Commercial: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.3 Commercial, By Enterprise Size

10.3.1 Overview

10.4 Small

10.4.1 Overview

10.4.2 Small: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.5 Medium

10.5.1 Overview

10.5.2 Medium: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.6 Large

10.6.1 Overview

10.6.2 Large: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.7 Commercial, By Industry Vertical

10.7.1 Overview

10.8 BFSI

10.8.1 Overview

10.8.2 BFSI: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.9 Government

10.9.1 Overview

10.9.2 Government: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.10 IT and Telecom

10.10.1 Overview

10.10.2 IT and Telecom: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.11 Healthcare

10.11.1 Overview

10.11.2 Healthcare: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.12 Retail

10.12.1 Overview

10.12.2 Retail: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

10.13 Others

10.13.1 Overview

10.13.2 Others: UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players

11.2 Company Positioning & Concentration

12. Industry Landscape

12.1 Overview

12.2 Market Initiative

12.3 Product Development

12.4 Mergers & Acquisitions

13. Company Profiles

13.1 CloudTax Inc

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 SAP SE

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 Wealthsimple Technologies 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 HRB Digital LLC

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 Intuit Inc

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 Wolters Kluwer NV

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 Thomson Reuters Corp

13.7.1 Key Facts

13.7.2 Products and Services

13.7.3 Financial Overview

13.7.4 SWOT Analysis

13.7.5 Key Developments

13.8 Xero Ltd

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 IRIS Software Group 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 Sage Group Plc

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

13.11 Tax Systems Limited

13.11.1 Key Facts

13.11.2 Business Description

13.11.3 Products and Services

13.11.4 Financial Overview

13.11.5 SWOT Analysis

13.11.6 Key Developments

13.12 THE ACCESS GROUP

13.12.1 Key Facts

13.12.2 Business Description

13.12.3 Products and Services

13.12.4 Financial Overview

13.12.5 SWOT Analysis

13.12.6 Key Developments

14. Appendix

14.1 About The Insight Partners

14.2 Word Index

List of Tables

Table 1. UK Tax Software Market Segmentation

Table 2. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million)

Table 3. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Component

Table 4. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Tax Type

Table 5. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Deployment Type

Table 6. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by End User

Table 7. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Enterprise Size

Table 8. UK Tax Software Market – Revenue and Forecast to 2031 (US$ Million) – by Industry Vertical

Table 9. Heat Map Analysis By Key Players

Table 10. List of Abbreviation

List of Figures

Figure 1. UK Tax Software Market Segmentation, by Country

Figure 2. PEST Analysis

Figure 3. Ecosystem: Tax Software Market

Figure 4. Impact Analysis of Drivers and Restraints

Figure 5. UK Tax Software Market Revenue (US$ Million), 2021–2031

Figure 6. UK Tax Software Market Share (%) – by Component, 2023 and 2031

Figure 7. Software: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 8. Services: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 9. UK Tax Software Market Share (%) – by Tax Type, 2023 and 2031

Figure 10. Sales Tax: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 11. Income Tax: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 12. Corporate Tax: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 13. Others: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 14. UK Tax Software Market Share (%) – by Deployment Type, 2023 and 2031

Figure 15. Cloud: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 16. On Premises: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 17. UK Tax Software Market Share (%) – by End User, 2023 and 2031

Figure 18. Individual: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 19. Commercial: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 20. Small: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 21. Medium: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 22. Large: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 23. BFSI: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 24. Government: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 25. IT and Telecom: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 26. Healthcare: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 27. Retail: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 28. Others: UK Tax Software Market– Revenue and Forecast to 2031 (US$ Million)

Figure 29. Company Positioning & Concentration

The List of Companies - UK Tax Software Market 

  1. CloudTax Inc
  2. SAP SE
  3. Wealthsimple Technologies Inc
  4. HRB Digital LLC
  5. Intuit Inc
  6. Wolters Kluwer NV
  7. Thomson Reuters Corp
  8. Xero Ltd
  9. IRIS Software Group Ltd
  10. Sage Group Plc
  11. Tax Systems Limited
  12. THE ACCESS GROUP

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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