North America Real-Time Location Systems Market Growth Drivers and Forecast by 2028
North America Real-Time Location Systems Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offering (Hardware, Software, and Services), Technology (Radio Frequency Identification (RFID), Ultra-wideband (UWB), Bluetooth Low Energy (BLE), Ultrasound, Infrared (IR), GPS, and Others), Industry Vertical (Heavy Industries, Manufacturing, Retail, Oil and Gas, Automotive, Construction, Government and Defense, Education, and Others), and Application (Personnel/Staff Locating and Monitoring, Access Control and Security, Environmental Monitoring, Warehouse Management and Monitoring, Supply Chain Management and Operational Automation/Visibility, and Others)
- Report Date : Nov 2021
- Report Code : TIPRE00025557
- Category : Technology, Media and Telecommunications
- Status : Published
- Available Report Formats :
- No. of Pages : 153
The real-time location systems market in North America is expected to grow from US$ 1317.97 million in 2021 to US$ 5081.53 million by 2028; it is estimated to grow at a CAGR of 21.3% from 2021 to 2028.
The US, Canada, and Mexico are economies in North America. A real-time location system helps monitor and locate the objects and interactions as they happen. The system utilizes various technologies, such as Wi-Fi, Bluetooth, infrared, and RFID, to establish communication. However, end users from numerous industries, such as logistics, manufacturing, healthcare, automotive, and entertainment, are increasingly shifting toward the use of ultra-wideband (UWB) based real-time location systems. The ultra-wideband (UWB) Hardware offers accurate positioning details of assets/personnel/objects, which is one of the major factors driving the adoption of ultra-wideband (UWB) based real-time location systems. Also, the ultra-wideband (UWB) provides a higher range and accuracy along with lower power consumption than other real-time location system technologies, such as RFID, Bluetooth, Wi-Fi, infrared, which has led to an increase in penetration in high accuracy applications. The cost of the Hardware was restraining the adoption of the ultra-wideband (UWB) based real-time location system. However, lately, the cost has gradually declined over the last few years, which is driving the growth of the real-time location system.
The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. This led the governments to impose lockdowns to limit human movement, thereby leading the manufacturing facilities to experience lower than usual production volumes. The lower production volumes have had severe impacts on supply chain and logistics service providers. The US has one of the largest supply chain and logistics sector across the. Moreover, real-time location system market players in region operating with limited workforce and the scheduled deliveries of real-time location system was affected and market players did prioritize the deployment of real-time location system to healthcare institution in 2020. However, as vaccination drive was initiated, and containment measure were relaxed the real-time location system market started to gain traction in 2021.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the real-time location systemsmarket. The North America real-time location systems market is expected to grow at a good CAGR during the forecast period.
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North America Real-Time Location Systems Market Segmentation
North America Real-Time Location Systems Market – By Offering
- Hardware
- Tags/Badges
- Readers/Trackers/Access Points
- Others
- Software
- Services
North America Real-Time Location Systems Market – By Technology
- Radio Frequency Identification (RFID)
- Ultra-wideband (UWB)
- Bluetooth Low Energy (BLE)
- Ultrasound
- Infrared (IR)
- GPS
- Others
North America Real-Time Location Systems Market – By Industry Vertical
- Heavy Industries
- Manufacturing
- Retail
- Oil and Gas
- Automotive
- Construction
- Government and Defense
- Education
- Others
North America Real-Time Location Systems Market – By Application
- Personnel/Staff Locating and Monitoring
- Access Control and Security
- Environmental Monitoring
- Warehouse Management and Monitoring
- Supply Chain Management and Operational Automation/Visibility
- Others
North America Real-Time Location Systems Market- By Country
- US
- Canada
- Mexico
North America Real-Time Location Systems Market-Companies Mentioned
- AiRISTA Flow Inc.
- Aruba Networks
- Decawave Limited
- Impinj, Inc.
- Siemens AG
- Sonitor Technologies AS
- Stanley Black & Decker, Inc.
- TeleTracking Technologies Inc
- Ubisense
- Zebra Technologies Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Real-Time Location Systems Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Real-Time Location Systems Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Deployment of Ultra-Wideband (UWB) Based Real-Time Location System
5.1.2 Flourishing Ecommerce Industry
5.2 Market Restraints
5.2.1 Security Concerns Regarding Tag Hardware
5.3 Market Opportunities
5.3.1 Need for Social Distancing and Contact Tracing Due COVID-19 Pandemic
5.4 Future Trends
5.4.1 Emergence of IoT and Industry 4.0
5.5 Impact Analysis of Drivers and Restraints
6. Real-Time Location Systems Market – North America Analysis
6.1 North America Real-Time Location Systems Market Overview
6.2 Real-Time Location Systems Market –Revenue and Forecast to 2028 (US$ Million)
7. North America Real-Time Location Systems Market Analysis – By Offering
7.1 Overview
7.2 Real-Time Location Systems Market, By Offering (2020 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.1 Tags/Badges
7.3.2.1.1 Overview
7.3.2.1.2 Tags/Badges: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.2 Readers/Trackers/Access Points
7.3.2.2.1 Overview
7.3.2.2.2 Readers/Trackers/Access Points: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
7.3.2.3 Others
7.3.2.3.1 Overview
7.3.2.3.2 Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Software
7.4.1 Overview
7.4.2 Software: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Services
7.5.1 Overview
7.5.2 Services: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
8. North America Real-Time Location Systems Market – By Technology
8.1 Overview
8.2 Real-Time Location Systems Market, by Technology (2020 and 2028)
8.3 Radio Frequency Identification (RFID)
8.3.1 Overview
8.3.2 Radio Frequency Identification (RFID): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Ultra-Wideband (UWB)
8.4.1 Overview
8.4.2 Ultra-Wideband (UWB): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Bluetooth Low Energy (BLE)
8.5.1 Overview
8.5.2 Bluetooth Low Energy (BLE): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Ultrasound
8.6.1 Overview
8.6.2 Ultrasound: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Infrared (IR)
8.7.1 Overview
8.7.2 Infrared (IR): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
8.8 GPS
8.8.1 Overview
8.8.2 GPS: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
8.9 Others
8.9.1 Overview
8.9.2 Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9. North America Real-Time Location Systems Market – By Industry Vertical
9.1 Overview
9.2 Real-Time Location Systems Market, by Industry Vertical (2020 and 2028)
9.3 Heavy Industries
9.3.1 Overview
9.3.2 Heavy Industries: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Manufacturing
9.4.1 Overview
9.4.2 Manufacturing: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Retail
9.5.1 Overview
9.5.2 Retail: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Oil and Gas
9.6.1 Overview
9.6.2 Oil and Gas: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Automotive
9.7.1 Overview
9.7.2 Automotive: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.8 Construction
9.8.1 Overview
9.8.2 Construction: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.9 Government and Defense
9.9.1 Overview
9.9.2 Government and Defense: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.10 Education
9.10.1 Overview
9.10.2 Education: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
9.11 Others
9.11.1 Overview
9.11.2 Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
10. North America Real-Time Location Systems Market – By Application
10.1 Overview
10.2 Real-Time Location Systems Market, by Application (2020 and 2028)
10.3 Personnel/Staff Locating and Monitoring
10.3.1 Overview
10.3.2 Personnel/Staff Locating and Monitoring: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Access Control and Security
10.4.1 Overview
10.4.2 Access Control and Security: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
10.5 Environmental Monitoring
10.5.1 Overview
10.5.2 Environmental Monitoring: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
10.6 Warehouse Management and Monitoring
10.6.1 Overview
10.6.2 Warehouse Management and Monitoring: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
10.7 Supply Chain Management and Operational Automation/Visibility
10.7.1 Overview
10.7.2 Supply Chain Management and Operational Automation/Visibility: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
10.8 Others
10.8.1 Overview
10.8.2 Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
11. North America Real-Time Location Systems Market – Country Analysis
11.1 Overview
11.1.1 North America: Real-Time Location Systems Market- by Key Country
11.1.1.1 US: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 US: Real-Time Location Systems Market- by Offering
11.1.1.1.1.1 US: Real-Time Location Systems Market- By Hardware
11.1.1.1.2 US: Real-Time Location Systems Market- By Technology
11.1.1.1.3 US: Real-Time Location Systems Market- By Industry
11.1.1.1.4 US: Real-Time Location Systems Market- By Application
11.1.1.2 Canada: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 Canada: Real-Time Location Systems Market- by Offering
11.1.1.2.1.1 Canada: Real-Time Location Systems Market- by Hardware
11.1.1.2.2 Canada: Real-Time Location Systems Market- By Technology
11.1.1.2.3 Canada: Real-Time Location Systems Market- By Industry
11.1.1.2.4 Canada: Real-Time Location Systems Market- By Application
11.1.1.3 Mexico: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 Mexico: Real-Time Location Systems Market- by Offering
11.1.1.3.1.1 Mexico: Real-Time Location Systems Market- by Hardware
11.1.1.3.2 Mexico: Real-Time Location Systems Market- By Technology
11.1.1.3.3 Mexico: Real-Time Location Systems Market- By Industry
11.1.1.3.4 Mexico: Real-Time Location Systems Market- By Application
12. Impact of COVID-19 Pandemic on North America Real-Time Location Systems Market
12.1 Overview
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 Merger and Acquisition
13.4 New Development
14. Company Profiles
14.1 Aruba Networks
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 AiRISTA Flow Inc.
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 Decawave Limited
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 Impinj, Inc.
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 Siemens AG
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 Zebra Technologies Corporation
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 Sonitor Technologies AS
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 Stanley Black & Decker, Inc.
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 TeleTracking Technologies Inc
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 Ubisense
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. North America Real-Time Location Systems Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. US: Real-Time Location Systems Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Real-Time Location Systems Market- By Hardware –Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Real-Time Location Systems Market- By Technology –Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Real-Time Location Systems Market- By Industry –Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Real-Time Location Systems Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Real-Time Location Systems Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Real-Time Location Systems Market- by Hardware – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Real-Time Location Systems Market- By Technology –Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Real-Time Location Systems Market- By Industry –Revenue and Forecast to 2028 (US$ Million)
Table 11. Canada: Real-Time Location Systems Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Real-Time Location Systems Market- by Offering –Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Real-Time Location Systems Market- by Hardware – Revenue and Forecast to 2028 (US$ Million)
Table 14. Mexico: Real-Time Location Systems Market- By Technology –Revenue and Forecast to 2028 (US$ Million)
Table 15. Mexico: Real-Time Location Systems Market- By Industry –Revenue and Forecast to 2028 (US$ Million)
Table 16. Mexico: Real-Time Location Systems Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 17. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Real-Time Location Systems Market Segmentation
Figure 2. North America Real-Time Location Systems Market Segmentation – By Country
Figure 3. North America Real-Time Location Systems Market Overview
Figure 4. Hardware Tools Segment Held the Largest Market Share in 2020
Figure 5. Bluetooth Low Energy (BLE) Held the Largest Market Share in 2020
Figure 6. Retail Held the Largest Market Share in 2020
Figure 7. Personnel/Staff Locating and Monitoring Held the Largest Market Share in 2020
Figure 8. US was the Largest Revenue Contributor in 2020
Figure 9. North America – PEST Analysis
Figure 10. Real-Time Location Systems Market– Ecosystem Analysis
Figure 11. Expert Opinions
Figure 12. North America Real-Time Location Systems Market: Impact Analysis of Drivers and Restraints
Figure 13. North America Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Real-Time Location Systems Market Revenue Share, by Offering (2020 and 2028)
Figure 15. North America Hardware: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. North America Tags/Badges: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America Readers/Trackers/Access Points: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. North America Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. North America Software: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America Services: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. North America Real-Time Location Systems Market Revenue Share, by Technology (2020 and 2028)
Figure 22. North America Radio Frequency Identification (RFID): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. North America Ultra-Wideband (UWB): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. North America Bluetooth Low Energy (BLE): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. North America Ultrasound: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. North America Infrared (IR): Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. North America GPS: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. North America Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. North America Real-Time Location Systems Market Revenue Share, by Industry Vertical (2020 and 2028)
Figure 30. North America Heavy Industries: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. North America Manufacturing: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. North America Retail: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. North America Oil and Gas: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. North America Automotive: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. North America Construction: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. North America Government and Defense: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. North America Education: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. North America Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. North America Real-Time Location Systems Market Revenue Share, by Application (2020 and 2028)
Figure 40. North America Personnel/Staff Locating and Monitoring -Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. North America Access Control and Security: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 42. North America Environmental Monitoring: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 43. North America Warehouse Management and Monitoring: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 44. North America Supply Chain Management and Operational Automation/Visibility: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 45. North America Others: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 46. North America: Real-Time Location Systems Market, by Key Country-Revenue 2020 (US$ Million)
Figure 47. North America: Real-Time Location Systems Market Revenue Share, by Key Country (2020 and 2028)
Figure 48. US: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 49. Canada: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 50. Mexico: Real-Time Location Systems Market – Revenue and Forecast to 2028 (US$ Million)
Figure 51. Impact of COVID-19 Pandemic in North American Country Markets
- AiRISTA Flow Inc.
- Aruba Networks
- Decawave Limited
- Impinj, Inc.
- Siemens AG
- Sonitor Technologies AS
- Stanley Black & Decker, Inc.
- TeleTracking Technologies Inc
- Ubisense
- Zebra Technologies Corporation
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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