The Banking and Payment Smart Card market is expected to register a CAGR of 7.1% in 2023–2031. Mobile wallet integration and eco-friendly smart cards are likely to remain key Banking and Payment Smart Card market trends.
Banking and Payment Smart Card Market Analysis
The popularity of contactless payment cards has grown dramatically in recent years all around the world. Smart cards are small, light, and convenient, and they support a variety of uses in addition to credit and debit payments. They can be configured as contact, contactless, or dual-interface cards. These multi-application cards are exceptionally safe because of their integrated chip, compliance with international EMVCo standards, and data encryption.
Banking and Payment Smart Card Market Overview
Banks and credit card companies have also been promoting the usage of contactless smart cards, and the COVID-19 pandemic has only aided their efforts. By mid-2021, Visa had 93 million contactless smart cards in circulation. Smart cards have emerged as a key payment channel, providing an alternative to existing payment methods such as ACH and EDI payments. With the increase in digital transactions, the demand for safe payment methods has encouraged the development of smart cards equipped with EMV chips and encryption technology.
REGIONAL FRAMEWORK
Banking and Payment Smart Card Market Drivers and Opportunities
Rising Contactless Payments to Favor Market
The global trend toward a more convenient and seamless payment experience has fueled the growth of contactless payments. Consumers are embracing the convenience and speed of tapping their cards or using mobile payment apps to complete transactions as technology advances. Contactless payments make it easier and faster to conduct transactions. Customers admire how easy it is to make transactions by simply tapping their card or phone, eliminating the need for physical interaction or the difficulty of entering a PIN. In recent years, contactless payments have achieved widespread acceptability. More businesses, including shops, restaurants, and transit providers, have integrated contactless payment terminals, making it easier for customers to use this payment method across a wide range of industries. This has been driving the demand for banking payment smart cards in the market.
Enhanced Security – An Opportunity in Banking and Payment Smart Card
Contactless payments use robust security safeguards to protect consumer data. Technologies such as tokenization and encryption ensure that sensitive data is transferred securely during transactions, reducing the chance of fraud and unauthorized access. Biometric technologies, such as fingerprint or facial recognition, are increasingly being integrated into smart cards to improve security and consumer convenience.
Banking and Payment Smart Card Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Banking and Payment Smart Card market analysis are type and end user.
- Based on type, the Banking and Payment Smart Card market is divided into contact smart cards, contactless smart cards, dual-interface smart cards, memory chip-only smart cards, and microprocessor smart cards. The contact smart cards segment held a larger market share in 2023.
- By end user, the market is segmented into BFSI, IT & telecommunication, government, and transportation. The BFSI segment held the largest share of the market in 2023.
Banking and Payment Smart Card Market Share Analysis by Geography
The geographic scope of the Banking and Payment Smart Card Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Banking and Payment Smart Card market. Rapid developments in payment technology in North America countries are driving the demand for banking and payment smart cards in the region. The Banking and Payment Smart Card market is undergoing substantial development in North America, which can be attributed to the rapid digital transformation in the BFSI sector's large consumer base.
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MARKET PLAYERS
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Banking and Payment Smart Card Market Drivers and Opportunities
Rising Contactless Payments to Favor Market
The global trend toward a more convenient and seamless payment experience has fueled the growth of contactless payments. Consumers are embracing the convenience and speed of tapping their cards or using mobile payment apps to complete transactions as technology advances. Contactless payments make it easier and faster to conduct transactions. Customers admire how easy it is to make transactions by simply tapping their card or phone, eliminating the need for physical interaction or the difficulty of entering a PIN. In recent years, contactless payments have achieved widespread acceptability. More businesses, including shops, restaurants, and transit providers, have integrated contactless payment terminals, making it easier for customers to use this payment method across a wide range of industries. This has been driving the demand for banking payment smart cards in the market.
Enhanced Security – An Opportunity in Banking and Payment Smart Card
Contactless payments use robust security safeguards to protect consumer data. Technologies such as tokenization and encryption ensure that sensitive data is transferred securely during transactions, reducing the chance of fraud and unauthorized access. Biometric technologies, such as fingerprint or facial recognition, are increasingly being integrated into smart cards to improve security and consumer convenience.
Banking and Payment Smart Card Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Banking and Payment Smart Card market analysis are type and end user.
- Based on type, the Banking and Payment Smart Card market is divided into contact smart cards, contactless smart cards, dual-interface smart cards, memory chip-only smart cards, and microprocessor smart cards. The contact smart cards segment held a larger market share in 2023.
- By end user, the market is segmented into BFSI, IT & telecommunication, government, and transportation. The BFSI segment held the largest share of the market in 2023.
Banking and Payment Smart Card Market Share Analysis by Geography
The geographic scope of the Banking and Payment Smart Card Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Banking and Payment Smart Card market. Rapid developments in payment technology in North America countries are driving the demand for banking and payment smart cards in the region. The Banking and Payment Smart Card market is undergoing substantial development in North America, which can be attributed to the rapid digital transformation in the BFSI sector's large consumer base.
MARKET PLAYERS
Banking and Payment Smart Card Market Report Scope
Banking and Payment Smart Card Market News and Recent Developments
The Banking and Payment Smart Card market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for banking and payment smart cards and strategies:
- Thales Group announced the SafeNet IDPrime FIDO Bio Smart Card, a security key that enables strong multi-factor authentication (MFA) for the enterprise. This new contactless smart card allows users to quickly and securely access enterprise devices, applications, and cloud services using a fingerprint instead of a password. The SafeNet IDPrime FIDO Bio Smart Card facilitates end-user adoption of passwordless MFA, allowing users to easily enroll and authenticate using biometrics. (Source: Thales Group, Press Release, 2023)
Banking and Payment Smart Card Market Report Coverage and Deliverables
The “Banking and Payment Smart Card Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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
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to country scope.
Frequently Asked Questions
The global banking and payment smart card market is expected to grow at a CAGR of 7.1% during the forecast period 2023 - 2031.
Growing demand for contactless payments and digital transformation and mobile payments are the major factors that propel the global banking and payment smart card market growth.
Biometric Authentication and mobile wallet integration are anticipated to bring new banking and payment smart card market trends in the coming years.
The key players holding majority shares in the global Banking and Payment Smart Card market are CardLogix Corporation, Entrust Corporation, Arm Limited, and Giesecke.
In terms of revenue, the contact smart cards held the major market share in 2023.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Banking And Payment Smart Card Market - By Type
1.3.2 Banking And Payment Smart Card Market - By Application
1.3.3 Banking And Payment Smart Card Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BANKING AND PAYMENT SMART CARD MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. BANKING AND PAYMENT SMART CARD MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. BANKING AND PAYMENT SMART CARD MARKET - GLOBAL MARKET ANALYSIS
6.1. BANKING AND PAYMENT SMART CARD - GLOBAL MARKET OVERVIEW
6.2. BANKING AND PAYMENT SMART CARD - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BANKING AND PAYMENT SMART CARD MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. CONTACT CARD
7.3.1. Overview
7.3.2. Contact Card Market Forecast and Analysis
7.4. CONTACTLESS CARD
7.4.1. Overview
7.4.2. Contactless Card Market Forecast and Analysis
8. BANKING AND PAYMENT SMART CARD MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. FINANCIAL TRANSACTION
8.3.1. Overview
8.3.2. Financial Transaction Market Forecast and Analysis
8.4. PHYSICAL ACCESS CONTROL
8.4.1. Overview
8.4.2. Physical Access Control Market Forecast and Analysis
8.5. COMMUNICATION
8.5.1. Overview
8.5.2. Communication Market Forecast and Analysis
8.6. GOVERNMENT PROGRAMS
8.6.1. Overview
8.6.2. Government Programs Market Forecast and Analysis
8.7. INFORMATION SECURITY
8.7.1. Overview
8.7.2. Information Security Market Forecast and Analysis
8.8. TRANSPORTATION
8.8.1. Overview
8.8.2. Transportation Market Forecast and Analysis
8.9. RETAIL AND LOYALTY
8.9.1. Overview
8.9.2. Retail and Loyalty Market Forecast and Analysis
8.10. OTHERS
8.10.1. Overview
8.10.2. Others Market Forecast and Analysis
9. BANKING AND PAYMENT SMART CARD MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Banking And Payment Smart Card Market Overview
9.1.2 North America Banking And Payment Smart Card Market Forecasts and Analysis
9.1.3 North America Banking And Payment Smart Card Market Forecasts and Analysis - By Type
9.1.4 North America Banking And Payment Smart Card Market Forecasts and Analysis - By Application
9.1.5 North America Banking And Payment Smart Card Market Forecasts and Analysis - By Countries
9.1.5.1 United States Banking And Payment Smart Card Market
9.1.5.1.1 United States Banking And Payment Smart Card Market by Type
9.1.5.1.2 United States Banking And Payment Smart Card Market by Application
9.1.5.2 Canada Banking And Payment Smart Card Market
9.1.5.2.1 Canada Banking And Payment Smart Card Market by Type
9.1.5.2.2 Canada Banking And Payment Smart Card Market by Application
9.1.5.3 Mexico Banking And Payment Smart Card Market
9.1.5.3.1 Mexico Banking And Payment Smart Card Market by Type
9.1.5.3.2 Mexico Banking And Payment Smart Card Market by Application
9.2. EUROPE
9.2.1 Europe Banking And Payment Smart Card Market Overview
9.2.2 Europe Banking And Payment Smart Card Market Forecasts and Analysis
9.2.3 Europe Banking And Payment Smart Card Market Forecasts and Analysis - By Type
9.2.4 Europe Banking And Payment Smart Card Market Forecasts and Analysis - By Application
9.2.5 Europe Banking And Payment Smart Card Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Banking And Payment Smart Card Market
9.2.5.1.1 Germany Banking And Payment Smart Card Market by Type
9.2.5.1.2 Germany Banking And Payment Smart Card Market by Application
9.2.5.2 France Banking And Payment Smart Card Market
9.2.5.2.1 France Banking And Payment Smart Card Market by Type
9.2.5.2.2 France Banking And Payment Smart Card Market by Application
9.2.5.3 Italy Banking And Payment Smart Card Market
9.2.5.3.1 Italy Banking And Payment Smart Card Market by Type
9.2.5.3.2 Italy Banking And Payment Smart Card Market by Application
9.2.5.4 United Kingdom Banking And Payment Smart Card Market
9.2.5.4.1 United Kingdom Banking And Payment Smart Card Market by Type
9.2.5.4.2 United Kingdom Banking And Payment Smart Card Market by Application
9.2.5.5 Russia Banking And Payment Smart Card Market
9.2.5.5.1 Russia Banking And Payment Smart Card Market by Type
9.2.5.5.2 Russia Banking And Payment Smart Card Market by Application
9.2.5.6 Rest of Europe Banking And Payment Smart Card Market
9.2.5.6.1 Rest of Europe Banking And Payment Smart Card Market by Type
9.2.5.6.2 Rest of Europe Banking And Payment Smart Card Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Banking And Payment Smart Card Market Overview
9.3.2 Asia-Pacific Banking And Payment Smart Card Market Forecasts and Analysis
9.3.3 Asia-Pacific Banking And Payment Smart Card Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Banking And Payment Smart Card Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Banking And Payment Smart Card Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Banking And Payment Smart Card Market
9.3.5.1.1 Australia Banking And Payment Smart Card Market by Type
9.3.5.1.2 Australia Banking And Payment Smart Card Market by Application
9.3.5.2 China Banking And Payment Smart Card Market
9.3.5.2.1 China Banking And Payment Smart Card Market by Type
9.3.5.2.2 China Banking And Payment Smart Card Market by Application
9.3.5.3 India Banking And Payment Smart Card Market
9.3.5.3.1 India Banking And Payment Smart Card Market by Type
9.3.5.3.2 India Banking And Payment Smart Card Market by Application
9.3.5.4 Japan Banking And Payment Smart Card Market
9.3.5.4.1 Japan Banking And Payment Smart Card Market by Type
9.3.5.4.2 Japan Banking And Payment Smart Card Market by Application
9.3.5.5 South Korea Banking And Payment Smart Card Market
9.3.5.5.1 South Korea Banking And Payment Smart Card Market by Type
9.3.5.5.2 South Korea Banking And Payment Smart Card Market by Application
9.3.5.6 Rest of Asia-Pacific Banking And Payment Smart Card Market
9.3.5.6.1 Rest of Asia-Pacific Banking And Payment Smart Card Market by Type
9.3.5.6.2 Rest of Asia-Pacific Banking And Payment Smart Card Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Banking And Payment Smart Card Market Overview
9.4.2 Middle East and Africa Banking And Payment Smart Card Market Forecasts and Analysis
9.4.3 Middle East and Africa Banking And Payment Smart Card Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Banking And Payment Smart Card Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Banking And Payment Smart Card Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Banking And Payment Smart Card Market
9.4.5.1.1 South Africa Banking And Payment Smart Card Market by Type
9.4.5.1.2 South Africa Banking And Payment Smart Card Market by Application
9.4.5.2 Saudi Arabia Banking And Payment Smart Card Market
9.4.5.2.1 Saudi Arabia Banking And Payment Smart Card Market by Type
9.4.5.2.2 Saudi Arabia Banking And Payment Smart Card Market by Application
9.4.5.3 U.A.E Banking And Payment Smart Card Market
9.4.5.3.1 U.A.E Banking And Payment Smart Card Market by Type
9.4.5.3.2 U.A.E Banking And Payment Smart Card Market by Application
9.4.5.4 Rest of Middle East and Africa Banking And Payment Smart Card Market
9.4.5.4.1 Rest of Middle East and Africa Banking And Payment Smart Card Market by Type
9.4.5.4.2 Rest of Middle East and Africa Banking And Payment Smart Card Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Banking And Payment Smart Card Market Overview
9.5.2 South and Central America Banking And Payment Smart Card Market Forecasts and Analysis
9.5.3 South and Central America Banking And Payment Smart Card Market Forecasts and Analysis - By Type
9.5.4 South and Central America Banking And Payment Smart Card Market Forecasts and Analysis - By Application
9.5.5 South and Central America Banking And Payment Smart Card Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Banking And Payment Smart Card Market
9.5.5.1.1 Brazil Banking And Payment Smart Card Market by Type
9.5.5.1.2 Brazil Banking And Payment Smart Card Market by Application
9.5.5.2 Argentina Banking And Payment Smart Card Market
9.5.5.2.1 Argentina Banking And Payment Smart Card Market by Type
9.5.5.2.2 Argentina Banking And Payment Smart Card Market by Application
9.5.5.3 Rest of South and Central America Banking And Payment Smart Card Market
9.5.5.3.1 Rest of South and Central America Banking And Payment Smart Card Market by Type
9.5.5.3.2 Rest of South and Central America Banking And Payment Smart Card Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. BANKING AND PAYMENT SMART CARD MARKET, KEY COMPANY PROFILES
11.1. AMERICAN EXPRESS COMPANY
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ATMEL CORPORATION
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CARDLOGIX CORPORATION
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GIESECKE+DEVRIENT GMBH
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HID GLOBAL CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. IDENTICARD SYSTEMS
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. INFINEON TECHNOLOGIES AG
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. MASTERCARD
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. THALES GROUP
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. VISA INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. American Express Company
2. Atmel Corporation
3. CardLogix Corporation
4. Giesecke+Devrient GmbH
5. HID Global Corporation
6. IDenticard Systems
7. Infineon Technologies AG
8. Mastercard
9. Thales Group
10. Visa Inc.
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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