The artificial intelligence in the fashion market in Europe is expected to grow from US$ 69.2 Mn in 2018 to US$ 933.9 Mn by the year 2027, with a CAGR of 34.0% from the year 2019 to 2027.
In the past few years, AI and its applications, such as Machine Learning (ML), Natural Language Processing (NLP), Expert Systems, Automated Speech Recognition, AI Planning, and Computer Vision, have gained considerable traction in terms of both R&D and use cases across the globe. Multiple industry verticals have implemented AI technology for various use cases that require real-time analytics with self-learning technology to gain useful business insights. AI has enormous potential in the fashion industry. Fashion companies use AI-based solutions to design tools that would provide recommendations to customers based on their purchase history. Driving factors such as availability of massive amount of data due to increasing proliferation of digital services, and increase in operational efficiency and sales through intelligent automation are driving the adoption of AI in fashion industry will drive the market during the forecast period and have a high impact in the short term. However, challenges posed by data privacy and security issues is anticipated to hinder the market growth in the coming years.
On the basis of end-user industry, artificial intelligence in fashion market is segmented into apparel, accessories, cosmetics, and others. As retailers, apparel, luxury, and beauty brands look for technologies to build a more satisfying and smooth shopping experience; they’re gradually observing AI together with other data-related solutions. With increasing commercialization of AI technology, the simplicity of solutions is developing in line with the technology’s accessibility. The fashion industry is progressively implementing the latest progress in AI to improve e-commerce productivity, enhance the retail experience, and offer promotional campaigns as well as clothes themselves. The apparel segment led the artificial intelligence in fashion market in 2018 and is expected to dominate the market in the forecast period.
France led the Europe artificial intelligence in fashion market in 2018 and is expected to continue its dominance during the forecast period. France, Germany, and Italy are at the forefront of artificial intelligence in fashion market in the European region. This is due to the fact that these countries house several well-established, financially balanced, and massive customer base clothing and accessory companies. The remarkable customer base with huge financials has enabled these companies to invest in artificial technologies to boost their customer shopping experience, thereby, driving their business. This factor has catalyzed the growth of artificial intelligence in fashion in Europe. The figure given below highlights the revenue share of the rest of Europe in the artificial intelligence in fashion market in the forecast period:
Rest of Europe Artificial Intelligence in Fashion Market Revenue and Forecast to 2027
(US$ Mn)
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EUROPE ARTIFICIAL INTELLIGENCE IN FASHION MARKET SEGMENTATION
By Offerings
- Solutions
- Services
By Deployment
- On-Premise
- Cloud-Based
By Application
- Product Recommendation
- Virtual Assistant
- Product Search and Discovery
- Creative Designing and Trend Forecasting
- Customer Relationship Management
- Others
By End-User Industry
- Apparel
- Accessories
- Cosmetics
- Others
By Country
- France
- Germany
- UK
- Italy
- Switzerland
- Rest of Europe
Artificial Intelligence in Fashion Market - Companies Mentioned
- Adobe Inc.
- Amazon.com, Inc.
- Catchoom
- Facebook, Inc.
- Google, Inc. (Alphabet Inc.)
- Huawei Technologies Co., Ltd
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offerings, Deployment, Application, End-User Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
UK, Germany, France, Italy, Russia
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Artificial Intelligence in Fashion Market – By Offerings
1.3.2 Europe Artificial Intelligence in Fashion Market – By Deployment
1.3.3 Europe Artificial Intelligence in Fashion Market – By Application
1.3.4 Europe Artificial Intelligence in Fashion Market – By End-User Industry
1.3.5 Europe Artificial Intelligence in Fashion Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Artificial Intelligence in Fashion Market Landscape
4.1 Market Overview
4.2 PEST Analysis - Europe
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Artificial Intelligence in Fashion Market – Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Availability of massive amount of data due to increasing proliferation of digital services such as chatbots
5.1.2 Increase in operational efficiency and sales through intelligent automation is driving market growth
5.2 Key Market Restraints
5.2.1 Challenges posed by data privacy and security issues
5.3 Key Market Opportunities
5.3.1 Implementation of Natural Language Programming (NLP) to fashion industry pose significant opportunities for AI in fashion vendors
5.4 Future Trend
5.4.1 Significant initiatives by technology giants in developing AI solutions for design predictions
5.5 Impact Analysis of Drivers and Restraints
6. Artificial Intelligence in Fashion Market – Europe Market Analysis
6.1 Overview
6.2 Europe Artificial Intelligence in Fashion Market Forecast and Analysis
6.3 Market Positioning – Five Key Players
7. Europe Artificial Intelligence in Fashion Market – By Offerings
7.1 Overview
7.2 Europe Artificial Intelligence in Fashion Market Breakdown, by Offerings, 2018 & 2027
7.3 Solutions
7.3.1 Overview
7.3.2 Europe Solutions Market Revenue and Forecasts to 2027 (US$ Mn)
7.4 Services
7.4.1 Overview
7.4.2 Europe Services Market Revenue and Forecasts to 2027 (US$ Mn)
8. Europe Artificial Intelligence in Fashion Market – By Deployment
8.1 Overview
8.2 Europe Artificial Intelligence in Fashion Market Breakdown, by Deployment, 2018 & 2027
8.3 On-premise
8.3.1 Overview
8.3.2 Europe On-premise Market Revenue and Forecasts to 2027 (US$ Mn)
8.4 Cloud
8.4.1 Overview
8.4.2 Europe Cloud Market Revenue and Forecasts to 2027 (US$ Mn)
9. Europe Artificial intelligence in fashion Market – By Application
9.1 Overview
9.2 Europe Artificial intelligence in fashion Market Breakdown, By Application, 2018 & 2027
9.3 Product Recommendation
9.3.1 Overview
9.3.2 Europe Product Recommendation Market Revenue and Forecasts to 2027 (US$ Mn)
9.4 Virtual Assistant
9.4.1 Overview
9.4.2 Europe Virtual Assistant Market Revenue and Forecasts to 2027 (US$ Mn)
9.5 Product Search and Discovery
9.5.1 Overview
9.5.2 Europe Product Search and Discovery Market Revenue and Forecasts to 2027 (US$ Mn)
9.6 Creative Designing and Trend Forecasting
9.6.1 Overview
9.6.2 Europe Creative Designing and Trend Forecasting Market Revenue and Forecasts to 2027 (US$ Mn)
9.7 Customer Relationship Management (CRM)
9.7.1 Overview
9.7.2 Europe Customer Relationship Management Market Revenue and Forecasts to 2027 (US$ Mn)
9.8 Others
9.8.1 Overview
9.8.2 Europe Others Market Revenue and Forecasts to 2027 (US$ Mn)
10. Europe Artificial intelligence in fashion Market Analysis – By End User Industry
10.1 Overview
10.2 Europe Artificial intelligence in fashion Market Breakdown, By End User Industry, 2018 & 2027
10.3 Apparel
10.3.1 Overview
10.3.2 Europe Apparel Market Revenue and Forecasts to 2027 (US$ Mn)
10.4 Accessories
10.4.1 Overview
10.4.2 Europe Accessories Market Revenue and Forecasts to 2027 (US$ Mn)
10.5 Cosmetics
10.5.1 Overview
10.5.2 Europe Cosmetics Market Revenue and Forecasts to 2027 (US$ Mn)
10.6 Others
10.6.1 Overview
10.6.2 Europe Others Market Revenue and Forecasts to 2027 (US$ Mn)
11. Europe Artificial Intelligence in Fashion Market – Country Analysis
11.1 Overview
11.1.1 Europe Artificial Intelligence in Fashion Market Breakdown, by Key Countries
11.1.1.1 Germany Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.1.1.1 Germany Artificial Intelligence in Fashion Market Breakdown, by Offerings
11.1.1.1.2 Germany Artificial Intelligence in Fashion Market Breakdown, by Deployment
11.1.1.1.3 Germany Artificial Intelligence in Fashion Market Breakdown, by Application
11.1.1.1.4 Germany Artificial Intelligence in Fashion Market Breakdown, by End User Industry
11.1.1.2 France Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.1.2.1 France Artificial Intelligence in Fashion Market Breakdown, by Offerings
11.1.1.2.2 France Artificial Intelligence in Fashion Market Breakdown, by Deployment
11.1.1.2.3 France Artificial Intelligence in Fashion Market Breakdown, by Application
11.1.1.2.4 France Artificial Intelligence in Fashion Market Breakdown, by End User Industry
11.1.1.3 Italy Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.1.3.1 Italy Artificial Intelligence in Fashion Market Breakdown, by Offerings
11.1.1.3.2 Italy Artificial Intelligence in Fashion Market Breakdown, by Deployment
11.1.1.3.3 Italy Artificial Intelligence in Fashion Market Breakdown, by Application
11.1.1.3.4 Italy Artificial Intelligence in Fashion Market Breakdown, by End User Industry
11.1.1.4 UK Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.1.4.1 UK Artificial Intelligence in Fashion Market Breakdown, by Offerings
11.1.1.4.2 UK Artificial Intelligence in Fashion Market Breakdown, by Deployment
11.1.1.4.3 UK Artificial Intelligence in Fashion Market Breakdown, by Application
11.1.1.4.4 UK Artificial Intelligence in Fashion Market Breakdown, by End User Industry
11.1.1.5 Switzerland Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.1.5.1 Switzerland Artificial Intelligence in Fashion Market Breakdown, by Offerings
11.1.1.5.2 Switzerland Artificial Intelligence in Fashion Market Breakdown, by Deployment
11.1.1.5.3 Switzerland Artificial Intelligence in Fashion Market Breakdown, by Application
11.1.1.5.4 Switzerland Artificial Intelligence in Fashion Market Breakdown, by End User Industry
11.1.1.6 Rest of Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 (US$ Mn)
11.1.1.6.1 Rest of Europe Artificial Intelligence in Fashion Market Breakdown, by Offerings
11.1.1.6.2 Rest of Europe Artificial Intelligence in Fashion Market Breakdown, by Deployment
11.1.1.6.3 Rest of Europe Artificial Intelligence in Fashion Market Breakdown, by Application
11.1.1.6.4 Rest of Europe Artificial Intelligence in Fashion Market Breakdown, by End User Industry
12. Artificial Intelligence in Fashion Market - Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Development
13. Company Profiles
13.1 Adobe 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 Alphabet Inc. (Google)
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 Amazon.com, 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 Catchoom
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 Facebook 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 Huawei Technologies Co., Ltd.
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 IBM Corporation
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Microsoft Corporation
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 Oracle Corporation
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 SAP SE
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Business Description
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Glossary
LIST OF TABLES
Table 1. Europe Artificial Intelligence in Fashion Market Revenue and Forecasts To 2027 (US$ Bn)
Table 2. Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Offerings (US$ Mn)
Table 3. Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Deployment (US$ Mn)
Table 4. Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 5. Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By End User Industry (US$ Mn)
Table 6. Germany Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Offerings (US$ Mn)
Table 7. Germany Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Deployment (US$ Mn)
Table 8. Germany Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 9. Germany Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By End User Industry (US$ Mn)
Table 10. France Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Offerings (US$ Mn)
Table 11. France Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Deployment (US$ Mn)
Table 12. France Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 13. France Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By End User Industry (US$ Mn)
Table 14. Italy Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Offerings (US$ Mn)
Table 15. Italy Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Deployment (US$ Mn)
Table 16. Italy Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 17. Italy Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By End User Industry (US$ Mn)
Table 18. UK Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Offerings (US$ Mn)
Table 19. UK Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Deployment (US$ Mn)
Table 20. UK Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 21. UK Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By End User Industry (US$ Mn)
Table 22. Switzerland Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Offerings (US$ Mn)
Table 23. Switzerland Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Deployment (US$ Mn)
Table 24. Switzerland Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 25. Switzerland Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By End User Industry (US$ Mn)
Table 26. Rest of Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Offerings (US$ Mn)
Table 27. Rest of Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Deployment (US$ Mn)
Table 28. Rest of Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By Application (US$ Mn)
Table 29. Rest of Europe Artificial Intelligence in Fashion Market Revenue and Forecasts to 2027 – By End User Industry (US$ Mn)
Table 30. Glossary of Terms, Artificial Intelligence in Fashion Market
LIST OF FIGURES
Figure 1. Artificial Intelligence in Fashion Market Segmentation
Figure 2. Artificial Intelligence in Fashion Market Segmentation - Country
Figure 3. Product Recommendation segment held the largest share in Europe Artificial Intelligence in Fashion market in 2018
Figure 4. Apparel segment represented the largest share in Europe Artificial Intelligence in Fashion market in 2018
Figure 5. France held the largest share in Europe Artificial Intelligence in Fashion market in 2018
Figure 6. Europe Artificial Intelligence in Fashion Market, Industry Landscape
Figure 7. Europe – PEST Analysis
Figure 8. Market Ecosystem Analysis
Figure 9. Artificial Intelligence in Fashion Market Impact Analysis of Drivers and Restraints
Figure 10. Europe Artificial Intelligence in Fashion Market Forecast And Analysis To 2027
Figure 11. Europe Artificial Intelligence in Fashion Market Breakdown, by Offerings, 2018 & 2027 (%)
Figure 12. Europe Solutions Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 13. Europe Services Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 14. Europe Artificial Intelligence in Fashion Market Breakdown, by Deployment, 2018 & 2027 (%)
Figure 15. Europe On-premise Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 16. Europe Cloud Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 17. Europe Artificial intelligence in fashion Market Breakdown, by Application, 2018 & 2027 (%)
Figure 18. Europe Product Recommendation Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 19. Europe Virtual Assistant Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 20. Europe Product Search and Discovery Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 21. Europe Creative Designing and Trend Forecasting Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 22. Europe Customer Relationship Management Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 23. Europe Others Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 24. Europe Artificial intelligence in fashion Market Breakdown, By End user Industry, 2018 & 2027 (%)
Figure 25. Europe Apparel Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 26. Europe Accessories Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 27. Europe Cosmetics Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 28. Europe Others Market Revenue and Forecasts to 2027 (US$ Mn)
Figure 29. Europe Artificial Intelligence in Fashion Market Breakdown, By Key Countries, 2018 & 2027(%)
Figure 30. Germany Artificial Intelligence in Fashion Market Revenue And Forecasts To 2027 (US$ Mn)
Figure 31. France Artificial Intelligence in Fashion Market Revenue And Forecasts To 2027 (US$ Mn)
Figure 32. Italy Artificial Intelligence in Fashion Market Revenue And Forecasts To 2027 (US$ Mn)
Figure 33. UK Artificial Intelligence in Fashion Market Revenue And Forecasts To 2027 (US$ Mn)
Figure 34. Switzerland Artificial Intelligence in Fashion Market Revenue And Forecasts To 2027 (US$ Mn)
Figure 35. Rest of Europe Artificial Intelligence in Fashion Market Revenue And Forecasts To 2027 (US$ Mn)
The List of Companies - Europe Artificial Intelligence in Fashion Market
- Adobe Inc.
- Amazon.com, Inc.
- Catchoom
- Facebook, Inc.
- Google, Inc. (Alphabet Inc.)
- Huawei Technologies Co., Ltd
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
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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