Global payment gateway market is expected to grow from US$ 30.6 Bn in 2016 to US$ 86.9 Bn by 2025 at a CAGR of 12.4% between 2017 and 2025.
The merchants all over the globe are avidly willing to expand their businesses cross-border by adaption of a logical approach, by partnering with the payment gateways. With the help of this partnership, these merchants gain the advantage of tapping the opportunities created by the globalization of e-commerce. Majority of merchants today, are eyeing up global expansion and wish to grow at a faster pace, however, the last thing they would ever need in this dynamic & competitive landscape is a payment gateway that either refrains their growth or pushes them to collaborate with multiple PSPs (Payment Service Providers) in different regions. In order to address these issues, the payment industry is inviting technological advances, paving the path for the growth of payment gateways market
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Payment Gateway Market: Strategic Insights
Market Size Value in US$ 30.6 Billion in 2016 Market Size Value by US$ 86.9 Billion by 2025 Growth rate CAGR of 12.4% from 2017-2025 Forecast Period 2017-2025 Base Year 2017
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Payment Gateway Market: Strategic Insights
| Market Size Value in | US$ 30.6 Billion in 2016 |
| Market Size Value by | US$ 86.9 Billion by 2025 |
| Growth rate | CAGR of 12.4% from 2017-2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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The report focuses on an in-depth segmentation of this market based by type, and organization size industry. The geographic segmentation of the report covers six major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). The regional market has been further bifurcated by respective countries. By organization size segment large enterprises accounted for the largest share of the payment gateway market in 2016; whereas, Middle East & Africa region is expected to grow at the highest CAGR during the forecast period.
The report aims to provide an overview of global payment gateway market with detailed market segmentation. Also, it analyzes the current payment gateway market scenario and forecasts the market till 2025. The report covers market dynamics effecting the market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the markets with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the market along with their market strategies. The report also provide PEST analysis of all five regions along with the SWOT analysis for all company profiled in the report.
North America is one of the prominent regions in payment gateway market which will contribute highest revenue globally due to technological developments and considerable application of payment gateway in different end-user segment. Rapidly growing economies in Asia-Pacific (APAC) with significant growth construction sector will pave the path for increasing adoption and propel the market for payment gateway market. The APAC region is expected to lead the market with highest CAGR during the forecast period. Some of the key players of payment gateway market include PayPal Holdings, Inc., Amazon Payments, Inc., Secure Trading Limited, Cardstream Limited, CCBill, LLC, BitPay, Inc., GoCardless Ltd., Stripe Inc., Due Inc. Merchant Warrior, Authorize.Net and WePay Inc. among others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; and Organization Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Table of Contents
1 Table of Contents 2
1.1 List of Tables 9
1.2 List of Figures 10
2 Introduction 13
2.1 Scope of the Study 13
2.2 The Insight Partners Research Report Guidance 13
3 Key Takeaways 15
4 Payment Gateway Market Landscape 17
4.1 Market Overview 17
4.2 Market Segmentation 18
4.2.1 Global Payment Gateway Market – By Type 19
4.2.2 Global Payment Gateway Market – By Organization Size 20
4.2.3 Global Payment Gateway Market – By Geography 20
4.3 PEST Analysis 22
4.3.1 North America PEST Analysis 22
4.3.2 Europe PEST Analysis 24
4.3.3 Asia Pacific PEST Analysis 26
4.3.4 Middle East & Africa PEST Analysis 28
4.3.5 South America PEST Analysis 31
5 Global Payment Gateway Market – Key Industry Dynamics 33
5.1 Key Market Drivers 33
5.1.1 Increasing number of transaction on ecommerce platform via digital payment methods including credit card, debit card and e-wallets 33
5.1.2 Lowering entry barriers in the payment service market together with technological advancement will create favorable environment for payment gateway market 34
5.2 Key Market Restraints 34
5.2.1 Cash based transactions are inhibiting the growth of the market 34
5.3 Key Market Opporunities 35
5.3.1 Increase in ecommerce transaction value, rise in the number of e-commerce startups and shifting trend towards digital payments 35
5.3.2 Development of cutting-edge gateway solutions to promote fast payment processing with enhanced security may assist the company to grab revenue share in the Global Payment Gateway Market 36
5.4 Future Trends 36
5.4.1 Integration of biometric authentication across Payment Gateway solutions 36
5.4.2 Merchants handling large volume transactions are expected for develop their own payment gateway solutions 37
5.5 Impact Analysis of Drivers and Restraints 38
6 Payment Gateway Market – Global 39
6.1 Global Payment Gateway Market Overview 39
6.2 Global Payment Gateway Market Forecast and Analysis 40
7 Global Payment Gateway Market Analysis – By Type 42
7.1 Overview 42
7.2 Hosted Payment Gateway Market 43
7.2.1 Overview 43
7.2.2 Global Hosted Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 43
7.3 Non-hosted Payment Gateway 44
7.3.1 Overview 44
7.3.2 Non-hosted Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 44
7.4 Direct Payment Gateway Market 45
7.4.1 Overview 45
7.4.2 Direct Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 45
7.5 Platform Based Payment Gateway 46
7.5.1 Overview 46
7.5.2 Platform Based Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 46
Global Payment Gateway Market Analysis – By Organization Size 48
7.6 Overview 48
7.7 Small & Medium Enterprise 49
7.7.1 Overview 49
7.7.2 Global Small & Medium Enterprise Market Revenue and Forecasts to 2025 (US$ Mn) 49
7.8 Large Enterprise 50
7.8.1 Overview 50
7.8.2 Global Large Enterprises Market Revenue and Forecasts to 2025 (US$ Mn) 50
8 Global Payment Gateway Market – Geographical Analysis 51
8.1 Overview 51
8.2 North America Payment Gateway Market Revenue and Forecasts to 2025 52
8.2.1 Overview 52
8.2.2 North America Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 52
8.2.3 North America Payment Gateway Market Breakdown by Key Countries 54
8.2.3.1 US Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 55
8.2.3.2 Canada Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 56
8.2.3.3 Mexico Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 57
8.2.4 North America Payment Gateway Market Breakdown by Type 58
8.2.5 North America Payment Gateway Market Breakdown by Organization Size 59
8.3 Europe Payment Gateway Market Revenue and Forecasts to 2025 61
8.3.1 Overview 61
8.3.2 Europe Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 61
8.3.3 Europe Payment Gateway Market Breakdown by Key Countries 62
8.3.3.1 France Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 64
8.3.3.2 Germany Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 65
8.3.3.3 Italy Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 66
8.3.3.4 Spain Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 67
8.3.3.5 UK Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 68
8.3.3.6 Rest of Europe Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 69
8.3.4 Europe Payment Gateway Market Breakdown by Type 70
8.3.5 Europe Payment Gateway Market Breakdown by Organization Size 71
8.4 Asia Pacific (APAC) Payment Gateway Market Revenue and Forecasts to 2025 72
8.4.1 Overview 72
8.4.2 Asia Pacific Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 72
8.4.3 Asia Pacific Payment Gateway Market Breakdown by Countries 73
8.4.3.1 China Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 74
8.4.3.2 India Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 75
8.4.3.3 Japan Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 76
8.4.3.4 Australia Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 77
8.4.3.5 Rest of APAC Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 78
8.4.4 Asia Pacific Payment Gateway Market Breakdown by Type 79
8.4.5 Asia Pacific Payment Gateway Market Breakdown by Organization Size 80
8.5 Middle East & Africa (MEA) Payment Gateway Market Revenue and Forecasts to 2025 81
8.5.1 Overview 81
8.5.2 Middle East & Africa Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 81
8.5.3 Middle East & Africa Payment Gateway Market Breakdown by Key Countries 83
8.5.3.1 Saudi Arabia Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 84
8.5.3.2 UAE Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 85
8.5.3.3 South Africa Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 86
8.5.3.4 Rest of MEA Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 87
8.5.4 Middle East & Africa Payment Gateway Market Breakdown by Type 88
8.5.5 Middle East & Africa Payment Gateway Market Breakdown by Organization Size 89
8.6 South America Payment Gateway Market Revenue and Forecasts to 2025 91
8.6.1 Overview 91
8.6.2 South America Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 91
8.6.3 South America Payment Gateway Market Breakdown by Key Countries 93
8.6.3.1 Brazil Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 94
8.6.4 South America Payment Gateway Market Breakdown by Type 95
8.6.5 South America Payment Gateway Market Breakdown by Organization Size 96
9 Industry Landscape 97
9.1 Market Initative 97
9.2 Investment scenarios 98
9.3 Merger and Acquisition 98
9.4 New Development 99
10 Competitive Landscape 100
10.1 Competitive Product Mapping 100
10.2 Market Positioning 102
11 Global Payment Gateway Market – Key Company Profiles 103
11.1 PayPal Holdings, Inc. 103
11.1.1 Key Facts 103
11.1.2 Business Description 103
11.1.3 Financial Overview 104
11.1.4 SWOT Analysis 105
11.1.5 Key Developments 105
11.2 Amazon Payments, Inc. 107
11.2.1 Key Facts 107
11.2.2 Business Description 107
11.2.3 Financial Overview 108
11.2.4 SWOT Analysis 108
11.2.5 Key Developments 109
11.3 Secure Trading Limited 110
11.3.1 Key Facts 110
11.3.2 Business Description 110
11.3.3 Financial Overview 111
11.3.4 SWOT Analysis 111
11.3.5 Key Developments 112
11.4 Cardstream Limited 113
11.4.1 Key Facts 113
11.4.2 Business Description 113
11.4.3 Financial Overview 113
11.4.4 SWOT Analysis 114
11.4.5 Key Developments 115
11.5 CCBill, LLC 116
11.5.1 Key Facts 116
11.5.2 Business Description 116
11.5.3 Financial Overview 116
11.5.4 SWOT Analysis 117
11.5.5 Key Developments 118
11.6 BitPay, Inc. 119
11.6.1 Key Facts 119
11.6.2 Business Description 119
11.6.3 Financial Overview 120
11.6.4 SWOT Analysis 120
11.6.5 Key Developments 120
11.7 GoCardless Ltd. 121
11.7.1 Key Facts 121
11.7.2 Business Description 121
11.7.3 Financial Overview 122
11.7.4 SWOT Analysis 122
11.7.5 Key Developments 123
11.8 Stripe Inc. 124
11.8.1 Key Facts 124
11.8.2 Business Description 124
11.8.3 Financial Overview 125
11.8.4 SWOT Analysis 125
11.8.5 Key Developments 125
11.9 Due Inc. 126
11.9.1 Key Facts 126
11.9.2 Business Description 126
11.9.3 Financial Overview 127
11.9.4 SWOT Analysis 127
11.9.5 Key Developments 127
11.10 Merchant Warrior 128
11.10.1 Key Facts 128
11.10.2 Business Description 128
11.10.3 Financial Overview 128
11.10.4 SWOT Analysis 129
11.10.5 Key Developments 129
11.11 Authorize.Net. 130
11.11.1 Key Facts 130
11.11.2 Business Description 130
11.11.3 Financial Overview 131
11.11.4 SWOT Analysis 132
11.11.5 Key Developments 132
11.12 WePay Inc. 133
11.12.1 Key Facts 133
11.12.2 Business Description 133
11.12.3 Financial Overview 134
11.12.4 SWOT Analysis 134
11.12.5 Key Developments 135
12 Appendix 136
12.1 About The Insight Partners 136
12.2 Glossary of Terms 137
12.3 Methodology 139
12.3.1 Secondary Research 139
12.3.2 Coverage 139
12.3.3 Primary Research 140
12.4 Contact Us 141
12.5 Disclaimer 141
1.1 List of Tables
Table 1: Global Payment Gateway Market Revenue and Forecasts to 2025 (US$ Bn) 41
Table 2: North America Payment Gateway Market Revenue and Forecasts to 2025 – By Type (US$ Mn) 58
Table 3: North America Payment Gateway Market Revenue and Forecasts to 2025 – By Organization Size (US$ Mn) 60
Table 4: Europe Payment Gateway Market Revenue and Forecasts to 2025 – By Type (US$ Mn) 70
Table 5: Europe Payment Gateway Market Revenue and Forecasts to 2025 – By Organization Size (US$ Mn) 71
Table 6: Asia Pacific Payment Gateway Market Revenue and Forecasts to 2025 – By Type (US$ Mn) 79
Table 7: Asia Pacific Payment Gateway Market Revenue and Forecasts to 2025 – By Organization Size US$ Mn) 80
Table 8: Middle East & Africa Payment Gateway Market Revenue and Forecasts to 2025 – By Type (US$ Mn) 88
Table 9: Middle East & Africa Payment Gateway Market Revenue and Forecasts to 2025 – By End-user (US$ Mn) 89
Table 10: South America Payment Gateway Market Revenue and Forecasts to 2025 – By Type (US$ Mn) 95
Table 11: South America Payment Gateway Market Revenue and Forecasts to 2025 – By Organization Size (US$ Mn) 96
Table 12: Glossary of Terms, Payment Gateway Market 137
1.2 List of Figures
Figure 1: Payment Gateway, Global Revenue (US$ Mn), 2016 & 2025 15
Figure 2: Global Payment Gateway Market Breakdown By Organization Size, 2016 & 2025 (%) 16
Figure 3: APAC Payment Gateway Market, Global Revenue (US$ Mn), 2016 & 2025 17
Figure 4: Payment Gateway Market Segmentation 19
Figure 5: Payment Gateway Market Segmentation 20
Figure 6: North America PEST Analysis 23
Figure 7: Europe PEST Analysis 25
Figure 8: APAC PEST Analysis 27
Figure 9: MEA PEST Analysis 29
Figure 10: SAM PEST Analysis 32
Figure 11: Global Ecommerce Transaction by Payment Methods, 2016 and 2021 - 34
Figure 12: Global Payment Gateway Market Increase in Revenue Opportunity, 2017 - 2025 36
Figure 13: Payment Gateway Market Impact Analysis of Driver and Restraints 39
Figure 14: Global Payment Gateway Market Forecast and Analysis to 2025 (US$ Bn) 42
Figure 15: Global Payment Gateways Market Breakdown By Type, 2016 & 2025 (%) 43
Figure 16: Hosted Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 44
Figure 17: Non-hosted Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 46
Figure 18: Direct Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 47
Figure 19: Platform Based Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 48
Figure 20: Global Payment Gateway Market Breakdown By Organization Size, 2016 & 2025 (%) 49
Figure 21: Global Small & Medium Enterprises Market Revenue and Forecasts to 2025 (US$ Mn) 50
Figure 22: Global Large Enterprises Market Revenue and Forecasts to 2025 (US$ Mn) 51
Figure 23: Payment Gateway Market, Global Breakdown by Regions, 2016 & 2025 (%) 52
Figure 24: North America Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 53
Figure 25: North America Payment Gateway Market Breakdown by Key Countries, 2016 & 2025 (%) 54
Figure 26: US Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 55
Figure 27: Canada Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 56
Figure 28: Mexico Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 57
Figure 29: North America Payment Gateway Market Breakdown by Type, 2016 & 2025 (%) 58
Figure 30: North America Payment Gateway Market Breakdown by Organization Size, 2016 & 2025 (%) 59
Figure 31: Europe Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 61
Figure 32: Europe Payment Gateway Market Breakdown by Key Countries, 2016 & 2025 (%) 62
Figure 33: France Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 63
Figure 34: Germany Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 64
Figure 35: Italy Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 65
Figure 36: Spain Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 66
Figure 37: UK Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 67
Figure 38: Rest of Europe Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 68
Figure 39: Europe Payment Gateway Market Breakdown by Type, 2016 & 2025 (%) 69
Figure 40: Europe Payment Gateway Market Breakdown by Organization Size, 2016 & 2025 (%) 70
Figure 41: Asia Pacific Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 72
Figure 42: Asia Pacific Payment Gateway Market Breakdown by Key Countries, 2016 & 2025 (%) 72
Figure 43: China Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 73
Figure 44: India Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 74
Figure 45: Japan Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 75
Figure 46: Australia Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 76
Figure 47: Rest of APAC Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 77
Figure 48: Asia Pacific Payment Gateway Market Breakdown by Type, 2016 & 2025 (%) 78
Figure 49: Asia Pacific Payment Gateway Market Breakdown by System Type, 2016 & 2025 (%) 79
Figure 50: Middle East & Africa Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 81
Figure 51: Middle East & Africa Payment Gateway Market Breakdown by Key Countries, 2016 & 2025 (%) 82
Figure 52: Saudi Arabia Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 83
Figure 53: UAE Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 84
Figure 54: South Africa Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 85
Figure 55: Rest of MEA Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 86
Figure 56: Middle East & Africa Payment Gateway Market Breakdown by Type, 2016 & 2025 (%) 87
Figure 57: Middle East & Africa Payment Gateway Market Breakdown by organization size, 2016 & 2025 (%) 88
Figure 58: South America Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 89
Figure 59: South America Payment Gateway Market Breakdown by Key Countries, 2016 & 2025 (%) 90
Figure 60: Brazil Payment Gateway Market Revenue and Forecasts to 2025 (US$ Mn) 91
Figure 61: South America Payment Gateway Market Breakdown by Type, 2016 & 2025 (%) 92
Figure 62: South America Payment Gateway Market Breakdown by Organization Size, 2016 & 2025 (%) 93
Figure 62: Payment Gateway Market Competitive Product Mapping 97
The List of Companies
1. PayPal Holdings, Inc.
2. Amazon Payments, Inc.
3. Secure Trading Limited
4. Cardstream Limited
5. CCBill, LLC
6. BitPay, Inc.
7. GoCardless Ltd.
8. Stripe Inc.
9. Due Inc.
10. Merchant Warrior
11. Authorize.Net.
12. WePay 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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