Precision Agriculture Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Precision Agriculture Market covers analysis by Component (Hardware, Software, and Service), Application (Data Management, Yield Monitoring, Precision Spraying, Precision Irrigation, Precision Planting, Field Monitoring, Precision Fertilization, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Apr 2024

  • Report Code : TIPRE00006320
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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The precision agriculture market is expected to grow from US$ 9.02 billion in 2021 to US$ 19.72 billion by 2028; it is estimated to grow at a CAGR of 11.8% from 2022 to 2028.

Precision agriculture is a farming approach that employs data sensors, remote control tools, connected devices, and other advanced technologies to offer farmers better control over their farms. Precision farming uses modern and advanced technologies such as satellite imagery, field mapping, GPS, and drones to improve crop quality and profitability, increase production, reduce labor time, and ensure the effective management of fertilizers and irrigation processes. It uses large volumes of ground, aerial, and satellite data to improve the use of agricultural resources, levels of yields, and quality of crops. Based on these data, farmers receive information on many key parameters related to farms, such as crop status, weather forecasts, and environmental changes.

Market Dynamics

The precision agriculture market growth can be credited to the increasing adoption of advanced technologies in farming, continuous growth of the population resulting in rise in demand for agriculture based products, and a surge in the adoption of smartphones. Furthermore, increasing investments in technologies such as autonomous tractors, GPS systems, guidance systems, and favorable government initiatives to support smart farming creates lucrative opportunities for the precision agriculture market growth.

MARKET SCOPE

The "Global Precision Agriculture Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the market with detailed segmentation based on component and application. The precision agriculture market is expected to witness high growth during the forecast period. The report provides key market statistics based on the financial performances of leading players in the precision agriculture industry. It also explains key trends and opportunities prevailing in the market.

Strategic Insights

MARKET SEGMENTATION

The global precision agriculture market is segmented on the basis of component, application, and geography. Based on component, the market is segmented into hardware, software, and services. In terms of application, the precision agriculture market is segmented into data management, yield monitoring, precision spraying, precision irrigation, precision planting, field monitoring, precision fertilization, and others.


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REGIONAL FRAMEWORK

The report provides a detailed overview of the precision agriculture industry, including qualitative and quantitative analysis. It provides an overview and forecast of the market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The market in each region is subsegmented on the basis of respective countries and segments. The report entails the analysis and forecast of the precision agriculture market in 18 countries, along with stating current trends and opportunities in every region.

North American dominated the precision agriculture market with ~32% share in 2021. The dominance of this region in the market is majorly ascribed to the increasing adoption of technological advancements in the agriculture sector. A few of the key players in the precision agriculture market are Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; Hexagon Agriculture; and CropX Technologies. These companies have been witnessing continuous demand from SMEs and large enterprises in the world. The following figure depicts a revenue growth trend in the precision agriculture market:

Source: The Insight Partners Analysis

The report analyzes factors affecting the precision agriculture market from both the demand and supply sides. It also evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report entails an exhaustive PEST analysis of the precision agriculture market.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic had a dramatic impact on the global economy during its peak in 2020, as the crisis led to burgeoning effects and remodeling in business activities in the IT and corporate sections. It caused disruptions in the functioning of various industries, leading to serious volatility and instability in the business environment. Manufacturing operations were temporarily suspended across various countries, resulting in a substantial slowdown in the production of precision agriculture hardware, especially in China, South Korea, and India. Thus, the hampered supply chains amid the global health and financial crisis led to disruptions in the precision agriculture market. However, the use of software tools is expected to increase in the post-COVID-19 period.

Thus, the spread of the COVID-19 pandemic caused a huge downfall in the sales of precision agriculture solutions and services, due to notable disruptions in supply chains, in 2020. Nevertheless, the demand for these solutions and services is likely to increase, especially in remote sensing and farm management applications, due to increased digitization and automation.

World Geography

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MARKET PLAYERS

The report provides a detailed overview of the precision agriculture industry, including qualitative and quantitative analysis. It provides an overview and forecast of the market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The market in each region is subsegmented on the basis of respective countries and segments. The report entails the analysis and forecast of the precision agriculture market in 18 countries, along with stating current trends and opportunities in every region.

North American dominated the precision agriculture market with ~32% share in 2021. The dominance of this region in the market is majorly ascribed to the increasing adoption of technological advancements in the agriculture sector. A few of the key players in the precision agriculture market are Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; Hexagon Agriculture; and CropX Technologies. These companies have been witnessing continuous demand from SMEs and large enterprises in the world. The following figure depicts a revenue growth trend in the precision agriculture market:

Source: The Insight Partners Analysis

The report analyzes factors affecting the precision agriculture market from both the demand and supply sides. It also evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report entails an exhaustive PEST analysis of the precision agriculture market.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic had a dramatic impact on the global economy during its peak in 2020, as the crisis led to burgeoning effects and remodeling in business activities in the IT and corporate sections. It caused disruptions in the functioning of various industries, leading to serious volatility and instability in the business environment. Manufacturing operations were temporarily suspended across various countries, resulting in a substantial slowdown in the production of precision agriculture hardware, especially in China, South Korea, and India. Thus, the hampered supply chains amid the global health and financial crisis led to disruptions in the precision agriculture market. However, the use of software tools is expected to increase in the post-COVID-19 period.

Thus, the spread of the COVID-19 pandemic caused a huge downfall in the sales of precision agriculture solutions and services, due to notable disruptions in supply chains, in 2020. Nevertheless, the demand for these solutions and services is likely to increase, especially in remote sensing and farm management applications, due to increased digitization and automation.

MARKET PLAYERS

The report sheds light on key organic and inorganic growth strategies implemented by companies in the precision agriculture market. Organic growth strategies adopted by the market players include product launches, product approvals, and patents and events. On the other hand, acquisitions, partnerships, and collaborations are among the inorganic growth strategies implemented by companies. These activities have paved the way for the expansion of their businesses and customer bases. The list of a few companies engaged in the precision agriculture market is mentioned below.

  • Ag Leader Technology
  • AgJunction, Inc.
  • CropMetrics LLC
  • Trimble, Inc.
  • AGCO Corporation
  • Raven Industries Inc.
  • Deere and Company
  • Topcon Corporation
  • Hexagon Agriculture
  • CropX Technologies

The report includes the profiles of key precision agriculture market companies, with a focus on their SWOT analysis, market strategies, business overviews, component and service offerings, financial information (for the last three years), and key development (in the past five years).

A dedicated research and analysis team of The Insight Partners consists of experienced professionals having advanced statistical expertise. It offers various customization options with the existing study.


Market Research

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Report Coverage
Report Coverage

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

Segment Covered
Segment Covered

Component, Application, and Geography

Regional Scope
Regional Scope

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

Country Scope
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. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Precision Agriculture Market - By Component
1.3.2 Precision Agriculture Market - By Application
1.3.3 Precision Agriculture Market - By Region
1.3.3.1 By Country

2. KEY TAKEAWAYS

3. RESEARCH METHODOLOGY

4. PRECISION AGRICULTURE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER’S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS

5. PRECISION AGRICULTURE 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. PRECISION AGRICULTURE MARKET - GLOBAL MARKET ANALYSIS
6.1. PRECISION AGRICULTURE - GLOBAL MARKET OVERVIEW
6.2. PRECISION AGRICULTURE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE

7. PRECISION AGRICULTURE MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. HARDWARE
7.3.1. Overview
7.3.2. Hardware Market Forecast and Analysis
7.3.3. Sensors Market
7.3.3.1. Overview
7.3.3.2. Sensors Market Forecast and Analysis
7.3.4. Robots Market
7.3.4.1. Overview
7.3.4.2. Robots Market Forecast and Analysis
7.3.5. Drones Market
7.3.5.1. Overview
7.3.5.2. Drones Market Forecast and Analysis
7.3.6. Automated Steering System Market
7.3.6.1. Overview
7.3.6.2. Automated Steering System Market Forecast and Analysis
7.3.7. Others Market
7.3.7.1. Overview
7.3.7.2. Others Market Forecast and Analysis
7.4. SOFTWARE
7.4.1. Overview
7.4.2. Software Market Forecast and Analysis
7.5. SERVICES
7.5.1. Overview
7.5.2. Services Market Forecast and Analysis
7.5.3. Integration and Deployment Market
7.5.3.1. Overview
7.5.3.2. Integration and Deployment Market Forecast and Analysis
7.5.4. Maintenance and Support Market
7.5.4.1. Overview
7.5.4.2. Maintenance and Support Market Forecast and Analysis
8. PRECISION AGRICULTURE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. DATA MANAGEMENT
8.3.1. Overview
8.3.2. Data Management Market Forecast and Analysis
8.4. PRECISION SPRAYING
8.4.1. Overview
8.4.2. Precision Spraying Market Forecast and Analysis
8.5. PRECISION IRRIGATION
8.5.1. Overview
8.5.2. Precision Irrigation Market Forecast and Analysis
8.6. PRECISION PLANTING
8.6.1. Overview
8.6.2. Precision Planting Market Forecast and Analysis
8.7. FIELD MONITORING
8.7.1. Overview
8.7.2. Field Monitoring Market Forecast and Analysis
8.8. PRECISION FERTILIZATION
8.8.1. Overview
8.8.2. Precision Fertilization Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis

9. PRECISION AGRICULTURE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Precision Agriculture Market Overview
9.1.2 North America Precision Agriculture Market Forecasts and Analysis
9.1.3 North America Precision Agriculture Market Forecasts and Analysis - By Component
9.1.4 North America Precision Agriculture Market Forecasts and Analysis - By Application
9.1.5 North America Precision Agriculture Market Forecasts and Analysis - By Countries
9.1.5.1 United States Precision Agriculture Market
9.1.5.1.1 United States Precision Agriculture Market by Component
9.1.5.1.2 United States Precision Agriculture Market by Application
9.1.5.2 Canada Precision Agriculture Market
9.1.5.2.1 Canada Precision Agriculture Market by Component
9.1.5.2.2 Canada Precision Agriculture Market by Application
9.1.5.3 Mexico Precision Agriculture Market
9.1.5.3.1 Mexico Precision Agriculture Market by Component
9.1.5.3.2 Mexico Precision Agriculture Market by Application
9.2. EUROPE
9.2.1 Europe Precision Agriculture Market Overview
9.2.2 Europe Precision Agriculture Market Forecasts and Analysis
9.2.3 Europe Precision Agriculture Market Forecasts and Analysis - By Component
9.2.4 Europe Precision Agriculture Market Forecasts and Analysis - By Application
9.2.5 Europe Precision Agriculture Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Precision Agriculture Market
9.2.5.1.1 Germany Precision Agriculture Market by Component
9.2.5.1.2 Germany Precision Agriculture Market by Application
9.2.5.2 France Precision Agriculture Market
9.2.5.2.1 France Precision Agriculture Market by Component
9.2.5.2.2 France Precision Agriculture Market by Application
9.2.5.3 Italy Precision Agriculture Market
9.2.5.3.1 Italy Precision Agriculture Market by Component
9.2.5.3.2 Italy Precision Agriculture Market by Application
9.2.5.4 United Kingdom Precision Agriculture Market
9.2.5.4.1 United Kingdom Precision Agriculture Market by Component
9.2.5.4.2 United Kingdom Precision Agriculture Market by Application
9.2.5.5 Russia Precision Agriculture Market
9.2.5.5.1 Russia Precision Agriculture Market by Component
9.2.5.5.2 Russia Precision Agriculture Market by Application
9.2.5.6 Rest of Europe Precision Agriculture Market
9.2.5.6.1 Rest of Europe Precision Agriculture Market by Component
9.2.5.6.2 Rest of Europe Precision Agriculture Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Precision Agriculture Market Overview
9.3.2 Asia-Pacific Precision Agriculture Market Forecasts and Analysis
9.3.3 Asia-Pacific Precision Agriculture Market Forecasts and Analysis - By Component
9.3.4 Asia-Pacific Precision Agriculture Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Precision Agriculture Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Precision Agriculture Market
9.3.5.1.1 Australia Precision Agriculture Market by Component
9.3.5.1.2 Australia Precision Agriculture Market by Application
9.3.5.2 China Precision Agriculture Market
9.3.5.2.1 China Precision Agriculture Market by Component
9.3.5.2.2 China Precision Agriculture Market by Application
9.3.5.3 India Precision Agriculture Market
9.3.5.3.1 India Precision Agriculture Market by Component
9.3.5.3.2 India Precision Agriculture Market by Application
9.3.5.4 Japan Precision Agriculture Market
9.3.5.4.1 Japan Precision Agriculture Market by Component
9.3.5.4.2 Japan Precision Agriculture Market by Application
9.3.5.5 South Korea Precision Agriculture Market
9.3.5.5.1 South Korea Precision Agriculture Market by Component
9.3.5.5.2 South Korea Precision Agriculture Market by Application
9.3.5.6 Rest of Asia-Pacific Precision Agriculture Market
9.3.5.6.1 Rest of Asia-Pacific Precision Agriculture Market by Component
9.3.5.6.2 Rest of Asia-Pacific Precision Agriculture Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Precision Agriculture Market Overview
9.4.2 Middle East and Africa Precision Agriculture Market Forecasts and Analysis
9.4.3 Middle East and Africa Precision Agriculture Market Forecasts and Analysis - By Component
9.4.4 Middle East and Africa Precision Agriculture Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Precision Agriculture Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Precision Agriculture Market
9.4.5.1.1 South Africa Precision Agriculture Market by Component
9.4.5.1.2 South Africa Precision Agriculture Market by Application
9.4.5.2 Saudi Arabia Precision Agriculture Market
9.4.5.2.1 Saudi Arabia Precision Agriculture Market by Component
9.4.5.2.2 Saudi Arabia Precision Agriculture Market by Application
9.4.5.3 U.A.E Precision Agriculture Market
9.4.5.3.1 U.A.E Precision Agriculture Market by Component
9.4.5.3.2 U.A.E Precision Agriculture Market by Application
9.4.5.4 Rest of Middle East and Africa Precision Agriculture Market
9.4.5.4.1 Rest of Middle East and Africa Precision Agriculture Market by Component
9.4.5.4.2 Rest of Middle East and Africa Precision Agriculture Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Precision Agriculture Market Overview
9.5.2 South and Central America Precision Agriculture Market Forecasts and Analysis
9.5.3 South and Central America Precision Agriculture Market Forecasts and Analysis - By Component
9.5.4 South and Central America Precision Agriculture Market Forecasts and Analysis - By Application
9.5.5 South and Central America Precision Agriculture Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Precision Agriculture Market
9.5.5.1.1 Brazil Precision Agriculture Market by Component
9.5.5.1.2 Brazil Precision Agriculture Market by Application
9.5.5.2 Argentina Precision Agriculture Market
9.5.5.2.1 Argentina Precision Agriculture Market by Component
9.5.5.2.2 Argentina Precision Agriculture Market by Application
9.5.5.3 Rest of South and Central America Precision Agriculture Market
9.5.5.3.1 Rest of South and Central America Precision Agriculture Market by Component
9.5.5.3.2 Rest of South and Central America Precision Agriculture 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. PRECISION AGRICULTURE MARKET, KEY COMPANY PROFILES
11.1. AG LEADER TECHNOLOGY, INC.
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. AGCO 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. AGEAGLE AERIAL SYSTEMS INC.
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. AGJUNCTION INC.
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. AGSENSE LLC (VALMONT INDUSTRIES, INC.)
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. CROPMETRICS LLC
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. CROPZILLA SOFTWARE, INC.
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. DEERE COMPANY
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. RAVEN INDUSTRIES
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. TRIMBLE 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. Ag Leader Technology, Inc.
2. AGCO Corporation
3. AgEagle Aerial Systems Inc.
4. AgJunction Inc.
5. AgSense LLC (Valmont Industries, Inc.)
6. CropMetrics LLC
7. CropZilla Software, Inc.
8. Deere Company
9. Raven Industries
10. Trimble Inc.

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

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

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