The sound recognition market was projected to reach US$ 3.84 billion in 2021 and it is expected to grow at a CAGR of 14.5% from 2022 to 2028
Sound recognition involves the analysis of the pitch, speech, voice, and tone of a person for various security purposes. In terms of security, it outperforms passwords because a password can be tracked or hacked, whereas a person's voice is as different and unique as a fingerprint. A voice can be identified in two ways in sound recognition text-dependent and text-independent. One of the primary factors driving the growth of the sound recognition market is its increasing acceptance in the entertainment industry, cloud computing, social networking, and building security. Many significant voice assistant firms such as Apple, Google, Microsoft, Amazon, and Mycroft—are spending heavily on R&D of biometric speech matching through voice matches. Further, Facebook, Twitter, LinkedIn, and other social networking sites are working on improving speech recognition. Voice input obtained from speech recognition can be used as a voice matching function, thereby reducing the difficulties of manual customer identification methods.
MARKET DYNAMICS
In banking, sound recognition authentication is based on vocal patterns, as each person has distinct phonetic and morphological characteristics that can be detected by artificial intelligence (AI). Being contactless, the sound recognition approach is more convenient and speeds up operations. Owing to the widespread acceptance of online banking, mobile and e-banking have become a part of regular monetary transfers and transactions, which is opening up possible channels for cybercriminals to access users’ accounts and steal money. The need to deliver safe banking services through mobile applications compels financial service providers to invest in more effective security solutions, which is driving the sound recognition market.
MARKET SCOPE
The "Global Sound Recognition Market Analysis to 2028" is a specialized and in-depth study that provides an overview of the market with detailed market segmentation based on device and application. The sound recognition market is expected to witness high growth during the forecast period. The report provides key statistics on the market based on the revenue performances of the leading market players. It also specifies key trends and opportunities in the sound recognition market.
Strategic Insights
MARKET SEGMENTATION
The sound recognition market is segmented on the basis of device and application. Based on device, the sound recognition market market is segmented into smartphones and tablets, smart home devices, connected cars, hearables, and others. Based on application, the market is segmented into automotive, healthcare and fitness, smart home, safety and security, and others.
The report provides a detailed overview of the sound recognition market, including qualitative and quantitative information. It also provides market size and forecast estimates for the period of 2019–2028 with respect to five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The sound recognition market by each region is subsegmented into respective countries and segments. The report entails the analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in every region.
APAC is expected to register the highest CAGR in the sound recognition market during the forecast period. Swift developments in technologies, initiatives from governments to enhance various industries, and a rise in disposable income of the middle-income class group are among the factors propelling the overall economic growth in this region. Many countries in APAC are witnessing rapid growth in digitalization in several industries. According to the Asia Pacific Speech Biometrics Consumer Survey by NICE, a provider of cloud and business software solutions, consumers (responders) support the use of sound recognition in enterprises to verify their identity while communicating with a contact center; 88% of respondents said they are receptive to sound recognition authentication. NICE Real-Time Authentication is being used at Swisscom's contact center to improve the entire customer experience for its over six million customers. The acceptance and deployment of technologies such as cloud-based solutions, artificial intelligence (AI), the internet of things (IoT), and big data analytics drive the regional market. The following figure showcases the revenue growth trend in the global sound recognition market.
Source: The Insight Partners Analysis
The report analyses factors affecting the sound recognition market from, both, the demand and supply sides. It also evaluates the key sound recognition market dynamics, i.e., drivers, restraints, opportunities, and future trends, along with providing exhaustive PEST analysis highlighting the factors affecting the sound recognition market.
IMPACT OF COVID-19 PANDEMIC
Lockdown imposed by various governments in response to the COVID-19 pandemic caused a slight slowdown in the sound recognition market in 2020. The lockdown conditions hampered production, supply networks, logistics, and operational continuity in different industries. Manufacturing, transportation and logistics, and retail and consumer products were among the major industries that faced maximum problems. The lack of staff to operate production lines, supply chains, and transportation hampered the availability of necessary items. In early 2021, many industries started showing signs of resurgence, while demand for sound recognition solutions and services also began rising with the increased need for improved customer experience and the development of individualized relationships. Several industries implemented a wide range of sound recognition products and services to support digital transformation programs by addressing mission-critical procedures, improving operations, and reinforcing user identification.
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The report provides a detailed overview of the sound recognition market, including qualitative and quantitative information. It also provides market size and forecast estimates for the period of 2019–2028 with respect to five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The sound recognition market by each region is subsegmented into respective countries and segments. The report entails the analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in every region.
APAC is expected to register the highest CAGR in the sound recognition market during the forecast period. Swift developments in technologies, initiatives from governments to enhance various industries, and a rise in disposable income of the middle-income class group are among the factors propelling the overall economic growth in this region. Many countries in APAC are witnessing rapid growth in digitalization in several industries. According to the Asia Pacific Speech Biometrics Consumer Survey by NICE, a provider of cloud and business software solutions, consumers (responders) support the use of sound recognition in enterprises to verify their identity while communicating with a contact center; 88% of respondents said they are receptive to sound recognition authentication. NICE Real-Time Authentication is being used at Swisscom's contact center to improve the entire customer experience for its over six million customers. The acceptance and deployment of technologies such as cloud-based solutions, artificial intelligence (AI), the internet of things (IoT), and big data analytics drive the regional market. The following figure showcases the revenue growth trend in the global sound recognition market.
Source: The Insight Partners Analysis
The report analyses factors affecting the sound recognition market from, both, the demand and supply sides. It also evaluates the key sound recognition market dynamics, i.e., drivers, restraints, opportunities, and future trends, along with providing exhaustive PEST analysis highlighting the factors affecting the sound recognition market.
IMPACT OF COVID-19 PANDEMIC
Lockdown imposed by various governments in response to the COVID-19 pandemic caused a slight slowdown in the sound recognition market in 2020. The lockdown conditions hampered production, supply networks, logistics, and operational continuity in different industries. Manufacturing, transportation and logistics, and retail and consumer products were among the major industries that faced maximum problems. The lack of staff to operate production lines, supply chains, and transportation hampered the availability of necessary items. In early 2021, many industries started showing signs of resurgence, while demand for sound recognition solutions and services also began rising with the increased need for improved customer experience and the development of individualized relationships. Several industries implemented a wide range of sound recognition products and services to support digital transformation programs by addressing mission-critical procedures, improving operations, and reinforcing user identification.
MARKET PLAYERS
Various companies in the sound recognition market are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies witnessed in the market are acquisitions, partnerships, and collaborations. These activities pave way for the expansion of businesses and customer bases of sound recognition market players. The sound recognition market players are anticipated to grab lucrative growth opportunities in the future with the rising demand for these systems.
This report also includes the profiles of key sound recognition market companies along with their SWOT analysis and market strategies. In addition, it also provides information on components and services offered, financial information for the last 3 years, and key development in the past 5 years. The list of companies engaged in the sound recognition market is mentioned below.
- Wavio
- Reality AI
- Audio Analytic Ltd.
- Abilisense
- OtoSense Inc.
- Nuance Communications, Inc.
- Microsoft Corporation
- Amazon Web Services, Inc
- IBM Corporation
The Insight Partners' dedicated research and analysis team consists of experienced professionals having advanced statistical expertise. Along with the detailed report, it offers various customization options for the existing study on the sound recognition market.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Device, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, 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 Sound Recognition Market - By Device
1.3.2 Sound Recognition Market - By Application
1.3.3 Sound Recognition Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SOUND RECOGNITION 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. SOUND RECOGNITION 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. SOUND RECOGNITION MARKET - GLOBAL MARKET ANALYSIS
6.1. SOUND RECOGNITION - GLOBAL MARKET OVERVIEW
6.2. SOUND RECOGNITION - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. SOUND RECOGNITION MARKET - REVENUE AND FORECASTS TO 2027 - DEVICE
7.1. OVERVIEW
7.2. DEVICE MARKET FORECASTS AND ANALYSIS
7.3. SMARTPHONES AND TABLETS
7.3.1. Overview
7.3.2. Smartphones and Tablets Market Forecast and Analysis
7.4. SMART HOME DEVICES
7.4.1. Overview
7.4.2. Smart Home Devices Market Forecast and Analysis
7.5. CONNECTED CARS
7.5.1. Overview
7.5.2. Connected Cars Market Forecast and Analysis
7.6. HEARABLES
7.6.1. Overview
7.6.2. Hearables Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. SOUND RECOGNITION MARKET - REVENUE AND FORECASTS TO 2027 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. AUTOMOTIVE
8.3.1. Overview
8.3.2. Automotive Market Forecast and Analysis
8.4. HEALTHCARE AND FITNESS
8.4.1. Overview
8.4.2. Healthcare and Fitness Market Forecast and Analysis
8.5. SMART HOME
8.5.1. Overview
8.5.2. Smart Home Market Forecast and Analysis
8.6. SAFETY AND SECURITY
8.6.1. Overview
8.6.2. Safety and Security Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. SOUND RECOGNITION MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Sound Recognition Market Overview
9.1.2 North America Sound Recognition Market Forecasts and Analysis
9.1.3 North America Sound Recognition Market Forecasts and Analysis - By Device
9.1.4 North America Sound Recognition Market Forecasts and Analysis - By Application
9.1.5 North America Sound Recognition Market Forecasts and Analysis - By Countries
9.1.5.1 United States Sound Recognition Market
9.1.5.1.1 United States Sound Recognition Market by Device
9.1.5.1.2 United States Sound Recognition Market by Application
9.1.5.2 Canada Sound Recognition Market
9.1.5.2.1 Canada Sound Recognition Market by Device
9.1.5.2.2 Canada Sound Recognition Market by Application
9.1.5.3 Mexico Sound Recognition Market
9.1.5.3.1 Mexico Sound Recognition Market by Device
9.1.5.3.2 Mexico Sound Recognition Market by Application
9.2. EUROPE
9.2.1 Europe Sound Recognition Market Overview
9.2.2 Europe Sound Recognition Market Forecasts and Analysis
9.2.3 Europe Sound Recognition Market Forecasts and Analysis - By Device
9.2.4 Europe Sound Recognition Market Forecasts and Analysis - By Application
9.2.5 Europe Sound Recognition Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Sound Recognition Market
9.2.5.1.1 Germany Sound Recognition Market by Device
9.2.5.1.2 Germany Sound Recognition Market by Application
9.2.5.2 France Sound Recognition Market
9.2.5.2.1 France Sound Recognition Market by Device
9.2.5.2.2 France Sound Recognition Market by Application
9.2.5.3 Italy Sound Recognition Market
9.2.5.3.1 Italy Sound Recognition Market by Device
9.2.5.3.2 Italy Sound Recognition Market by Application
9.2.5.4 United Kingdom Sound Recognition Market
9.2.5.4.1 United Kingdom Sound Recognition Market by Device
9.2.5.4.2 United Kingdom Sound Recognition Market by Application
9.2.5.5 Russia Sound Recognition Market
9.2.5.5.1 Russia Sound Recognition Market by Device
9.2.5.5.2 Russia Sound Recognition Market by Application
9.2.5.6 Rest of Europe Sound Recognition Market
9.2.5.6.1 Rest of Europe Sound Recognition Market by Device
9.2.5.6.2 Rest of Europe Sound Recognition Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Sound Recognition Market Overview
9.3.2 Asia-Pacific Sound Recognition Market Forecasts and Analysis
9.3.3 Asia-Pacific Sound Recognition Market Forecasts and Analysis - By Device
9.3.4 Asia-Pacific Sound Recognition Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Sound Recognition Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Sound Recognition Market
9.3.5.1.1 Australia Sound Recognition Market by Device
9.3.5.1.2 Australia Sound Recognition Market by Application
9.3.5.2 China Sound Recognition Market
9.3.5.2.1 China Sound Recognition Market by Device
9.3.5.2.2 China Sound Recognition Market by Application
9.3.5.3 India Sound Recognition Market
9.3.5.3.1 India Sound Recognition Market by Device
9.3.5.3.2 India Sound Recognition Market by Application
9.3.5.4 Japan Sound Recognition Market
9.3.5.4.1 Japan Sound Recognition Market by Device
9.3.5.4.2 Japan Sound Recognition Market by Application
9.3.5.5 South Korea Sound Recognition Market
9.3.5.5.1 South Korea Sound Recognition Market by Device
9.3.5.5.2 South Korea Sound Recognition Market by Application
9.3.5.6 Rest of Asia-Pacific Sound Recognition Market
9.3.5.6.1 Rest of Asia-Pacific Sound Recognition Market by Device
9.3.5.6.2 Rest of Asia-Pacific Sound Recognition Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Sound Recognition Market Overview
9.4.2 Middle East and Africa Sound Recognition Market Forecasts and Analysis
9.4.3 Middle East and Africa Sound Recognition Market Forecasts and Analysis - By Device
9.4.4 Middle East and Africa Sound Recognition Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Sound Recognition Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Sound Recognition Market
9.4.5.1.1 South Africa Sound Recognition Market by Device
9.4.5.1.2 South Africa Sound Recognition Market by Application
9.4.5.2 Saudi Arabia Sound Recognition Market
9.4.5.2.1 Saudi Arabia Sound Recognition Market by Device
9.4.5.2.2 Saudi Arabia Sound Recognition Market by Application
9.4.5.3 U.A.E Sound Recognition Market
9.4.5.3.1 U.A.E Sound Recognition Market by Device
9.4.5.3.2 U.A.E Sound Recognition Market by Application
9.4.5.4 Rest of Middle East and Africa Sound Recognition Market
9.4.5.4.1 Rest of Middle East and Africa Sound Recognition Market by Device
9.4.5.4.2 Rest of Middle East and Africa Sound Recognition Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Sound Recognition Market Overview
9.5.2 South and Central America Sound Recognition Market Forecasts and Analysis
9.5.3 South and Central America Sound Recognition Market Forecasts and Analysis - By Device
9.5.4 South and Central America Sound Recognition Market Forecasts and Analysis - By Application
9.5.5 South and Central America Sound Recognition Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Sound Recognition Market
9.5.5.1.1 Brazil Sound Recognition Market by Device
9.5.5.1.2 Brazil Sound Recognition Market by Application
9.5.5.2 Argentina Sound Recognition Market
9.5.5.2.1 Argentina Sound Recognition Market by Device
9.5.5.2.2 Argentina Sound Recognition Market by Application
9.5.5.3 Rest of South and Central America Sound Recognition Market
9.5.5.3.1 Rest of South and Central America Sound Recognition Market by Device
9.5.5.3.2 Rest of South and Central America Sound Recognition 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. SOUND RECOGNITION MARKET, KEY COMPANY PROFILES
11.1. WAVIO
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. REALITY AI
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. AUDIO ANALYTIC LTD.
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. ABILISENSE
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. OTOSENSE 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. NUANCE COMMUNICATIONS, INC.
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. GOOGLE
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. MICROSOFT CORPORATION
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. AMAZON WEB SERVICES, INC.
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. IBM CORPORATION
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. Wavio
2. Reality AI
3. Audio Analytic Ltd.
4. abilisense
5. OtoSense Inc.
6. Nuance Communications, Inc.
7. Google
8. Microsoft Corporation
9. Amazon Web Services, Inc.
10. IBM Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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