Methodology and Data Source
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. Our Methodology follows a customer-focused approach, where our dedicated research team works for specific client requirements. We employ a team of experts to analyze the historical data, market trends and upcoming revolutions in order to produce the market sizing estimates and forecasts for each of the reports as well as for customized studies. Our estimation methodology leverages a data triangulation model which helps us to gauge the market dynamics.
The research starts with the extensive procurement process of data/information and statistics from company annual reports, government websites, statistic agencies and paid databases. This information creates a base for the study. This information also helps to define the scope and to narrow down the area for study for the market. This raw information is processed and analyzed to extract crisp data points which currently affect or are likely to affect the industry over the forecast period. After analyzing the information, a proprietary market estimation & forecast technique is applied, which generates the quantitative figures/sizes of the market/sub-segments in the current scenario as well as for over the forecast period. Major players in the market are identified through secondary research and their market revenues determined through primary and secondary research.
Data mining is one of the extensive stages of our Estimation Methodology. It involves the procurement of market data and related information through different verified & credible sources. This step helps to obtain the raw information about the supply chain of the industry, the monetary process of different Components & End-Uses, the pool of market participants & the nature of the industry and the scope of the study. The data mining stage comprises both primary as well as secondary sources of information
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Index Markets Research and presented in this report.
In primary research process for data mining, various key industry participants from both supply and demand side are interviewed to obtain both qualitative as well as quantitative information on the market. In-depth interviews with key primary respondents, including industry professionals, subject matter experts (SMEs), industry consultants, and C-level executives of major companies are conducted to obtain critical qualitative and quantitative aspects pertaining to the market, as well as to assess the prospects for market growth over the forecast period.
In the process of secondary research, various sources are referred to identify and collect industry trends and information for the research process. We at Index Markets Research have the access to some of the most diversified and extensive paid databases which give us the most accurate data/information on markets sizes, Components and pricing.
This step involves the analysis & mapping of all the information procured from the previous step. This step also encompasses the scrutiny of data discrepancies observed across various data sources and finalizing the appropriate data for estimation and forecasting. This analysis is done by our experienced panel of industry analysts.
After arriving at the overall market sizes, the total market is divided into several segments and sub-segments. Again, market breakdown and data triangulation procedures are implemented wherever applicable, to complete the overall market engineering process and to collect the exact statistics for all segments and sub-segments. The data was triangulated by studying various factors and trends from both demand and supply sides. Along with this, the market was validated by using both top-down and bottom-up approaches.
Validation is the most important stage of the report making process. Validation via an intricately designed feedback process helps us to finalize the sizing estimates and forecast for the final collation. Extensive primary research is performed to verify the information. This includes telephonic & personal interviews, emails, feedback forms, questionnaires and polling options/answers with the group of relevant people. Validation helps to duly check the authenticity of the key industry trends, market dynamics, company market share, different business models & their conclusions.
We employ our key analysts to conduct the primary research through which they gain the insights over different topics and trends. These analysts formulate the quantitative insights using such primary responses which leads us to derive the growth rates for different micro industries and segments.