Automated Parking System Market
Automated Parking System Market Forecasts to 2028 - Global Analysis By Component Type (Software and Hardware), Platform Type (Non-palleted and Palleted), Automation Level (Semi-automated and Fully Automated), Structure Type (Tower System, Automated Guided Vehicle (AGV) System and other types), End User and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $2.12 BN |
|
Projected Year Value (2028) |
US $5.94 BN |
|
CAGR (2022 - 2028) |
18.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Europe |
|
Fastest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Automated Parking System Market is accounted for $2.12 billion in 2022 and is expected to reach $5.94 billion by 2028 growing at a CAGR of 18.7% during the forecast period. The Automated Parking System regulates parking in order to optimise the amount of space necessary for parking. The Automated Parking Mechanism is a system that reduces the amount of parking space necessary. The Automated Parking System is used to build multi-story parking structures that enhance the number of parking spaces while decreasing the amount of land required for parking lots. Parking structures that stack cars vertically to save space are known as automatic parking systems (APS). The designs of these one-of-a-kind systems enable vehicles to be carried from the entry to the parking area while the driver is not present.
According to the European Automobile Manufacturers Association, in 2019, there were 277.7 million motor vehicles on the road in the European Union.
Market Dynamics:
Driver:
Growing adoption of integrated solutions
Automation is becoming more popular in parking lots around the world, and it is a useful tool for improving parking efficiency. The procedure entails using machinery to automate the parking process. Machine-to-machine (M2M) communication, data analytics, advanced sensors, smart parking metres, and mobile applications for slot bookings and online payments are combined to create successful automated parking solutions. These technological advancements assist in identifying if a parking lot is empty or occupied, and they assess and transmit the information to mobile and web apps. These technological advances are expected to drive the market.
Restraint:
Issues with quality control and high complexity of the system
The installation of an automated parking system is complicated and requires careful consideration of several elements. The automated parking system's hardware and software systems are merged. The failure of one system can lead to the failure of the entire system. The lack of regulations to oversee the operation of an automated parking system presents a quality control difficulty for manufacturers. A high-quality automated parking system also necessitates a significant initial investment. When it comes to parking system automation, many construction companies opt for a less expensive, lower-capacity system over a more expensive, custom-designed, higher-capacity system. As a result, authorities must mandate and control the quality of the automated parking system.
Opportunity:
Sustainable and green parking influence
One of the key drivers of global warming and climate change is the increasing volume of pollutants in the automotive industry. The United States and China released a joint declaration to sign the Paris Climate Agreement. The agreement makes an effort to control climate change on a worldwide scale. Parking automation minimises pollutants, energy consumption, and the footprint of construction. Furthermore, as compared to a typical parking system, an automated parking system improves efficiency and allows for more vehicles to be parked in less space. Solar-powered automatic parking and parking spaces with electric vehicle charging stations can both contribute to environmentally friendly and sustainable solutions.
Threat:
High capital investment
The automated parking system is more effective, sustainable, and ecologically friendly than traditional parking systems. But the initial costs of construction are high. Because automated parking solutions are expensive, many firms prefer profits over customer experience. Furthermore, when customers park elsewhere on the street to avoid paying parking fees and to delay parking operations, commercial automated parking facilities may no longer be financially feasible. Such instances can be found in developing countries such as Thailand, Brazil, and India. Despite the growing market across several regions, the initial investment required to establish high-quality parking systems is high which is hampering market growth.
Covid-19 Impact
The outbreak of COVID-19 had a huge impact on the market for automated parking management systems. Activities such as new vehicle manufacturing and sales were impeded as a result of the government-enforced lockdown. Several automobile manufacturers have temporarily halted vehicle manufacturing around the world due to supply-chain issues. However, following the pandemic, people are likely to use their personal vehicles for travel to limit the chance of being infected with COVID-19, which is expected to worsen traffic congestion around the world. This increased traffic congestion is likely to raise demand for automated parking management systems, which will contribute to the market's growth during the forecast period.
The palleted segment is expected to be the largest during the forecast period
The palleted segment is estimated to have a lucrative growth, because automobiles cannot be moved or lifted without the driver, these methods make vehicle movement in the parking spot easier. As the number of people opting to work from home grows, these parking solutions are expected to develop in the future as they improve vehicle security, improve cityscape, and provide better parking density than conventional car parks. These solutions do not require car size accommodations, which reduces the complexity of transport processes.
The fully automated segment is expected to have the highest CAGR during the forecast period
The fully automated segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the advantages of fully automated parking systems over semi-automated options, such as higher efficiency, expanded capacity, lower emissions, and improved safety and convenience, are highly sought after in developing nations. However, the decision between completely automated and semi-automated systems is influenced by aspects such as project budget, location, and application. High-capacity systems are frequently fully automated, whereas low-capacity systems are semi-automated. Given the Covid-19 epidemic, fully automated parking solutions are absolutely touch less, working without human interaction.
Region with highest share:
Europe is projected to hold the largest market share during the forecast period owing to the rise in the initiatives for the development of smart cities and growing demand from commercial and residential buildings. In this region, automatic parking technologies are widely used to save space and reduce vehicle emissions while parking. The presence of technologically advanced infrastructure has further encouraged the public and private sectors to embrace automated solutions to parking challenges.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the huge population and prevalence of vehicle parking on the roads. The region is home to 40% of the world's population as well as some of the fastest-growing economies, including India. Furthermore, several smart city projects are being implemented to improve citizen services. These projects address issues related to transit, infrastructure, connectivity, and utilities, and are guaranteed to boost the market for automated parking systems.
Key players in the market
Some of the key players profiled in the Automated Parking System Market include Westfalia Parking, Skyline Parking, Klaus Multiparking, Unitronics Corporation, ParkPlus Inc., Wohr Parking, Fata Automation, Citylift, Eito and Global, Dayang Parking Company Ltd, ShinMaywa Industries, Lodgie Industries, Cleverciti Systems GmbH, Watry Design Inc. and Robotic Parking Systems Inc.
Key Developments:
In July 2021, Westfalia Technologies, Inc., a leading automated parking and storage solutions provider. (Westfalia) introduced the release of the Westfalia Parking App, an all-in-one parking solution for consumers that improves automatic parking facilities' efficiency, security, and convenience.
In March 2021, Westfalia Technologies, Inc., a leading provider of automatic parking systems (APS) and logistics solutions for warehouses and distribution centers. (Westfalia) announced the introduction of a fully automatic charging function for electric vehicles (EVs).
In February 2020, KLAUS Multiparking GmbH also provides a 3D model of the parking system for building information modeling (BIM) planning techniques. The company's BIM model is now available in two Parkers MultiBase 2072i and 2078i variants.
In December 2019, Robotic Parking Systems Inc. got the contract to plan and build this robotic parking system with 1,200 parking spaces for the Emirates financial tower inserted between the concrete structures of the two buildings.
Component Types Covered:
• Software
• Hardware
Platform Types Covered:
• Non-palleted
• Palleted
Automation Levels Covered:
• Semi-automated
• Fully Automated
Structure Types Covered:
• Tower System
• Automated Guided Vehicle (AGV) System
• Silo System
• Rail Guided Cart (RGC) System
• Shuttle System
• Puzzle System
End Users Covered:
• Residential Parking
• Commercial Parking
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automated Parking System Market, By Component Type
5.1 Introduction
5.2 Software
5.3 Hardware
6 Global Automated Parking System Market, By Platform Type
6.1 Introduction
6.2 Non-palleted
6.3 Palleted
7 Global Automated Parking System Market, By Automation Level
7.1 Introduction
7.2 Semi-automated
7.3 Fully Automated
8 Global Automated Parking System Market, By Structure Type
8.1 Introduction
8.2 Tower System
8.3 Automated Guided Vehicle (AGV) System
8.4 Silo System
8.5 Rail Guided Cart (RGC) System
8.6 Shuttle System
8.7 Puzzle System
9 Global Automated Parking System Market, By End User
9.1 Introduction
9.2 Residential Parking
9.3 Commercial Parking
10 Global Automated Parking System Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Westfalia Parking
12.2 Skyline Parking
12.3 Klaus Multiparking
12.4 Unitronics Corporation
12.5 ParkPlus Inc.
12.6 Wohr Parking
12.7 Fata Automation
12.8 Citylift
12.9 Eito and Global
12.10 Dayang Parking Company Ltd
12.11 ShinMaywa Industries
12.12 Lodgie Industries
12.13 Cleverciti Systems GmbH
12.14 Watry Design Inc.
12.15 Robotic Parking Systems Inc.
List of Tables
1 Global Automated Parking System Market Outlook, By Region (2020-2028) ($MN)
2 Global Automated Parking System Market Outlook, By Component Type (2020-2028) ($MN)
3 Global Automated Parking System Market Outlook, By Software (2020-2028) ($MN)
4 Global Automated Parking System Market Outlook, By Hardware (2020-2028) ($MN)
5 Global Automated Parking System Market Outlook, By Platform Type (2020-2028) ($MN)
6 Global Automated Parking System Market Outlook, By Non-palleted (2020-2028) ($MN)
7 Global Automated Parking System Market Outlook, By Palleted (2020-2028) ($MN)
8 Global Automated Parking System Market Outlook, By Automation Level (2020-2028) ($MN)
9 Global Automated Parking System Market Outlook, By Semi-automated (2020-2028) ($MN)
10 Global Automated Parking System Market Outlook, By Fully Automated (2020-2028) ($MN)
11 Global Automated Parking System Market Outlook, By Structure Type (2020-2028) ($MN)
12 Global Automated Parking System Market Outlook, By Tower System (2020-2028) ($MN)
13 Global Automated Parking System Market Outlook, By Automated Guided Vehicle (AGV) System (2020-2028) ($MN)
14 Global Automated Parking System Market Outlook, By Silo System (2020-2028) ($MN)
15 Global Automated Parking System Market Outlook, By Rail Guided Cart (RGC) System (2020-2028) ($MN)
16 Global Automated Parking System Market Outlook, By Shuttle System (2020-2028) ($MN)
17 Global Automated Parking System Market Outlook, By Puzzle System (2020-2028) ($MN)
18 Global Automated Parking System Market Outlook, By End User (2020-2028) ($MN)
19 Global Automated Parking System Market Outlook, By Introduction (2020-2028) ($MN)
20 Global Automated Parking System Market Outlook, By Residential Parking (2020-2028) ($MN)
21 Global Automated Parking System Market Outlook, By Commercial Parking (2020-2028) ($MN)
22 North America Automated Parking System Market Outlook, By Country (2020-2028) ($MN)
23 North America Automated Parking System Market Outlook, By Component Type (2020-2028) ($MN)
24 North America Automated Parking System Market Outlook, By Software (2020-2028) ($MN)
25 North America Automated Parking System Market Outlook, By Hardware (2020-2028) ($MN)
26 North America Automated Parking System Market Outlook, By Platform Type (2020-2028) ($MN)
27 North America Automated Parking System Market Outlook, By Non-palleted (2020-2028) ($MN)
28 North America Automated Parking System Market Outlook, By Palleted (2020-2028) ($MN)
29 North America Automated Parking System Market Outlook, By Automation Level (2020-2028) ($MN)
30 North America Automated Parking System Market Outlook, By Semi-automated (2020-2028) ($MN)
31 North America Automated Parking System Market Outlook, By Fully Automated (2020-2028) ($MN)
32 North America Automated Parking System Market Outlook, By Structure Type (2020-2028) ($MN)
33 North America Automated Parking System Market Outlook, By Tower System (2020-2028) ($MN)
34 North America Automated Parking System Market Outlook, By Automated Guided Vehicle (AGV) System (2020-2028) ($MN)
35 North America Automated Parking System Market Outlook, By Silo System (2020-2028) ($MN)
36 North America Automated Parking System Market Outlook, By Rail Guided Cart (RGC) System (2020-2028) ($MN)
37 North America Automated Parking System Market Outlook, By Shuttle System (2020-2028) ($MN)
38 North America Automated Parking System Market Outlook, By Puzzle System (2020-2028) ($MN)
39 North America Automated Parking System Market Outlook, By End User (2020-2028) ($MN)
40 North America Automated Parking System Market Outlook, By Introduction (2020-2028) ($MN)
41 North America Automated Parking System Market Outlook, By Residential Parking (2020-2028) ($MN)
42 North America Automated Parking System Market Outlook, By Commercial Parking (2020-2028) ($MN)
43 Europe Automated Parking System Market Outlook, By Country (2020-2028) ($MN)
44 Europe Automated Parking System Market Outlook, By Component Type (2020-2028) ($MN)
45 Europe Automated Parking System Market Outlook, By Software (2020-2028) ($MN)
46 Europe Automated Parking System Market Outlook, By Hardware (2020-2028) ($MN)
47 Europe Automated Parking System Market Outlook, By Platform Type (2020-2028) ($MN)
48 Europe Automated Parking System Market Outlook, By Non-palleted (2020-2028) ($MN)
49 Europe Automated Parking System Market Outlook, By Palleted (2020-2028) ($MN)
50 Europe Automated Parking System Market Outlook, By Automation Level (2020-2028) ($MN)
51 Europe Automated Parking System Market Outlook, By Semi-automated (2020-2028) ($MN)
52 Europe Automated Parking System Market Outlook, By Fully Automated (2020-2028) ($MN)
53 Europe Automated Parking System Market Outlook, By Structure Type (2020-2028) ($MN)
54 Europe Automated Parking System Market Outlook, By Tower System (2020-2028) ($MN)
55 Europe Automated Parking System Market Outlook, By Automated Guided Vehicle (AGV) System (2020-2028) ($MN)
56 Europe Automated Parking System Market Outlook, By Silo System (2020-2028) ($MN)
57 Europe Automated Parking System Market Outlook, By Rail Guided Cart (RGC) System (2020-2028) ($MN)
58 Europe Automated Parking System Market Outlook, By Shuttle System (2020-2028) ($MN)
59 Europe Automated Parking System Market Outlook, By Puzzle System (2020-2028) ($MN)
60 Europe Automated Parking System Market Outlook, By End User (2020-2028) ($MN)
61 Europe Automated Parking System Market Outlook, By Introduction (2020-2028) ($MN)
62 Europe Automated Parking System Market Outlook, By Residential Parking (2020-2028) ($MN)
63 Europe Automated Parking System Market Outlook, By Commercial Parking (2020-2028) ($MN)
64 Asia Pacific Automated Parking System Market Outlook, By Country (2020-2028) ($MN)
65 Asia Pacific Automated Parking System Market Outlook, By Component Type (2020-2028) ($MN)
66 Asia Pacific Automated Parking System Market Outlook, By Software (2020-2028) ($MN)
67 Asia Pacific Automated Parking System Market Outlook, By Hardware (2020-2028) ($MN)
68 Asia Pacific Automated Parking System Market Outlook, By Platform Type (2020-2028) ($MN)
69 Asia Pacific Automated Parking System Market Outlook, By Non-palleted (2020-2028) ($MN)
70 Asia Pacific Automated Parking System Market Outlook, By Palleted (2020-2028) ($MN)
71 Asia Pacific Automated Parking System Market Outlook, By Automation Level (2020-2028) ($MN)
72 Asia Pacific Automated Parking System Market Outlook, By Semi-automated (2020-2028) ($MN)
73 Asia Pacific Automated Parking System Market Outlook, By Fully Automated (2020-2028) ($MN)
74 Asia Pacific Automated Parking System Market Outlook, By Structure Type (2020-2028) ($MN)
75 Asia Pacific Automated Parking System Market Outlook, By Tower System (2020-2028) ($MN)
76 Asia Pacific Automated Parking System Market Outlook, By Automated Guided Vehicle (AGV) System (2020-2028) ($MN)
77 Asia Pacific Automated Parking System Market Outlook, By Silo System (2020-2028) ($MN)
78 Asia Pacific Automated Parking System Market Outlook, By Rail Guided Cart (RGC) System (2020-2028) ($MN)
79 Asia Pacific Automated Parking System Market Outlook, By Shuttle System (2020-2028) ($MN)
80 Asia Pacific Automated Parking System Market Outlook, By Puzzle System (2020-2028) ($MN)
81 Asia Pacific Automated Parking System Market Outlook, By End User (2020-2028) ($MN)
82 Asia Pacific Automated Parking System Market Outlook, By Introduction (2020-2028) ($MN)
83 Asia Pacific Automated Parking System Market Outlook, By Residential Parking (2020-2028) ($MN)
84 Asia Pacific Automated Parking System Market Outlook, By Commercial Parking (2020-2028) ($MN)
85 South America Automated Parking System Market Outlook, By Country (2020-2028) ($MN)
86 South America Automated Parking System Market Outlook, By Component Type (2020-2028) ($MN)
87 South America Automated Parking System Market Outlook, By Software (2020-2028) ($MN)
88 South America Automated Parking System Market Outlook, By Hardware (2020-2028) ($MN)
89 South America Automated Parking System Market Outlook, By Platform Type (2020-2028) ($MN)
90 South America Automated Parking System Market Outlook, By Non-palleted (2020-2028) ($MN)
91 South America Automated Parking System Market Outlook, By Palleted (2020-2028) ($MN)
92 South America Automated Parking System Market Outlook, By Automation Level (2020-2028) ($MN)
93 South America Automated Parking System Market Outlook, By Semi-automated (2020-2028) ($MN)
94 South America Automated Parking System Market Outlook, By Fully Automated (2020-2028) ($MN)
95 South America Automated Parking System Market Outlook, By Structure Type (2020-2028) ($MN)
96 South America Automated Parking System Market Outlook, By Tower System (2020-2028) ($MN)
97 South America Automated Parking System Market Outlook, By Automated Guided Vehicle (AGV) System (2020-2028) ($MN)
98 South America Automated Parking System Market Outlook, By Silo System (2020-2028) ($MN)
99 South America Automated Parking System Market Outlook, By Rail Guided Cart (RGC) System (2020-2028) ($MN)
100 South America Automated Parking System Market Outlook, By Shuttle System (2020-2028) ($MN)
101 South America Automated Parking System Market Outlook, By Puzzle System (2020-2028) ($MN)
102 South America Automated Parking System Market Outlook, By End User (2020-2028) ($MN)
103 South America Automated Parking System Market Outlook, By Introduction (2020-2028) ($MN)
104 South America Automated Parking System Market Outlook, By Residential Parking (2020-2028) ($MN)
105 South America Automated Parking System Market Outlook, By Commercial Parking (2020-2028) ($MN)
106 Middle East & Africa Automated Parking System Market Outlook, By Country (2020-2028) ($MN)
107 Middle East & Africa Automated Parking System Market Outlook, By Component Type (2020-2028) ($MN)
108 Middle East & Africa Automated Parking System Market Outlook, By Software (2020-2028) ($MN)
109 Middle East & Africa Automated Parking System Market Outlook, By Hardware (2020-2028) ($MN)
110 Middle East & Africa Automated Parking System Market Outlook, By Platform Type (2020-2028) ($MN)
111 Middle East & Africa Automated Parking System Market Outlook, By Non-palleted (2020-2028) ($MN)
112 Middle East & Africa Automated Parking System Market Outlook, By Palleted (2020-2028) ($MN)
113 Middle East & Africa Automated Parking System Market Outlook, By Automation Level (2020-2028) ($MN)
114 Middle East & Africa Automated Parking System Market Outlook, By Semi-automated (2020-2028) ($MN)
115 Middle East & Africa Automated Parking System Market Outlook, By Fully Automated (2020-2028) ($MN)
116 Middle East & Africa Automated Parking System Market Outlook, By Structure Type (2020-2028) ($MN)
117 Middle East & Africa Automated Parking System Market Outlook, By Tower System (2020-2028) ($MN)
118 Middle East & Africa Automated Parking System Market Outlook, By Automated Guided Vehicle (AGV) System (2020-2028) ($MN)
119 Middle East & Africa Automated Parking System Market Outlook, By Silo System (2020-2028) ($MN)
120 Middle East & Africa Automated Parking System Market Outlook, By Rail Guided Cart (RGC) System (2020-2028) ($MN)
121 Middle East & Africa Automated Parking System Market Outlook, By Shuttle System (2020-2028) ($MN)
122 Middle East & Africa Automated Parking System Market Outlook, By Puzzle System (2020-2028) ($MN)
123 Middle East & Africa Automated Parking System Market Outlook, By End User (2020-2028) ($MN)
124 Middle East & Africa Automated Parking System Market Outlook, By Introduction (2020-2028) ($MN)
125 Middle East & Africa Automated Parking System Market Outlook, By Residential Parking (2020-2028) ($MN)
126 Middle East & Africa Automated Parking System Market Outlook, By Commercial Parking (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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