Instrument Calibration Services
Instrument Calibration Services Market Forecasts to 2030 - Global Analysis By Service (Electrical Calibration Services, Mass Standards Calibration Services, Temperature Calibration Services and Other Services), Delivery Mode (On-site Calibration Services, In-house Calibration Services, Outsourced Calibration Services and Other Delivery Modes), End User and by Geography
According to Stratistics MRC, the Global Instrument Calibration Services Market is accounted for $1827.22 million in 2024 and is expected to reach $3272.50 million by 2030 growing at a CAGR of 10.20% during the forecast period. The precision and dependability of measurement instruments in a variety of industries depend heavily on instrument calibration services. To ensure that instruments are in line with accepted standards, these services entail careful testing and adjustment. Procedures for calibration are necessary to ensure the integrity of processes and products, to maintain quality control, and to comply with regulations. Expert technicians document each instrument's accuracy with comprehensive reports after performing calibrations with state-of-the-art tools and methods.
According to the American Medical Association, Ensuring access to high-quality healthcare is essential for promoting the well-being of individuals and communities.
Market Dynamics:
Driver:
Growing automation adoption
The demand for accurate measurement and control systems has increased due to the widespread adoption of automation in various industries. For automation to function effectively and safely, precise data from instruments and sensors is crucial. The need for calibration services rises in tandem with the automation of processes in the industry, guaranteeing that these instruments operate precisely within predetermined tolerances. Additionally, this tendency is especially noticeable in industries like manufacturing, where automation is transforming production lines, and laboratories, where automated testing apparatus is increasingly prevalent.
Restraint:
Absence of harmonization and standardization
Organizations operating in various industries or regions may face difficulties due to the absence of standardization and harmonization in calibration practices. Depending on the nation, regulatory body, or industry sector, calibration standards and specifications may change, which can be confusing and complex for businesses with a diverse or international clientele. Interoperability and consistency in calibration practices can also be hampered by variations in accreditation schemes, documentation requirements, and calibration methodologies. Furthermore, entities might encounter difficulties in guaranteeing adherence to various regulatory structures and upholding uniformity in the calibration procedures throughout their entire enterprise.
Opportunity:
Reformulations in calibration techniques and technologies
Continuous improvements in calibration techniques and technologies give calibration service providers a chance to stand out from the competition and innovate. By increasing productivity, accuracy, and accessibility, technologies like cloud-based calibration management software, automated calibration systems, and remote calibration services are changing the calibration landscape. Moreover, advances in sensor technology, metrology, and calibration standards are propelling ongoing enhancements to calibration capabilities and processes. In the quickly changing calibration market, calibration service providers can improve their service offerings, reach a wider audience, and obtain a competitive edge by embracing these advancements and making investments in cutting-edge technologies.
Threat:
Material shortages and disruptions in the supply chain
Transport delays, shortages of raw materials, or geopolitical unrest are examples of supply chain disruptions that could endanger the market for instrument calibration services. The equipment, consumables, and spare parts used by calibration service providers are sourced from both domestic and foreign suppliers. The availability of essential parts or materials required for calibration services may be impacted by supply chain disruptions or shortages, which could cause delays, higher expenses, or lower-quality services. Additionally, supply chain risks can be made worse by geopolitical factors like trade disputes, tariffs, or export restrictions, which can also jeopardize the ongoing operations of calibration.
Covid-19 Impact:
The COVID-19 pandemic has had a major effect on the market for instrument calibration services. It has delayed non-essential calibration tasks, disrupted supply chains, and decreased demand from businesses going through recessions. Service appointments have been delayed and canceled as a result of calibration technicians' inability to conduct onsite calibrations due to lockdowns, travel restrictions, and social distancing measures. Furthermore, some organizations have decided to postpone or reduce their calibration expenses due to budgetary constraints and economic uncertainties. But the pandemic has also brought attention to how crucial calibration is to upholding regulatory compliance, preserving quality control, and supporting vital sectors like healthcare and pharmaceuticals.
The Temperature Calibration Services segment is expected to be the largest during the forecast period
The temperature calibration services segment usually holds the largest share. The widespread use of temperature measurement in a variety of industries, such as the pharmaceutical, food and beverage, automotive, and electronics manufacturing sectors, is responsible for this dominance. Temperature measurement devices, such as thermometers, thermocouples, and temperature sensors, are essential for procedures ranging from quality assurance to environmental monitoring. Moreover, temperature calibration services are still in high demand due to strict regulations and the growing need for accurate temperature control in sectors like food safety and healthcare.
The Outsourced Calibration Services segment is expected to have the highest CAGR during the forecast period
The outsourced calibration services segment usually has the highest CAGR. A number of factors, such as the growing complexity of measurement tools, changing regulations, and an increasing emphasis on cost optimization and operational efficiency across industries, can be blamed for this growth. Furthermore, without the need for a sizable initial investment or ongoing maintenance costs associated with in-house calibration facilities, organizations can benefit from the flexibility provided by outsourcing calibration services to access specialized expertise, cutting-edge calibration equipment, and accreditation capabilities.
Region with largest share:
The instrument calibration services market is primarily dominated by the North American region. Numerous factors contribute to this dominance, such as the existence of a well-established industrial base, strict regulations affecting a wide range of industries, and widespread knowledge of the significance of calibration for compliance and quality assurance. Moreover, a wide variety of industries, such as those in the aerospace, automotive, pharmaceutical, healthcare, and electronics sectors, are based in North America and heavily depend on accurate measurement tools and calibration services.
Region with highest CAGR:
The instrument calibration services market is expanding at the highest CAGR in the Middle East and Africa (MEA) region. Factors like quick industrialization, the building of infrastructure, and rising investments in the petrochemical, construction, and oil and gas industries are driving this growth. Precise measurement tools are becoming more and more necessary as these industries grow in order to maintain safety, quality control, and compliance with global standards and laws. Additionally, in order to support these initiatives, governments in the MEA region are also concentrating on diversifying their economies and improving their manufacturing capacities, which is increasing the demand for calibration services.
Key players in the market
Some of the key players in Instrument Calibration Services market include Keysight Technologies, Inc., Lockheed Martin, ABB Ltd., Rohde & Schwarz GmbH & Co KG, GE Kaye, Tektronix, Endress+Hauser, Technical Maintenance Inc, Micro Precision Calibration, Optical Test and Calibration Ltd, Tradinco Instruments, Trescal, Inc, Essco Calibration Laboratory, Siemens AG, Transcat, Inc.
Key Developments:
In March 2024, ABB is collaborating with Green Hydrogen International (GHI) on a project to develop a major green hydrogen facility in south Texas, United States. As part of the Memorandum of Understanding (MoU) ABB’s automation, electrification and digital technology will be assessed for deployment at GHI’s Hydrogen City project.
In January 2024, Lockheed Martin, the global aerospace and deterrence company, and Indra, one of the leading global technology and consulting companies, have signed a new collaboration agreement to jointly explore areas of co-operation in the air, land, sea and cyberdefence sectors, as well as in simulation and sustainment. The agreement, signed by Ray Piselli, vice president International, Lockheed Martin and José Vicente de los Mozos, chief executive officer Indra, paves the way for engineers at the Spanish company to develop and manufacture defence and training systems for Spain and other world markets.
In November 2023, Keysight Technologies announced the successful acquisition of shares representing 50.6% of ESI Group SA. Following the announcement the binding agreement between Keysight and ESI Group’s main shareholders, the transaction received a positive opinion from ESI Group’s workers council, as well as the approval of the relevant authorities.
Services Covered:
• Electrical Calibration Services
• Mass Standards Calibration Services
• Temperature Calibration Services
• Other Services
Delivery Modes Covered:
• On-site Calibration Services
• In-house Calibration Services
• Outsourced Calibration Services
• Other Delivery Modes
End Users Covered:
• Aerospace and Defense
• Communication
• Electronics
• Industrial and Automotive
• Pharmaceutical and Biomedical
• Other End Users
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 2022, 2023, 2024, 2026, and 2030
- 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
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 Instrument Calibration Services Market, By Service
5.1 Introduction
5.2 Electrical Calibration Services
5.3 Mass Standards Calibration Services
5.4 Temperature Calibration Services
5.5 Other Services
6 Global Instrument Calibration Services Market, By Delivery Mode
6.1 Introduction
6.2 On-site Calibration Services
6.3 In-house Calibration Services
6.4 Outsourced Calibration Services
6.5 Other Delivery Modes
7 Global Instrument Calibration Services Market, By End User
7.1 Introduction
7.2 Aerospace and Defense
7.3 Communication
7.4 Electronics
7.5 Industrial and Automotive
7.6 Pharmaceutical and Biomedical
7.7 Other End Users
8 Global Instrument Calibration Services Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Keysight Technologies, Inc.
10.2 Lockheed Martin
10.3 ABB Ltd.
10.4 Rohde & Schwarz GmbH & Co KG
10.5 GE Kaye
10.6 Tektronix
10.7 Endress+Hauser
10.8 Technical Maintenance Inc
10.9 Micro Precision Calibration
10.10 Optical Test and Calibration Ltd
10.11 Tradinco Instruments
10.12 Trescal, Inc
10.13 Essco Calibration Laboratory
10.14 Siemens AG
10.15 Transcat, Inc
List of Tables
1 Global Instrument Calibration Services Market Outlook, By Region (2022-2030) ($MN)
2 Global Instrument Calibration Services Market Outlook, By Service (2022-2030) ($MN)
3 Global Instrument Calibration Services Market Outlook, By Electrical Calibration Services (2022-2030) ($MN)
4 Global Instrument Calibration Services Market Outlook, By Mass Standards Calibration Services (2022-2030) ($MN)
5 Global Instrument Calibration Services Market Outlook, By Temperature Calibration Services (2022-2030) ($MN)
6 Global Instrument Calibration Services Market Outlook, By Other Services (2022-2030) ($MN)
7 Global Instrument Calibration Services Market Outlook, By Delivery Mode (2022-2030) ($MN)
8 Global Instrument Calibration Services Market Outlook, By On-site Calibration Services (2022-2030) ($MN)
9 Global Instrument Calibration Services Market Outlook, By In-house Calibration Services (2022-2030) ($MN)
10 Global Instrument Calibration Services Market Outlook, By Outsourced Calibration Services (2022-2030) ($MN)
11 Global Instrument Calibration Services Market Outlook, By Other Delivery Modes (2022-2030) ($MN)
12 Global Instrument Calibration Services Market Outlook, By End User (2022-2030) ($MN)
13 Global Instrument Calibration Services Market Outlook, By Aerospace and Defense (2022-2030) ($MN)
14 Global Instrument Calibration Services Market Outlook, By Communication (2022-2030) ($MN)
15 Global Instrument Calibration Services Market Outlook, By Electronics (2022-2030) ($MN)
16 Global Instrument Calibration Services Market Outlook, By Industrial and Automotive (2022-2030) ($MN)
17 Global Instrument Calibration Services Market Outlook, By Pharmaceutical and Biomedical (2022-2030) ($MN)
18 Global Instrument Calibration Services Market Outlook, By Other End Users (2022-2030) ($MN)
19 North America Instrument Calibration Services Market Outlook, By Country (2022-2030) ($MN)
20 North America Instrument Calibration Services Market Outlook, By Service (2022-2030) ($MN)
21 North America Instrument Calibration Services Market Outlook, By Electrical Calibration Services (2022-2030) ($MN)
22 North America Instrument Calibration Services Market Outlook, By Mass Standards Calibration Services (2022-2030) ($MN)
23 North America Instrument Calibration Services Market Outlook, By Temperature Calibration Services (2022-2030) ($MN)
24 North America Instrument Calibration Services Market Outlook, By Other Services (2022-2030) ($MN)
25 North America Instrument Calibration Services Market Outlook, By Delivery Mode (2022-2030) ($MN)
26 North America Instrument Calibration Services Market Outlook, By On-site Calibration Services (2022-2030) ($MN)
27 North America Instrument Calibration Services Market Outlook, By In-house Calibration Services (2022-2030) ($MN)
28 North America Instrument Calibration Services Market Outlook, By Outsourced Calibration Services (2022-2030) ($MN)
29 North America Instrument Calibration Services Market Outlook, By Other Delivery Modes (2022-2030) ($MN)
30 North America Instrument Calibration Services Market Outlook, By End User (2022-2030) ($MN)
31 North America Instrument Calibration Services Market Outlook, By Aerospace and Defense (2022-2030) ($MN)
32 North America Instrument Calibration Services Market Outlook, By Communication (2022-2030) ($MN)
33 North America Instrument Calibration Services Market Outlook, By Electronics (2022-2030) ($MN)
34 North America Instrument Calibration Services Market Outlook, By Industrial and Automotive (2022-2030) ($MN)
35 North America Instrument Calibration Services Market Outlook, By Pharmaceutical and Biomedical (2022-2030) ($MN)
36 North America Instrument Calibration Services Market Outlook, By Other End Users (2022-2030) ($MN)
37 Europe Instrument Calibration Services Market Outlook, By Country (2022-2030) ($MN)
38 Europe Instrument Calibration Services Market Outlook, By Service (2022-2030) ($MN)
39 Europe Instrument Calibration Services Market Outlook, By Electrical Calibration Services (2022-2030) ($MN)
40 Europe Instrument Calibration Services Market Outlook, By Mass Standards Calibration Services (2022-2030) ($MN)
41 Europe Instrument Calibration Services Market Outlook, By Temperature Calibration Services (2022-2030) ($MN)
42 Europe Instrument Calibration Services Market Outlook, By Other Services (2022-2030) ($MN)
43 Europe Instrument Calibration Services Market Outlook, By Delivery Mode (2022-2030) ($MN)
44 Europe Instrument Calibration Services Market Outlook, By On-site Calibration Services (2022-2030) ($MN)
45 Europe Instrument Calibration Services Market Outlook, By In-house Calibration Services (2022-2030) ($MN)
46 Europe Instrument Calibration Services Market Outlook, By Outsourced Calibration Services (2022-2030) ($MN)
47 Europe Instrument Calibration Services Market Outlook, By Other Delivery Modes (2022-2030) ($MN)
48 Europe Instrument Calibration Services Market Outlook, By End User (2022-2030) ($MN)
49 Europe Instrument Calibration Services Market Outlook, By Aerospace and Defense (2022-2030) ($MN)
50 Europe Instrument Calibration Services Market Outlook, By Communication (2022-2030) ($MN)
51 Europe Instrument Calibration Services Market Outlook, By Electronics (2022-2030) ($MN)
52 Europe Instrument Calibration Services Market Outlook, By Industrial and Automotive (2022-2030) ($MN)
53 Europe Instrument Calibration Services Market Outlook, By Pharmaceutical and Biomedical (2022-2030) ($MN)
54 Europe Instrument Calibration Services Market Outlook, By Other End Users (2022-2030) ($MN)
55 Asia Pacific Instrument Calibration Services Market Outlook, By Country (2022-2030) ($MN)
56 Asia Pacific Instrument Calibration Services Market Outlook, By Service (2022-2030) ($MN)
57 Asia Pacific Instrument Calibration Services Market Outlook, By Electrical Calibration Services (2022-2030) ($MN)
58 Asia Pacific Instrument Calibration Services Market Outlook, By Mass Standards Calibration Services (2022-2030) ($MN)
59 Asia Pacific Instrument Calibration Services Market Outlook, By Temperature Calibration Services (2022-2030) ($MN)
60 Asia Pacific Instrument Calibration Services Market Outlook, By Other Services (2022-2030) ($MN)
61 Asia Pacific Instrument Calibration Services Market Outlook, By Delivery Mode (2022-2030) ($MN)
62 Asia Pacific Instrument Calibration Services Market Outlook, By On-site Calibration Services (2022-2030) ($MN)
63 Asia Pacific Instrument Calibration Services Market Outlook, By In-house Calibration Services (2022-2030) ($MN)
64 Asia Pacific Instrument Calibration Services Market Outlook, By Outsourced Calibration Services (2022-2030) ($MN)
65 Asia Pacific Instrument Calibration Services Market Outlook, By Other Delivery Modes (2022-2030) ($MN)
66 Asia Pacific Instrument Calibration Services Market Outlook, By End User (2022-2030) ($MN)
67 Asia Pacific Instrument Calibration Services Market Outlook, By Aerospace and Defense (2022-2030) ($MN)
68 Asia Pacific Instrument Calibration Services Market Outlook, By Communication (2022-2030) ($MN)
69 Asia Pacific Instrument Calibration Services Market Outlook, By Electronics (2022-2030) ($MN)
70 Asia Pacific Instrument Calibration Services Market Outlook, By Industrial and Automotive (2022-2030) ($MN)
71 Asia Pacific Instrument Calibration Services Market Outlook, By Pharmaceutical and Biomedical (2022-2030) ($MN)
72 Asia Pacific Instrument Calibration Services Market Outlook, By Other End Users (2022-2030) ($MN)
73 South America Instrument Calibration Services Market Outlook, By Country (2022-2030) ($MN)
74 South America Instrument Calibration Services Market Outlook, By Service (2022-2030) ($MN)
75 South America Instrument Calibration Services Market Outlook, By Electrical Calibration Services (2022-2030) ($MN)
76 South America Instrument Calibration Services Market Outlook, By Mass Standards Calibration Services (2022-2030) ($MN)
77 South America Instrument Calibration Services Market Outlook, By Temperature Calibration Services (2022-2030) ($MN)
78 South America Instrument Calibration Services Market Outlook, By Other Services (2022-2030) ($MN)
79 South America Instrument Calibration Services Market Outlook, By Delivery Mode (2022-2030) ($MN)
80 South America Instrument Calibration Services Market Outlook, By On-site Calibration Services (2022-2030) ($MN)
81 South America Instrument Calibration Services Market Outlook, By In-house Calibration Services (2022-2030) ($MN)
82 South America Instrument Calibration Services Market Outlook, By Outsourced Calibration Services (2022-2030) ($MN)
83 South America Instrument Calibration Services Market Outlook, By Other Delivery Modes (2022-2030) ($MN)
84 South America Instrument Calibration Services Market Outlook, By End User (2022-2030) ($MN)
85 South America Instrument Calibration Services Market Outlook, By Aerospace and Defense (2022-2030) ($MN)
86 South America Instrument Calibration Services Market Outlook, By Communication (2022-2030) ($MN)
87 South America Instrument Calibration Services Market Outlook, By Electronics (2022-2030) ($MN)
88 South America Instrument Calibration Services Market Outlook, By Industrial and Automotive (2022-2030) ($MN)
89 South America Instrument Calibration Services Market Outlook, By Pharmaceutical and Biomedical (2022-2030) ($MN)
90 South America Instrument Calibration Services Market Outlook, By Other End Users (2022-2030) ($MN)
91 Middle East & Africa Instrument Calibration Services Market Outlook, By Country (2022-2030) ($MN)
92 Middle East & Africa Instrument Calibration Services Market Outlook, By Service (2022-2030) ($MN)
93 Middle East & Africa Instrument Calibration Services Market Outlook, By Electrical Calibration Services (2022-2030) ($MN)
94 Middle East & Africa Instrument Calibration Services Market Outlook, By Mass Standards Calibration Services (2022-2030) ($MN)
95 Middle East & Africa Instrument Calibration Services Market Outlook, By Temperature Calibration Services (2022-2030) ($MN)
96 Middle East & Africa Instrument Calibration Services Market Outlook, By Other Services (2022-2030) ($MN)
97 Middle East & Africa Instrument Calibration Services Market Outlook, By Delivery Mode (2022-2030) ($MN)
98 Middle East & Africa Instrument Calibration Services Market Outlook, By On-site Calibration Services (2022-2030) ($MN)
99 Middle East & Africa Instrument Calibration Services Market Outlook, By In-house Calibration Services (2022-2030) ($MN)
100 Middle East & Africa Instrument Calibration Services Market Outlook, By Outsourced Calibration Services (2022-2030) ($MN)
101 Middle East & Africa Instrument Calibration Services Market Outlook, By Other Delivery Modes (2022-2030) ($MN)
102 Middle East & Africa Instrument Calibration Services Market Outlook, By End User (2022-2030) ($MN)
103 Middle East & Africa Instrument Calibration Services Market Outlook, By Aerospace and Defense (2022-2030) ($MN)
104 Middle East & Africa Instrument Calibration Services Market Outlook, By Communication (2022-2030) ($MN)
105 Middle East & Africa Instrument Calibration Services Market Outlook, By Electronics (2022-2030) ($MN)
106 Middle East & Africa Instrument Calibration Services Market Outlook, By Industrial and Automotive (2022-2030) ($MN)
107 Middle East & Africa Instrument Calibration Services Market Outlook, By Pharmaceutical and Biomedical (2022-2030) ($MN)
108 Middle East & Africa Instrument Calibration Services Market Outlook, By Other End Users (2022-2030) ($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.
For more details about research methodology, kindly write to us at info@strategymrc.com
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